Paragon Shipping Gets US$120-Million Towards Ultramax Newbuildings

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