Paragon Shipping cancelled delivery of new building ultramax bulk carriers

New York listed, Michael Bodouroglou-led Paragon Shipping will not take a delivery of new building ultramax bulk carrier from Chinese Shipyard. Paragon Shipping received a notice of default from Chinese Yangzhou Dayang Shipbuilding for not taking delivery of the ship. Paragon Shipping will take delivery of 3 kamsarmax bulk carriers at the end of 2016 from Jiangsu Yangzijiang Shipbuilding. Paragon Shipping sold all of its fleet (6 dry bulk carriers) in order to satisfy banks in March 2016. Paragon Shipping plans to delist from the Nasdaq due to not meeting the Nasdaq’s minimum stockholder equity requirement of $2.5m.