Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens , Greece , specializing in the transportation of drybulk cargoes. The Company's current fleet consists of eleven drybulk vessels with a total carrying capacity of 742,065 dwt. In addition, the Company's current newbuilding program consists of three Handysize drybulk carriers that are scheduled to be delivered in the current year 2012, and two 4,800 TEU Containerships that are scheduled to be delivered in 2013. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its two Containerships under construction.