Paragon Shipping Announces Receipt of Request to Renegotiate Charter

Paragon Shipping Inc.

announced today that it has been notified by Deiulemar Compagnina di Navigazione SpA, the charterer of the M/V Friendly Seas, a 2008 built 58,779 dwt Supramax bulkcarrier, (the "Charterer") that it will seek to modify the terms of the existing charter, which has a remaining duration of about 27 months (assuming earliest redelivery) at a gross daily rate of $ 33,750. The Company has asked more information from the Charterer in order to evaluate its request. The vessel currently continues to operate under the time charter.