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SECOND QUARTER 2009 EARNINGS RELEASE AND CONFERENCE CALL

Posted on Thursday, July 30 2009

ATHENS, Greece, July 30, 2009 - 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 ended June 30, 2009 are scheduled to be released after the close of U.S. financial markets on Tuesday, August 11, 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, August 12, 2009.

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