NASDAQ-listed Paragon Shipping has sold its panamax bulk carrier Kind Seas for US$3.5m in cash to an unnamed buyer.
The net proceeds from the Japan-built bulker's sale will be used to make an immediate prepayment of Paragon's loan facility with the Bank of Ireland, which was secured in 2009.
Following the prepayment, the Athens-based shipping company still has US$4.4m left to pay under the loan, of which US$2.2m is to be written-off and another US$2.2m (plus interest) has been converted into an unsecured paid-in-kind (PIK) note.
Paragon Sells Panamax Bulker to Repay Loan
2016-01-12
4259人
Source:Splash
Most ViewsHOT
- Efnav returns to newbuilds with six kamsarmaxes at China’s Hengli
- Huarong Leasing lines up newcastlemax newbuild brace
- Bruton firms up VLCC order at New Times Shipbuilding
- Oceanbulk linked to boxships comeback
- Sammok and Shanghai Changjiang order bulkers at Nantong Xiangyu
- Alberta Shipmanagement makes boxship debut with Chinese newbuild order
- Evergreen taps Samsung Heavy and Guangzhou Shipyard International for 14 ships
- Belgium’s Ebe adds first Chinese-built ship with 2020 Bulkers deal
- Huayuan Star orders methanol-ready Kamsarmax brace
- Yang Ming’s dry bulk arm readies four newbuilds in fleet renewal push
