Paragon Shipping Sale Two Containerships To Box Ships

Press Release
Friday, April 29, 2011

ATHENS, Greece, April 29, 2011 - Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today that it has completed the sale and delivery to Box Ships Inc., of both the Box Trader and Box Voyager, two 3,426 TEU high specification containership vessels built in 2010 in exchange for 2,266,600 shares of Box Ships common stock and approximately $69.2 million in cash. Box Ships Inc., was formed by Paragon Shipping and is trading on the NYSE under the symbol “TEU.”


Source: Paragon Shipping

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