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Paragon Shipping To Transfer Listing To NASDAQ

ATHENS, Greece, April 5, 2013 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that it is voluntarily transferring the listing of its common stock to the NASDAQ Global Market ("NASDAQ") from the New York Stock Exchange ("NYSE") in order to achieve greater long-term flexibility and cost efficiency.  The Company expects its common stock to begin trading on NASDAQ on April 19, 2013 under its current symbol "PRGN". The Company's common stock will continue to trade on the NYSE until the transfer is completed.

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 thirteen drybulk vessels with a total carrying capacity of 816,472 dwt. In addition, the Company's current newbuilding program consists of one Handysize drybulk carrier that is scheduled to be delivered in the fourth quarter of 2013 and two 4,800 TEU containerships that are scheduled to be delivered in 2014. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two containerships under construction. For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.

Contacts Paragon Shipping Inc. info@paragonship.com

Allen & Caron Inc. Rudy Barrio r.barrio@allencaron.com(212) 691-8087

SOURCE Paragon Shipping Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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