<?xml version="1.0" encoding="us-ascii"?>
<!--
Taxonomy Label Links linkbase based on XBRL standard Version 2.1.
Created with Oracle Hyperion Disclosure Management (tm)
XBRL Taxonomy Designer version 1.0.0.0 (2010-12-07 10:07).
Contact www.oracle.com
Copyright (c)2013, Oracle Corporation (http://www.oracle.com),
and/or its affiliates. All rights reserved.
Produced on 2013-01-08 13:59:25
-->
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    <label xlink:type="resource"
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    <loc xlink:type="locator"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</label>
    <loc xlink:type="locator"
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    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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      xlink:role="http://www.xbrl.org/2003/role/label">Entity Current Reporting Status</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityIncorporationDateOfIncorporation"
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    <labelArc xlink:type="arc"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Date of Incorporation</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityRegistrantName"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="dei_EntityRegistrantName_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityVoluntaryFilers"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="dei_EntityVoluntaryFilers_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Voluntary Filers</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityWellKnownSeasonedIssuer"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Well Known Seasoned Issuer</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AccruedExpensesTextBlock"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_AccruedExpensesTextBlock"
      xlink:to="prgn_AccruedExpensesTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_AccruedExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element is used for the entire Accrued Expenses text block.</label>
    <label xlink:type="resource"
      xlink:label="prgn_AccruedExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Expenses Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_AccruedExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued Expenses</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AcquisitionOfVesselsAndCapitalExpenditures"
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      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_AcquisitionOfVesselsAndCapitalExpenditures"
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    <label xlink:type="resource"
      xlink:label="prgn_AcquisitionOfVesselsAndCapitalExpenditures_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow relating to the acquisition of vessels and capital expenditures.</label>
    <label xlink:type="resource"
      xlink:label="prgn_AcquisitionOfVesselsAndCapitalExpenditures_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Acquisition Of Vessels And Capital Expenditures</label>
    <label xlink:type="resource"
      xlink:label="prgn_AcquisitionOfVesselsAndCapitalExpenditures_lbl"
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Acquisition of vessels and capital expenditures</label>
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="prgn_AdministrativeFeesManagementCompany_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Fees charged by the management company for various administrative services.</label>
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      xlink:label="prgn_AdministrativeFeesManagementCompany_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Administrative Fees Management Company</label>
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      xlink:label="prgn_AdministrativeFeesManagementCompany_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Administrative Fees</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionAbstract"
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    <label xlink:type="resource"
      xlink:label="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionAbstract_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessel Acquisitions And Vessels Under Construction [Abstract]</label>
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      xlink:label="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock"
      xlink:to="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element represents the disclosure for advances paid to yard and capitalized expenses for the construction of vessels.</label>
    <label xlink:type="resource"
      xlink:label="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessel Acquisitions And Vessels Under Construction Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for Vessel Acquisitions and Vessels Under Construction</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AffiliateMember"
      xlink:href="prgn-20120930.xsd#prgn_AffiliateMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="prgn_AffiliateMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Affiliate [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_AffiliateMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Box Ships Inc.</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AllseasMarineMember"
      xlink:href="prgn-20120930.xsd#prgn_AllseasMarineMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_AllseasMarineMember"
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    <label xlink:type="resource"
      xlink:label="prgn_AllseasMarineMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Allseas Marine [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_AllseasMarineMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allseas Marine SA</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AmendmentOfNewbuildingProgram"
      xlink:href="prgn-20120930.xsd#prgn_AmendmentOfNewbuildingProgram" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_AmendmentOfNewbuildingProgram"
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    <label xlink:type="resource"
      xlink:label="prgn_AmendmentOfNewbuildingProgram_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amendment of newbuilding program description.</label>
    <label xlink:type="resource"
      xlink:label="prgn_AmendmentOfNewbuildingProgram_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amendment Of Newbuilding Program</label>
    <label xlink:type="resource"
      xlink:label="prgn_AmendmentOfNewbuildingProgram_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment of newbuilding program</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ArdeliaNavigationLtdMember"
      xlink:href="prgn-20120930.xsd#prgn_ArdeliaNavigationLtdMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ArdeliaNavigationLtdMember"
      xlink:to="prgn_ArdeliaNavigationLtdMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ArdeliaNavigationLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Ardelia Navigation Ltd [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_ArdeliaNavigationLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ardelia Navigation Ltd. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock"
      xlink:to="prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular discclosure of the summary of the valuation of available for sale securities.</label>
    <label xlink:type="resource"
      xlink:label="prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Available For Sale Securites Summary Of Valuation Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_AvailableForSaleSecuritesSummaryOfValuationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Available For Sale Securites Summary Of Valuation</label>
    <loc xlink:type="locator"
      xlink:label="prgn_BankOfIrelandMember"
      xlink:href="prgn-20120930.xsd#prgn_BankOfIrelandMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_BankOfIrelandMember"
      xlink:to="prgn_BankOfIrelandMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_BankOfIrelandMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bank Of Ireland [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_BankOfIrelandMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bank of Ireland</label>
    <loc xlink:type="locator"
      xlink:label="prgn_BankOfScotlandMember"
      xlink:href="prgn-20120930.xsd#prgn_BankOfScotlandMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_BankOfScotlandMember"
      xlink:to="prgn_BankOfScotlandMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_BankOfScotlandMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bank Of Scotland [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_BankOfScotlandMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bank of Scotland Plc</label>
    <loc xlink:type="locator"
      xlink:label="prgn_BankOfScotlandSwapNotQualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_BankOfScotlandSwapNotQualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_BankOfScotlandSwapNotQualifyingForHedgeAccountingMember"
      xlink:to="prgn_BankOfScotlandSwapNotQualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_BankOfScotlandSwapNotQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bank Of Scotland Swap Not Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_BankOfScotlandSwapNotQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bank of Scotland Plc - Not Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CalmSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_CalmSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CalmSeasMember" xlink:to="prgn_CalmSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CalmSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Calm Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CameliaNavigationMember"
      xlink:href="prgn-20120930.xsd#prgn_CameliaNavigationMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CameliaNavigationMember"
      xlink:to="prgn_CameliaNavigationMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CameliaNavigationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Camelia Navigation [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_CameliaNavigationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Camelia Navigation S.A. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CapitalizedExpensesRelatedParty"
      xlink:href="prgn-20120930.xsd#prgn_CapitalizedExpensesRelatedParty" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CapitalizedExpensesRelatedParty"
      xlink:to="prgn_CapitalizedExpensesRelatedParty_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CapitalizedExpensesRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Capitalized expenses charged by the management company included in vessels cost and advances for vessels under construction.</label>
    <label xlink:type="resource"
      xlink:label="prgn_CapitalizedExpensesRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Capitalized Expenses Related Party</label>
    <label xlink:type="resource"
      xlink:label="prgn_CapitalizedExpensesRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capitalized expenses</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CharterHireAndVesselSaleAndPurchaseCommisions"
      xlink:href="prgn-20120930.xsd#prgn_CharterHireAndVesselSaleAndPurchaseCommisions" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CharterHireAndVesselSaleAndPurchaseCommisions"
      xlink:to="prgn_CharterHireAndVesselSaleAndPurchaseCommisions_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CharterHireAndVesselSaleAndPurchaseCommisions_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charter hire commissions and vessel sale and purchase commissions charged by the management company.</label>
    <label xlink:type="resource"
      xlink:label="prgn_CharterHireAndVesselSaleAndPurchaseCommisions_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charter Hire And Vessel Sale And Purchase Commisions</label>
    <label xlink:type="resource"
      xlink:label="prgn_CharterHireAndVesselSaleAndPurchaseCommisions_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Allseas commissions</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ChineseShipyardContractMember"
      xlink:href="prgn-20120930.xsd#prgn_ChineseShipyardContractMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ChineseShipyardContractMember"
      xlink:to="prgn_ChineseShipyardContractMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ChineseShipyardContractMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Chinese Shipyard Contract [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_ChineseShipyardContractMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Chinese Shipyard Contract</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CommerzbankMember"
