Paragon Shipping Inc. Holds Special Meeting of Shareholders

ATHENS, GREECE, Apr 06 (MARKET WIRE) --
Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping
company specializing in the transportation of drybulk cargoes, announced
today that the Company's special meeting of shareholders was duly held on
March 30, 2010, in Voula, Greece pursuant to a Notice of the 2010 Special
Meeting of Shareholders dated February 8, 2010. Computershare Trust
Company, Inc. acted as inspector of the meeting.

At the meeting, the following proposal, which is set forth in more detail
in the Notice of the 2010 Special Meeting of Shareholders and the
Company's Proxy Statement sent to shareholders on or around February 8,
2010, was approved and adopted:

(1) The amendment to the Company's Amended and Restated Articles of
Incorporation to increase the Company's authorized common stock to seven
hundred and fifty million (750,000,000) shares of the Company's Class A
common stock.

The proposal to reduce the quorum requirement for a meeting of the
Company's shareholders to one-third of the shares entitled to vote at
such meeting, which is set forth in more detail in the Notice of the 2010
Special Meeting of Shareholders and the Company's Proxy Statement, was
not adopted.

About Paragon Shipping Inc.

Paragon Shipping Inc. is an Athens, Greece-based international shipping
company specializing in the transportation of drybulk cargoes. The
Company's current fleet consists of 11 vessels with a total carrying
capacity of 719,483 dwt. For further information, please visit the
Company's website at http://www.paragonship.com.

Cautionary Statement Regarding Forward-Looking Statement

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with this safe harbor
legislation. The words "believe," "anticipate," "intends," "estimate,"
"forecast," "project," "plan," "potential," "may," "should," "expect"
"pending and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's examination
of historical operating trends, data contained in our records and other
data available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which
are difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these expectations,
beliefs or projections.

In addition to these important factors, other important factors that, in
our view, could cause actual results to differ materially from those
discussed in the forward-looking statements include 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. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of
these and other risks and uncertainties.

Contacts:
Christopher Thomas
Chief Financial Officer
Paragon Shipping Inc.
15 Karamanli Ave.
GR 166 73
Voula, Greece
Tel: +30 (210) 891-4600

Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue
Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: paragon@capitallink.com

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