Paragon Shipping Inc. announced earnings and operating results for second quarter and six months ended June 30, 2014. For the quarter, the company reported adjusted EBITDA of $882,000, net income of $9,652,000 or $0.39 per basic and diluted share, adjusted net loss of $5,584,000 or $0.23 per basic and diluted share compared to the adjusted EBITDA of $6,119,000, net income of $17,000 adjusted net loss of $60,000 or $0.01 per basic and diluted share for the same quarter a year ago.

For the year to date, the company reported adjusted EBITDA of $1,215,000, net income of $35,537,000 or $1.56 per basic and diluted share, adjusted net loss of $11,601,000 or $0.51 per basic and diluted share compared to the adjusted EBITDA of $9,301,000, net income of $3,494,000 or $0.31 per basic and diluted share, adjusted net loss of $2,940,000 or $0.26 per basic and diluted share for the same period a year ago. For the six months ended June 30, 2014, the Company's net cash used in operating activities was $0.3 million, compared to net cash generated from operating activities of $1.9 million for the six months ended June 30, 2013.

The Company operated an average of 14.0 vessels during the second quarter of 2014, earning an average TCE rate of $7,870 per day, compared to an average of 13.0 vessels during the second quarter of 2013, earning an average TCE rate of $10,476 per day.

The Company operated an average of 14.0 vessels during the six months ended June 30, 2014, earning an average TCE rate of $8,208 per day, compared to an average of 12.8 vessels during the six months ended June 30, 2013, earning an average TCE rate of $10,930 per day.