      xlink:href="prgn-20120930.xsd#prgn_CommerzbankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CommerzbankMember" xlink:to="prgn_CommerzbankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CommerzbankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commerzbank [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_CommerzbankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commerzbank AG</label>
    <loc xlink:type="locator"
      xlink:label="prgn_Commissions"
      xlink:href="prgn-20120930.xsd#prgn_Commissions" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_Commissions" xlink:to="prgn_Commissions_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_Commissions_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Brokerage Commissions on contracted Time Charter Revenues.</label>
    <label xlink:type="resource"
      xlink:label="prgn_Commissions_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commissions</label>
    <label xlink:type="resource"
      xlink:label="prgn_Commissions_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charter hire commissions</label>
    <label xlink:type="resource"
      xlink:label="prgn_Commissions_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Commissions (including related party of $918,371 and $480,707 for the nine months ended September 30, 2011 and 2012, respectively)</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CommonStockValueClassB"
      xlink:href="prgn-20120930.xsd#prgn_CommonStockValueClassB" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CommonStockValueClassB"
      xlink:to="prgn_CommonStockValueClassB_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClassB_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Aggregate par or stated value of issued nonredeemable class B common stock. This item includes treasury stock repurchased by the entity.</label>
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClassB_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Value Class B</label>
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClassB_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class B common shares, $0.001 par value; 5,000,000 authorized; none issued and outstanding</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CommonStockValueClass"
      xlink:href="prgn-20120930.xsd#prgn_CommonStockValueClass" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CommonStockValueClass"
      xlink:to="prgn_CommonStockValueClass_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClass_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Aggregate par or stated value of issued nonredeemable class A common stock. This item includes treasury stock repurchased by the entity.</label>
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClass_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Value Class</label>
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClass_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class A common shares, $0.001 par value; 750,000,000 authorized; 6,089,826 and 6,099,442 issued and outstanding at December 31, 2011 and September 30, 2012, respectively</label>
    <label xlink:type="resource"
      xlink:label="prgn_CommonStockValueClass_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Common shares issued and outstanding</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ContainershipCapacity"
      xlink:href="prgn-20120930.xsd#prgn_ContainershipCapacity" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ContainershipCapacity"
      xlink:to="prgn_ContainershipCapacity_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ContainershipCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessels' capacity in twenty-foot equivalent unit (TEU).</label>
    <label xlink:type="resource"
      xlink:label="prgn_ContainershipCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Containership Capacity</label>
    <label xlink:type="resource"
      xlink:label="prgn_ContainershipCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">TEU</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ContainershipsMember"
      xlink:href="prgn-20120930.xsd#prgn_ContainershipsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ContainershipsMember"
      xlink:to="prgn_ContainershipsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ContainershipsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Containerships [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_ContainershipsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Containerships</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CoralSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_CoralSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CoralSeasMember" xlink:to="prgn_CoralSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CoralSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Coral Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CovenantNonComplianceTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_CovenantNonComplianceTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CovenantNonComplianceTextBlock"
      xlink:to="prgn_CovenantNonComplianceTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CovenantNonComplianceTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of the company's non compliance with several financial and security coverage ratio covenants in its loan agreements and further actions to obtain waivers or to restructure the affected debt.</label>
    <label xlink:type="resource"
      xlink:label="prgn_CovenantNonComplianceTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Covenant Non Compliance Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_CovenantNonComplianceTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Going Concern</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CrewcareMember"
      xlink:href="prgn-20120930.xsd#prgn_CrewcareMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CrewcareMember" xlink:to="prgn_CrewcareMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CrewcareMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Crewcare [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_CrewcareMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Crewcare</label>
    <loc xlink:type="locator"
      xlink:label="prgn_CurrentLiabilitiesInterestRateSwapsMember"
      xlink:href="prgn-20120930.xsd#prgn_CurrentLiabilitiesInterestRateSwapsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_CurrentLiabilitiesInterestRateSwapsMember"
      xlink:to="prgn_CurrentLiabilitiesInterestRateSwapsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_CurrentLiabilitiesInterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Current Liabilities Interest Rate Swaps [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_CurrentLiabilitiesInterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current liabilities - Interest rate swaps</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DecreaseInRestrictedCash"
      xlink:href="prgn-20120930.xsd#prgn_DecreaseInRestrictedCash" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DecreaseInRestrictedCash"
      xlink:to="prgn_DecreaseInRestrictedCash_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash inflow for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Decrease In Restricted Cash</label>
    <label xlink:type="resource"
      xlink:label="prgn_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Release of restricted cash</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DeepSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_DeepSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DeepSeasMember" xlink:to="prgn_DeepSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DeepSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Deep Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DelphisShippingMember"
      xlink:href="prgn-20120930.xsd#prgn_DelphisShippingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DelphisShippingMember"
      xlink:to="prgn_DelphisShippingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DelphisShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Delphis Shipping [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_DelphisShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Delphis Shipping S.A. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DerivativeEffectiveDates"
      xlink:href="prgn-20120930.xsd#prgn_DerivativeEffectiveDates" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DerivativeEffectiveDates"
      xlink:to="prgn_DerivativeEffectiveDates_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeEffectiveDates_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Date the derivative contract became effective, in CCYY-MM-DD format.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeEffectiveDates_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Effective Dates</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeEffectiveDates_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Effective date</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet"
      xlink:href="prgn-20120930.xsd#prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet"
      xlink:to="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amounts included in earnings for the period from the (a) increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments and (b) gain (loss) from the settlement of interest rate derivatives not designated as hedging instruments.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Instruments Gain Loss Recognized In Earnings Net</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net loss on derivatives</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Loss on derivatives, net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings"
      xlink:href="prgn-20120930.xsd#prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings"
      xlink:to="prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period, before any reclassifications to earnings.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net Before Reclassification To Earnings</label>
    <label xlink:type="resource"
      xlink:label="prgn_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetBeforeReclassificationToEarnings_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swaps</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DescriptionOfDerivativeFixedInterestRate"
      xlink:href="prgn-20120930.xsd#prgn_DescriptionOfDerivativeFixedInterestRate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DescriptionOfDerivativeFixedInterestRate"
      xlink:to="prgn_DescriptionOfDerivativeFixedInterestRate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DescriptionOfDerivativeFixedInterestRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The fixed rate terms of the derivative or debt instrument, which are based on the variable rate (such as LIBOR and US Treasury rate).</label>
    <label xlink:type="resource"
      xlink:label="prgn_DescriptionOfDerivativeFixedInterestRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Description Of Derivative Fixed Interest Rate</label>
    <label xlink:type="resource"
      xlink:label="prgn_DescriptionOfDerivativeFixedInterestRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fixed rate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DiamondSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_DiamondSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DiamondSeasMember" xlink:to="prgn_DiamondSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DiamondSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Diamond Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DilutionEffect"
      xlink:href="prgn-20120930.xsd#prgn_DilutionEffect" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DilutionEffect" xlink:to="prgn_DilutionEffect_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The dilution effect from the non participation in public offerings of affiliates.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dilution Effect</label>
    <label xlink:type="resource"
      xlink:label="prgn_DilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dilution effect</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DividendsReceivedFromAffiliate"
      xlink:href="prgn-20120930.xsd#prgn_DividendsReceivedFromAffiliate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DividendsReceivedFromAffiliate"
      xlink:to="prgn_DividendsReceivedFromAffiliate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DividendsReceivedFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of dividends received from an affiliate.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DividendsReceivedFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dividends Received From Affiliate</label>
    <label xlink:type="resource"
      xlink:label="prgn_DividendsReceivedFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends received</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DocumentAndEntityInformation"
