Paragon Shipping Inc. Reports Fourth Quarter And Year Ended December 31, 2013 Results

• Net revenue of $15.6 million in the fourth quarter of 2013, up 20.3% year over year
• Adjusted EBITDA of $4.7 million in the fourth quarter of 2013, up 6.6% year over year
• Adjusted net loss of $1.8 million, or $0.10 per common share in the fourth quarter of 2013
• Cancelled one 4,800 teu cont/ship newbuilding and reduced the contract price on the 1 remaining cont/ship
• Purchased two additional Eco-Design Ultramax newbuilding drybulk carriers, bringing the total to four
• Secured financing for two Ultramax newbuilding drybulk carriers (Hull no. DY152 and Hull no. DY153)

Athens, Greece - March 13, 2014

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 fourth quarter and year ended December 31, 2013.

Earnings Release   (PDF)

Paragon Shipping Inc. press release