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28/10/2014: Paragon Shipping Announces the Delivery of its First two Ultramax NewBuildings and Third Quarter and Third Quarter and Nine Months Ended September 30, 2014 Results Release Date, Conference Call and Webcast.

ATHENS, Greece (October 28, 2014) - Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it recently took delivery of the M/V Gentle Seas and the M/V Peaceful Seas, two Ultramax vessels with cargo carrying capacity of approximately 63,350 dwt each, from Yangzhou Dayang Shipbuilding Co. Ltd. in China. The delivery of these vessels was financed from the Company's recently announced new loan agreement with HSH Nordbank AG. Both vessels will be chartered under short-term time charters.

Commenting on the developments, our Chairman and CEO, Michael Bodouroglou, stated "We are very pleased to announce the delivery of our first two eco-design Ultramax vessels, which increases our operating fleet to 16 drybulk vessels in four size classes for the first time in the Company's history. Including our latest acquisitions, the average age of our fleet has improved to 7.1 from 8.1 years. Pro-forma the delivery of our remaining newbuilding vessels, we have successfully secured our further fleet expansion to 21 drybulk vessels in five size classes by the end of 2015."

Paragon Shipping also announced today that it will release its results for the third quarter and nine months ended September 30, 2014, after the market closes in New York on Wednesday, November 5, 2014. Paragon's management team will host a conference call to discuss the Company's financial results on Thursday, November 6, 2014, 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 10055402.

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 Inc.
Paragon Shipping 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 sixteen drybulk vessels with a total carrying capacity of 980,399 dwt. In addition, Paragon Shipping's current newbuilding program consists of two Ultramax drybulk carriers and three Kamsarmax drybulk carriers that are scheduled to be delivered in 2015. The Company's common shares and senior notes trade on NASDAQ under the symbols "PRGN" and "PRGNL," respectively. 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.
ir@paragonshipping.gr

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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