ATHENS, Greece - Paragon Shipping Inc. (the "Company") (NASDAQ:  PRGN) a global shipping company specializing in the transportation of dry bulk cargoes, announced today that the Board of Directors has appointed Mr. Nikolas Arachovas as the Chief Financial Officer of the Company, with immediate effect. Nikolas Arachovas has been the Financial Advisor of Allseas Marine S.A., the Company's technical and commercial manager, since February 2015. He brings more than eight years of experience in shipping and held senior management positions in companies, where he was involved in their financial strategy. Prior to engaging in shipping, he worked for international companies such as Coca-Cola HBC, Deloitte and S&B Industrial Minerals. Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of the Company, commented: "We welcome Nikolas as our new CFO. Nikolas has been supporting us since February by providing valuable financial advice. We believe that his business understanding, his financial background, as well as his capital markets experience will be valuable assets to our Company."