Paragon Shipping Inc. Reports Third Quarter And Nine Months Ended September 30, 2012 Results

 Paragon Shipping Inc. Reports Third Quarter And Nine Months Ended September
                               30, 2012 Results

PR Newswire

ATHENS, Greece, Nov. 7, 2012

ATHENS, Greece, Nov. 7, 2012 /PRNewswire/ --Paragon Shipping Inc. (NYSE:
PRGN) ("Paragon Shipping", or the "Company"), a global shipping transportation
company specializing in drybulk cargoes, announced today its results for the
third quarter and nine months ended September 30, 2012.

Financial Highlights
(Expressed in United States Dollars where applicable)

                       Quarter Ended Quarter Ended Nine Months   Nine Months
                                                   Ended         Ended
                       September 30, September 30,
                       2011          2012          September 30, September 30,
                                                   2011          2012
Average Number of      11.0          12.0          11.9          10.9
Time Charter
Equivalent rate (TCE)  20,229        11,574        22,316        12,418
Net Revenue            19,780,965    12,929,126    70,917,768    37,355,838
EBITDA ^(1)            11,205,794    (12,251,606)  24,030,285    719,953
Adjusted EBITDA ^(1)   13,077,350    6,395,056     47,848,367    20,068,979
Net Income / (Loss)    290,474       (18,785,001)  (11,061,826)  (17,885,810)
Adjusted Net Income /  2,857,855     (138,339)     14,821,040    1,463,216
(Loss) ^(1)
Earnings / (Loss) Per
Share basic & diluted  0.05          (3.08)        (1.86)        (2.93)
Adjusted Earnings /
(Loss) Per Share basic 0.48          (0.02)        2.50          0.24
& diluted ^(1),(2)

(1) Please see the table at the back of this release for a reconciliation
of TCE to Time Charter Revenue, EBITDA and Adjusted EBITDA to Net Income,
Adjusted Net Income to Net Income and Adjusted Earnings Per Share to Earnings
Per Share, the most directly comparable financial measures calculated and
presented in accordance with generally accepted accounting principles in the
United States ("U.S. GAAP").

(2) Adjusted to give effect to the 1 to 10 reverse stock split that became
effective on November 5, 2012.

To access the full press release, including the financial tables, please click
on the following link, or type this address into your internet browser:

If you would like a copy of the release mailed or faxed, please contact Allen
& Caron Investor Relations at 212-691-8087.

Conference Call and Webcast details
The Company's management team will host a conference call to discuss its third
quarter and nine months ended September 30, 2012 results on November 7, 2012
at 9:00 am Eastern Time.

Participants should dial into the call ten minutes before the scheduled time
using the following numbers 1-877-317-6789 (USA) or +1-412-317-6789
(international) to access the call. A replay of the conference call will be
available until November 14, 2012 and can be accessed by dialing
1-877-344-7529 (USA) or +1-412-317-0088 (international) and using passcode

Slides and audio webcast
There will also be a simultaneous live webcast through the Company's website, Participants should register on the website approximately
ten minutes prior to the start of the webcast. If you would like a copy of the
release mailed or faxed, please contact Allen & Caron Investor Relations at

About Paragon Shipping Inc.
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 twelve drybulk
vessels with a total carrying capacity of 779,270 dwt. In addition, the
Company's current newbuilding program consists of two Handysize drybulk
carriers that are scheduled to be delivered in 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: The information contained on the Company's website does
not constitute part of this press release.

Forward-Looking Statements
Certain 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, drydocking 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


Paragon Shipping Inc.

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

Len Hall (Media)
(949) 474-4300

SOURCE Paragon Shipping Inc.

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