ATHENS, Greece (May 20, 2013) - Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it has signed an agreement for a $69 million credit facility with China Development Bank ("CDB Credit Facility") to partially finance its two 4,800 TEU containerships currently under construction, that are expected to be delivered in the second quarter of 2014.  The Company has granted an option to Box Ships Inc. (NYSE : TEU), a subsidiary of the Company until its initial public offering in 2011, to acquire the vessels at any time prior to their delivery to Paragon Shipping.

The CDB Credit Facility, which is available for drawdown upon the delivery of the vessels subject to certain contingencies and conditions, will be used to finance the lower of 60% of the construction cost of the vessels, or 80% of the vessels' market value at delivery. The facility matures ten years after the drawdown date. Under the terms of the credit facility, amounts borrowed will bear interest at LIBOR, plus a margin of 4.00%. The financial covenants and other conditions contained in the CDB Credit Facility are similar to the ones contained in the Company's existing credit facilities. In addition, this facility can be freely transferred to Box Ships Inc. if Box Ships decides to declare its option to acquire these vessels before their delivery.

In addition, the Company has agreed with the syndicate led by Nordea Bank Finland Plc ("Nordea"), subject to definitive documentation, to remove the condition precedent under which drawdown of the loan is subject to the prepayment of the Company's loan outstanding to Box Ships Inc. from our syndicated secured loan facility entered into between the Company and Nordea, as Agent.  

Commenting on the developments, our Chairman and CEO, Michael Bodouroglou stated "We are very pleased to start a new relationship with China Development Bank, and appreciate the continuous support of our existing lenders." 

About Paragon Shipping

Paragon Shipping is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. The Company's current fleet consists of thirteen drybulk vessels with a total carrying capacity of 816,472 dwt. In addition, the Company's current newbuilding program consists of one Handysize drybulk carrier that is scheduled to be delivered in the fourth quarter of 2013 and two 4,800 TEU containerships that are scheduled to be delivered in 2014. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two containerships under construction. For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.

Contacts

Paragon Shipping Inc.
info@paragonship.com

 Allen & Caron Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087

Len Hall (Media)
len@allencaron.com
(949) 474-4300

ATHENS, Greece, April 25, 2013 - Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping", or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today its results for the three months ended March 31, 2013.

Financial Highlights

(Expressed in United States Dollars where applicable)

ATHENS, Greece (April 22, 2013) - Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it will release its results for the first quarter ended March 31, 2013, after the market closes in New York on Thursday, April 25, 2013. Paragon's management team will host a conference call to discuss the Company's financial results on Friday, April 26, 2013, at 9:00 am ET. 

Conference Call and Webcast details:

Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-877-317-6789 (USA) or +1-412-317-6789 (international) to access the call. A replay of the conference call will be available for seven days and can be accessed by dialing 1-877-870-5176 (USA) or +1-858-384-5517 (international) and using passcode 10028131.

Slides and audio webcast:

There will also be a simultaneous live webcast through the link, Webcast Presentation. Participants should register on the website approximately ten minutes prior to the start of the webcast.

ATHENS, Greece (April 5, 2013) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that it is voluntarily transferring the listing of its common stock to the NASDAQ Global Market ("NASDAQ") from the New York Stock Exchange ("NYSE") in order to achieve greater long-term flexibility and cost efficiency.  The Company expects its common stock to begin trading on NASDAQ on April 19, 2013 under its current symbol "PRGN". The Company's common stock will continue to trade on the NYSE until the transfer is completed.

ATHENS, Greece (April 3, 2013) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), today announced that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2012 (the "Annual Report") with the Securities and Exchange Commission.

ATHENS, Greece, February 19, 2013 - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping", or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today its results for the fourth quarter and year ended December 31, 2012.

ATHENS, Greece (February 13, 2013) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it will release its results for the fourth quarter and year ended December 31, 2012, before the market opens in New York on Tuesday, February 19, 2013. Paragon's management team will host a conference call to discuss the Company's financial results on the same day, at 10:00 am ET.

