Report of Foreign Issuer (6-k)
04 October 2016 - 7:32AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of October 2016
Commission
File Number: 001-33655
PARAGON
SHIPPING INC.
(Name
of Registrant)
15
Karamanli Ave., GR 166 73, Voula, Greece
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
INFORMATION
CONTAINED IN THIS REPORT ON FORM 6-K
Paragon
Shipping Inc. (the “Company”) received a cancellation notice from Jiangsu Yangzijiang Shipbuilding Co. (“Yangzijiang”),
in relation to the three Kamsarmax newbuilding drybulk carriers (Hull numbers YZJ2013-1144, YZJ2013-1145 and YZJ2013-1142). The
current market conditions, coupled with the financial condition of the Company, did not allow the Company to take delivery of
the Kamsarmax newbuilding drybulk carrier with Hull number YZJ2013-1144 by September 30, 2016, the latest date to complete the
vessel acquisition. Following the failure to take delivery of the Kamsarmax newbuilding drybulk carrier with Hull number YZJ2013-1144,
Yangzijiang cancelled the contracts for all three Kamsarmax newbuilding drybulk carriers, pursuant to the terms of the ship-building
contracts. Currently, the Company is contemplating its options.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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PARAGON SHIPPING INC.
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Date: October
3, 2016
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By:
|
/s/
GEORGE SKRIMIZEAS
|
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George
Skrimizeas
Chief Operating Officer
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