PARAGON SHIPPING INC. FIXES KIND SEAS, GOLDEN SEAS AND CRYSTAL SEAS ON THREE YEAR TIME CHARTERS ATHENS, Greece, May 13, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, announced today that it has recently concluded the following time charter fixtures: The Kind Seas (1999-built Panamax, 72,493 dwt) has been chartered to Deiulemar at $45,500 per day for a period of 34 to 37 months. This vessel is expected to be delivered to its new charterer between January 1, 2009 and April 30, 2009. The Golden Seas (2006-built Panamax, 74,475 dwt) has been chartered to Transfield Shipping Inc. at $48,000 per day for a period of 34 to 37 months. This vessel is expected to be delivered to its new charterer between October 26, 2008 and February 20, 2009. The Crystal Seas (1995-built Handymax, 43,222 dwt) has been chartered to Cosco Bulk at $33,000 per day for a period of 35 to 37 months. This vessel is expected to be delivered to its new charterer between July 10, 2008 and September 31, 2008. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon, commented, “We are pleased to announce the fixing of the Kind Seas, Golden Seas and Crystal Seas on three year time charters in keeping with our balanced chartering strategy. Since the beginning of 2008 we have successfully fixed four of the six vessels coming off charter this year at an aggregate average rate increase of 25%. We have now locked in 100% of our voyage revenue days for 2008 and are focused on the successful fixing of the remaining two vessels over the course of the year.'' The Company will announce its first quarter 2008 earnings and dividend declaration tomorrow, May 14, 2008. 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