Paragon Shipping receives notice from Italy-based Deiulemar Compagnina di Navigazione that it will seek to modify terms of existing Supramax bulkcarrier charter that has remaining duration of about 27 months at gross rate of US$33,750/day

ATHENS, Greece , January 17, 2012 (press release) – Paragon Shipping Inc. (NYSE: PRGN - News) ("Paragon Shipping" or the "Company"), announced today that it has been notified by Deiulemar Compagnina di Navigazione SpA, the charterer of the M/V Friendly Seas, a 2008 built 58,779 dwt Supramax bulkcarrier, (the "Charterer") that it will seek to modify the terms of the existing charter, which has a remaining duration of about 27 months (assuming earliest redelivery) at a gross daily rate of $ 33,750. The Company has asked more information from the Charterer in order to evaluate its request. The vessel currently continues to operate under the time charter.

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 ten drybulk vessels with a total carrying capacity of 704,772 dwt. In addition, Paragon Shipping entered into contracts for the construction of four Handysize drybulk carriers that are scheduled to be delivered in 2012 and two 4,800 TEU Containerships that are scheduled to be delivered in 2013 and, as a result, will increase the fleet size to fourteen drybulk vessels with a total carrying capacity of 853,572 dwt and two Containerships with a total carrying capacity of 9,600 TEU. For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.

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