Euroseas Announces Time Charter Extension

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 extended for approximately one year (until March 1, 2013) its time charter agreement, for the vessel Despina P, a 1932 teu, 1990 built Handysize containership, at a gross daily rate of $7,000. The new rate will commence on January 19, 2012.  Following the above mentioned charter, approximately 30% of Euroseas total container fleet days for 2012 and approximately 6% in 2013 are secured under period charters. Furthermore, the company has decided to accelerate the scheduled dry docking of the containership Captain Costas and perform it during this challenging period. The dry docking was originally scheduled for the summer of 2012.