SECOND QUARTER 2008 RESULTS AND DELIVERY OF TWELFTH VESSEL August 6 2008 ATHENS, Greece, August 6, 2008 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today its results for the three and six months ended June 30, 2008. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased with our performance in the second quarter which resulted in record quarterly net income. Our results demonstrate the benefits of our fleet expansion efforts as we have nearly doubled our operating fleet during the past year. This growth, together with the successful time charter fixtures we have completed over the past few months, allowed us to increase our quarterly dividend by 14.3% this quarter as compared to the first quarter of 2008.” Mr. Bodouroglou concluded, “We have also further expanded our fleet with the delivery of the Friendly Seas, a 2008 Supramax. This latest vessel acquisition is a prime example of our proven track record of growing the Company through the acquisition of modern, second hand vessels with attractive time charters attached. In the coming months we will continue to execute on this strategy as we look to further grow our fleet and earnings.” Paragon Shipping Press Release