Paragon Shipping Inc. is a holding Company. The Company is a global provider of shipping transportation services. The Company specializes in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials, along worldwide shipping routes. As of December 31, 2011, the Company's operating fleet consisted of eight Panamax drybulk carriers and two Supramax drybulk carriers with an aggregate capacity of approximately 704,772 deadweight tonnages and an average age of eight years. Each of its vessels is owned through a separate wholly owned Liberian or Marshall Islands subsidiary. On November 2, 2011, the Company sold its Handymax drybulk carrier M/V Crystal Seas. In October 2013, Paragon Shipping Inc completed the acquisition of two Ultramax newbuilding drybulk carriers from an affiliated entity.