Paragon Shipping Inc. announced audited consolidated earnings results for the year ended December 31, 2014. For the year, the company reported net revenue was USD 54,763,678 against USD 56,256,756 a year ago. Operating loss was USD 33,831,017 against USD 2,954,345 a year ago.

Net Loss was USD 51,796,181 against USD 16,953,032 a year ago. Basic and diluted loss per share was USD 2.18 against USD 1.31 a year ago. Net cash used in operating activities was USD 6,181,843 against net cash from operating activities of USD 4,563,696 a year ago.

Acquisition of vessels and capital expenditures was USD 110,664,356 against USD 20,368,088 a year ago.