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

04/16/08 April 16th, 2008, Maroussi, Athens, Greece - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers, container ships 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 “Manolis P” with the third largest global liner operator.

The M/V "Manolis P," a 1,452 teu, 1995 built handysize container ship, will enter a time charter agreement for about 18 months at a gross daily rate of $15,800, representing a daily increase of $2,350 from its current charter. The new charter will commence upon completion of its present charter on or about May 15, 2008.

Following this charter, approximately 80% of Euroseas total fleet days in 2008 and 30 % for 2009 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 another one of our containerships at a profitable time charter, thus increasing our container coverage for 2008 to over 90% and also providing coverage for 2009 with one of the most respectable names in the market.”

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