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FOURTH QUARTER 2008 EARNINGS RELEASE AND CONFERENCE CALL

Posted on Friday, March 13 2009
ATHENS, Greece, March 13, 2009 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, today announced that its financial results for the fourth quarter and full year ended December 31, 2008 are scheduled to be released after the close of U.S. financial markets on Wednesday, March 18, 2009.  
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, March 19, 2009.

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