Euroseas Ltd. Announces the Safe Release from the Somali Pirates of the Eleni P and all of its Crew Members

December 13, 2010, Maroussi, Athens, Greece

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that M/V Eleni P, a 72,119 dwt, 1997 built Panamax bulk carrier, was safely released along with all of its 23-member crew members from Somali pirates on December 11, 2010. The vessel was originally seized by the pirates on May 12, 2010 while on passage from Yuzhny, Ukraine to China fully loaded with a cargo of Iron Ore.

After her release, the vessel is en route under her own power to a port of refuge. All the crew is as well as it can be expected after their ordeal and they are going to be re-united with their families a few days after arrival at the port of refuge. Following emergency repairs at the port of refuge, the vessel is expected to continue her voyage to the discharging port with a new crew on board.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are delighted to report that the Eleni P and its crew have been safely released from the Somali pirates. On behalf of Euroseas and our Board of Directors I would like to thank all the officers, crew members and their families for the bravery, resilience and patience they showed and their support for and confidence in Euroseas throughout this very difficult period. Piracy is a major global concern and whilst gradually the shipping industry is finding the means for limiting economic consequences through various new insurance schemes, clearly this should not make us complacent as it is totally unacceptable in today's modern times for the crew to have to undergo such an ordeal.



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 since January 31, 2007.

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 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 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 10 containerships have a cargo capacity of 17,787 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Euroseas Ltd. Press Release