Paragon in Big Bulk Shipping Sale
Dry bulk specialist Paragon Shipping has announced it has sold all six of its dry bulk vessels, which range from 37,000 dead weight tonnage (DWT) to 74,000 DWT, the vessels have been sold to unaffiliated third parties in order to settle the company’s outstanding debt.
In a statement, Paragon stated that it is in talks with Jiangsu Yangzijiang (Yangzijiang) Shipbuilding Company to extend the deliveries of its three Kamsarmax new building dry bulk carriers towards the end of 2016.
In addition, the company did not take delivery of the Ultramax new building dry bulk carrier with Hull from Yangzhou Dayang Shipbuilding Company that was scheduled to be delivered in Q4, 2015.
Industry expert Moore Stephens previously said that the shipping industry is expected to remain volatile in 2016 and a possible solution is for the dry bulk sector to reduce its orderbook while focusing its efforts on more ship recycling in 2016.