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THIRD QUARTER 2008 EARNINGS RELEASE, DIVIDEND DECLARATION AND CONFERENCE CALL

Posted on Tuesday, November 4 2008
ATHENS, Greece, November 4, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, today announced that its financial results for the third quarter and nine months ended September 30, 2008 are scheduled to be released after the close of U.S. financial markets on Wednesday, November 12, 2008.  
The declaration of the Company's cash dividend for the quarter ended September 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 9:00 A.M. Eastern Time on Thursday, November 13, 2008.

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