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</LabelSeparator><Level>2</Level><ElementName>prgn_AdvancesForVesselAcquisitionsAndVesselsUnderConstructionTextBlock</ElementName><ElementPrefix>prgn_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Q2_2013_Dur" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;text-align:justify;text-justify:inter-ideograph;"&gt;&lt;b&gt;5. Advances for Vessel Acquisitions and Vessels under Construction&lt;!--Exclude empty div--&gt;&lt;/b&gt;&lt;!--Exclude empty div--&gt;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;text-align:justify;text-justify:inter-ideograph;"&gt;&lt;!--Exclude empty div--&gt;&amp;#160;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;text-align:justify;text-justify:inter-ideograph;"&gt;Advances for vessels under construction relate to the installments paid that were due to the respective shipyard including capitalized expenses.&lt;!--Exclude empty div--&gt;&lt;!--Exclude empty div--&gt;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;text-align:justify;text-justify:inter-ideograph;"&gt;&lt;!--Exclude empty div--&gt;&amp;#160;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;text-align:justify;text-justify:inter-ideograph;"&gt;On January 29, 2013, the Company took delivery of the M/V Priceless Seas. In January 2013, an amount of $1,419,475 was paid to the shipyard representing the final installment of the respective vessel which was financed from the Company&amp;#8217;s own funds. Upon the delivery of the M/V Priceless Seas, no loan amount was dr&lt;!--Exclude empty div--&gt;awn and the respective vessel is&lt;!--Exclude empty div--&gt;&amp;#160;not subject to any mortgage (refer to &lt;!--Exclude empty div--&gt;&lt;font color="#000000"&gt;Note 9 of the Company&amp;#8217;s consolidated financial statements &lt;!--Exclude empty div--&gt;&lt;/font&gt;for the year ended December 31, 2012&lt;!--Exclude empty div--&gt;&lt;font color="#000000"&gt;&amp;#160;included in &lt;!--Exclude empty div--&gt;&lt;/font&gt;the Company&amp;#8217;s Annual Report&lt;!--Exclude empty div--&gt;).&lt;!--Exclude empty div--&gt;&lt;!--Exclude empty div--&gt;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;text-align:justify;text-justify:inter-ideograph;"&gt;&lt;!--Exclude empty div--&gt;&amp;#160;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&amp;quot;Times New Roman&amp;quot;;"&gt;As of June 30, 2013, the Company&amp;#8217;s newbuilding program consisted of one Handysize drybulk vessel (Hull no. 625) with expected delivery in the fourth quarter of 2013 and two 4,800 TEU containerships with expected delivery in the third quarter of 2014.&lt;!--Exclude empty div--&gt;&lt;!--Exclude empty p--&gt;&lt;/p&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>This element represents the disclosure for advances paid to yard and capitalized expenses for the construction of vessels.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Advances for Vessel Acquisitions and Vessels Under Construction</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Advances for Vessel Acquisitions and Vessels Under Construction</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.prgn.com/20130630/role/AdvancesForVesselAcquisitionsAndVesselsUnderConstruction</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
