Euroseas Divident & Time Charter

May 10, 2010

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 that the company's Board of Directors has declared a dividend of $0.05 per common share for the first quarter of 2010. The dividend is payable on June 18, 2010 to all shareholders of record as of June 11, 2010. This is the 19th consecutive quarterly dividend since the company accessed the capital markets in August 2005.

The company also announced that a subsidiary of the company has entered into an about two-year period time charter agreement for the M/V Eleni P, a 72,119 dwt, 1997 built Panamax bulk carrier, at a gross daily rate of $23,500. The charter will commence between mid August 2010 and mid September 2010. This employment is expected to generate approximately $16.5m of gross revenues during the period of the charter.

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