Paragon Shipping Announces Sale of a Handymax Vessel and Charter Agreements

Paragon Shipping Inc., a global shipping transportation company specializing in dry cargoes, made yesterday the following announcements: The Company agreed to sell one of its 1995 built dry bulk handymax vessels (the CLEAN SEAS) which will be delivered to her new owners in September 2010. The Company also announced that it has entered into a two year time charter contract for each of the two, newly acquired, container vessels which will be named BOX TRADER and BOX VOYAGER.