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FIRST QUARTER 2009 EARNINGS RELEASE AND CONFERENCE CALL

Posted on Wednesday, May 13 2009

ATHENS, Greece, May 12, 2009 - 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, 2009 are scheduled to be released after the close of U.S. financial markets on Tuesday, May 19, 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 Wednesday, May 20, 2009.

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