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<SEC-DOCUMENT>0001317861-09-000457.txt : 20091223
<SEC-HEADER>0001317861-09-000457.hdr.sgml : 20091223
<ACCEPTANCE-DATETIME>20091223151152
ACCESSION NUMBER:		0001317861-09-000457
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091223
FILED AS OF DATE:		20091223
DATE AS OF CHANGE:		20091223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROSEAS LTD.
		CENTRAL INDEX KEY:			0001341170
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33283
		FILM NUMBER:		091257887

	BUSINESS ADDRESS:	
		STREET 1:		AETHRION CENTER, 40 AG.
		STREET 2:		KONSTANTINOU STREET, 151 24
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011 30 210 6105110

	MAIL ADDRESS:	
		STREET 1:		AETHRION CENTER, 40 AG.
		STREET 2:		KONSTANTINOU STREET, 151 24
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f122309esea6ka.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="SAVICKI">
<META NAME="date" CONTENT="12/23/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:432pt"><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>FORM 6-K</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:9pt; font-size:12pt" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">For the month of December 2009</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Commission File Number: &nbsp;001-33283</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=442.8></TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>EUROSEAS LTD.</B></P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(Translation of registrant&#146;s name into English)</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Aethrion Center</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>40 Ag. Konstantinou Street</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>151 24 Maroussi, Greece</B></P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(Address of principal executive office)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Form 20-F [ X ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ &nbsp;]</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ &nbsp;].</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ &nbsp;].</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's &quot;home country&quot;), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
<P style="margin-top:0pt; margin-bottom:10pt" align=center><BR>
<BR></P>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:11pt; font-size:11pt; page-break-before:always" align=center><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>
<P style="margin:0pt; font-family:Arial"><FONT FACE="Arial">This Report on Form 6-K is hereby incorporated by reference into Euroseas Ltd.&#146;s Registration Statement on Form F-3, filed on July 2, 2008, Registration Statement No. 333-152089, and the related prospectus supplement dated September 4, 2009, and the Company&#146;s Registration Statement on Form S-8, filed on December 18, 2007, Registration Statement No. 333-148124.</FONT></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>On December 23, 2009, Euroseas Ltd., an owner and operator of container carrier and drybulk vessels (the &#147;Company&#148;), announced that it sold and delivered to their new owners the two oldest vessels in its fleet, M/V Gregos and M/V Artemis. M/V Gregos, a 38,691 dwt geared drybulk carrier built in 1984, was sold for further trading for approximately $7.9 million. &nbsp;M/V Artemis, a 2,098 TEU gearless containership built in 1987, was sold for scrap for $282/lwt, or approximately $3.2 million; the M/V Artemis had been laid-up and was sold &#147;as is&#148;. &nbsp;The Company will take a book loss of approximately $8.7 million as a result of such sales.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>The Company also announced that it has entered into a non-binding Letter of Intent with Eton Park Capital Management, L.P. on behalf of one or more funds managed by it (&#147;Eton Park&#148;) and Rh&#244;ne Capital III L.P. (&#147;Rh&#244;ne&#148;) to form a joint venture to pursue investment opportunities in shipping. The Company is expected to invest up to $25 million while Eton Park and Rh&#244;ne are each expected to invest up to $75 million. Management of acquired vessels will be performed by the Company and its affiliates. The arrangement also is expected to include the option by Eton Park and Rh&#244;ne, exercisable at any time after the two year anniversary of the formation of the joint venture, to exchange all or part of their interest in the joint venture for equity of the Company at a price to be based on the comparable values of the joint venture and the Company at the time of exercise. In addition, the arrangement contemplates that the Compa
ny will grant the joint venture certain rights of first refusal in respect of vessel acquisition opportunities presented to the Company. &nbsp;The agreement is subject to the execution of definitive documentation and customary closing conditions and is expected to close by the end of February 2010. During this time the Company has agreed to negotiate exclusively with Eton Park and Rh&#244;ne with respect to this or any similar transaction.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial">&nbsp;<B>Fleet Profile: &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial">Taking into account &nbsp;a two-year period time charter agreement for the M/V &quot;Aristides NP,&quot; a 69,268 dwt, 1993 built Panamax bulk carrier, the Company also announced on December 23, 2009, at a gross daily rate of $18,900, the Company&#146;s fleet profile is as follows:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=113.4></TD><TD width=63></TD><TD width=54></TD><TD width=45></TD><TD width=36></TD><TD width=84.6></TD><TD width=90></TD></TR>
<TR><TD style="background-color:#333333; border:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Name </B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Type</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Dwt</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>TEU</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Year Built</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Employment</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>TCE&nbsp;Rate ($/day)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Drybulk Vessels</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=60><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=48><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=112.8><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">PANTELIS</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>74,020</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Jan10 </P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>then until Nov-11</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$25,200 &#145;til Jan-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$17,500 &#145;til Nov-10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ELENI P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>72,119</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til May-10 </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$15,350</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">IRINI <SUP>(*)</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>69,734</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1988</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Baumarine Pool </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ARISTIDES N.