Paragon Shipping Signs Commitment For The Financing Of Two Ultramax Newbuildings

     Paragon Shipping Signs Commitment For The Financing Of Two Ultramax
                                 Newbuildings

PR Newswire

ATHENS, Greece, March 31, 2014

ATHENS, Greece, March 31, 2014 /PRNewswire/ --Paragon Shipping Inc. (NASDAQ:
PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation
company specializing in drybulk cargoes, announced today that it has entered
into a firm commitment for a new $120.0 million senior secured amortizing
credit facility with a syndicate of major European banks led by Nordea Bank
Finland PLC to partly finance up to 60% of the market value of the Company's
two Ultramax newbuildings scheduled to be delivered in 2015 and to refinance
several of the vessels in its operating fleet. The six-year facility is
subject to the execution of definitive documentation and completes the
financing for the Company's Ultramax newbuilding program, leaving only the
three recently purchased Kamsarmax newbuildings, that are to be delivered
between the second and fourth quarters of 2015, to be financed.

About Paragon Shipping

Paragon 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 fourteen drybulk vessels with a total
carrying capacity of 853,699 dwt. In addition, Paragon Shipping's current
newbuilding program consists of two Ultramax drybulk carriers and one 4,800
TEU containership that are scheduled to be delivered in 2014, and two Ultramax
drybulk carriers and three Kamsarmax drybulk carriers that are scheduled to be
delivered in 2015. Paragon Shipping has granted Box Ships Inc., an affiliated
company, the option to acquire its containership 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.

Contacts

Paragon Shipping Inc.
ir@paragonshipping.gr

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

Len Hall (Media)
len@allencaron.com
(949) 474-4300

SOURCE Paragon Shipping Inc.

Website: http://www.paragonship.com
 
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