Paragon Shipping Signs Commitment For The Financing Of Two Ultramax Newbuildings

Athens, Greece (March 31, 2014)

Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it has entered into a firm commitment for a new $120.0 million senior secured amortizing credit facility with a syndicate of major European banks led by Nordea Bank Finland PLC to partly finance up to 60% of the market value of the Company's two Ultramax newbuildings scheduled to be delivered in 2015 and to refinance several of the vessels in its operating fleet. The six-year facility is subject to the execution of definitive documentation and completes the financing for the Company's Ultramax newbuilding program, leaving only the three recently purchased Kamsarmax newbuildings, that are to be delivered between the second and fourth quarters of 2015, to be financed.

About Paragon Shipping
Paragon Shipping is an international shipping company incorporated under the laws of the Republic of the Marshall Islandswith executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of fourteen drybulk vessels with a total carrying capacity of 853,699 dwt. In addition, Paragon Shipping's current newbuilding program consists of two Ultramax drybulk carriers and one 4,800 TEU containership that are scheduled to be delivered in 2014, and two Ultramax drybulk carriers and three Kamsarmax drybulk carriers that are scheduled to be delivered in 2015. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its containership under construction. For more information, visit: www.paragonship.com. The information contained on theParagon Shipping's website does not constitute part of this press release.

Paragon Shipping Inc. press release