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


June 9, 2011 - Maroussi, Athens, Greece

Euroseas Ltd. (NASDAQ: ESEA), anowner and operator of drybulk carriers and container vessels and providerof seaborne transportation for dry bulk and containerized cargoes,announced today that a subsidiary of the Company has entered into timecharter 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. Thenew rate will apply from the first days of July 2011.This employment isexpected to generate approximately $11.5 million of gross revenues duringthe period of the charter.

Following the above mentioned charter, approximately 76% of the Company'stotal container fleet days for 2011 and approximately 19% in 2012 aresecured under period charters. The Company's drybulk fleet is 100% coveredin 2011 via time charter contracts or Forward Freight Agreements (FFAs) and50% covered in 2012 via time charter contracts.

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

As of June 9, 2011, Euroseas Ltd. fleet profile is as follows:



Year TCERate
Name Type Dwt TEU Built Employment (*) ($/day)
------------- ------- ------ ----- --------------- ---------
Dry Bulk Vessels
PANTELIS Panamax 74,020 2000 TC 'til Mar-12 $17,500
ELENI P Panamax 72,119 1997 TC 'til Jan-13 $16,500
IRINI Panamax 69,734 1988 TC 'til Apr-13 $14,000

ARISTIDES N.P. Panamax 69,268 1993 TC 'til May-12 $14,950
MONICA P (**) Handymax 46,667 1998 Bulkhandling Pool
Total Dry Bulk
Vessels 5 331,808

Multipurpose
Dry Cargo
Vessels

TASMAN TRADER 1 22,568 950 1990 TC 'til Mar-12 $9,000
Container
Carriers

MAERSK NOUMEA Intermediate 34,677 2,556 2001 TC 'til Jul-13 $15,750
TIGER BRIDGE Intermediate 31,627 2,228 1990 TC 'til Mar-12 $7,500
AGGELIKI P Intermediate 30,360 2,008 1998 TC 'til Jul-11 $7,000
DESPINA P Handy size 33,667 1,932 1990 TC 'til Jan-12 $8,500
JONATHAN P
(ex-OEL
INTEGRITY) Handy size 33,667 1,932 1990 TC 'til Oct-11 $11,750

CAPTAIN COSTAS
(ex-OEL
TRANSWORLD) Handy size 30,007 1,742 1992 TC 'til Aug-11 $10,250

YM PORT KELANG
(ex-MASTRO
NICOS, ex- YM
XINGANG I) Handy size 23,596 1,599 1993 TC 'til Oct-11 $5,900

TC 'til Jun-11
Thereafter TC $7,699
MANOLIS P Handy size 20,346 1,452 1995 till Aug-11 $10,800

TC 'til Jun-11
NINOS (ex-YM Thereafter TC $6,800
QINGDAO I) Feeder 18,253 1,169 1990 till Jun-12 $11,200

TC 'til Jun-11
Thereafter TC $5,300
KUO HSIUNG Feeder 18,154 1,169 1993 till Jun-12 $11,200

Total Container
Carriers 10 274,354 17,787
Fleet Grand
Total 16 628,730 18,737

(*) TC denotes time charter. All dates listed are the earliest redeliverydates under each TC.

(**) "Monica P" is employed in the Bulkhandling spot pool that is managedby Klaveness, a major global charterer in the drybulk area. The Companyhas concluded a Forward Freight Agreement(FFA) option contract on thepanamax index for calendar 2011 for a modern panamax. Such a contractserves as an approximate hedge to one of our panamax vessels for 2011effectively locking in a rate between $16,500 and $23,500.

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic ofthe Marshall Islands to consolidate the ship owning interests of the Pittasfamily of Athens, Greece, which has been in the shipping business over thepast 136 years. Euroseas trades on the NASDAQ Global Market under theticker 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 9001:2000certified affiliated ship management company, which is responsible for theday-to-day commercial and technical management and operations of thevessels. Euroseas employs its vessels on spot and period charters andthrough pool arrangements.

The Company has a fleet of 16 vessels, including 4 Panamax drybulk carriersand 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysizecontainerships, 2 Feeder containerships and a multipurpose dry cargovessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808dwt, its 10 containerships have a cargo capacity of 17,787 teu and itsmultipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Forward-Looking Statement

This press release contains forward-looking statements (as defined inSection 27A of the Securities Act of 1933, as amended, and Section 21E ofthe Securities Exchange Act of 1934, as amended) concerning future eventsand the Company's growth strategy and measures to implement such strategy;including expected vessel acquisitions and entering into further timecharters. Words such as "expects," "intends," "plans," "believes,""anticipates," "hopes," "estimates," and variations of such words andsimilar expressions are intended to identify forward-looking statements.Although the Company believes that the expectations reflected in suchforward-looking statements are reasonable, no assurance can be given thatsuch expectations will prove to have been correct. These statements involveknown and unknown risks and are based upon a number of assumptions andestimates that are inherently subject to significant uncertainties andcontingencies, many of which are beyond the control of the Company. Actualresults may differ materially from those expressed or implied by suchforward-looking statements. Factors that could cause actual results todiffer materially include, but are not limited to changes in the demand fordry bulk vessels and container ships, competitive factors in the market inwhich the Company operates; risks associated with operations outside theUnited States; and other factors listed from time to time in the Company'sfilings with the Securities and Exchange Commission. The Company expresslydisclaims any obligations or undertaking to release publicly any updates orrevisions to any forward-looking statements contained herein to reflect anychange in the Company's expectations with respect thereto or any change inevents, conditions or circumstances on which any statement is based.

Visit our website www.euroseas.gr

Company Contact

Tasos Aslidis
Chief Financial Officer Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: aha@euroseas.gr

Investor Relations / Financial Media

Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: nbornozis@capitallink.com

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