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Paragon Shipping Announces Date For The Release Of First Quarter 2013 Results, Conference Call And Webcast.

ATHENS, Greece (April 22, 2013) - Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it will release its results for the first quarter ended March 31, 2013, after the market closes in New York on Thursday, April 25, 2013. Paragon's management team will host a conference call to discuss the Company's financial results on Friday, April 26, 2013, at 9:00 am ET.

Conference Call and Webcast details:

Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-877-317-6789 (USA) or +1-412-317-6789 (international) to access the call. A replay of the conference call will be available for seven days and can be accessed by dialing 1-877-870-5176 (USA) or +1-858-384-5517 (international) and using passcode 10028131.

Slides and audio webcast:

There will also be a simultaneous live webcast through the link, Webcast Presentation. Participants should register on the website approximately ten minutes prior to the start of the webcast.

ATHENS, Greece (April 22, 2013) - Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it will release its results for the first quarter ended March 31, 2013, after the market closes in New York on Thursday, April 25, 2013. Paragon's management team will host a conference call to discuss the Company's financial results on Friday, April 26, 2013, at 9:00 am ET.

Conference Call and Webcast details:

Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-877-317-6789 (USA) or +1-412-317-6789 (international) to access the call. A replay of the conference call will be available for seven days and can be accessed by dialing 1-877-870-5176 (USA) or +1-858-384-5517 (international) and using passcode 10028131.

Slides and audio webcast:

There will also be a simultaneous live webcast through the link, Webcast Presentation. Participants should register on the website approximately ten minutes prior to the start of the webcast.

About Paragon Shipping

Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. The Company's current fleet consists of thirteen drybulk vessels with a total carrying capacity of 816,472 dwt. In addition, the Company's current newbuilding program consists of one Handysize drybulk carrier that is scheduled to be delivered in the fourth quarter of 2013 and two 4,800 TEU containerships that are scheduled to be delivered in 2014. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two containerships under construction. For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.

Contacts

Paragon Shipping Inc.
info@paragonship.com

Allen & Caron Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087

Len Hall (Media)
len@allencaron.com
(949) 474-4300

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