<SEC-DOCUMENT>0001317861-12-000063.txt : 20120516
<SEC-HEADER>0001317861-12-000063.hdr.sgml : 20120516
<ACCEPTANCE-DATETIME>20120516110316
ACCESSION NUMBER:		0001317861-12-000063
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120516
FILED AS OF DATE:		20120516
DATE AS OF CHANGE:		20120516

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:		12847643

	BUSINESS ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011 30 210 6105110

	MAIL ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f051612esea6k.htm
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<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Paul">
<META NAME="date" CONTENT="02/06/2012">
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<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>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>FORM 6-K</B></P>
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<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>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>For the month of May 2012</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Commission File Number: &nbsp;001-33283</P>
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<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>
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<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>
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<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>4 Messogiou &amp; Evropis Street</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>151 25 Maroussi, Greece</B></P>
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<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>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Form 20-F [ X ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ &nbsp;]</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>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" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><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" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>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" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><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>
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<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the &#147;Company&#148;) on May 15, 2012: Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2012.</P>
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<P style="margin:0pt; font-family:Arial" align=right><FONT FACE="Arial"><B>Exhibit 1</B></FONT></P>
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<P style="margin:0pt" align=center><img src="f051612esea6k002.gif" alt="[f051612esea6k002.gif]" align=top height=92 width=277.533></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2012 </B></P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Maroussi, Athens, Greece &#150; May 15, 2012</B> &#150; Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2012.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>First Quarter 2012 Highlights:</B></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Net loss of $9.0 million or $0.29 loss per share basic and diluted on total net revenues of $13.9 million. &nbsp;Excluding the effect of unrealized gain and realized losses on derivatives, unrealized gain on trading securities and loss on sale of vessel, the loss for the period would have been $0.1 million, or $0.00 loss per share. </FONT></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Adjusted EBITDA was $4.9 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net loss.</FONT></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">An average of 15.92 vessels were owned and operated during the first quarter of 2012 earning an average time charter equivalent rate of $11,258 per day.</FONT></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Declared a quarterly dividend of $0.04 per share for the first quarter of 2012 payable on June 13, 2012 to shareholders of record on June 4, 2012. This is the twenty-seventh consecutive quarterly dividend declared.</FONT></P>
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<P style="margin:0pt; font-family:Arial"><B>Aristides Pittas, Chairman and CEO of Euroseas commented: </B>&#147;The first quarter of 2012 proved to be a quite challenging one as the containership market remained low throughout the quarter resulting in lower renewal rates for those of our vessels which had their charters expire and delays in finding employment. On the other hand, the drybulk market, although also depressed, did not affect our revenues during the first quarter as our vessels are chartered well into 2013. While we remain concerned about the near term prospects of the drybulk market, we believe the container ship market may have bottomed and even commenced to turn as indicated by the increase in the freight indices and the reduction of the number of vessels laid-up, of course, depending on the overall economic developments.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">On the investment front, we believe that the depressed charter markets will result in very attractive investment opportunities, especially, in the drybulk sector in which the supply of vessels is set to grow throughout the year; but also, in the containership sector. In fact, we took advantage of two such opportunities in the containership sector by acquiring one and agreeing to acquire one more containership through our joint venture with two private equity firms, Euromar LLC, which now owns 10 vessels.</P>
