Paragon Shipping Inc. Fixes Pearl Seas On Three Year Time Charter Athens, Greece, March 18, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, announced today that it fixed its' 74,273 dwt 2006-built Panamax drybulk carrier, the Pearl Seas, on a three-year time charter at a daily rate of $51,300. The vessel is expected to be delivered to the new charterers between June and October 2008, upon completion of its current time charter. The new charter rate represents an increase of 66% above the vessel's current daily charter rate. Revenue from the charter is expected to be approximately $48.5 million over the charter's three-year term. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon, commented, ``We are pleased to announce the fixing of the Pearl Seas at a significantly higher rate than its current time charter. This three-year arrangement is in line with our balanced chartering strategy, which combines strong earnings visibility with the opportunity to secure additional upside for our shareholders. One of our primary focuses in 2008 is on fixing those vessels coming off charter this year, and we will continue to report the new charters as and when they are secured.'' About Paragon Shipping Inc. Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of eleven vessels with a total carrying capacity of 706,358 dwt. For further information, please visit the Company's website at http://www.paragonship.com. Paragon Shipping Press Release