updated 5/16/2011 9:17:14 AM ET 2011-05-16T13:17:14

MAROUSSI, Greece, May 16, 2011 (GLOBE NEWSWIRE) -- Euroseas Ltd., (Nasdaq:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that the Company's Board of Directors has declared a dividend of $0.07 per common share for the first quarter of 2011. The dividend is payable on June 10, 2011 to all shareholders of record as of June 1, 2011. This is the 23rd consecutive quarterly dividend since the company accessed the capital markets in August 2005 and represents an increase of $0.01/share as compared to the dividend declared for the fourth quarter of 2010.

Furthermore, the company announced today that it will release its financial results for the first quarter ended March 31, 2011, on Thursday, May 19, 2011, after the market closes in New York. The next day, Friday, May 20, 2011, at 9:00 am EDT, the Company's management will host a conference call and webcast to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "Euroseas."

A replay of the conference call will be available until May 27, 2011. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 6973591#.

Audio Webcast - Slides Presentation:

There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website ( www.euroseas.gr ). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

The slide presentation on the first quarter results for the period ended March 31, 2011 will also be available in PDF format 30 minutes prior to the conference call and webcast accessible on the company's website ( www.euroseas.gr ) on the webcast page. Participants to the webcast can download the PDF presentation.

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containerships, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 10 containerships have a cargo capacity of 17,787 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

The Euroseas Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8865

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including our expected joint venture and vessel acquisitions and time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels and containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Visit our website www.euroseas.gr

CONTACT: Company Contact
         
         Tasos Aslidis
         Chief Financial Officer
         Euroseas Ltd.
         11 Canterbury Lane,
         Watchung, NJ 07069
         Tel. (908) 301-9091
         E-mail: aha@euroseas.gr
         
         
         Investor Relations / Financial Media
         
         Nicolas Bornozis
         President
         Capital Link, Inc.
         230 Park Avenue, Suite 1536
         New York, NY 10169
         Tel. (212) 661-7566
         E-mail: nbornozis@capitallink.com

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