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Paragon Shipping Appoints Allen & Caron For Investor Relations

ATHENS, Greece, Jan. 9, 2012 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it has appointed Allen & Caron Inc. ("Allen & Caron"), headquartered in New York City with offices in Irvine, California and London, as its agency for investor relations.

Paragon Shipping's fleet of drybulk vessels carries a wide range of cargoes and operates worldwide over a variety of trade routes. The Company's strategy is focused on acquiring and operating drybulk vessels as well as building and maintaining enduring relationships with established and reputable charterers. The Company's fleet is currently employed through period time charter contracts, noted Paragon Shipping's Chairman and Chief Executive Officer, Michael Bodouroglou.

"We are actively involved in maintaining what we believe is an attractive fleet profile while expanding our chartering agreements to generate positive cash flow and top-line growth," Bodouroglou said. "While our focus continues to be on a conservative approach to fleet growth and reasonable cost control remains our top priority, we feel we are well-positioned to seek new strategic partnerships and opportunities whenever they arise. With this in mind, we look forward to a broader visibility in the investment community and with the financial media and therefore selected Allen & Caron, an agency with a solid reputation in those influential circles and a history of success."

The Chairman and Chief Executive Officer of Allen & Caron, Joe Allen, commented: "Paragon Shipping's position in the global shipping industry and respected management team, as well as its strategy to generate growth and sustainable profitability, offer an interesting and compelling investment opportunity that will be the focus of our efforts going forward."

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.

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

About Allen & Caron Inc. Allen & Caron is a full-service corporate, investor and marketing communications agency serving the needs of public companies. The Allen & Caron international client base includes emerging growth companies in a range of industry segments. The firm has offices in Irvine, California; New York City and London; and has an affiliate relationship with a leading investor relations firm in Italy, which has offices in Milan and Rome.

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