 Conference Call and Webcast details:

Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-877-317-6789 (USA) or +1-412-317-6789 (international) to access the call. A replay of the conference call will be available for seven days and can be accessed by dialing 1-877-344-7529 (USA) or +1-412-317-0088 (international) and using passcode 10025328.

Slides and audio webcast:

There will also be a simultaneous live webcast through the link, Webcast Presentation. Participants should register on the website approximately ten minutes prior to the start of the webcast.

 About Paragon Shipping

Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. The Company's current fleet consists of twelve drybulk vessels with a total carrying capacity of 779,270 dwt. In addition, the Company's current newbuilding program consists of two Handysize drybulk carriers and two 4,800 TEU Containerships. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two Containerships under construction. For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.

 Contacts

Paragon Shipping Inc.
info@paragonship.com

 Allen & Caron Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087

 Len Hall (Media)
len@allencaron.com
(949) 474-4300

ATHENS, Greece (February 5, 2013) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that the Board of Directors of the Company has appointed Mr. Robert Perri to the position of Chief Financial Officer, effective today.  Robert Perri has been the Company's financial officer since September 2010.

About Paragon Shipping Inc.

Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. The Company's current fleet consists of twelve drybulk vessels with a total carrying capacity of 779,270 dwt. In addition, the Company's current newbuilding program consists of two Handysize drybulk carriers that are scheduled to be delivered in 2013 and two 4,800 TEU containerships that are scheduled to be delivered in 2014. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two containerships under construction. For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.

Contacts
Paragon Shipping Inc.
info@paragonship.com

Allen & Caron Inc.
Rudy Barrio
r.barrio@allencaron.com
(212) 691-8087

ATHENS, Greece (December 24, 2012) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that on December 24, 2012 it entered into an agreement to sell 4,901,961 newly-issued shares of the Company's common stock to an entity affiliated with Mr. Michael Bodouroglou, the Company's Chairman and Chief Executive Officer, for total consideration of $10 million.  The transaction closed on December 24, 2012, and the proceeds will be used by the Company for working capital purposes.  In addition, the Company will have the right, but not the obligation, to repurchase these newly-issued shares, at the same price per share at which they were sold in this private placement, at any time prior to the earlier of (i) the execution by the Company of definitive documentation relating to the satisfactory amendments of the Company's outstanding loan agreements and (ii) March 29, 2013.  The agreement also grants customary registration rights in the newly-issued shares.  The relevant agreements in connection with this private placement were approved by the independent members of the Company's Board of Directors.  In addition, any exercise of the Company's repurchase right described above will be approved by the independent members of the Company's Board of Directors in consideration of their fiduciary duties to the Company and its shareholders.

Commenting on the private placement, Michael Bodouroglou, the Company's Chairman and Chief Executive Officer stated, "In order to remove any uncertainty in satisfying a key condition precedent stipulated under our amended loan agreements, I have agreed with the Independent Members of the Board of Directors to purchase $10 million worth of shares in Paragon.  This transaction strengthens the Company's financial position and ensures that it continues to meet NYSE listing requirements." 

 ATHENS, Greece (December 17, 2012) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that it has entered into a binding agreement with Commerzbank AG, subject to certain conditions and final documentation, to amend terms in its loan agreement dated August 12, 2011.

More specifically, the Company has obtained waivers and Commerzbank has agreed to the relaxation of several financial and security coverage ratio covenants, and to the deferral of a portion of its scheduled quarterly installments. This agreement is subject to the satisfaction of a number of conditions similar in nature to our agreements with other lenders of the Company announced by the Company on December 12, 2012, and includes the execution of documentation. 

Commenting on the agreement, Michael Bodouroglou, the Company's Chairman and Chief Executive Officer stated, "We are happy to announce an agreement with our largest lender, Commerzbank, as we work towards a common goal of ensuring the Company's continued stability.  We believe we will enter into agreements with our remaining two lenders in due course."