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Athens, Greece - September 4, 2015 Paragon Shipping Inc. (NASDAQ: PRGN) (the "Company" or "Paragon Shipping") announced today that it has entered into an Equity Distribution Agreement, dated September 4, 2015, with Maxim Group LLC, or Maxim, for the offer and sale of up to $4.0 million of common shares of the Company. The Company may offer and sell the shares from time to time and at its discretion during the next twelve months. The net proceeds of this offering are expected to be used for general corporate purposes, which may include the payment of a portion of the outstanding contractual cost of the Company’s existing newbuilding vessels, and/or the repayment of debt. The offering is being made pursuant to the Company's existing shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”) and declared effective. This offering is being made only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement relating to the offering was filed with the SEC on September 4, 2015, and is available on the SEC's website located at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174 (or by telephone at 212-895-3685 or by email to syndicate@maximgrp.com). This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About Paragon Shipping Inc. Paragon Shipping is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping’s current fleet consists of twelve drybulk vessels with a total carrying capacity of 719,769 dwt. In addition, Paragon Shipping’s current newbuilding contracts consist of two Ultramax and three Kamsarmax drybulk carriers that are scheduled to be delivered between the third quarter of 2015 through the first quarter of 2016. The Company’s common shares and senior notes trade on the NASDAQ Global Market under the symbols “PRGN” and “PRGNL,” respectively. For more information, visit: www.paragonship.com. The information contained on Paragon Shipping’s website does not constitute part of this press release. Paragon Shipping Inc. press release 
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