Paragon Shpping Inc. Reports First Quarter 2014 Results, Announces The Sale Of The Containership Newbuilding and Implements a Share Buyback Program

First Quarter 2014 Highlights

• Net revenue of $13.4 million
• Took delivery of the fourth Handysize drybulk vessel; the M/V Proud Seas
• Ordered three Eco-Design Kamsarmax newbuilding drybulk carriers
• Secured debt financing for the four Ultramax and two of the three Kamsarmax newbuilding drybulk carriers
• Agreed to sell the 4,800 TEU containership for a net amount of $41.2 million.

Athens, Greece, May 19, 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 three months ended March 31, 2014.

Q114 - PRGN Earnings Release.pdf (PDF)

Paragon Shipping Inc. press release