News Release

News Release Paragon Shipping Inc. March 9, 2011

ATHENS, Greece, March 8, 2011 - Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global
shipping transportation company specializing in drybulk cargoes and containers, announced today that it
has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2010 with the Securities
and Exchange Commission (the “SEC”) and can be accessed through the Company’s website
www.paragonship.com by navigating to the Annual Reports section of the website under Investor
Relations.
Shareholders may also receive a hard copy of the 2010 Annual Report, including the complete audited
financial statements, on Form 20-F, free of charge, by contacting Capital Link.