      xlink:href="prgn-20120930.xsd#prgn_DocumentAndEntityInformation" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DocumentAndEntityInformation"
      xlink:to="prgn_DocumentAndEntityInformation_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DocumentAndEntityInformation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Document And Entity Information</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DreamSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_DreamSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DreamSeasMember" xlink:to="prgn_DreamSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DreamSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dream Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_DryDockingExpenses"
      xlink:href="prgn-20120930.xsd#prgn_DryDockingExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_DryDockingExpenses" xlink:to="prgn_DryDockingExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_DryDockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Dry-docking costs relate to the regularly scheduled intermediate survey or special survey dry-docking necessary to preserve the quality of our vessels as well as to comply with the regulations, the environmental laws and the international shipping standards.</label>
    <label xlink:type="resource"
      xlink:label="prgn_DryDockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dry Docking Expenses</label>
    <label xlink:type="resource"
      xlink:label="prgn_DryDockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dry-docking expenses (including related party of $81,622 and $0 for the nine months ended September 30, 2011 and 2012, respectively)</label>
    <label xlink:type="resource"
      xlink:label="prgn_DryDockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Superintendent fees</label>
    <loc xlink:type="locator"
      xlink:label="prgn_EpicInvestmentsIncMember"
      xlink:href="prgn-20120930.xsd#prgn_EpicInvestmentsIncMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_EpicInvestmentsIncMember"
      xlink:to="prgn_EpicInvestmentsIncMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_EpicInvestmentsIncMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Epic Investments Inc [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_EpicInvestmentsIncMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Epic Investments Inc. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact"
      xlink:href="prgn-20120930.xsd#prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact"
      xlink:to="prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Description of the increase in the number of shares to be reserved for issuance under the equity incentive plan of the company and the impact of the reverse stock split.</label>
    <label xlink:type="resource"
      xlink:label="prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan Description Of Reverse Stock Split Impact</label>
    <label xlink:type="resource"
      xlink:label="prgn_EquityIncentivePlanDescriptionOfReverseStockSplitImpact_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity incentive plan impact of reverse stock split description</label>
    <loc xlink:type="locator"
      xlink:label="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect"
      xlink:href="prgn-20120930.xsd#prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect"
      xlink:to="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. This item also includes the dilution effect from the non participation in public offerings of affiliates.</label>
    <label xlink:type="resource"
      xlink:label="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investment Other Than Temporary Impairment Including Dilution Effect</label>
    <label xlink:type="resource"
      xlink:label="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss on investment in affiliate</label>
    <label xlink:type="resource"
      xlink:label="prgn_EquityMethodInvestmentOtherThanTemporaryImpairmentIncludingDilutionEffect_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss on investment in affiliate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_EridanusTradingCoMember"
      xlink:href="prgn-20120930.xsd#prgn_EridanusTradingCoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_EridanusTradingCoMember"
      xlink:to="prgn_EridanusTradingCoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_EridanusTradingCoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Eridanus Trading Co [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_EridanusTradingCoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Eridanus Trading Co. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ExecutiveServicesAgreement"
      xlink:href="prgn-20120930.xsd#prgn_ExecutiveServicesAgreement" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ExecutiveServicesAgreement"
      xlink:to="prgn_ExecutiveServicesAgreement_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ExecutiveServicesAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Fees charged by the management company for the provision of the services of executive officers.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ExecutiveServicesAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Executive Services Agreement</label>
    <label xlink:type="resource"
      xlink:label="prgn_ExecutiveServicesAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Executive services agreement</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ExplorerShipholdingLimitedMember"
      xlink:href="prgn-20120930.xsd#prgn_ExplorerShipholdingLimitedMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ExplorerShipholdingLimitedMember"
      xlink:to="prgn_ExplorerShipholdingLimitedMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ExplorerShipholdingLimitedMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Explorer Shipholding Limited [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_FeesChargedForLegalAccountingAndFinanceServices"
      xlink:href="prgn-20120930.xsd#prgn_FeesChargedForLegalAccountingAndFinanceServices" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_FeesChargedForLegalAccountingAndFinanceServices"
      xlink:to="prgn_FeesChargedForLegalAccountingAndFinanceServices_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_FeesChargedForLegalAccountingAndFinanceServices_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Fees charged by the management company for legal, accounting and finance services.</label>
    <label xlink:type="resource"
      xlink:label="prgn_FeesChargedForLegalAccountingAndFinanceServices_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fees Charged For Legal Accounting And Finance Services</label>
    <label xlink:type="resource"
      xlink:label="prgn_FeesChargedForLegalAccountingAndFinanceServices_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal, accounting and finance fees</label>
    <loc xlink:type="locator"
      xlink:label="prgn_FriendlySeasMember"
      xlink:href="prgn-20120930.xsd#prgn_FriendlySeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_FriendlySeasMember" xlink:to="prgn_FriendlySeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_FriendlySeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Friendly Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GainFromVesselEarlyRedeliveryAbstract"
      xlink:href="prgn-20120930.xsd#prgn_GainFromVesselEarlyRedeliveryAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GainFromVesselEarlyRedeliveryAbstract"
      xlink:to="prgn_GainFromVesselEarlyRedeliveryAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedeliveryAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain from Vessel early Redelivery [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GainFromVesselEarlyRedeliveryTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_GainFromVesselEarlyRedeliveryTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GainFromVesselEarlyRedeliveryTextBlock"
      xlink:to="prgn_GainFromVesselEarlyRedeliveryTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedeliveryTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element is used for the entire Gain from Vessel Early Redelivery Disclosure text block.</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedeliveryTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain from Vessel early Redelivery Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedeliveryTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain from Vessel Early Redelivery</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GainFromVesselEarlyRedelivery"
      xlink:href="prgn-20120930.xsd#prgn_GainFromVesselEarlyRedelivery" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GainFromVesselEarlyRedelivery"
      xlink:to="prgn_GainFromVesselEarlyRedelivery_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Gain from vessel early redelivery represents income recognized in connection with early termination of a period time charter. It includes cash compensation and the unamortized fair value of below / above market acquired time charter on the vessel redelivery date, as a result of the early termination.</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain From Vessel Early Redelivery</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainFromVesselEarlyRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain from vessel early redelivery</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GainLossOnSaleAssets"
      xlink:href="prgn-20120930.xsd#prgn_GainLossOnSaleAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GainLossOnSaleAssets"
      xlink:to="prgn_GainLossOnSaleAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GainLossOnSaleAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The net (gain) loss resulting from the sale, transfer, termination, or other disposition of assets during the period.</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainLossOnSaleAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain Loss On Sale Assets</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainLossOnSaleAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss on sale of assets</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GainOnMarketableSecuritiesMember"
      xlink:href="prgn-20120930.xsd#prgn_GainOnMarketableSecuritiesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GainOnMarketableSecuritiesMember"
      xlink:to="prgn_GainOnMarketableSecuritiesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GainOnMarketableSecuritiesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain On Marketable Securities [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_GainOnMarketableSecuritiesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain on marketable securities, net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GeneralAndAdministrativeExpenseRelatedParty"
      xlink:href="prgn-20120930.xsd#prgn_GeneralAndAdministrativeExpenseRelatedParty" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GeneralAndAdministrativeExpenseRelatedParty"
      xlink:to="prgn_GeneralAndAdministrativeExpenseRelatedParty_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GeneralAndAdministrativeExpenseRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Administrative services fees, executive services fees and rental expenses charged by related parties.</label>
    <label xlink:type="resource"
      xlink:label="prgn_GeneralAndAdministrativeExpenseRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">General And Administrative Expense Related Party</label>
    <label xlink:type="resource"
      xlink:label="prgn_GeneralAndAdministrativeExpenseRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and administrative expenses related party</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GeneralAndAdministrativeExpenseTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_GeneralAndAdministrativeExpenseTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GeneralAndAdministrativeExpenseTextBlock"
      xlink:to="prgn_GeneralAndAdministrativeExpenseTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GeneralAndAdministrativeExpenseTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of General and Administrative Expenses.</label>
    <label xlink:type="resource"
      xlink:label="prgn_GeneralAndAdministrativeExpenseTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">General And Administrative Expense Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_GeneralAndAdministrativeExpenseTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and Administrative Expenses</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GoldenSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_GoldenSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GoldenSeasMember" xlink:to="prgn_GoldenSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GoldenSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Golden Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_GranitisMember"
