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05/10/2007/En-Block sale of the Anny Petrakis and Iolcos Destiny
We wish to announce that the MV Anny Petrakis (74,500 dwt, blt. 2006 Hudong) and the MV Iolcos Destiny (74,500 dwt, blt. 2006 Hudong) have been agreed to be sold en-block to Paragon Shipping Inc. of Athens, Greece, for a total price of $178 million..

The vessels were contracted in Summer 2003 and were delivered to clients of Iolcos Hellenic in mid-2006 and were the first newbuildings ever to be incorporated in the Iolcos fleet.

They are to be delivered to their new owners in November and December of this year and will be re-named Coral Seas and Golden Seas respectively.

The sale represents a strategic move on behalf of the company, wanting to take advantage of the very high dry market, while at the same time it's extensive newbuilding program is set to continue with possibly even more orders.

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