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After spending much of the past year at a three- and four-star rank, enough top-performing CAPS members have turned bullish on Paragon Shipping (Nasdaq: PRGN) recently to upgrade it to a more formidable five stars. A total of 557 members have given their opinion on Paragon Shipping, with many of them offering analysis and commentary explaining the recent optimism.

Despite a challenging shipping environmentshared by shippers like Diana Shipping (NYSE: DSX), Eagle Bulk Shipping (Nasdaq: EGLE), and Excel Maritime Carriers (NYSE: EXM), Paragon pulled in a profitable quarter, generating increasing earnings on an adjusted basis. It pulled in higher time charter revenue than a year ago and, according to the company's CEO, it was the company's strongest quarterly performance to date. Its average time charter equivalent rate fell to $36,833 per day, but it had one more ship in operation compared with last year and tight cost controls helped lower operating expenses.  

While the industry is faced with an oversupply of ships, with companies like Navios Maritime (NYSE: NM), TBS International (Nasdaq: TBSI), and Genco Shipping (NYSE: GNK) still adding to their fleets, many CAPS members like Paragon's long-term contracts, which they believe will help bring in steady revenue. With two of its ships recently booked on new contracts, Paragon has 84% of 2010 and 66% of 2011 of its contractually fixed revenue days booked. With shares trading with an earnings multiple in the low single digits and a decent dividend, more CAPS members are taking a look at Paragon's potential.

Do you think Paragon Shipping deserves its five-star status? Add your thoughts in the comments box below on this page, or head over to CAPS to rate the companyand check out all the information and opinions the community offers. CAPS is totally free.

This article was originally published as A Big Upgrade for Paragon Shippingon Fool.com

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