ATHENS, Greece, Oct. 3, 2013 /PRNewswire/ -- Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that, following the completion of its previously announced public offering of 6,000,000 common shares on September 27, 2013, it has completed the acquisition of two Ultramax newbuilding drybulk carriers from an affiliated entity. The Ultramax newbuildings have a carrying capacity of 63,500 dwt each, and are currently under construction at Yangzhou Dayang Shipbuilding Co., Ltd., member of Sinopacific Shipbuilding Group, with scheduled delivery on May 31, 2014 and July 31, 2014, respectively. The total consideration for these two newbuildings was $53.0 million, and on October 3, 2013, the Company paid a first installment of $8.1 million per vessel. The balance of the contract price, or $18.4 million per vessel, will be payable upon the delivery of each vessel. Commenting on the developments, our Chairman and CEO, Michael Bodouroglou stated "We are very pleased to announce the acquisition of the two Ultramax newbuildings, which underlines our commitment to our strategy of conservative growth and maintaining a modern fleet. Both vessels are of eco-design and we expect them to have a competitive advantage in the marketplace." About Paragon ShippingParagon Shipping is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of thirteen drybulk vessels with a total carrying capacity of 816,472 dwt. In addition, Paragon Shipping's current newbuilding program consists of one Handysize drybulk carrier scheduled to be delivered in the fourth quarter of 2013, as well as two Ultramax drybulk carriers 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 Paragon Shipping's website does not constitute part of this press release. Forward-Looking StatementsCertain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, 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, dry-docking 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, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.