Year TCE Rate Name Type Dwt TEU Built Employment ($/day) ------------ ------------ -------- ------ ------ ---------- -------------- Dry Bulk Vessels ------------ ------------ -------- ------ ------ ---------- -------------- Panamax Bulker (to TC 'til be renamed) Panamax 74,020 2000 Jan-10 $25,200 ------------ ------------ -------- ------ ------ ---------- -------------- TC 'til ELENI P Panamax 72,119 1997 May-10 $15,350 ------------ ------------ -------- ------ ------ ---------- -------------- Baumarine IRINI (*) Panamax 69,734 1988 Pool ------------ ------------ -------- ------ ------ ---------- -------------- TC 'til ARISTIDES N.P. Panamax 69,268 1993 Jan-10 $12,350 ------------ ------------ -------- ------ ------ ---------- -------------- Bulkhandling MONICA P (**) Handymax 46,667 1998 Pool ------------ ------------ -------- ------ ------ ---------- -------------- GREGOS Handysize 38,691 1984 Spot ------------ ------------ -------- ------ ------ ---------- -------------- Total Dry Bulk Vessels 6 370,499 ------------ ------------ -------- ------ ------ ---------- -------------- ------------ ------------ -------- ------ ------ ---------- -------------- Multipurpose Dry Cargo Vessels ------------ ------------ -------- ------ ------ ---------- -------------- $9,500 'til TASMAN TC 'til Dec-10, TRADER 1 22,568 950 1990 Mar-12 $9,000 'til Mar-12 ------------ ------------ -------- ------ ------ ---------- -------------- Container Carriers ------------ ------------ -------- ------ ------ ---------- -------------- $16,800 'til Aug 11 TC 'til $18,735 'til MAERSK Intermediate 34,677 2,556 2001 Aug-11 Aug 12 NOUMEA (3 annual $19,240 'til options Aug 13 'til $19,750 'til Aug-14) 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 Handy size 33,667 1,932 1990 Laid-up ------------ ------------ -------- ------ ------ ---------- -------------- JONATHAN P (ex-OEL INTEGRITY) Handy size 33,667 1,932 1990 Laid-up ------------ ------------ -------- ------ ------ ---------- -------------- TC 'til OEL Oct-09 $12,000 TRANSWORLD 'til Oct-10 $10,000 (ex-CLAN Handy size 30,007 1,742 1992 (owner's (owner's GLADIATOR) option) option) ------------ ------------ -------- ------ ------ ---------- -------------- YM XINGANG I TC 'til Handy size 23,596 1,599 1993 Jul-09 $26,650 ------------ ------------ -------- ------ ------ ---------- -------------- TC 'til MANOLIS P Handy size 20,346 1,452 1995 Oct-09 $15,800 ------------ ------------ -------- ------ ------ ---------- -------------- NINOS (ex-YM TC 'til QINGDAO I) Feeder 18,253 1,169 1990 Apr-10 $8,060 ------------ ------------ -------- ------ ------ ---------- -------------- TC 'til Dec-09 $4,100 'til KUO HSIUNG Feeder 18,154 1,169 1993 (6-month Jun-09 option $3,850 'til 'til Dec-09 Jun-10) ------------ ------------ -------- ------ ------ ---------- -------------- Total Container 10 273,687 17,877 Carriers ------------ ------------ -------- ------ ------ ---------- -------------- 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 16 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 handysize drybulk carrier, 3 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 296,479 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. The Company has also entered into an agreement to acquire an additional Panamax drybulk carrier, to be delivered in March 2009, thereby expanding its total fleet to 16 vessels. 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. Visit our website www.euroseas.gr
Contact Information: 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