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THIRD QUARTER 2009 EARNINGS RELEASE AND CONFERENCE CALL

Posted on Thursday, October 29 2009

ATHENS, Greece, October 27, 2009 - 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 ended September 30, 2009 are scheduled to be released after the close of U.S. financial markets on Tuesday, November 10, 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, November 11, 2009.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: + 1 866 288 9315 (from the US), + 44 (0) 800 3769 250 (from the UK), or 30 211 180 2000(all other callers). The access code for the call is "909".
A telephonic replay of the conference call will be available for 90 days by dialling 1 866 288 9317 (from the US) or 44 (0) 800 901 2906 (from the UK) or 30 210 94 60 929 (all other callers). The access code for the replay is "099#"

Slides and audio webcast
:
There will also be a live webcast of the conference call and accompanying slide presentation on the Paragon Shipping website (www.paragonship.com). Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. The webcast will be archived on this site for one year.

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