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.

Read: Ship Owners Buy Bargain Bulkers

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. 

Read: Bulk Shipping in ‘Perfect Storm’

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.

Technical Paper: How to Navigate the Dry Bulk Market

PTI previously reported that the dry bulk industry is in a state of turmoil and will need to take drastic measures to rectify the supply side if it is to return to profitability.   

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.