Marine Link
Friday, October 28, 2016

Paragon Moves on Containerships

July 2, 2010

Paragon Shipping Inc. has sold one of its newbuilding Kamsarmax contracts and has also entered into agreements to acquire two 3,400 TEU newly built containerships from their builder Howardtwerke-Deutsche Werft, GmbH, Germany at a price of $49m. The container vessels are scheduled to be delivered to Paragon between July and August, 2010.

“We have taken advantage of favorable conditions in the sale and purchase markets to sell one of our Kamsarmax newbuilding contracts and also to acquire two 3,400 TEU newbuild container vessels with prompt delivery within July and August 2010,” said Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping (PRGN). “We were able to sell the Kamsarmax contract at a one time cash profit to the company and we believe the acquisition of the container vessels were made at attractive prices at an advantageous point in the container cycle.”


Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News