Paragon Shipping Sells Its Entire Dry Bulk Fleet

Athens-based dry bulk specialist Paragon Shipping has decided to sell all of its six dry bulk vessels to unnamed third parties as it aims for a full and final settlement of the outstanding amount of the company’s debt.

The vessels in question are the M/V Coral Seas, the M/V Golden Seas, the M/V Prosperous Seas, the M/V Precious Seas, the M/V Priceless Seas and the M/V Proud Seas, which are under a loan facility dated May 6, 2014.

The Panamax and Handysize bulkers range from 37,000 dwt to 74,000 dwt. The youngest of these was built in 2014.

Paragon added that it is currently in discussions with Shanghai’s Jiangsu Yangzijiang Shipbuilding Co. to extend the deliveries of its three Kamsarmax newbuilding drybulk carriers towards the end of 2016.

The company said that the balance due to Yangzijiang for the delivery of the three Kamsarmax newbuildings is currently higher than the estimated market value of these vessels.

The extension, subject to undisclosed conditions, is expected to be at no extra cost to Paragon.

The company also said that it did not take delivery of the Ultramax newbuilding drybulk carrier from Chinese Yangzhou Dayang Shipbuilding Co. Ltd. that was scheduled to join Paragon’s fleet in the fourth quarter of 2015. Paragon is currently in arbitration proceedings due to its attempt to cancel another Ultramax newbuilding drybulk carrier at Dayang.

Based on the information on Paragon’s website, the company currently has five vessels under construction.

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