Paragon Shipping said it will sell its six operational vessels in order to settle its outstanding debt. The ships were mortgaged as part of a $160m refinancing deal with a Nordea-led syndicate of Banks. Paragon had $206m of total debt outstanding as of September 2015. Paragon also will defer delivery of three kamsarmax newbuildings to be delivered from Jiangsu Yangzijiang Shipbuilding towards the end of 2016, subject to certain conditions, at no extra cost to the company.
