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Proud Seas News

10 Mar 2016

Paragon Sells Ships, Defer Deliveries

The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations. The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of its syndicated loan facility. "The fleet, consisting of the handysize and panamax bulkers Coral Seas, Golden Seas, Prosperous Seas, Precious Seas, Priceless Seas and Proud Seas, is to be sold to unnamed, unaffiliated third parties," Paragon said. Paragon also says it is in talks with Jiangsu Yangzijiang to extend the deliveries of its three Kamsarmax newbuilding drybulk carriers towards the end of 2016 at no extra cost to the company.

07 Jan 2014

Paragon Takes New Vessel Delivery, Finances Two Other Builds

Paragon Shipping Inc. a global shipping transportation company specializing in drybulk cargoes, announced today that it has taken delivery of M/V Proud Seas, a 37,227 dwt Handysize vessel, from Zhejiang Ouhua Shipbuilding Co. in China. In addition, the company announced today that it has entered into an agreement with HSH Nordbank AG, subject to final documentation, to partially finance its first two Ultramax drybulk newbuildings, which are expected to be delivered to the company in the second and third quarters of 2014. For each of the two Ultramax vessels, HSH Nordbank AG has agreed to finance the lower of $17.2 million or 65% of the vessels' market value upon their delivery.