      xlink:href="prgn-20120930.xsd#prgn_GranitisMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_GranitisMember" xlink:to="prgn_GranitisMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_GranitisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Granitis [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_GranitisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Granitis</label>
    <loc xlink:type="locator"
      xlink:label="prgn_HandysizeVesselsMember"
      xlink:href="prgn-20120930.xsd#prgn_HandysizeVesselsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_HandysizeVesselsMember"
      xlink:to="prgn_HandysizeVesselsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_HandysizeVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Handysize Vessels [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_HandysizeVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Handysize Vessels</label>
    <loc xlink:type="locator"
      xlink:label="prgn_HsbcBankMember"
      xlink:href="prgn-20120930.xsd#prgn_HsbcBankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_HsbcBankMember" xlink:to="prgn_HsbcBankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_HsbcBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsbc Bank [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_HsbcBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSBC Bank Plc</label>
    <loc xlink:type="locator"
      xlink:label="prgn_HsbcBankSwapQualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_HsbcBankSwapQualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_HsbcBankSwapQualifyingForHedgeAccountingMember"
      xlink:to="prgn_HsbcBankSwapQualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_HsbcBankSwapQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsbc Bank Swap Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_HsbcBankSwapQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSBC Bank Plc - Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_HshNordbankMember"
      xlink:href="prgn-20120930.xsd#prgn_HshNordbankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_HshNordbankMember" xlink:to="prgn_HshNordbankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_HshNordbankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_HshNordbankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG</label>
    <loc xlink:type="locator"
      xlink:label="prgn_HshNordbankSwap1QualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_HshNordbankSwap1QualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_HshNordbankSwap1QualifyingForHedgeAccountingMember"
      xlink:to="prgn_HshNordbankSwap1QualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_HshNordbankSwap1QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Swap 1 Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_HshNordbankSwap1QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG - Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_HshNordbankSwap2QualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_HshNordbankSwap2QualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_HshNordbankSwap2QualifyingForHedgeAccountingMember"
      xlink:to="prgn_HshNordbankSwap2QualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_HshNordbankSwap2QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Swap 2 Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_HshNordbankSwap2QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG - Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_Hull612Member"
      xlink:href="prgn-20120930.xsd#prgn_Hull612Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_Hull612Member" xlink:to="prgn_Hull612Member_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_Hull612Member_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 612 [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_Hull625Member"
      xlink:href="prgn-20120930.xsd#prgn_Hull625Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_Hull625Member" xlink:to="prgn_Hull625Member_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_Hull625Member_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 625 [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_Hull656Member"
      xlink:href="prgn-20120930.xsd#prgn_Hull656Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_Hull656Member" xlink:to="prgn_Hull656Member_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_Hull656Member_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 656 [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_Hull657Member"
      xlink:href="prgn-20120930.xsd#prgn_Hull657Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_Hull657Member" xlink:to="prgn_Hull657Member_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_Hull657Member_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull 657 [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_InterestRateDerivativeGainLossRealizedInEarningsNet"
      xlink:href="prgn-20120930.xsd#prgn_InterestRateDerivativeGainLossRealizedInEarningsNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_InterestRateDerivativeGainLossRealizedInEarningsNet"
      xlink:to="prgn_InterestRateDerivativeGainLossRealizedInEarningsNet_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_InterestRateDerivativeGainLossRealizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of gain (loss) included in earnings for the period from the settlement of interest rate derivatives not designated as hedging instruments.</label>
    <label xlink:type="resource"
      xlink:label="prgn_InterestRateDerivativeGainLossRealizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Derivative Gain Loss Realized In Earnings Net</label>
    <label xlink:type="resource"
      xlink:label="prgn_InterestRateDerivativeGainLossRealizedInEarningsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swaps - Realized Loss</label>
    <loc xlink:type="locator"
      xlink:label="prgn_InterestRateSwapsTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_InterestRateSwapsTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_InterestRateSwapsTextBlock"
      xlink:to="prgn_InterestRateSwapsTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_InterestRateSwapsTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element is used for the entire Interest Rate Swaps Disclosure text block.</label>
    <label xlink:type="resource"
      xlink:label="prgn_InterestRateSwapsTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Swaps Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_InterestRateSwapsTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Rate Swaps</label>
    <loc xlink:type="locator"
      xlink:label="prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock"
      xlink:to="prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the summary of the valuation of the Company's investment in an equity affiliate.</label>
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Investment In Affiliate Summary Of Valuation Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentInAffiliateSummaryOfValuationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment In Affiliate Summary Of Valuation</label>
    <loc xlink:type="locator"
      xlink:label="prgn_InvestmentIncomeInterestRelatedParty"
      xlink:href="prgn-20120930.xsd#prgn_InvestmentIncomeInterestRelatedParty" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_InvestmentIncomeInterestRelatedParty"
      xlink:to="prgn_InvestmentIncomeInterestRelatedParty_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentIncomeInterestRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Related party interest income.</label>
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentIncomeInterestRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Investment Income Interest Related Party</label>
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentIncomeInterestRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest income related party</label>
    <label xlink:type="resource"
      xlink:label="prgn_InvestmentIncomeInterestRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest income from affiliate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_KindSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_KindSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_KindSeasMember" xlink:to="prgn_KindSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_KindSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Kind Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_LetitiaShippingLimitedMember"
      xlink:href="prgn-20120930.xsd#prgn_LetitiaShippingLimitedMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_LetitiaShippingLimitedMember"
      xlink:to="prgn_LetitiaShippingLimitedMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_LetitiaShippingLimitedMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Letitia Shipping Limited [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ListOfNewbuildingsTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ListOfNewbuildingsTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ListOfNewbuildingsTableTextBlock"
      xlink:to="prgn_ListOfNewbuildingsTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ListOfNewbuildingsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the entity's newbuildings.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ListOfNewbuildingsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">List Of Newbuildings Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ListOfNewbuildingsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Newbuildings</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock"
      xlink:to="prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the entity's non-vessel owning subsidiaries.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">List Of Non Vessel Owning Subsidiaries Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ListOfNonVesselOwningSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-Vessel Owning Subsidiaries</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ListOfSubsidiariesTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ListOfSubsidiariesTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ListOfSubsidiariesTableTextBlock"
      xlink:to="prgn_ListOfSubsidiariesTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ListOfSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the entity's vessel owning subsidiaries.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ListOfSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">List Of Subsidiaries Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ListOfSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Owning Subsidiaries</label>
    <loc xlink:type="locator"
      xlink:label="prgn_LoanRepaymentFromAffiliate"
      xlink:href="prgn-20120930.xsd#prgn_LoanRepaymentFromAffiliate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_LoanRepaymentFromAffiliate"
      xlink:to="prgn_LoanRepaymentFromAffiliate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_LoanRepaymentFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash inflow from loan repayment from affiliate.</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanRepaymentFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan Repayment From Affiliate</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanRepaymentFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayment from equity affiliate</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanRepaymentFromAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Prepayment of loan from affiliate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_LoanToAffiliateCashOutflow"
      xlink:href="prgn-20120930.xsd#prgn_LoanToAffiliateCashOutflow" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_LoanToAffiliateCashOutflow"
      xlink:to="prgn_LoanToAffiliateCashOutflow_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_LoanToAffiliateCashOutflow_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash outflow relating to loan to affiliate.</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanToAffiliateCashOutflow_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan To Affiliate Cash Outflow</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanToAffiliateCashOutflow_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loan to equity affiliate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_LoanToAffiliate"
      xlink:href="prgn-20120930.xsd#prgn_LoanToAffiliate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_LoanToAffiliate" xlink:to="prgn_LoanToAffiliate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_LoanToAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership, due after 1 year or beyond the normal operating cycle, if longer.</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanToAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan To Affiliate</label>
