Paragon Shipping Gets US$120-Million Towards Ultramax Newbuildings

MarineLink.com
Monday, March 31, 2014
Paragon at NYSE: Photo Paragon Shipping

Greek drybulk cargo ship owner, Paragon Shipping, informs it has entered into a firm commitment with a European bank syndicate to partly finance up to 60 % of the market value of their two new Ultamax newbuilds due to be delivered in 2015.

The new $120.0 million senior secured amortizing credit facility is with a syndicate of banks led by Nordea Bank Finland PLC.

Paragon adds that the six-year facility is subject to the execution of definitive documentation and completes the financing for their Ultramax newbuilding program, leaving only the three recently purchased Kamsarmax newbuildings, that are to be delivered between the second and fourth quarters of 2015, to be financed.

About Paragon Shipping
The Company is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of fourteen drybulk vessels with a total carrying capacity of 853,699 dwt. In addition, Paragon Shipping's current newbuilding program consists of two Ultramax drybulk carriers and one 4,800 TEU containership that are scheduled to be delivered in 2014, and two Ultramax drybulk carriers and three Kamsarmax drybulk carriers that are scheduled to be delivered in 2015.

Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its containership under construction.

www.paragonship.com

 

 

Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Contracts

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Shipbuilding

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

SSI Launches ShipConstructor 2015 R2.1

SSI has today released ShipConstructor 2015 R2.1 software.   The software release comes in response to emerging ship design, engineering and building trends as

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

Bulk Carrier Trends

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Pacifica Rolls Out New Container Vessel

Pacifica Shipping, New Zealand's coastal shipping company, is launching a new container vessel from March replacing a smaller vessel whose charter has ended, reports The Stuff.

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1748 sec (6 req/sec)