Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that two subsidiaries of the Company have entered into time charter agreement for the following vessels:

M/V Ninos, a 1,169 teu, 1990 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 1st of June 2011. The new rate represents an increase of about 65% over the vessel's current rate.

M/V Kuo Hsiung, a 1,169 teu, 1993 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 15th of June 2011. The new rate represents an increase of about 111% over the vessel's current rate.

Following the above mentioned charters, approximately 77% of the Company's total containerfleet days for 2011 and approximately 12% in 2012 are secured under period charters. The Company's drybulk fleet is 100% covered in 2011 via time charter contracts or Forward Freight Agreements (FFAs) and 50% covered in 2012 via time charter contracts.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have extended the time charter agreements for M/V Ninos and M/V Kuo Hsiung at rates of approximately 90% higher than their current rates on average. We look forward to continuing capitalizing on a stronger containership market with the remaining of our vessels come up for re-chartering as any rate increases directly benefit our earnings."