SOURCE: Paragon Shipping Inc.

Paragon Shipping Inc.

February 22, 2011 12:35 ET

Paragon Shipping Inc. Announces Date for the Release of Fourth Quarter and Year Ended December 31, 2010 Results, Conference Call and Webcast

Earnings Release: Tuesday, March 1, 2011, After Market Close; Conference Call and Webcast: Wednesday, March 2, 2011, at 10:00am EST

ATHENS, GREECE--(Marketwire - February 22, 2011) - Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation company specializing in drybulk cargoes and containers, announced today that it will release its results for the fourth quarter and year ended December 31, 2010, after the market closes in New York on Tuesday, March 1, 2011. Paragon's management team will host a conference call to discuss the Company's financial results on Wednesday, March 2, 2011, at 10:00am EST.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the USA), 0(800) 953-0329 (from the UK), +(44) (0) 1452 542 301 (from outside the US) or 0080 044 131 378 (from Greece). Please quote "Paragon."

A replay of the conference call will be available until March 9, 2011. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 55939564#.

Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet, through the Paragon Shipping website. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Paragon Shipping Inc.
Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes and containers. The Company's current fleet consists of eight Panamax drybulk carriers, two Supramax drybulk carriers and one Handymax drybulk carrier with an aggregate capacity of approximately 747,994 dwt and a weighted average age of 7.7 years, as well as two 2010-built containerships with an aggregate capacity of approximately 6,852 TEU. In addition Paragon has agreed to acquire four Handysize and three Kamsarmax newbuilding drybulk carriers expected to be delivered to Paragon between October 2011 and December 2012.

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 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.

Contact Information

  • Contacts:
    George Skrimizeas
    Chief Operating Officer
    Paragon Shipping Inc.
    15 Karamanli Ave.
    GR 166 73
    Voula, Greece
    Tel: +30 (210) 8914 600

    Investor Relations / Media
    Capital Link, Inc.
    Paul Lampoutis
    230 Park Avenue
    Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566