US dry-bulk shares slump; Japan index sinks

Paragon Shipping leads New York decline after delaying annual report. Oslo also dips.

2 May 2016 17:22 GMT Updated 2 May 2016 18:55 GMT

US dry-bulk stocks led a day of declining shipping shares that also saw a sector index in Tokyo suffer a steep slump.

New York-listed Paragon Shipping led the decline with a 39.6% slump to $1.60 in afternoon trading after the bulker owner told the US Securities & Exchange Commission (SEC) that it would be unable to file its annual report to the securities regulator.

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