Paragon Shipping adjusts orders in China

Shanghai: Paragon Shipping has announced that the company has inked an agreement with an unnamed Chinese shipbuilder to cancel one of its two 4,800 teu boxship newbuilding contracts at no cost. The company will transfer the deposit to the other container ship and reduce the contract price from US$57.5m to $55m. The ship is due for delivery in the second quarter of 2014.

Meanwhile, the company has purchased two eco-design 63,500 dwt ultramax dry bulk carriers which are being built at Yangzhou Dayang Shipbuilding. The pair is scheduled to be delivered in the second quarter of 2015.

"The cancellation and reduction in price of the containership newbuilding improves the company's equity position, and gives Paragon greater flexibility. By acquiring the two additional Eco-Design Ultramax newbuildings, our newbuilding program has grown to six vessels, including the one containership," said Michael Bodouroglou, chairman and ceo of the company. [10/12/13]

Related Posts