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Athens, Greece - March 31, 2015 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, 2014. Fourth Quarter 2014 Highlights & Recent Developments • Took delivery of two eco-design Ultramax newbuildings, the M/V Gentle Seas and the M/V Peaceful Seas. • Net revenue, net of voyage expenses, of $11.6 million in the fourth quarter of 2014. • Reduced average daily adjusted total vessel operating expenses by 8.2% year-over-year. • Adjusted EBITDA of $0.4 million in the fourth quarter of 2014. • Adjusted net loss of $7.1 million, or $0.29 per common share, in the fourth quarter of 2014. Q414---PRGN-Earnings-Release.pdf 
Paragon Shipping Inc. press release 
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