Year TCERate Name Type Dwt TEU Built Employment ($/day) --------- ------- ------ ----- ------------- ------------- Dry Bulk Vessels --------- ------- ------ ----- ------------- ------------- Baumarine Pool - 'til $ 17,000 to IRINI Panamax 69,734 1988 end 2008 $ 20,000 (*) --------- ------- ------ ----- ------------- ------------- TC 'til ARISTIDES N.P. Panamax 69,268 1993 Jan-08 $ 29,000 --------- ------- ------ ----- ------------- ------------- TC 'til NIKOLAOS P. Handysize 34,750 1984 Aug-07 $ 21,300 --------- ------- ------ ----- ------------- ------------- GREGOS Handysize 38,691 1984 Spot $ 22,500 --------- ------- ------ ----- ------------- ------------- Total Dry Bulk Vessels 4 212,443 --------- ------- ------ ----- ------------- ------------- --------- ------- ------ ----- ------------- ------------- Multipurpose Dry Cargo Vessels --------- ------- ------ ----- ------------- ------------- $ 8,850 'til Dec-08, TASMAN TRADER 1 22,568 950 1990 TC 'til $ 9,500 'til Mar-12 Dec-10, $ 9,000 'til Mar-12 --------- ------- ------ ----- ------------- ------------- Container Carriers --------- ------- ------ ----- ------------- ------------- Intermed- TC 'til ARTEMIS iate 29,693 2,098 1987 Dec-08 $ 19,000 --------- ------- ------ ----- ------------- ------------- TC 'til CLAN GLADIATOR Handysize 30,007 1,742 1992 Apr-08 $ 19,000 --------- ------- ------ ----- ------------- ------------- TC 'til YM XINGANG I Handysize 23,596 1,599 1993 Jul-09 $ 26,650 --------- ------- ------ ----- ------------- ------------- TC 'til MANOLIS P Handysize 20,346 1,452 1995 Mar-08 $ 13,450 --------- ------- ------ ----- ------------- ------------- NINOS (ex-YM TC 'til QINGDAO I) Feeder 18,253 1,169 1990 Apr-08 $ 12,800 --------- ------- ------ ----- ------------- ------------- TC 'til KUO HSIUNG Feeder 18,154 1,169 1993 Nov-07 $ 12,000 --------- ------- ------ ----- ------------- ------------- Total Container Carriers 6 140,049 9,229 --------- ------- ------ ----- ------------- ------------- Fleet Grand Total 11 375,060 10,179 --------- ------- ------ ----- ------------- -------------(*) The owning company of m/v "Irini" participates in 2 short funds (contracts of affreightment to carry cargo) that provide an effective coverage of m/v "Irini" for 77% in 2007 and 42% in 2008. The combination of the short funds and pool employment secures the mentioned rate range for the percent of the earnings mentioned above respectively in 2007 and 2008. 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. As of January 31, 2007, Euroseas trades on the NASDAQ Global Market under the ticker ESEA (previously it traded on the Over The Counter Bulletin Board under the ticker symbol EUSEF.OB). 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. After the purchase of the Clan Cladiator the Company will have a fleet of 11 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk carriers, 1 Intermediate container ship, 3 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 212,443 dwt, its 6 container ships have a cargo capacity of 9,229 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. 2693 Fair View Drive Mountainside, NJ 07092 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