Euroseas Ltd. Declares Quarterly Dividend of $0.30 Per Common Share and Announces Time Charter Extension for One of its Panamax Vessels at $ 52,000 per day

02/12/08 Maroussi, Athens, Greece - 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 its Board of Directors has declared a dividend of $0.30 per common share for the fourth quarter of 2007. The dividend is payable on March 14, 2008 to all shareholders of record as of March 05, 2008. This dividend is $0.01 above the previous quarterly dividend and $0.08 above the dividend paid for the same period last year.

The Company also announced today, that a subsidiary of the Company has entered into a one-year time charter for the M/V "Aristides NP," a 69,268 dwt, 1993 built Panamax bulk carrier, at a gross daily rate of $52,000. The charter will commence upon completion of its scheduled dry-docking on about February 25, 2008.

Following this charter, 65% of Euroseas total fleet days in 2008 are secured under period charters, or already concluded spot charters, and are otherwise protected from market fluctuations.

Aristides Pittas, Chairman and CEO of Euroseas commented: "Our fourth quarter dividend marks the sixth consecutive quarter during which we were able to increase our dividend. On an annual basis, we have paid an aggregate amount of $1.08 per common share in 2007 or 12.5% above our minimum target annual dividend of $0.96 per common share. By significantly increasing the size of our fleet in 2007 from nine to fifteen vessels we have been able to utilize the increased cash flow to pay a higher dividend per share.

We are also pleased to announce that we have concluded the charter of the M/V "Aristides NP" for an additional year, at a favorable rate which is $23,000 per day above her previous charter. In fact, the current rate which we have secured is above the average charter secured for this type of vessel in 2007, the year in which rates reached their current historical highs.

Furthermore, this fixture will enable us to further enhance the predictability and strength of our revenues and cash flows, providing support to our attractive dividend yield amidst a volatile global environment.


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