Paragon Shipping Inc. Announces Receipt
of NYSE Notice of Non-Compliance

ATHENS, Greece, December 2, 2011

Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today that on November 25, 2011, it received notice from the New York Stock Exchange, Inc. (the "NYSE") indicating that the Company is no longer in compliance with the NYSE's continued listing standards because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period.

Subject to the NYSE's rules, the Company has a six month cure period following receipt of the NYSE notice to bring its share price and average share price back above $1.00. During this time, the Company's common stock will continue to be listed and trade on the NYSE.

The Company will continue to monitor this situation and intends to cure this deficiency in accordance with NYSE rules.

About Paragon Shipping Inc.
Paragon Shipping Inc. (the Company) is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of ten drybulk vessels with a total carrying capacity of 704,772 dwt. In addition, the Company entered into contracts for the construction of four Handysize drybulk carriers that are scheduled to be delivered in 2012 and as a result will increase the fleet size to fourteen drybulk vessels with a total carrying capacity of 853,572 dwt.

Paragon Shipping Inc. press release