Paragon Shipping To Transfer Listing To NASDAQ

                Paragon Shipping To Transfer Listing To NASDAQ

PR Newswire

ATHENS, Greece, April 5, 2013

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.

Website: http://www.paragonship.com