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SECOND QUARTER 2008 EARNINGS AND CONFERENCE CALL

Posted on Wednesday, July 30 2008
ATHENS, Greece, July 28, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, today announced that its financial results for the second quarter and first half ended June 30, 2008 are scheduled to be released after the close of U.S. financial markets on Wednesday, August 6, 2008.  
The declaration of the Company's cash dividend for the quarter ended June 30, 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 9:30 A.M. Eastern Time on Thursday, August 7, 2008.

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