    <label xlink:type="resource"
      xlink:label="prgn_LoanToAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan to affiliate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_LongTermLiabilitiesInterestRateSwapsMember"
      xlink:href="prgn-20120930.xsd#prgn_LongTermLiabilitiesInterestRateSwapsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_LongTermLiabilitiesInterestRateSwapsMember"
      xlink:to="prgn_LongTermLiabilitiesInterestRateSwapsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_LongTermLiabilitiesInterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Long Term Liabilities Interest Rate Swaps [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_LongTermLiabilitiesInterestRateSwapsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-Term Liabilities - Interest rate swaps</label>
    <loc xlink:type="locator"
      xlink:label="prgn_LossAttributableToNonVestedShareAwards"
      xlink:href="prgn-20120930.xsd#prgn_LossAttributableToNonVestedShareAwards" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_LossAttributableToNonVestedShareAwards"
      xlink:to="prgn_LossAttributableToNonVestedShareAwards_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_LossAttributableToNonVestedShareAwards_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The consolidated profit or loss for the period, net of income taxes, attributable to non-vested share awards.</label>
    <label xlink:type="resource"
      xlink:label="prgn_LossAttributableToNonVestedShareAwards_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loss Attributable To Non Vested Share Awards</label>
    <label xlink:type="resource"
      xlink:label="prgn_LossAttributableToNonVestedShareAwards_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Less: Loss attributable to non-vested share awards</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ManagementFeesAbstract"
      xlink:href="prgn-20120930.xsd#prgn_ManagementFeesAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ManagementFeesAbstract"
      xlink:to="prgn_ManagementFeesAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ManagementFeesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Management Fees [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="prgn_ManagementFeesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management fees - related party</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ManagementFees"
      xlink:href="prgn-20120930.xsd#prgn_ManagementFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ManagementFees" xlink:to="prgn_ManagementFees_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ManagementFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Fees relating to management, legal, accounting and finance services, including share based compensation to the management company.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ManagementFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Management Fees</label>
    <label xlink:type="resource"
      xlink:label="prgn_ManagementFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management fees - related party</label>
    <label xlink:type="resource"
      xlink:label="prgn_ManagementFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total Management fees</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ManningAgencyFees"
      xlink:href="prgn-20120930.xsd#prgn_ManningAgencyFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ManningAgencyFees" xlink:to="prgn_ManningAgencyFees_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ManningAgencyFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Fees charged by a related party for the provision of manning services.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ManningAgencyFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Manning Agency Fees</label>
    <label xlink:type="resource"
      xlink:label="prgn_ManningAgencyFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Manning expenses</label>
    <loc xlink:type="locator"
      xlink:label="prgn_MarketableSecuritiesInitialMeasurement"
      xlink:href="prgn-20120930.xsd#prgn_MarketableSecuritiesInitialMeasurement" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_MarketableSecuritiesInitialMeasurement"
      xlink:to="prgn_MarketableSecuritiesInitialMeasurement_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_MarketableSecuritiesInitialMeasurement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Initial measurement of the valuation of the marketable securities.</label>
    <label xlink:type="resource"
      xlink:label="prgn_MarketableSecuritiesInitialMeasurement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Marketable Securities Initial Measurement</label>
    <label xlink:type="resource"
      xlink:label="prgn_MarketableSecuritiesInitialMeasurement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Marketable Securities - Initial measurement</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NetLossAttributableToCommonShareholders"
      xlink:href="prgn-20120930.xsd#prgn_NetLossAttributableToCommonShareholders" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NetLossAttributableToCommonShareholders"
      xlink:to="prgn_NetLossAttributableToCommonShareholders_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NetLossAttributableToCommonShareholders_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The consolidated profit or loss for the period, net of income taxes, less the proportion attributable to non-vested share awards.</label>
    <label xlink:type="resource"
      xlink:label="prgn_NetLossAttributableToCommonShareholders_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net Loss Attributable To Common Shareholders</label>
    <label xlink:type="resource"
      xlink:label="prgn_NetLossAttributableToCommonShareholders_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net loss attributable to common shareholders</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NetRevenue"
      xlink:href="prgn-20120930.xsd#prgn_NetRevenue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NetRevenue" xlink:to="prgn_NetRevenue_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NetRevenue_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Time Charter Revenue net of Commissions.</label>
    <label xlink:type="resource"
      xlink:label="prgn_NetRevenue_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net Revenue</label>
    <label xlink:type="resource"
      xlink:label="prgn_NetRevenue_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Revenue</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NewbuildingContractPriceInstallment"
      xlink:href="prgn-20120930.xsd#prgn_NewbuildingContractPriceInstallment" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NewbuildingContractPriceInstallment"
      xlink:to="prgn_NewbuildingContractPriceInstallment_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NewbuildingContractPriceInstallment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The contract price installment paid to shipyard.</label>
    <label xlink:type="resource"
      xlink:label="prgn_NewbuildingContractPriceInstallment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Newbuilding Contract Price Installment</label>
    <label xlink:type="resource"
      xlink:label="prgn_NewbuildingContractPriceInstallment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Newbuilding contract price installment</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NewbuildingsProgramNumberOfVessels"
      xlink:href="prgn-20120930.xsd#prgn_NewbuildingsProgramNumberOfVessels" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NewbuildingsProgramNumberOfVessels"
      xlink:to="prgn_NewbuildingsProgramNumberOfVessels_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NewbuildingsProgramNumberOfVessels_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of newbuilding vessels.</label>
    <label xlink:type="resource"
      xlink:label="prgn_NewbuildingsProgramNumberOfVessels_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Newbuildings Program Number Of Vessels</label>
    <label xlink:type="resource"
      xlink:label="prgn_NewbuildingsProgramNumberOfVessels_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of newbuildings</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NonVestedSharesMember"
      xlink:href="prgn-20120930.xsd#prgn_NonVestedSharesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NonVestedSharesMember"
      xlink:to="prgn_NonVestedSharesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NonVestedSharesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Non Vested Shares [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_NonVestedSharesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non Vested Shares</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NordeaBankFinland1QualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_NordeaBankFinland1QualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NordeaBankFinland1QualifyingForHedgeAccountingMember"
      xlink:to="prgn_NordeaBankFinland1QualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NordeaBankFinland1QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Nordea Bank Finland 1 Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_NordeaBankFinland1QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nordea Bank Finland Plc - Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NordeaBankFinland2QualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_NordeaBankFinland2QualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NordeaBankFinland2QualifyingForHedgeAccountingMember"
      xlink:to="prgn_NordeaBankFinland2QualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NordeaBankFinland2QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Nordea Bank Finland 2 Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_NordeaBankFinland2QualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nordea Bank Finland Plc - Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_NordeaBankFinlandMember"
      xlink:href="prgn-20120930.xsd#prgn_NordeaBankFinlandMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_NordeaBankFinlandMember"
      xlink:to="prgn_NordeaBankFinlandMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_NordeaBankFinlandMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Nordea Bank Finland [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_NordeaBankFinlandMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nordea Bank Finland Plc</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OperaNavigationCoMember"
      xlink:href="prgn-20120930.xsd#prgn_OperaNavigationCoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OperaNavigationCoMember"
      xlink:to="prgn_OperaNavigationCoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OperaNavigationCoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Opera Navigation Co [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_OperaNavigationCoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Opera Navigation Co. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OtherAssetsNonCurrentTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_OtherAssetsNonCurrentTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OtherAssetsNonCurrentTextBlock"
      xlink:to="prgn_OtherAssetsNonCurrentTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OtherAssetsNonCurrentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element is used for the entire Other Assets text block.</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherAssetsNonCurrentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Assets Non Current Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherAssetsNonCurrentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Assets</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OtherFixedAssetsNetAbstract"
      xlink:href="prgn-20120930.xsd#prgn_OtherFixedAssetsNetAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OtherFixedAssetsNetAbstract"
      xlink:to="prgn_OtherFixedAssetsNetAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Fixed Assets Net [Abstract</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OtherFixedAssetsNetTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_OtherFixedAssetsNetTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OtherFixedAssetsNetTextBlock"
      xlink:to="prgn_OtherFixedAssetsNetTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNetTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element is used for the entire Other Fixed Assets text block.</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNetTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Fixed Assets Net Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNetTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Fixed Assets, Net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OtherFixedAssetsNet"
