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

04/23/08 Maroussi, Athens, Greece - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of dry bulk 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 time charter agreement for one of its container ships.

The M/V “Clan Gladiator” a 1,742 teu 1992 built handysize container ship, has entered in a time charter agreement for minimum 16 to maximum 18 months at a gross daily rate of $18,500. The charter will commence after the conclusion of the present charter contract of the vessel.

Following this charter, 100 % of Euroseas total containership fleet days in 2008 and about 47% for 2009, are fixed under period charters. Overall, including the Company’s dry bulk fleet, 85% of the total fleet days in 2008 and about 33% in 2009 are covered 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 all of our containerships for 2008 and a significant percentage of them for 2009 on profitable time charters. By securing our income base with our container fleet and leaving the majority of our dry bulk fleet exposed to the presently strong spot market, we believe we will maximize our shareholders’ returns.”


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