Paragon Shipping Inc. announced that it has signed shipbuilding contracts for three eco-design Kamsarmax drybulk carriers. These eco-design Kamsarmax newbuildings have a carrying capacity of 81,800 dwt each, and will be built at Jiangsu Yangzijiang Shipbuilding Co. Two of the newbuildings are scheduled to be delivered in the second quarter of 2015 and one is scheduled to be delivered in the fourth quarter of 2015.

The total consideration for these three newbuilding contracts is $91.65 million.