Dry CargoEurope

Paragon sells three bulkers to pay off loan

Paragon Shipping has sold two panamax bulk carriers and one supramax to an unidentified buyer in order to pay off the outstanding debt from its $57m loan from Commerzbank AG.

The Greek shipowner has signed memoranda of agreement to sell Diamond Seas (74,300 dwt, built 2001), Pearl Seas (74,500 dwt, built 2006) and Sapphire Seas (53,700 dwt, built 2005). The first two vessels are due to undergo their respective special surveys in May and July 2016.

No price for deal was disclosed, but the NASDAQ-listed company said the net sale proceeds would pay off the outstanding $38,237,500 balance of the Commerzbank loan.

VesselsValue.com estimates the three bulkers’ collective market value to be $20.29m. The ships will be delivered to the buyer in mid-February 2016.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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