      xlink:href="prgn-20120930.xsd#prgn_OtherFixedAssetsNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OtherFixedAssetsNet"
      xlink:to="prgn_OtherFixedAssetsNet_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Other Fixed Assets consist of Property Plant and Equipment other than vessels and advances for vessels under construction and acquisitions. Other fixed assets are stated at cost net of accumulated depreciation.</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Fixed Assets Net</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other fixed assets, net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OtherReceivablesTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_OtherReceivablesTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OtherReceivablesTextBlock"
      xlink:to="prgn_OtherReceivablesTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OtherReceivablesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element is used for the entire Other Receivables Disclosure as a block of text.</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherReceivablesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Receivables Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_OtherReceivablesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Receivables</label>
    <loc xlink:type="locator"
      xlink:label="prgn_OvationServicesLtdMember"
      xlink:href="prgn-20120930.xsd#prgn_OvationServicesLtdMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_OvationServicesLtdMember"
      xlink:to="prgn_OvationServicesLtdMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_OvationServicesLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Ovation Services Ltd [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_OvationServicesLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ovation Services Ltd. [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_PaymentsForOtherFixedAssets"
      xlink:href="prgn-20120930.xsd#prgn_PaymentsForOtherFixedAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_PaymentsForOtherFixedAssets"
      xlink:to="prgn_PaymentsForOtherFixedAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_PaymentsForOtherFixedAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash paid for the acquisition of Other Fixed Assets which consist of Property Plant and Equipment other than vessels and advances for vessels under construction and acquisitions.</label>
    <label xlink:type="resource"
      xlink:label="prgn_PaymentsForOtherFixedAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments For Other Fixed Assets</label>
    <label xlink:type="resource"
      xlink:label="prgn_PaymentsForOtherFixedAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other fixed assets</label>
    <loc xlink:type="locator"
      xlink:label="prgn_PearlSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_PearlSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_PearlSeasMember" xlink:to="prgn_PearlSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_PearlSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Pearl Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_PreciousSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_PreciousSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_PreciousSeasMember" xlink:to="prgn_PreciousSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_PreciousSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Precious Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption"
      xlink:href="prgn-20120930.xsd#prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption"
      xlink:to="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. It also includes net proceeds from the sale of vessel acquisition option.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Sale Of Assets Vessel Acquisition Option</label>
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net proceeds from sale of assets / vessel acquisition option</label>
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsFromSaleOfAssetsVesselAcquisitionOption_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net proceeds from sale of assets</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares"
      xlink:href="prgn-20120930.xsd#prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares"
      xlink:to="prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash inflow from the issuance of common and resticted shares net of issuance costs.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds Received Costs Paid From Issuance Common Shares</label>
    <label xlink:type="resource"
      xlink:label="prgn_ProceedsReceivedCostsPaidFromIssuanceCommonShares_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of Class A common / restricted shares, net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ProsperousSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_ProsperousSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ProsperousSeasMember"
      xlink:to="prgn_ProsperousSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ProsperousSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Prosperous Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities"
      xlink:href="prgn-20120930.xsd#prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities"
      xlink:to="prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Reclassification adjustment for change in fair value of marketable securities.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reclassification Adjustment For Change In Fair Value Marketable Securities</label>
    <label xlink:type="resource"
      xlink:label="prgn_ReclassificationAdjustmentForChangeInFairValueMarketableSecurities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reclassification adjustment for change in fair value of marketable securities</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ReductionOfDerivativeNotionalAmount"
      xlink:href="prgn-20120930.xsd#prgn_ReductionOfDerivativeNotionalAmount" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ReductionOfDerivativeNotionalAmount"
      xlink:to="prgn_ReductionOfDerivativeNotionalAmount_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ReductionOfDerivativeNotionalAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The reduction in the notional amount of the derivative on a quarterly basis.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ReductionOfDerivativeNotionalAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reduction Of Derivative Notional Amount</label>
    <label xlink:type="resource"
      xlink:label="prgn_ReductionOfDerivativeNotionalAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reduction in notional amount</label>
    <loc xlink:type="locator"
      xlink:label="prgn_RelatedPartyMember"
      xlink:href="prgn-20120930.xsd#prgn_RelatedPartyMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_RelatedPartyMember" xlink:to="prgn_RelatedPartyMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_RelatedPartyMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_SalePurchaseCommissions"
      xlink:href="prgn-20120930.xsd#prgn_SalePurchaseCommissions" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_SalePurchaseCommissions"
      xlink:to="prgn_SalePurchaseCommissions_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_SalePurchaseCommissions_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Represents commissions incurred in the period based upon the sale or purchase of vessels.</label>
    <label xlink:type="resource"
      xlink:label="prgn_SalePurchaseCommissions_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Sale Purchase Commissions</label>
    <label xlink:type="resource"
      xlink:label="prgn_SalePurchaseCommissions_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel sale &amp; purchase commissions</label>
    <loc xlink:type="locator"
      xlink:label="prgn_SapphireSeasMember"
      xlink:href="prgn-20120930.xsd#prgn_SapphireSeasMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_SapphireSeasMember" xlink:to="prgn_SapphireSeasMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_SapphireSeasMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Sapphire Seas [Member]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock"
      xlink:to="prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the effective portion of gains and losses on derivative instruments designated and qualifying as cash flow hedges recognized in accumulated other comprehensive income (loss).</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Cash Flow Hedges Recognized In Accumulated Other Comprehensive Income Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfCashFlowHedgesRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Effect of Derivative Instruments designated as hedging instruments (Recognised in Accumulated Other Comprehensive Gain / (Loss))</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock"
      xlink:to="prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of derivatives designated as hedging instruments. The disclosure may include , but not limited to, the fair value, the maturity date and the notional amount.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Cash Flow Hedging Instruments Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfCashFlowHedgingInstrumentsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Rate Swaps that qualified for Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock"
      xlink:to="prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of derivative instruments, both designated as hedging instruments and not  designated, and the location and fair value amounts of the instruments reported in the statement of financial position.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Derivate Instruments Statement Of Financial Position Location Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivateInstrumentsStatementOfFinancialPositionLocationTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative Instruments ? Balance Sheet Location</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock"
      xlink:to="prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of derivatives not designated as hedging instruments. The disclosure may include, but not limited to, the fair value, the maturity date and the notional amount.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Derivatives Not Designated As Cash Flow Hedging Instruments Table Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsCashFlowHedgingInstrumentsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swaps that did not qualify for Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"
      xlink:to="prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the gains and losses on derivative instruments not designated as cash flow hedges recognized in income/(loss).</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Derivatives Not Designated As Hedging Instruments Gain Loss In Statement Of Financial Performance Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_ScheduleOfDerivativesNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Effect of Derivative Instruments not designated as hedging instruments</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ShareBasedCompensationManagementCompany"
      xlink:href="prgn-20120930.xsd#prgn_ShareBasedCompensationManagementCompany" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ShareBasedCompensationManagementCompany"
      xlink:to="prgn_ShareBasedCompensationManagementCompany_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ShareBasedCompensationManagementCompany_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Share based compensation relating to the award of shares to the management company.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ShareBasedCompensationManagementCompany_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Management Company</label>
    <label xlink:type="resource"
      xlink:label="prgn_ShareBasedCompensationManagementCompany_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loretto agreement</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ShareOfProfitOfAffiliateNetOfDividends"
      xlink:href="prgn-20120930.xsd#prgn_ShareOfProfitOfAffiliateNetOfDividends" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ShareOfProfitOfAffiliateNetOfDividends"
      xlink:to="prgn_ShareOfProfitOfAffiliateNetOfDividends_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ShareOfProfitOfAffiliateNetOfDividends_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The share of profits of the affiliate net of dividends received.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ShareOfProfitOfAffiliateNetOfDividends_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Share Of Profit Of Affiliate Net Of Dividends</label>
