Jiangsu Yangzijiang Books Kamsarmax Trio

Paragon Shipping Inc. has entered into shipbuilding contracts with Jiangsu Yangzijiang Shipbuilding Co for three eco-design Kamsarmax drybulk carriers.

The eco-design Kamsarmax newbuildings will have a carrying capacity of 81,800 dwt each. 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.

Commenting on the developments, Paragon Chairman and CEO, Michael Bodouroglou stated: “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.

The total consideration for these three newbuilding contracts is $91.65 million.

 

March 6, 2014

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Posted on March 6, 2014

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