PARAGON SHIPPING INC. TO TRANSFER LISTING TO NEW YORK STOCK EXCHANGE Posted on Wednesday, March 10 2010 ATHENS, Greece, March 10, 2010 - Paragon Shipping Inc. (Nasdaq: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today that it is transferring the listing of its common stock to the New York Stock Exchange (“NYSE”). The Company expects to begin trading on the NYSE on Wednesday, March 24 , 2010, using its current symbol “PRGN”. The company will continue to trade on the NASDAQ until the transfer is completed. Commenting on this development, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “We are pleased to announce that we shall be listing our common stock on the New York Stock Exchange, one of the world’s premier stock exchanges. The New York Stock Exchange is home to many international shipping companies and we believe that by joining them we will increase Paragon’s visibility within the investment community.” "We are delighted that Paragon Shipping has chosen to transfer its listing to the New York Stock Exchange," said Ronald Kent, Executive Vice President, Head of International Listings, at NYSE Euronext. "We are looking forward to partnering with Paragon Shipping as the company becomes part of NYSE Euronext's growing US franchise of currently 32 shipping companies." Paragon Shipping Press Release