Euroseas Ltd. Announces One Year Time Charter Agreements for Two of its Container Ships

01/30/08 January 30, 2008, Maroussi, Athens, Greece - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that subsidiaries of the Company have entered into one year time charterer extensions for two of its containership vessels, the M/V "Ninos" and the M/V "Despina P".

The M/V "Ninos," a 1,169 teu, 1990 built feeder container ship, has extended its time charter for an additional one-year at a gross daily rate of $13,175, $375 per day higher than the present charter rate. The charter extension will commence on April 29, 2008.

The M/V "Despina P" a 1,932 teu 1990 built handysize container ship, has entered in a time charter for one year at a gross daily rate of $15,250 representing a $500 per increase over the daily rate of its current short term charter. The charter will commence on February 19th 2008.

Following these charters, approximately 60% of Euroseas total fleet days in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to announce that we have secured two of our containerships on profitable time charters which is in line with our strategy of seeking a steady revenue stream while further enhancing shareholder returns. Our outlook on the container sector remains positive for the long term as we expect the current stability in charter rates to remain intact."


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.

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 15 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 9 container ships have a cargo capacity of 15,321 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Euroseas Ltd. Press Release