Paragon Shipping Announces Availability Of Its Annual Report On Form 20-F

ATHENS, Greece, April 30, 2012 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), today announced that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2011 (the "Annual Report") with the Securities and Exchange Commission. The Annual Report may be accessed through the Company's website under the Investor Relations section. Shareholders may also receive a hard copy of the Annual Report, including the complete audited financial statements, free of charge, by contacting Allen & Caron Inc, using the following contact details:

Allen & Caron Inc
Rudy Barrio 
Account Manager
276 Fifth Avenue, Suite 604
New York, NY 10001
Tel: (212) 691 8087

About Paragon Shipping
Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece specializing in the transportation of drybulk cargoes. The Company's current fleet consists of ten drybulk vessels with a total carrying capacity of 704,772 dwt. In addition, Paragon Shipping entered into contracts for the construction of four Handysize drybulk carriers that are scheduled to be delivered in 2012 and two 4,800 TEU Containerships that are scheduled to be delivered in 2013 and, as a result, will increase the fleet size to fourteen drybulk vessels with a total carrying capacity of 853,572 dwt and two Containerships with a total carrying capacity of 9,600 TEU. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two Containerships under construction. 

For more information, visit: The information contained on the Company's website does not constitute part of this press release.

Paragon Shipping Inc.

Allen & Caron Inc
Rudy Barrio
(212) 691-8087

SOURCE Paragon Shipping Inc.


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