Paragon Snubs Delivery of Ultramax Newbuilding

Athens-based dry bulk shipping company Paragon Shipping has not taken delivery of an Ultramax newbuilding dry bulk carrier, according to a statement from the company.

Namely, Paragon Shipping said that it received a notice of default from the Chinese shipbuilder Yangzhou Dayang Shipbuilding Co. Ltd. on May 24 for not taking delivery of the vessel.

The company still has three Kamsarmax newbuildings on order at Jiangsu Yangzijiang Shipbuilding, which are scheduled to join its fleet in the third and fourth quarters of 2016, respectively.

Featuring 81,800 dwt, the new Kamsarmax vessels will have a length of 229 meters and a width of 32 meters.

Furthermore, Paragon Shipping received written notification from The NASDAQ Stock Market, dated May 19, which indicated that because the company’s stockholders’ equity as of December 31, 2015 was below USD 2.5 million, it no longer meets the minimum stockholders’ equity requirement for The NASDAQ Capital Market.

Paragon Shipping now has 45 calendar days to submit a plan to regain compliance, and if the plan is accepted, NASDAQ can grant an extension of up to 180 calendar days from the date of the notification letter to evidence compliance.

In March, the company decided to sell its entire fleet of six dry bulk vessels to unnamed third parties in an effort to reach a full and final settlement of the outstanding amount of its debt.

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

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