Paragon Shipping orders three Kamsarmax drybulk carriers

6 March 2014 (Last Updated March 6th, 2014 18:30)

Paragon Shipping has ordered three eco-design Kamsarmax drybulk carriers from China's Jiangsu Yangzijiang Shipbuilding for a total of $91.65m.

Paragon Shipping has ordered three eco-design Kamsarmax drybulk carriers from China’s Jiangsu Yangzijiang Shipbuilding for a total of $91.65m.

Each of these vessels will have a carrying capacity of 81,800dwt. Delivery of the two newbuilds is scheduled in the second quarter of 2015, while the third is due in the fourth quarter of 2015.

Paragon Shipping chairman and CEO Michael Bodouroglou said: "We are pleased to announce the purchase of three more eco-design vessels that are a direct complement to our current fleet."

"We believe we are at the start of a strong year for the drybulk market."

"With this order, we have increased our newbuilding orderbook to seven drybulk vessels and one containership, which brings our total fleet to 22 vessels and improves our fleet profile significantly," Bodouroglou said.

"We believe we are at the start of a strong year for the drybulk market and are positioning Paragon to take advantage of an improving market."

On 7 January, the company announced that it took delivery of a 37,227dwt Handysize vessel M/V Proud Seas from China’s Zhejiang Ouhua Shipbuilding.

Paragon Shipping is an international shipping firm specialising in the transportation of drybulk cargoes, with a current fleet that consists of 14 drybulk vessels with a total carrying capacity of 853,699dwt.

The company’s newbuild programme comprises two Ultramax drybulk carriers and one 4,800 twenty-foot equivalent unit containership, with delivery slated for this year, and two further Ultramax drybulk carriers and three Kamsarmax drybulk carriers that are scheduled for delivery in 2015.