Accordingly, Paragon Shipping has provided written notice to the Charterer of the termination of the charter, but has received no response. Paragon Shipping is currently seeking alternative employment for the Vessel and will seek damages for the Charterer’s breach. There can be no assurance that Paragon Shipping will be able to employ the Vessel at similar rates to those under the original charter or that the Company would be able to recover any claimable amounts from the Charterer. Current spot charter rates are significantly lower than the contracted rate under the original charter.