V Maersk Noumea News

Euroseas Ltd., (NASDAQ:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has entered into time charter agreement for the M/V Maersk Noumea. The vessel - a 2,556 teu, ten-year-old containership - has been extended for about 2 years at a gross daily rate of $15,750. The new rate will apply from the first days of July 2011. This employment is expected to generate approximately $11.5 million of gross revenues during the period of the charter.

Euroseas has taken delivery of the M/V Maersk Noumea, an intermediate container ship of 34,677 dwt and 2,556 TEU built in 2001 in South Korea. As previously disclosed, the vessel was acquired for $43.5m and comes with a period charter attached with a major container liner company at $16,800 per day until August 2011 with charterer's options to extend the charter for three additional years at $18,735, $19,240 and $19,750 per day, respectively. Approximately 100% of Euroseas total containership fleet days in 2008 and about 47% for 2009 are fixed under period charters. Overall, including the Company's dry bulk fleet, about 92% of the total fleet days in 2008 and about 34% in 2009 are covered under period charters…

The company also signed a memorandum of agreement to purchase the M/V Maersk Noumea, an intermediate containership of 34,677 dwt and 2,556 TEU built in 2001 in South Korea. The M/V Maersk Noumea was acquired for $43.5m and comes with a period charter attached with a major container liner company at $16,800 per day until August 2011 with charterer`s options to extend the charter for three additional years at $18,735, $19,240 and $19,750 per day, respectively. The vessel is expected to be delivered to the Company`s fleet around May 21, 2008. Following this acquisition, 100 % of Euroseas total containership fleet days in 2008 and about 47% for 2009, are fixed under period charters.