Euroseas Ltd. Announces Time Charter Renewal for the Containership Vessel Maersk Noumea

Maroussi, Athens, Greece, June 09, 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:

The M/V Maersk Noumea, a 2,556 teu, 2001 built intermediate containership, has been extended for about 2 years at a gross daily rate of $15,750. The new rate will apply from the first days of July 2011.This employment is expected to generate approximately $11.5 million of gross revenues during the period of the charter.

Following the above mentioned charter, approximately 76% of the Company?s total container fleet days for 2011 and approximately 19% in 2012 are secured under period charters. The Company?s drybulk fleet is 100% covered in 2011 via time charter contracts or Forward Freight Agreements (FFAs) and 50% covered in 2012 via time charter contracts.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to have extended our cooperation with Maersk for the next two years at a rate that signifies the strength of the current market. We are still very positive on the prospects of the container market for the next years and especially on the sizes that we focus."

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