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>69,268</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;TC &#145;til Feb-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>then &#145;til Feb-12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,350 &#145;til Feb10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$18,900 &#145;til Feb-12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MONICA P (**)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handymax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>46,667</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Bulkhandling Pool</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total Drybulk Vessels</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>5</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>331.808</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Multipurpose Dry Cargo Vessels</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">TASMAN TRADER</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>1</B></P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>22,568</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>950</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar-12</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$9,500 &#145;til Dec-10,</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$9,000 &#145;til Mar-12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Container Carriers</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MAERSK NOUMEA</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Intermediate</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>34,677</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2,556</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Aug-11</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(3 annual options &#145;til Aug-14) </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$16,800 &#145;til Aug-11</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$18,735 &#145;til Aug-12 </P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$19,240 &#145;til Aug-13</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$19,750 &#145;til Aug-14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">TIGER BRIDGE </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Intermediate </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>31,627</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2,228</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar-10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">DESPINA P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>33,667</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,932</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Laid-up</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">JONATHAN P<BR>
(ex-OEL INTEGRITY)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>33,667</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,932</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Laid-up</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">CAPTAIN COSTAS</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">(ex-OEL TRANSWORLD)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>30,007</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,742</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC til Dec-09</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(2 monthly options til Feb-10)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">YM PORT KELANG</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">(ex-MASTRO NICOS, ex-YM XINGANG I)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>23,596</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,599</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Nov-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option &#145;til Nov-11)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$3,750 &#145;til Nov-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">($5,900 &#145;til Nov-11)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MANOLIS P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>20,346</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,452</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Jan-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option til Jun-10)</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option til Jun-11) </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$3,850 &#145;til Jan-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4,000 &#145;til Jun-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>CONTEX less 10% &#145;til Jun-11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">NINOS <BR>
(ex-YM QINGDAO I)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,253</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,169</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Jan-10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$3,900</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">KUO HSIUNG</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,154</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,169</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar -10 (option &#145;til Dec-10)</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option &#145;til Jun-11)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;$3,850 &#145;til Dec-10<BR>
($5,300 &#145;til Jun-11)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total Container Carriers</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>9</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>243,994</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>15,779</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fleet Grand Total</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>15</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>598,370</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>16,729</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial">Note: TC denotes time charter. All dates listed are the earliest redelivery dates under each TC. All extension option are in favour of the charterers.</P>
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<P style="margin:0pt; font-family:Arial">(*) &quot;Irini&quot; is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk market. </P>
<P style="margin:0pt; font-family:Arial">(**) &quot;Monica P&quot; is employed in the Bulkhandling spot pool that is also managed by Klaveness. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
<B>Forward Looking Statement</B></P>
<P style="margin:0pt; font-family:Arial">This document 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&#146;s growth strategy and measures to implement such strategy; including our expected joint venture and vessel acquisitions and time charters. Words such as &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;anticipates,&#148; &#147;hopes,&#148; &#147;estimates,&#148; 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 signifi
cant 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 drybulk vessels and containerships, 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&#146;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&#146;s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.</P>
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<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><FONT FACE="Times New Roman">SIGNATURES</FONT></P>
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<P style="line-height:13pt; margin:0pt; font-size:11pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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<P style="line-height:13pt; margin:0pt; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUROSEAS LTD.</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(registrant)</P>
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<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt">Dated: &nbsp;December 23, 2009 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;By: /s/ Aristides J. Pittas</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;---------------------------------</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;Aristides J. Pittas</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;President</P>
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