Paragon Shipping Inc. Completes the Sale of its Two Containerships to Box Ships Inc.
News Release
Paragon Shipping Inc.
April 29, 2011
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<P align=left>ATHENS, Greece, April 29, 2011 - Paragon Shipping Inc. (NYSE:
PRGN), or the Company, a global shipping</P>
<P align=left>transportation company specializing in drybulk cargoes, announced
today that it has completed the sale and delivery</P>
<P align=left>to Box Ships Inc., of both the </FONT></FONT><I><FONT size=2
face="Times New Roman"><FONT size=2 face="Times New Roman">Box Trader
</I></FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">and </FONT></FONT><I><FONT size=2
face="Times New Roman"><FONT size=2 face="Times New Roman">Box
Voyager</I></FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">, two 3,426 TEU high specification containership
vessels</P>
<P align=left>built in 2010 in exchange for 2,266,600 shares of Box Ships common
stock and approximately $69.2 million in</P>
<P>cash. </FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">Box Ships Inc., was formed by Paragon Shipping and is
trading on the NYSE under the symbol
“TEU.”</P></FONT></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">
<P align=left>ATHENS, Greece, April 29, 2011 - Paragon Shipping Inc. (NYSE:
PRGN), or the Company, a global shipping</P>
<P align=left>transportation company specializing in drybulk cargoes, announced
today that it has completed the sale and delivery</P>
<P align=left>to Box Ships Inc., of both the </FONT></FONT><I><FONT size=2
face="Times New Roman"><FONT size=2 face="Times New Roman">Box Trader
</I></FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">and </FONT></FONT><I><FONT size=2
face="Times New Roman"><FONT size=2 face="Times New Roman">Box
Voyager</I></FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">, two 3,426 TEU high specification containership
vessels</P>
<P align=left>built in 2010 in exchange for 2,266,600 shares of Box Ships common
stock and approximately $69.2 million in</P>
<P>cash. </FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">Box Ships Inc., was formed by Paragon Shipping and is
trading on the NYSE under the symbol
“TEU.”</P></FONT></FONT></DIV></BODY></HTML>