Year TCERate Name Type Dwt TEU Built Employment ($/day) ============ ======= ====== ===== ============== ============= Drybulk Vessels ============ ======= ====== ===== ============== ============= TC 'til Dec-09 Then until $25,200 PANTELIS Panamax 74,020 2000 Nov-11 $17,500 ============ ======= ====== ===== ============== ============= ELENI P Panamax 72,119 1997 TC 'til May-10 $15,350 ============ ======= ====== ===== ============== ============= IRINI (*) Panamax 69,734 1988 Baumarine Pool ============ ======= ====== ===== ============== ============= ARISTIDES N.P. Panamax 69,268 1993 TC 'til Jan-10 $12,350 ============ ======= ====== ===== ============== ============= MONICA P Bulkhandling (**) Handymax 46,667 1998 Pool ============ ======= ====== ===== ============== ============= Total Drybulk Vessels 5 331.808 ============ ======= ====== ===== ============== ============= Multipurpose Dry Cargo Vessels ============ ======= ====== ===== ============== ============= $9,500 'til Dec-10, TASMAN TRADER 1 22,568 950 1990 TC 'til Mar-12 $9,000 'til Mar-12 ============ ======= ====== ===== ============== ============= Container Carriers ============ ======= ====== ===== ============== ============= $16,800 'til Aug-11 TC 'til $18,735 'til Aug-11 Aug-12 (3 annual $19,240 'til MAERSK options Aug-13 NOUMEA Intermediate 34,677 2,556 2001 'til Aug-14) $19,750 'til Aug-14 ============ ======= ====== ===== ============== ============= TIGER BRIDGE Intermediate 31,627 2,228 1990 TC 'til Mar-10 $7,500 ============ ======= ====== ===== ============== ============= 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 ============ ======= ====== ===== ============== ============= CAPTAIN TC til Dec-09 COSTAS (2 monthly (ex-OEL Handy size 30,007 1,742 1992 options 'til TRANSWORLD) Feb-10) $4,000 ============ ======= ====== ===== ============== ============= YM PORT KELANG (ex-MASTRO $3,750 'til NICOS, TC 'til Nov-10 Nov-10 ex-YM Handy size 23,596 1,599 1993 (option ($5,900 'til XINGANG I) 'til Nov-11) Nov-11) ============ ======= ====== ===== ============== ============= $3,850 'til Jan-10 TC 'til Jan-10 $4,000 'til (option 'til Jun-10 Jun-10) CONTEX (option less 10% 'til MANOLIS P Handy size 20,346 1,452 1995 'til Jun-11) Jun-11 ============ ======= ====== ===== ============== ============= NINOS (ex-YM QINGDAOI) Feeder 18,253 1,169 1990 TC 'til Jan-10 $3,900 ============ ======= ====== ===== ============== ============= TC 'til Mar-10 (option 'til $3,850 'til Dec-10) Dec-10 KUO HSIUNG Feeder 18,154 1,169 1993 (option 'til ($5,300 'til Jun-11) Jun-11) ============ ======= ====== ===== ============== ============= Total Container Carriers 9 243,994 15,779 ============ ======= ====== ===== ============== ============= Fleet Grand Total 15 598,370 16,729 ============ ======= ====== ===== ============== =============Note: TC denotes time charter. All dates listed are the earliest redelivery dates under each TC. All extension option are in favour of the charterers. (*) "Irini" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk market. (**) "Monica P" is employed in the Bulkhandling spot pool that is also managed by Klaveness. 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 Select 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 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 2 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 9 containerships have a cargo capacity of 15,779 teu and its 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 our expected joint venture and vessel acquisitions and 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 drybulk vessels and containerships, 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