MAROUSSI, ATHENS, GREECE -- (Marketwire) -- 07/23/09 -- Euroseas Ltd. (NASDAQ: ESEA), owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today, that it has taken delivery of the M/V Four Coal to be renamed M/V Pantelis, a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan. As previously disclosed, the vessel was acquired for approximately $27.5 million and comes with a time charter back to the seller until December 2009 at a gross daily rate of $25,200 per day. The vessel will be partly financed with a bank loan of approximately $13 million.

After the acquisition of M/V Pantelis, approximately 70% of Euroseas' total fleet days remaining in 2009 and approximately 40% in 2010 are fixed under time charters, FFA contracts, spot charters, or otherwise protected from market fluctuations.

Fleet Profile:

Euroseas Ltd. fleet profile is as follows:

                                            Year                  TCE Rate
Name               Type       Dwt     TEU   Built   Employment     ($/day)
-------------  ------------ ------- ------  ------ ------------ -----------
Dry Bulk
 Vessels
-------------  ------------ ------- ------  ------ ------------ -----------
PANTELIS       Panamax       74,020          2000    TC 'til       $25,200
                                                     Jan-10
-------------  ------------ ------- ------  ------ ------------ -----------
ELENI P        Panamax       72,119          1997    TC 'til       $15,350
                                                     May-10
-------------  ------------ ------- ------  ------ ------------ -----------
IRINI (*)      Panamax       69,734          1988   Baumarine
                                                     Pool
-------------  ------------ ------- ------  ------ ------------ -----------
ARISTIDES N.P. Panamax       69,268          1993    TC 'til       $12,350
                                                     Jan-10
-------------  ------------ ------- ------  ------ ------------ -----------
MONICA P (**)  Handymax      46,667          1998  Bulkhandling
                                                      Pool
-------------  ------------ ------- ------  ------ ------------ -----------
GREGOS         Handysize     38,691          1984      Spot
-------------  ------------ ------- ------  ------ ------------ -----------
Total Dry
 Bulk Vessels      6        370,499
-------------  ------------ ------- ------  ------ ------------ -----------
-------------  ------------ ------- ------  ------ ------------ -----------
Multipurpose
 Dry Cargo
 Vessels
-------------  ------------ ------- ------  ------ ------------ -----------
TASMAN                                                          $9,500 'til
 TRADER            1         22,568    950   1990    TC 'til     Dec-10,
                                                     Mar-12     $9,000 'til
                                                                 Mar-12
-------------  ------------ ------- ------  ------ ------------ -----------
Container
 Carriers
-------------  ------------ ------- ------  ------ ------------ -----------
MAERSK                                               TC 'til   $16,800 'til
 NOUMEA        Intermediate  34,677  2,556   2001    Aug-11(3     Aug 11
                                                     annual    $18,735 'til
                                                     options      Aug 12
                                                      'til     $19,240 'til
                                                     Aug-14)      Aug 13
                                                               $19,750 'til
                                                                  Aug 14
-------------  ------------ ------- ------  ------ ------------ -----------
TIGER                                                TC 'til
 BRIDGE        Intermediate  31,627  2,228   1990     Mar-10      $7,500
-------------  ------------ ------- ------  ------ ------------ -----------
ARTEMIS        Intermediate  29,693  2,098   1987    Laid-up
-------------  ------------ ------- ------  ------ ------------ -----------
DESPINA P      Handysize     33,667  1,932   1990    Laid-up
-------------  ------------ ------- ------  ------ ------------ -----------
JONATHAN P
 (ex-OEL
  INTEGRITY)   Handysize     33,667  1,932   1990    Laid-up
-------------  ------------ ------- ------  ------ ------------ -----------
OEL                                                  TC 'til
 TRANSWORLD                                          Oct-09       $12,000
 (ex-CLAN                                          'til Oct-10    $10,000
 GLADIATOR)                                         (owner's     (owner's
               Handysize     30,007  1,742   1992    option)      option)
-------------  ------------ ------- ------  ------ ------------ -----------
YM XINGANG I   Handysize     23,596  1,599   1993    TC 'til       $3,850
                                                     Sep-09
-------------  ------------ ------- ------  ------ ------------ -----------
MANOLIS P      Handysize     20,346  1,452   1995    TC 'til      $15,800
                                                     Oct-09
-------------  ------------ ------- ------  ------ ------------ -----------
NINOS
 (ex-YM                                              TC 'til
 QINGDAO I)    Feeder        18,253  1,169   1990    Apr-10        $8,060
-------------  ------------ ------- ------  ------ ------------ -----------
KUO HSIUNG     Feeder        18,154  1,169   1993    TC 'til    $4,100 'til
                                                     Dec-09       Jun-09
                                                    (6-month    $3,850 'til
                                                   option 'til    Dec-09
                                                     Jun-10)
-------------  ------------ ------- ------  ------ ------------ -----------
Total
 Container
 Carriers          10       273,687 17,877
-------------  ------------ ------- ------  ------ ------------ -----------
Fleet Grand
 Total             17       666,754 18,827
-------------  ------------ ------- ------  ------ ------------ -----------

(*) "IRINI" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the dry bulk area. (**) "Monica P" is employed in the Bulkhandling spot pool that is managed by Klaveness, a major global charterer in the dry bulk area.

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.

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 17 vessels, including 4 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 Handysize drybulk carrier, 3 Intermediate container ships, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 6 drybulk carriers have a total cargo capacity of 370,499 dwt, its 10 container ships have a cargo capacity of 17,787 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.