FIRST QUARTER 2008 RESULTS AND QUARTERLY DIVIDEND ATHENS, Greece, May 14, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in dry bulk cargoes, announced today its results for the three months ended March 31, 2008. For the three months ended March 31, 2008, the Company reported net income of $15.8 million and earnings per share basic and diluted were $0.60 and $0.59, respectively, compared to net income of $5.8 million and $0.43 earnings per share basic and diluted for the three months ended March 31, 2007. Excluding all non-cash items described below, adjusted earnings per share basic and diluted for the first quarter of 2008 were $0.54 and $0.53, respectively. This compares to adjusted earnings per share basic and diluted of $0.49 for the first quarter of 2007. For detailed report please visit www.paragonship.com 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