    <label xlink:type="resource"
      xlink:label="prgn_ShareOfProfitOfAffiliateNetOfDividends_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Equity in net income of affiliates net of dividends received</label>
    <loc xlink:type="locator"
      xlink:label="prgn_ShareOfProfitOfAffiliate"
      xlink:href="prgn-20120930.xsd#prgn_ShareOfProfitOfAffiliate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_ShareOfProfitOfAffiliate"
      xlink:to="prgn_ShareOfProfitOfAffiliate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_ShareOfProfitOfAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The share of profits of the affiliate.</label>
    <label xlink:type="resource"
      xlink:label="prgn_ShareOfProfitOfAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Share Of Profit Of Affiliate</label>
    <label xlink:type="resource"
      xlink:label="prgn_ShareOfProfitOfAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity in net income of affiliate</label>
    <loc xlink:type="locator"
      xlink:label="prgn_SharesReceivedSettlementAgreement"
      xlink:href="prgn-20120930.xsd#prgn_SharesReceivedSettlementAgreement" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_SharesReceivedSettlementAgreement"
      xlink:to="prgn_SharesReceivedSettlementAgreement_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_SharesReceivedSettlementAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of shares received as part of the Settlement Agreement.</label>
    <label xlink:type="resource"
      xlink:label="prgn_SharesReceivedSettlementAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Shares Received Settlement Agreement</label>
    <label xlink:type="resource"
      xlink:label="prgn_SharesReceivedSettlementAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares received from KLC</label>
    <loc xlink:type="locator"
      xlink:label="prgn_StockholdersEquityReverseStockSplitRatio"
      xlink:href="prgn-20120930.xsd#prgn_StockholdersEquityReverseStockSplitRatio" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_StockholdersEquityReverseStockSplitRatio"
      xlink:to="prgn_StockholdersEquityReverseStockSplitRatio_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_StockholdersEquityReverseStockSplitRatio_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The ratio of the reverse stock split.</label>
    <label xlink:type="resource"
      xlink:label="prgn_StockholdersEquityReverseStockSplitRatio_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Stockholders Equity Reverse Stock Split Ratio</label>
    <label xlink:type="resource"
      xlink:label="prgn_StockholdersEquityReverseStockSplitRatio_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ten for one reverse stock split</label>
    <loc xlink:type="locator"
      xlink:label="prgn_SuperintendentFeesDrydockingExpenses"
      xlink:href="prgn-20120930.xsd#prgn_SuperintendentFeesDrydockingExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_SuperintendentFeesDrydockingExpenses"
      xlink:to="prgn_SuperintendentFeesDrydockingExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesDrydockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Superintendent fees charged by the management company, included in dry docking expenses.</label>
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesDrydockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Superintendent Fees Drydocking Expenses</label>
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesDrydockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Superintendent fees</label>
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesDrydockingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Dry-docking expenses related party</label>
    <loc xlink:type="locator"
      xlink:label="prgn_SuperintendentFeesVesselOperatingExpenses"
      xlink:href="prgn-20120930.xsd#prgn_SuperintendentFeesVesselOperatingExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_SuperintendentFeesVesselOperatingExpenses"
      xlink:to="prgn_SuperintendentFeesVesselOperatingExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesVesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Superintendent fees charged by the management company, included in vessel operating expenses.</label>
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesVesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Superintendent Fees Vessel Operating Expenses</label>
    <label xlink:type="resource"
      xlink:label="prgn_SuperintendentFeesVesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Superintendent fees</label>
    <loc xlink:type="locator"
      xlink:label="prgn_TotalNotQualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_TotalNotQualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_TotalNotQualifyingForHedgeAccountingMember"
      xlink:to="prgn_TotalNotQualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_TotalNotQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total Not Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_TotalNotQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Not Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_TotalOfContractualPurchaseObligation"
      xlink:href="prgn-20120930.xsd#prgn_TotalOfContractualPurchaseObligation" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_TotalOfContractualPurchaseObligation"
      xlink:to="prgn_TotalOfContractualPurchaseObligation_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_TotalOfContractualPurchaseObligation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The total amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation to be paid within and after one year from the balance sheet date.</label>
    <label xlink:type="resource"
      xlink:label="prgn_TotalOfContractualPurchaseObligation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total Of Contractual Purchase Obligation</label>
    <label xlink:type="resource"
      xlink:label="prgn_TotalOfContractualPurchaseObligation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</label>
    <loc xlink:type="locator"
      xlink:label="prgn_TotalQualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_TotalQualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_TotalQualifyingForHedgeAccountingMember"
      xlink:to="prgn_TotalQualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_TotalQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_TotalQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_UnicreditBankMember"
      xlink:href="prgn-20120930.xsd#prgn_UnicreditBankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_UnicreditBankMember"
      xlink:to="prgn_UnicreditBankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_UnicreditBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Unicredit Bank [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_UnicreditBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unicredit Bank AG</label>
    <loc xlink:type="locator"
      xlink:label="prgn_UnicreditBankSwapNotQualifyingForHedgeAccountingMember"
      xlink:href="prgn-20120930.xsd#prgn_UnicreditBankSwapNotQualifyingForHedgeAccountingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_UnicreditBankSwapNotQualifyingForHedgeAccountingMember"
      xlink:to="prgn_UnicreditBankSwapNotQualifyingForHedgeAccountingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_UnicreditBankSwapNotQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Unicredit Bank Swap Not Qualifying For Hedge Accounting [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_UnicreditBankSwapNotQualifyingForHedgeAccountingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unicredit Bank AG - Not Qualifying For Hedge Accounting</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselAccumulatedDepreciationMember"
      xlink:href="prgn-20120930.xsd#prgn_VesselAccumulatedDepreciationMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselAccumulatedDepreciationMember"
      xlink:to="prgn_VesselAccumulatedDepreciationMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselAccumulatedDepreciationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Accumulated Depreciation [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselAccumulatedDepreciationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated Depreciation</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselCapacity"
      xlink:href="prgn-20120930.xsd#prgn_VesselCapacity" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselCapacity" xlink:to="prgn_VesselCapacity_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessels' capacity in Deadweight Tonnage.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Capacity</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">DWT</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselCostMember"
      xlink:href="prgn-20120930.xsd#prgn_VesselCostMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselCostMember" xlink:to="prgn_VesselCostMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselCostMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Cost [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselCostMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Cost</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselCost"
      xlink:href="prgn-20120930.xsd#prgn_VesselCost" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselCost" xlink:to="prgn_VesselCost_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselCost_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The gross amount of vessel cost which consists of the contract price and any expenses incurred upon acquisition that were capitalized.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselCost_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance September 30, 2012</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselCost_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance December 31, 2011</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselCost_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Cost</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselDeliveryDate"
      xlink:href="prgn-20120930.xsd#prgn_VesselDeliveryDate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselDeliveryDate" xlink:to="prgn_VesselDeliveryDate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselDeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The date the vessel was delivered to the Company.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselDeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Delivery Date</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselDeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Delivery Date</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselExpectedDeliveryDate"
      xlink:href="prgn-20120930.xsd#prgn_VesselExpectedDeliveryDate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselExpectedDeliveryDate"
      xlink:to="prgn_VesselExpectedDeliveryDate_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselExpectedDeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The date the vessel is expected to be delivered to the Company.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselExpectedDeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Expected Delivery Date</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselExpectedDeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expected Delivery</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselNetBookValueMember"
      xlink:href="prgn-20120930.xsd#prgn_VesselNetBookValueMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselNetBookValueMember"
      xlink:to="prgn_VesselNetBookValueMember_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselNetBookValueMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Net Book Value [Member]</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselNetBookValueMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net Book Value</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselOperatingExpensesAbstract"
      xlink:href="prgn-20120930.xsd#prgn_VesselOperatingExpensesAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselOperatingExpensesAbstract"
      xlink:to="prgn_VesselOperatingExpensesAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Operating Expenses [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselOperatingExpensesRelatedParty"
      xlink:href="prgn-20120930.xsd#prgn_VesselOperatingExpensesRelatedParty" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselOperatingExpensesRelatedParty"
