Posted on Tuesday, April 13 2010

ATHENS, GREECE April 13, 2010 - Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, filed its 2009 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission on March 31, 2010. The annual report is available for download on the Company's website, http://www.paragonship.com. Any shareholder may receive a hard copy of the Company's annual report, which includes the Company's complete 2009 audited financial statements, free of charge upon request.