Evalend Buys Paragon’s Three Newbuilds

Greek shipping company Evalend Shipping has bought three resale Panamax bulk carriers currently under construction at China’s Jiangsu New Yangzijiang shipyard, which were initially ordered by its compatriot Paragon Shipping, VesselsValue’s data shows.

The vessels in question are the 82,100 dwt Inspiring Seas, the 81,100 dwt Bright Seas and the 81,800 dwt World Seas.

Scheduled for delivery by the end of this year, Inspiring Seas and World Seas were purchased for USD 20.35 million each. The third bulker, Bright Seas, which is expected to be delivered in 2017, was bought for USD 20.8 million.

Market value of each of the three vessels stands at around USD 21.3 million.

Two of the newbuildings were scheduled to be delivered in the second quarter of 2015 and one in the fourth quarter of 2015. However, Paragon said in June 2015 it will postpone the delivery of the three ships due to the difficult market situation, vessel oversupply and record-low charter rates.

Earlier this year, Paragon decided to sell all of its six dry bulk vessels to unnamed third parties as it aimed for a full and final settlement of the outstanding amount of the company’s debt.

The company was in discussions with Jiangsu Yangzijiang to extend the deliveries of its three newbuilding carriers towards the end of 2016.