updated 5/24/2011 9:46:44 AM ET 2011-05-24T13:46:44

ATHENS, Greece, May 24, 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 two subsidiaries of the Company have entered into time charter agreement for the following vessels:

M/V Ninos, a 1,169 teu, 1990 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 1st of June 2011. The new rate represents an increase of about 65% over the vessel's current rate.

M/V Kuo Hsiung, a 1,169 teu, 1993 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 15th of June 2011. The new rate represents an increase of about 111% over the vessel's current rate.

Following the above mentioned charters, approximately 77% of the Company's total containerfleet days for 2011 and approximately 12% in 2012 are secured under period charters. The Company's drybulk fleet is 100% covered in 2011 via time charter contracts or Forward Freight Agreements (FFAs) and 50% covered in 2012 via time charter contracts.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have extended the time charter agreements for M/V Ninos and M/V Kuo Hsiung at rates of approximately 90% higher than their current rates on average. We look forward to continuing capitalizing on a stronger containership market with the remaining of our vessels come up for re-chartering as any rate increases directly benefit our earnings."

As of May 24, 2011, Euroseas Ltd. fleet profile is as follows:

Name Type Dwt TEU Year Built Employment (*) TCE Rate ($/day)
Dry Bulk Vessels            
PANTELIS Panamax 74,020   2000 TC 'til Mar-12  $17,500
ELENI P Panamax 72,119   1997 TC 'til Jan-13  $16,500
IRINI Panamax 69,734   1988 TC 'til Apr-13  $14,000
ARISTIDES N.P. Panamax 69,268   1993 TC 'til May-12  $14,950
MONICA P (**) Handymax 46,667   1998 Bulkhandling Pool  
Total Dry Bulk Vessels 5 331,808        
             
Multipurpose Dry Cargo Vessels            
TASMAN TRADER 1 22,568 950 1990 TC 'til Mar-12 $9,000
             
Container Carriers            
MAERSK NOUMEA Intermediate 34,677 2,556 2001 TC 'til Jun-11 $16,800
TIGER BRIDGE  Intermediate  31,627 2,228 1990 TC 'til Mar-12 $7,500
AGGELIKI P Intermediate 30,360 2,008 1998 TC 'til Jul-11 $7,000
DESPINA P Handy size 33,667 1,932 1990 TC 'til Jan-12 $8,500
JONATHAN P (ex-OEL INTEGRITY) Handy size 33,667 1,932 1990 TC 'til Oct -11 $11,750
CAPTAIN COSTAS (ex-OEL TRANSWORLD) Handy size 30,007 1,742 1992 TC 'til Aug-11 $10,250
YM PORT KELANG (ex-MASTRO NICOS, ex- YM XINGANG I) Handy size 23,596 1,599 1993 TC 'til Oct-11 $5,900
MANOLIS P Handy size 20,346 1,452 1995 TC 'til Jun-11 $7,699
NINOS (ex-YM QINGDAO I) Feeder 18,253 1,169 1990 TC 'til Jun-11

Thereafter TC till Jun-12
$6,800 thereafter

$11,200
KUO HSIUNG Feeder 18,154 1,169 1993 TC 'til Jun-11

Thereafter TC till Jun-12
$5,300 thereafter

$11,200
Total Container Carriers 10 274,354 17,787      
Fleet Grand Total 16 628,730 18,737      

(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.

(**) "Monica P" is employed in the Bulkhandling spot pool that is managed by Klaveness, a major global charterer in the drybulk area. The Company has concluded a Forward Freight Agreement (FFA) option contract on the panamax index for calendar 2011 for a modern panamax. Such a contract serves as an approximate hedge to one of our panamax vessels for 2011 effectively locking in a rate between $16,500 and $23,500.

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 expected vessel acquisitions and entering into further 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 dry bulk vessels and container ships, 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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