      xlink:to="prgn_VesselOperatingExpensesRelatedParty_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Superintendent and manning services fees charged by related parties.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Operating Expenses Related Party</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesRelatedParty_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels operating expenses related party</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselOperatingExpensesTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_VesselOperatingExpensesTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselOperatingExpensesTextBlock"
      xlink:to="prgn_VesselOperatingExpensesTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of operating expenses of vessels.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Operating Expenses Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel Operating Expenses</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselOperatingExpensesToVoyageExpensesReclassification"
      xlink:href="prgn-20120930.xsd#prgn_VesselOperatingExpensesToVoyageExpensesReclassification" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselOperatingExpensesToVoyageExpensesReclassification"
      xlink:to="prgn_VesselOperatingExpensesToVoyageExpensesReclassification_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesToVoyageExpensesReclassification_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Reclassification from vessel operating expenses to voyage expenses.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesToVoyageExpensesReclassification_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Operating Expenses To Voyage Expenses Reclassification</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpensesToVoyageExpensesReclassification_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reclassification from Vessel Operating Expenses to Voyage Expenses</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselOperatingExpenses"
      xlink:href="prgn-20120930.xsd#prgn_VesselOperatingExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselOperatingExpenses"
      xlink:to="prgn_VesselOperatingExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Vessel operating expenses</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Operating Expenses</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselOperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels operating expenses (including related party of $462,891 and $516,198 for the nine months ended September 30, 2011 and 2012, respectively)</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselYearBuilt"
      xlink:href="prgn-20120930.xsd#prgn_VesselYearBuilt" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselYearBuilt" xlink:to="prgn_VesselYearBuilt_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselYearBuilt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The date the vessel was built.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselYearBuilt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Year Built</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselYearBuilt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Built</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselsDelivered"
      xlink:href="prgn-20120930.xsd#prgn_VesselsDelivered" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselsDelivered" xlink:to="prgn_VesselsDelivered_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselsDelivered_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The gross amount of vessel cost which consists of the contract price and any expenses incurred upon acquisition that were capitalized, for vessels delivered within the period.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsDelivered_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Delivered</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsDelivered_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Newbuilding deliveries</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselsNetAbstract"
      xlink:href="prgn-20120930.xsd#prgn_VesselsNetAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselsNetAbstract" xlink:to="prgn_VesselsNetAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Net [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselsNetTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_VesselsNetTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselsNetTextBlock"
      xlink:to="prgn_VesselsNetTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNetTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of vessels that are used in the normal conduct of business to produce goods and services and not intended for resale.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNetTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Net Text Block</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNetTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels, Net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselsNet"
      xlink:href="prgn-20120930.xsd#prgn_VesselsNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselsNet" xlink:to="prgn_VesselsNet_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Vessel cost net of accumulated depreciation.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance September 30, 2012</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance December 31, 2011</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Net</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels, net</label>
    <loc xlink:type="locator"
      xlink:label="prgn_VesselsTableTextBlock"
      xlink:href="prgn-20120930.xsd#prgn_VesselsTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="prgn_VesselsTableTextBlock"
      xlink:to="prgn_VesselsTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="prgn_VesselsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the cost, accumulated depreciation and net book value for vessels that are used in the normal conduct of business and not intended for resale.</label>
    <label xlink:type="resource"
      xlink:label="prgn_VesselsTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Table Text Block</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other income</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Receivables [Abstract]</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other receivables current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OtherReceivablesNetCurrent_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other receivables</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsForConstructionInProcess"
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    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_PaymentsForConstructionInProcess"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForConstructionInProcess_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Payments for constuction in progress</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsForConstructionInProcess_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments for vessels under construction</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsOfDividendsCommonStock"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Dividends paid</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends paid</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PaymentsOfFinancingCosts"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" />
    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_PaymentsOfFinancingCosts"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payment of financing costs</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payment of financing costs</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Preferred stock par value</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PreferredStockSharesAuthorized"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PreferredStockSharesAuthorized"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Preferred stock shares authorized</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PreferredStockSharesIssued"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesIssued" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PreferredStockSharesIssued"
      xlink:to="us-gaap_PreferredStockSharesIssued_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PreferredStockSharesIssued_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Preferred stock shares issued</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PreferredStockSharesOutstanding"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PreferredStockSharesOutstanding"
      xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Preferred stock shares outstanding</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PreferredStockValue"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PreferredStockValue"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PreferredStockValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Preferred shares, $0.001 par value; 25,000,000 authorized; none issued and outstanding</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PrepaidExpenseCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PrepaidExpenseCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PrepaidExpenseCurrent"
      xlink:to="us-gaap_PrepaidExpenseCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PrepaidExpenseCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Prepaid expenses</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate"
      xlink:to="us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Collection Of Advance To Affiliate</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock"
      xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from the issuance of Class A common shares (net)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from the issuance of Class A common shares</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Issuance of Class A common shares / restricted shares, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt"
      xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from long-term debt</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment"
      xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from sale of property plant and equipment</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProfessionalAndContractServicesExpense"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfessionalAndContractServicesExpense" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProfessionalAndContractServicesExpense"
      xlink:to="us-gaap_ProfessionalAndContractServicesExpense_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProfessionalAndContractServicesExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Professional And Contract Services Expense</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProfitLoss"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Net loss</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net Income</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net Loss</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Loss</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net Loss</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment By Type [Axis]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems"
      xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment [Line Items]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-Vessel Owning Subsidiaries [Line Items]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentNetAbstract"
      xlink:to="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fixed assets</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentNet"
      xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total fixed assets, net</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total fixed assets, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Type [Domain]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProvisionForDoubtfulAccounts"
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    <label xlink:type="resource"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bad debt provisions</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyDomain"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyDomain"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Domain]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedPartyAbstract"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionDueFromToRelatedPartyAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedPartyAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Transactions with Related Parties [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionLineItems"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" />
    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_RelatedPartyTransactionLineItems"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions By Related Party [Axis]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"
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