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Athens, Greece - September 1, 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 second quarter and six months ended June 30, 2015. Second Quarter 2015 Highlights & Recent Developments • Net revenue, net of voyage expenses, of $7.9 million in the second quarter of 2015. • Reduced average daily adjusted total vessel operating expenses by 11.1% year-over-year. • Adjusted EBITDA of negative $0.6 million in the second quarter of 2015. • Adjusted net loss of $8.1 million, or $0.32 per common share, in the second quarter of 2015. • Sale of four vessels of the operating fleet to support the Company’s liquidity and ensure its sustainability through 2016. Full Earnings Release 
Paragon Shipping Inc. press release 
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