Thursday, March 6, 2014

New Eco Design Kamsarmax Vessels on Order for Dry Bulk Freight Specialists

Investment After Share Sale with News of Chinese Purchase
Shipping News Feature

GREECE – WORLDWIDE – Following some high level trading of shares recently, dry bulk freight tanker specialist Paragon Shipping Inc, based in Greece and incorporated under the laws of the Republic of the Marshall Islands, has seemingly invested the near $40 million it announced it had raised last month, as part finance for three new Kamsarmax drybulk carriers. Paragon says the ships will be of an ‘eco design’ each with a carrying capacity of 81,800 dwt.

The vessels will be built in China at the yards of the Jiangsu Yangzijiang Shipbuilding Co with two vessels scheduled for delivery in the second quarter of 2015 and one in the fourth quarter of 2015. The cost of all three is put at $91.65 million and commenting on the developments, Paragon Chairman and CEO, Michael Bodouroglou said:

"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 order book to seven drybulk vessels and one containership, which brings our total fleet to twenty two vessels and improves our fleet profile significantly. We believe we are at the start of a strong year for the dry bulk market and are positioning Paragon to take advantage of an improving market."