Paragon Shipping Inc. Reports Third Quarter and
Nine Months Ended September 30, 2013 Results

Athens, Greece, November 7, 2013

• Net revenue of $13.4 million, up by 3% year over year in the third quarter of 2013

• Adjusted EBITDA of $5.7 million in the third quarter of 2013

• Adjusted net loss of $409,676, or $0.04 per common share in the third quarter of 2013

• Completed a $34.5 million equity offering and subsequently purchased two Eco-Design Ultramax newbuilding drybulk carriers

Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today its results for the third quarter and nine months ended September 30, 2013.

Related Downloads: Q313 - PRGN Earnings Release.pdf

Paragon Shipping Inc. press release