Euroseas Ltd. Signs Contract for the Construction of Two Fuel Efficient Ultramax Drybulk Carriers

Euroseas Ltd. Signs Contract for the Construction of Two Fuel Efficient 
Ultramax Drybulk Carriers 
MAROUSSI, ATHENS, GREECE -- (Marketwired) -- 12/03/13 --  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 it has signed a
contract for the construction of two Ultramax fuel efficient drybulk
carriers. The vessels will have a carrying capacity of 63,500 dwt
each and will be built at Yangzhou Dayang Shipbuilding Co., Ltd.,
member of Sinopacific Shipbuilding Group. Delivery of the vessels is
scheduled during the fourth quarter of 2015 and the first quarter of
2016, respectively. The aggregate purchase price of the two
newbuilding vessels is approximately $56 million. 
Aristides Pittas, Chairman and CEO of Euroseas commented: "The
signing of a contract to build two Ultramax drybulk vessels, marks
the beginning of a new era for Euroseas. This deal underlines our
continued commitment to the drybulk sector and our strategy of
conservative growth and renewal of our fleet. We believe that
investing in young assets when prices are low is a sound proposition
as one is to gain not only from the trading of the ships, but also
from possible asset appreciation. Both vessels are of eco-design and
we expect them to have an additional competitive advantage in the
marketplace. This contract heralds the further growth of our company
alongside with the gradual recovery of the markets that we expect." 
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 Select Market under the ticker ESEA since
January 31, 2007. 
Euroseas operates in the dry cargo, drybulk and container shipping
markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO
9001:2008 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 14 vessels, including 3 Panamax drybulk
carriers and 1 Handymax drybulk carrier, 3 Intermediate
containership, 5 Handysize containerships and 2 Feeder
containerships. Euroseas' 4 drybulk carriers have a total cargo
capacity of 262,074 dwt, its 10 containerships have a cargo capacity
of 17,587 teu. Euroseas has also entered into agreements for the
construction of two 63,500 dwt Ultramax dry bulk vessels with
expected deliveries during the fourth quarter of 2015 and the first
quarter of 2016, respectively.  
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 and container ships, 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. 
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Company Contact
Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
Investor Relations / Financial Media
Nicolas Bornozis
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
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