Paragon Shipping Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of USD 9.346 million compared to USD 13.824 million a year ago. Operating loss was USD 70.385 million compared to USD 3.442 million a year ago. Net loss was USD 72.906 million compared to USD 9.652 million a year ago. LBITDA was USD 65.465 million compared to USD 2.158 million a year ago. Adjusted LBITDA was USD 0.625 million compared to adjusted EBITDA of USD 0.882 million a year ago. Adjusted net loss was USD 8.066 million or USD 0.32 per basic and diluted share compared to USD 5.584 million or USD 0.23 per basic and diluted share a year ago.

For the six months, the company reported revenue of USD 19.380 million compared to USD 27.253 million a year ago. Operating loss was USD 77.251 million compared to USD 24.064 million a year ago. Net loss was USD 81.838 million compared to USD 35.537 million a year ago. LBITDA was USD 67.086 million compared to USD 21.210 million a year ago. Adjusted LBITDA was USD 2.070 million compared to adjusted EBITDA of USD 1.215 million a year ago. Adjusted net loss was USD 16.822 million or USD 0.68 per basic and diluted share compared to USD 11.601 million or USD 0.51 per basic and diluted share a year ago. For the six months ended June 30, 2015, the Company's net cash used in operating activities was USD 2.7 million, compared to USD 0.3 million for the six months ended June 30, 2014.