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FIRST QUARTER 2008 EARNINGS RELEASE

Posted on Wednesday, May 7 2008
ATHENS, Greece, May 7, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, today announced that its financial results for the first quarter ended March 31, 2008 are scheduled to be released after the close of U.S. financial markets on Wednesday, May 14, 2008.  
The declaration of the Company's cash dividend for the quarter ended March 31, 2008 will also be announced at that time.  
The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. Eastern Time on Thursday, May 15, 2008. To attend the conference, please click here

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