Paragon Shipping Inc. announced 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.