Paragon Shipping Announces The Delivery Of Its First Two Ultramax Newbuildings

Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced that it recently took delivery of the M/V Gentle Seas and the M/V Peaceful Seas, two Ultramax vessels with cargo carrying capacity of approximately 63,350 dwt each, from Yangzhou Dayang Shipbuilding Co. Ltd. in China. The delivery of these vessels was financed from the Company’s recently announced new loan agreement with HSH Nordbank AG. Both vessels will be chartered under short-term time charters.

Commenting on the developments, our Chairman and CEO, Michael Bodouroglou, stated “We are very pleased to announce the delivery of our first two eco-design Ultramax vessels, which increases our operating fleet to 16 drybulk vessels in four size classes for the first time in the Company’s history. Including our latest acquisitions, the average age of our fleet has improved to 7.1 from 8.1 years. Pro-forma the delivery of our remaining newbuilding vessels, we have successfully secured our further fleet expansion to 21 drybulk vessels in five size classes by the end of 2015.”
Source: Paragon Shipping Inc.