Paragon Shipping Places Order for Three Kamsarmax Drybulk Vessels

Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, has signed shipbuilding contracts for three eco-design Kamsarmax drybulk carriers. These eco-design Kamsarmax newbuildings have a carrying capacity of 81,800 dwt each, and will be built at Jiangsu Yangzijiang Shipbuilding Co.

Two of the newbuildings are scheduled to be delivered in the second quarter of 2015 and one is scheduled to be delivered in the fourth quarter of 2015. The total consideration for these three newbuilding contracts is $91.65 million.

Commenting on the developments, Paragon Shipping’s Chairman and CEO, Michael Bodouroglou stated: “We are pleased to announce the purchase of three more eco-design vessels that are a direct compliment to our current fleet. With this order, we have increased our newbuilding orderbook to 7 drybulk vessels and one containership, which brings our total fleet to 22 vessels and improves our fleet profile significantly. We believe we are at the start of a strong year for the drybulk market and are positioning Paragon to take advantage of an improving market.”

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Paragon Shipping, March 6, 2014