Paragon Shipping Inc. Schedules Fourth Quarter 2008 Earnings Release and Conference Call

ATHENS, Greece, March 13, 2009 (GLOBE NEWSWIRE) -- Paragon Shipping Inc.
(Nasdaq:PRGN), a global shipping transportation company specializing in dry
bulk cargoes, today announced that its financial results for the fourth quarter
and full year ended December 31, 2008 are scheduled to be released after the
close of U.S. financial markets on Wednesday, March 18, 2009. 

The Company's management will conduct a conference call and simultaneous
Internet webcast to review these results at 9:00 A.M. Eastern Time on Thursday,
March 19, 2009. 

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: + 1 866 288 9315 (from the U.S.), + 44 (0) 800
3769 250 (from the UK), or + 30 211 180 2000 (all other callers). The access
code for the call is "909". 

A telephonic replay of the conference call will be available for 90 days by
dialing + 1 866 288 9317 (from the U.S.) or + 44 (0) 800 901 2906 (from the UK)
or + 30 210 94 60 929 (all other callers). The access code for the replay is
"909#". 

Slides and audio webcast:

There will also be a live webcast of the conference call and accompanying slide
presentation on the Paragon Shipping website (www.paragonship.com). Please
allow 15 minutes prior to the call to visit the site and download and install
any necessary audio software. The webcast will be archived on this site for one
year. 

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 765,137 dwt.
For further information, please visit the Company's website at
www.paragonship.com. 

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," "will," "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 dry bulk shipping capacity, changes in
our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, availability of financing and refinancing,
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:  Paragon Shipping Inc.
          Christopher Thomas, Chief Financial Officer
          +30 (210) 8914 600
          15, Karamanli Ave. GR 166 73
          Voula, Greece

          FD
          Eric Boyriven
          Alexandra Tramont
          +1(212) 850-5600