Paragon Shipping Inc. Reports third quarter and
nine months ended September 30, 2010 results

ATHENS, Greece, November 15, 2010 - Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes and containers, announced today its results for the third quarter and nine months ended September 30, 2010.

Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce our 13th consecutive profitable quarter. Our adjusted EPS of $0.17 represents a $0.04 increase compared to our previous quarter and was a result of our chartering, cost control and risk management strategies. Excluding our scheduled drydockings, we managed to increase the third quarter's utilization rate to 99.8%. Regarding our latest fleet developments, the third quarter of 2010 had been very active. We took delivery of three vessels, the M/V Dream Seas and the two 2010-built containerships. Our latest acquisitions enabled us to diversify our operations into a new sector of the shipping industry with strong upside potential. Furthermore, being consistent with our fleet renewal policy, we managed to improve the average age of our fleet from 8.4 years as of January 1, 2010, to 6.3 years as of today."

Mr. Bodouroglou concluded, "We have secured significant protection against charter market fluctuations by having contractually fixed 98% of our revenue days in 2011. We also expect to be able to maintain our continued fleet growth as a result of our newbuilding program, comprising seven drybulk carriers that are currently under construction. Consistent with our divined policy, we continue to pay a quarterly dividend of $0.05 per share. Summarizing, Paragon evolves through the path of sustainability and growth."

Detailed report at: http://www.paragonship.com/news.php?id=126

Paragon Shipping Press Release