NEW TWO YEAR CHARTER AGREEMENTS FOR CALM SEAS AND CORAL SEAS Posted on Thursday, July 2 2009 ATHENS, Greece, July 1, 2009 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today that it has entered into new two year time charter contracts for the Calm Seas and the Coral Seas. Both vessels have been forward fixed on period time charters for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GMBH. Commenting on these developments Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “We are pleased to announce the new chartering agreements for the Calm Seas and Coral Seas, two panamax bulkcarriers, on terms that we believe are competitive in the current environment and provide us with significant cash flow visibility going forward. These contracts are scheduled to commence between December 2009 and April 2010, allowing us to forward fix our revenue stream. Furthermore, the addition of Intermare Transport GMBH, an established international charterer, will further diversify our list of prominent charterers.” Paragon Shipping Press Release