Paragon Shipping Reaches Agreement to Postpone Newbuild Deliveries (Greece)

Greece-based Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, yesterday announced that it has reached an agreement with Zhejiang Ouhua Shipbuilding Co., Ltd to postpone the delivery dates of the Company’s vessels under construction and to change the apportionment of the advances already paid among the vessels under construction.

Under the amended shipbuilding contracts and based on the latest updates from the shipyard, the remaining two Handysize drybulk carriers (Hull 612 and Hull 625) are expected to be delivered in the first and fourth quarters of 2013, respectively, and the two 4,800 TEU Containerships (Hull 656 and Hull 657) are expected to be delivered in the second quarter of 2014.

[mappress]

Paragon Shipping, November 8, 2012