Paragon Shipping appoints Lambros Theodorou to its Board as Independent Non-Executive Director

– GREECE, Athens – Paragon Shipping Inc. (NASDAQ: PRGN) announced today that its Board of Directors has appointed Mr. Lambros Theodorou to the Board of Directors as an independent, non-executive director, effective May 18, 2015. Mr. Theodorou will also be appointed to the Company’s Audit, Compensation and Nominating and Corporate Governance Committees, effective May 18, 2015.

Mr. Theodorou has over 35 years of experience in the banking sector. He held executive positions at various banks in Athens. From 1994 to 2013, Mr. Theodorou served as the Deputy General Manager and head of the Shipping Unit of EFG Eurobank S.A. Prior to this, Mr. Theodorou held the position of Vice-President and Piraeus Shipping Manager of the Shipping Department of The Chase Manhattan Bank N.A.

About Paragon Shipping Inc.

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 sixteen drybulk vessels with a total carrying capacity of 980,399 dwt. In addition, Paragon Shipping’s current newbuilding program consists of two Ultramax drybulk carriers and three Kamsarmax drybulk carriers that are scheduled to be delivered in 2015. The Company’s common shares and senior notes trade on NASDAQ under the symbols “PRGN” and “PRGNL,” respectively.

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