MAROUSSI, ATHENS, GREECE--(Marketwire - April 23, 2008) - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of dry bulk 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 time charter agreement for one of its container ships.

The M/V "Clan Gladiator," a 1,742 teu 1992 built handysize container ship, has entered in a time charter agreement for minimum 16 to maximum 18 months at a gross daily rate of $18,500. The charter will commence after the conclusion of the present charter contract of the vessel.

Following this charter, 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, 85% of the total fleet days in 2008 and about 33% in 2009 are covered under period charters, already concluded spot charters, or otherwise protected from market fluctuations.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to announce that we have secured all of our containerships for 2008 and a significant percentage of them for 2009 on profitable time charters. By securing our income base with our container fleet and leaving the majority of our dry bulk fleet exposed to the presently strong spot market, we believe we will maximize our shareholders' returns."

The Euroseas Ltd. fleet profile is as follows:

                                         Year                   TCERate
Name           Type        Dwt    TEU    Built   Employment     ($/day)
           ------------- ------- ------ ------- ------------- -------------
Dry Bulk Vessels
----------------                                  Baumarine
                                                 Spot Pool -  Spot / Partly
IRINI (*)     Panamax     69,734          1988  'til end 2008    fixed
           ------------- ------- ------ ------- ------------- -------------
ARISTIDES                                          TC 'til
 N.P.         Panamax     69,268          1993      Jan-09    $      52,000
           ------------- ------- ------ ------- ------------- -------------
                                                   TC 'til
IOANNA P.     Panamax     64,873          1984      Aug-08    $      35,500
           ------------- ------- ------ ------- ------------- -------------
NIKOLAOS P.  Handysize    34,750          1984      Spot      $      41,000
           ------------- ------- ------ ------- ------------- -------------
GREGOS       Handysize    38,691          1984      Spot      $      44,750
           ------------- ------- ------ ------- ------------- -------------
Total Dry
 Bulk Vessels    5       277,316
           ------------- ------- ------ ------- ------------- -------------

Multipurpose Dry
 Cargo Vessels
----------------                                              $  8,850 'til
                                                                  Dec-08,
TASMAN                                             TC 'til    $  9,500 'til
 TRADER          1        22,568   950    1990      Mar-12        Dec-10,
                                                              $  9,000 'til
                                                                  Mar-12
           ------------- ------- ------ ------- ------------- -------------

Container Carriers
------------------
TIGER                                              TC 'til
 BRIDGE     Intermediate  31,627  2,228   1990      Jul-09    $      16,500
           ------------- ------- ------ ------- ------------- -------------
                                                   TC 'til
ARTEMIS     Intermediate  29,693  2,098   1987      Dec-08    $      19,000
           ------------- ------- ------ ------- ------------- -------------
                                                   TC 'til
DESPINA P    Handysize    33,667  1,932   1990      Feb-09    $      15,250
           ------------- ------- ------ ------- ------------- -------------
                                                   TC 'til
JONATHAN P   Handysize    33,667  1,932   1990      May-09    $      16,500
           ------------- ------- ------ ------- ------------- -------------
CLAN                                               TC 'til
 GLADIATOR   Handysize    30,007  1,742   1992      Sep-09    $      18,500
           ------------- ------- ------ ------- ------------- -------------
YM                                                 TC 'til
 XINGANG I   Handysize    23,596  1,599   1993      Jul-09    $      26,650
           ------------- ------- ------ ------- ------------- -------------
                                                   TC 'til
MANOLIS P    Handysize    20,346  1,452   1995      Nov-09    $      15,800
           ------------- ------- ------ ------- ------------- -------------
NINOS
 (ex-YM                                            TC 'til
  QINGDAO I)   Feeder     18,253  1,169   1990      Apr-09    $      13,175
           ------------- ------- ------ ------- ------------- -------------
KUO                                                TC 'til
 HSIUNG        Feeder     18,154  1,169   1993      Feb-09    $      15,800
           ------------- ------- ------ ------- ------------- -------------
Total Container
 Carriers         9      239,010 15,321
           ------------- ------- ------ ------- ------------- -------------
Fleet Grand
 Total           15      538,894 16,271
           ------------- ------- ------ ------- ------------- -------------


(*) "IRINI" is employed in the Baumarine pool that is managed by Klaveness, a major global charterer in the dry bulk area, and also participates in "short" funds (contracts to carry cargo at agreed rates), reducing its exposure to the spot market.

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 15 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 9 container ships have a cargo capacity of 15,321 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information: Contact: Visit our website www.euroseas.gr Company Contact Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury lane Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr Investor Relations / Financial Media Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com