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Paragon orders four bulkers in China

Paragon orders four bulkers in China

Athens: Paragon Shipping, a Greece-based shipping company, has entered into shipbuilding contracts with an unnamed Chinese shipyard for the construction of two handysize drybulk vessels, each approximately 37,200dwt, and two kamsarmax drybulk vessels, each about 82,000dwt, for an aggregate purchase price of approximately $111.5 million.
The company expects to take delivery of the handysize drybulk vessels in the fourth quarter of 2011 and the kamsarmax drybulk vessels in the second and third quarters of 2012.
Following the delivery of these four vessels, the company's fleet will expand to 16 vessels with an aggregate carrying capacity of approximately one million dwt. Furthermore, the company has the option to build an additional two handysize and two kamsarmax drybulk vessels with expected deliveries in the third and fourth quarters of 2012, respectively.
Michael Bodouroglou, chairman and CEO of Paragon Shipping, said: "We are pleased to announce the order of these four vessels, which reinforces the company's strategic plan for growth. We believe the order will provide our fleet with greater flexibility by expanding the sectors in which we operate to the handysize and kamsarmax classes. Furthermore, we believe the newbuildings will be constructed with such specifications and equipment that will provide our charterers with greater operational capabilities." [28/04/10]

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