Euroseas Starts Process to Issue Common Stock

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has filed a preliminary prospectus supplement with the Securities and Exchange Commission in connection with its previously filed registration statement on Form F-3. The preliminary prospectus supplement covers 5,000,000 shares of Common Stock to be issued and sold by the Company, exclusive of the underwriters’ over-allotment option to purchase up to 750,000 additional shares.

The Company intends to use the net proceeds of the offering to acquire additional vessels in the sectors in which it currently operates and for general corporate purposes.

The registration statement on Form F-3 relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on May 16, 2007. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the prospectus relating to these securities may be obtained when available from Oppenheimer & Co. Inc., 125 Broad Street, New York, NY 10004.