Paragon Shipping Inc. Changes Policy of Accounting for Drydocking Costs ATHENS, Greece, January 22, 2008 – Paragon Shipping Inc. (Nasdaq: PRGN) announced today that starting with its fiscal fourth quarter ended December 31, 2007, Paragon Shipping Inc. (the “Company”) has elected to change its method of accounting for drydocking costs from the deferral method, under which the Company deferred and amortized its drydocking costs over the estimated period of benefit between drydockings, to the direct expense method, under which the Company expenses all drydocking costs as incurred. Paragon Shipping Press Release