Euroseas Ltd. Declares Quarterly Dividend, Announces Two Year Time Charter Agreement for its Panamax Bulk Carrier M/V Eleni P and Sets Date for the Release of First Quarter 2010 Results, Conference Call and Webcast

Maroussi, Athens, Greece - May 07, 2010 - 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 the Company's Board of Directors has declared a dividend of $0.05 per common share for the first quarter of 2010. The dividend is payable on June 18, 2010 to all shareholders of record as of June 11, 2010. This is the 19th consecutive quarterly dividend since the company accessed the capital markets in August 2005.

The company also announced today, that a subsidiary of the Company has entered into an about two-year period time charter agreement for the M/V Eleni P, a 72,119 dwt, 1997 built Panamax bulk carrier, at a gross daily rate of $23,500. The charter will commence between mid August 2010 and mid September 2010. This employment is expected to generate approximately $16.5 million of gross revenues during the period of the charter.

Furthermore, the company announced today that it will release its financial results for the first quarter ended March 31, 2010, on Thursday, May 13, 2010, after the market closes in New York. The following day, Friday, May 14, 2010, at 8:30 am EDT, the Company's management will host a conference call and webcast to discuss the results.

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 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 2 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,779 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Euroseas Ltd. Press Release