PARAGON SHIPPING INC. REPORTS FIRST QUARTER 2010 RESULTS ATHENS, Greece, May 3, 2010 - Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today its results for the three months ended March 31, 2010. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce the results for the first quarter of 2010, our eleventh consecutive profitable quarter since becoming a public company. The fact that we have been able to sustain profitability during this period demonstrates that our business model works in both good and challenging markets." Mr. Bodouroglou concluded, "The first quarter of 2010 has been a particularly active quarter for us. We have purchased the 2009-built Panamax drybulk carrier "Dream Seas", which is scheduled to be delivered to us between June and July 2010. In addition, we have entered into shipbuilding contracts for the construction of two Chinesebuilt, drybulk Handysize class vessels of approximately 37,200 deadweight tons and two Kamsarmax class vessels of approximately 82,000 deadweight tons. These vessels are scheduled to be delivered during the fourth quarter 2011 for the Handysize class vessels and second and third quarters 2012 for the Kamsarmax class vessels. Furthermore, the Company has the option to build an additional two Handysize and two Kamsarmax drybulk carriers for delivery in the third and fourth quarter 2012, respectively. We have approached our growth strategy with caution and deliberation. We have continued with our policy for providing cash flow visibility by fixing "Dream Seas" on a three year period charter, while expanding the sectors within which we operate by contracting to acquire vessels in the Kamsarmax and Handysize sectors. We continue our search for acquisition candidates to further expand our fleet and provide long-term shareholder value." Detailed report at: www.paragonship.com Paragon Shipping Press Release