Euroseas Ltd. Announces Time Charter Agreement for its Panamax Bulk Carrier M/V Aristides N P.

Maroussi, Athens, Greece, January 12, 2011 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 a subsidiary of the Company has entered into time charter agreement for the following vessel:

M/V Aristides N P, a 69,268 dwt, 1993 built Panamax bulk carrier, has been chartered until May 2012 at a gross daily rate of $14,950. The charter will commence upon completion of its present charter within the next few days and might be terminated [a month or extended by a month at the option of the charterer. This employment is expected to generate approximately $7.2 million of gross revenues during the period of the charter.

Following the above mentioned charter, approximately 66% of Euroseas total fleet days for 2011 and approximately 18% in 2012 are secured under period charters or Forward Freight Agreements (FFAs)**. Thus all drybulk vessels are fully covered for 2011 and 50% covered for 2012.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have secured time charter Agreement for M/V Aristides NP in this challenging environment at levels which are accretive to our earnings. We believe that this fixture will provide us with substantial additional secured cash for the next year and a half, allowing us more flexibility in pursuing further growth opportunities."

Euroseas Ltd. Press Release