New York listed-Paragon will receive a $2.3m termination fee for the redelivery of the 74,000-dwt Coral Seas (built 2006) and the 72,900-dwt Deep Seas (built 1999).
Morgan Stanley had Coral Seas on charter until December of this year and the Deep Seas until July 2014 but will redeliver the panamaxes at the end of this month.
Paragon said that the termination fee was based on the difference between the vessels’ gross charter rates and market rates.
“Thus,
