Paragon Shipping Inc. (NasdaqGM:PRGN) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its common stock. The repurchases will be made on the open market, at times and prices that are considered to be appropriate by the company, but is not obligated under the terms of the program to repurchase any shares.

The program will be valid for next 12 months.