Euroseas Announces Charter Agreement for Container Ship

Monday, March 31, 2008

Euroseas Ltd. an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has entered into a one year time charter period agreement for one of its containership vessels, the M/V Jonathan P.
The M/V Jonathan P, a 1,932 teu, 1990 built handysize container ship, will enter a time charter agreement for about one-year at a gross daily rate of $16,500. The new charter will commence upon completion of its present charter on or about April 15, 2008. The vessel will be renamed as per the charter contract.
Following this charter, approximately 73 percent of Euroseas total fleet days in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

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