Euroseas Ltd. Announces One-Year Time Charter Agreement for One of its Container Ships

03/31/08 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 a subsidiary of the Company has entered into a one year time charter period agreement for one of its containership vessels, the M/V 'Jonathan P.'

The M/V "Jonathan P," a 1,932 teu, 1990 built handysize container ship, will enter a time charter agreement for about one-year at a gross daily rate of $16,500. The new charter will commence upon completion of its present charter on or about April 15, 2008. The vessel will be renamed as per the charter contract.

Following this charter, approximately 73% 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 one of our containerships on a profitable time charter which is above the rate recently achieved for the sister vessel M/V 'Despina P', indicating the recovery of charter rates after the traditionally slow Christmas holiday season. 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 Select 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