SOURCE: Paragon Shipping Inc.

Paragon Shipping Inc.

July 14, 2010 16:05 ET

Paragon Shipping Announces the Appointment of Interim Chief Financial Officer

ATHENS, GREECE--(Marketwire - July 14, 2010) -  Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company, announced today that its Board of Directors has appointed Mr. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, to act as Interim Chief Financial Officer of the Company.

This follows the departure of Mr. Christopher J. Thomas, Chief Financial Officer, from the Company, effective today. The company will look for a permanent replacement.

Mr. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping commented: "We want to thank Mr. Thomas for his contribution to the company and we wish him luck in any new career pursuits."

About Paragon Shipping Inc.
Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of twelve vessels with a total carrying capacity of 794,634 dwt. The Company has agreed to acquire three Kamsarmax newbuildings with expected delivery in 2012, four handysize newbuildings to be delivered in 2011 and 2012 and two 3,400 TEU containerships with delivery expected in July and August, 2010, respectively.

Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk and containership shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

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