Paragon Shipping Signs Two-Year Contracts

Paragon Shipping Inc. has entered into new two-year time charter contracts for the Calm Seas and the Coral Seas.  Both vessels have been forward fixed on period time charters for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GMBH. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, commented that the contracts are scheduled to commence between December 2009 and April 2010.