Paragon Shipping delays deliveries at Zhejiang Ouhua

Shanghai: Paragon Shipping, a Greece-based dry bulk shipping company, yesterday revealed its plans to delay the delivery of four newbuilds with Zhejiang Ouhua Shipbuilding, in an effort to save operating costs after posting a third quarter loss.

“In order to conserve cash and avoid taking delivery of our remaining four newbuilding vessels in the midst of this market downturn, we have agreed with the shipyard to reschedule the deliveries of the two remaining handysize dry bulk carriers and the two 4,800 teu containerships,” Michael Bodouroglou, chairman and chief executive officer of Paragon Shipping said in a release.

The two handysizes will now be delivered in the first and fourth quarters of 2013, and the two containerships in the second quarter of 2014.  [08/11/12]

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