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August 1, 2011

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Paragon Shipping Inc. Announces Date for the Release of Second Quarter Ended June 30, 2011 Results, Conference Call and Webcast

News Release Paragon Shipping Inc. August 1, 2011
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<P align=left>August 1, 2011 </FONT><FONT face="Times New Roman,Bold">&#8211;
</FONT><FONT face="Times New Roman">Athens, Greece </B></FONT><FONT
face="Times New Roman">&#8211; </FONT><FONT face="Times New Roman">Paragon Shipping
Inc. (NYSE: PRGN), a global shipping</P>
<P align=left>transportation company specializing in drybulk cargoes, announced
today that it will release its</P>
<P align=left>results for the second quarter ended June 30, 2011, after the
market closes in New York on</P>
<P align=left>Monday, August 08, 2011</FONT><FONT face="Times New Roman">.
Paragon&#8217;s management team will host a conference call to discuss
the</P></FONT><FONT face="Times New Roman">
<P align=left>Company's financial results on Tuesday, August 09, 2011, at
10:00am EDT.</P></FONT><B><FONT face="Times New Roman">
<P align=left>Conference Call details:</P></B></FONT><FONT
face="Times New Roman">
<P align=left>Participants should dial into the call 10 minutes before the
scheduled time using the following</P>
<P align=left>numbers: 1(866) 819-7111 (from the USA), 0(800) 953-0329 (from the
UK), +(44) (0) 1452 542</P>
<P align=left>301 (from outside the US) or 0080 044 131 378 (from Greece).
Please quote "Paragon."</P>
<P align=left>A replay of the conference call will be available until August 16,
2011. The United States replay</P>
<P align=left>number is 1(866) 247-4222; from the UK 0(800) 953-1533; the
standard international replay</P>
<P align=left>number is (+44) (0) 1452 550 000 and the access code required for
the replay is: 55939564#.</P></FONT><B><FONT face="Times New Roman">
<P align=left>Slides and audio webcast:</P></B></FONT><FONT
face="Times New Roman">
<P align=left>There will also be a simultaneous live webcast over the Internet,
through the Paragon Shipping</P>
<P align=left>website </FONT><FONT color=#0000ff face="Times New Roman"><FONT
color=#0000ff face="Times New Roman">www.paragonship.com</FONT></FONT><FONT
face="Times New Roman">. Participants to the live webcast should register on the
website</P>
<P>approximately 10 minutes prior to the start of the
webcast.</P></FONT></DIV></BODY></HTML>