ATHENS, Greece, Jan. 7, 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 taken delivery of M/V Proud Seas, a 37,227 dwt Handysize vessel, from Zhejiang Ouhua Shipbuilding Co. in China.

In addition, the Company announced today that it has entered into an agreement with HSH Nordbank AG, subject to final documentation, to partially finance its first two Ultramax drybulk newbuildings, which are expected to be delivered to the Company in the second and third quarters of 2014. For each of the two Ultramax vessels, HSH Nordbank AG has agreed to finance the lower of $17.2 million or 65% of the vessels' market value upon their delivery.

Commenting on the developments, our Chairman and CEO, Michael Bodouroglou, stated "We are very pleased to announce the delivery of M/V Proud Seas, which increases our operating fleet size to 14 drybulk vessels for the first time in the Company's history. Including our latest acquisition, the average age of our fleet has improved from 7.9 to 7.3 years. In addition, having secured financing for our first two Ultramax drybulk newbuildings, we have successfully secured our further fleet expansion to 16 drybulk vessels by the third quarter of this year."

About Paragon Shipping Inc.

Paragon Shipping Inc. 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, as well as two Ultramax 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@paragonship.com

Allen & Caron Inc.
Rudy Barrio (Investors)
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Len Hall (Media)
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(949) 474-4300

SOURCE Paragon Shipping Inc.