Paragon Moves on Containerships

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. “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.”