Annual Reports

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ANNUAL REPORT TO SHAREHOLDERS FOR 2007

Posted on Wednesday, June 4 2008

Dear Fellow Shareholders,

2007 was a landmark year for Paragon Shipping. It was a year in which we completed a successful initial public offering, materialized our business plan and generated outstanding operational and financial growth together with a substantial return for our shareholders.

Over the course of 2007 we almost tripled our fleet from four vessels in January to 11 vessels by the year's end. We currently operate seven panamaxes and four handymaxes with a total capacity of 706,358 dwt. Our growth this year was supported in part by our private placement in December of 2006; and by our successful initial public offering in August of 2007 in which we raised $176 million.

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