PARAGON SHIPPING INC. REPORTS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2009 RESULTS Posted on Tuesday, February 23 2010 ATHENS, Greece, February 22, 2010 - Paragon Shipping Inc. (Nasdaq: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today its results for the fourth quarter and year ended December 31, 2009. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “I am pleased to announce yet another strong set of quarterly results coupled with an even stronger set of annual results for 2009. Paragon has once again demonstrated that its adherence to period charter cover and cost control measures produces consistency of financial performance. After adjusting for non-cash items, net income for 2009 was $55.0 million compared to $56.2 million in 2008, which represents a $1.2 million or 2.2% decline based on the same fleet composition. This solid performance was produced against a backdrop of weaker charter rates and global economic turmoil during 2009.” Mr. Bodouroglou concluded, “Paragon faces 2010 in what we believe to be a very strong financial position. The current fleet of eleven vessels has significant protection against volatility in the charter market as we have 100% of our revenue days fixed at levels that will generate free cash flow over and above our capital obligations. The indications for 2010 are that of another volatile market with a record number of newbuildings scheduled to be delivered. We have positioned Paragon to take advantage of what we believe will be opportunities to acquire vessels at attractive price levels during the coming two years. We have significant liquidity reserves to substantially increase our fleet size and composition. Provided that no unforeseen events occur, we believe 2010 could be another profitable year for Paragon and one that could see the Company deliver on its strategic goal of growth.” Paragon Shipping Press Release