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Paragon Shipping Announces Date for the Release of Third Quarter and Nine Months ended September 30, 2013 Results, Conference Call and Webcast

ATHENS, Greece (October 31, 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 third quarter and nine months ended September 30, 2013, after the market closes in New York on Thursday, November 7, 2013. Paragon's management team will host a conference call to discuss the Company's financial results on Friday, November 8, 2013, at 10:00 am ET.

Conference Call and Webcast details:
Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-877-300-8521 (USA) or +1-412-317-6026 (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 10036460.

Slides and audio webcast:
There will also be a simultaneous live webcast through the Company's website, Webcast Presentation. Participants should register on the website approximately ten minutes prior to the start of the webcast.

About Paragon Shipping
Paragon Shipping Inc. is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of thirteen drybulk vessels with a total carrying capacity of 816,472 dwt. In addition, the Paragon Shipping's current newbuilding program consists of one Handysize drybulk carrier that is scheduled to be delivered in the fourth quarter of 2013, as well as two Ultramax drybulk carriers 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 Paragon Shipping'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

ATHENS, Greece (October 31, 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 third quarter and nine months ended September 30, 2013, after the market closes in New York on Thursday, November 7, 2013. Paragon's management team will host a conference call to discuss the Company's financial results on Friday, November 8, 2013, at 10:00 am ET.

Conference Call and Webcast details:
Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-877-300-8521 (USA) or +1-412-317-6026 (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 10036460.

Slides and audio webcast:
There will also be a simultaneous live webcast through the Company's  website, Webcast Presentation. Participants should register on the website approximately ten minutes prior to the start of the webcast.

About Paragon Shipping
Paragon Shipping Inc. is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of thirteen drybulk vessels with a total carrying capacity of 816,472 dwt. In addition, the Paragon Shipping's current newbuilding program consists of one Handysize drybulk carrier that is scheduled to be delivered in the fourth quarter of 2013, as well as two Ultramax drybulk carriers 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 Paragon Shipping'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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