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<P style="margin:0pt; font-family:Arial">To increase our funds available to acquire additional and younger tonnage at the present depressed market conditions, we sold one of our older containerships, and furthermore, our Board decided to raise additional funds via a rights offering to our shareholders, the specific terms of which will be announced shortly. We believe that the latter is the most effective way for us to access additional funds without dilution to our shareholders.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">In view of the above plans, our Board decided to decrease our quarterly dividend to $0.04 per share which represents a yield of about 11% on the basis of our stock price on May 14, 2012.&#148; </P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Tasos Aslidis, Chief Financial Officer of Euroseas commented: </B>&#147;The results of the first quarter of 2012 primarily reflect the loss we incurred from the sale of M/V Jonathan P; in addition to this loss, the quarter&#146;s result was influenced by the poor containership market which, in turn, resulted in idle days for two of our ships. During the first quarter of 2012, we had significant contributions to our revenues from our drybulk fleet which is chartered at above current market rate levels. Our results for the quarter were also negatively influenced by losses on our interest rate swap contracts. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Total daily vessel operating expenses, including management fees and general and administrative expenses, during the first quarter of 2012 increased by less than 1% on a per vessel per day basis compared to the first quarter of 2011. This increase mainly reflects higher general and administrative expenses. Our drydocking expenses in the first quarter of 2012 were minimal on a per vessel per day basis as compared to the first quarter of 2011. We believe that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages. </P>
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<P style="margin:0pt; font-family:Arial" align=justify>As of March 31, 2012, our outstanding debt is about $70.4 million versus restricted and unrestricted cash of about $35.7 million. We were in compliance with all our loan covenants.&#148;</P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>First Quarter 2012 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the first quarter of 2012, the Company reported total net revenues of $13.9 million representing a 2.1% decrease over total net revenues of $14.2 million during the first quarter of 2011. The Company reported losses for the period of $9.0 million as compared to a net loss of $0.6 million for the first quarter of 2011. The results for the first quarter of 2012 include a $0.2 million unrealized gain on derivatives and trading securities as compared to $0.5 million net unrealized gain on derivatives and trading securities for the same period of 2011; and, a $0.4 million realized loss on derivatives versus a $0.2 million realized loss in the same period of 2011. &nbsp;&nbsp;Drydocking expenses of $0.03 million during the quarter were lower than the $1.5 million incurred in the first quarter of 2011 and refer to expenses for our last vessel drydocked in the fourth quarter of 2011. Depreciation expense for the first quarter of 2012 was $4.5 million compared to $4.6 million during the same period of 2011. On average, 15.92 vessels were owned and operated during the first quarter of 2012 earning an average time charter equivalent rate of $11,258 per day compared to 16 vessels in the same period of 2011 earning on average $11,088 per day. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA for the first quarter of 2012 was $4.9 million, a 31.8% increase from $3.7 million achieved during the first quarter of 2011. Please see below for Adjusted EBITDA reconciliation to net loss and cash flow provided by operating activities. </P>
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<P style="margin:0pt; font-family:Arial" align=justify>Basic and diluted loss per share for the first quarter of 2012 was $0.29, calculated on 31,167,211 weighted average number of shares outstanding compared to basic and diluted loss per share of $0.02 for the first quarter of 2011, calculated on 31,002,211 weighted average number of shares outstanding. &nbsp;</P>
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<A NAME="OLE_LINK4"></A><P style="margin:0pt; font-family:Arial" align=justify>Excluding the effect on the loss for the quarter of the unrealized gain and realized losses on derivatives, unrealized gain on trading securities and the loss on sale of vessel, the loss per share for the quarter ended March 31, 2012 would have been $0.00 per share basic and diluted, compared to the loss, for the quarter ended March 31, 2011 of $0.04 per share basic and diluted. Usually, security analysts do not include the above items in their published estimates of earnings per share. </P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Fleet Profile: </B></P>
<P style="margin:0pt; font-family:Arial">The Euroseas Ltd. fleet profile is as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=117></TD><TD width=63></TD><TD width=50.4></TD><TD width=45></TD><TD width=36></TD><TD width=84.6></TD><TD width=86.9></TD></TR>
<TR><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Name </B></P>
</TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top: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-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left:0.5pt solid #000000; border-top: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-left:0.5pt solid #000000; border-top: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-left:0.5pt solid #000000; border-top: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:0.5pt solid #000000" width=115.867><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-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Dry Bulk Vessels</U></B></P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.2><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-left: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-left: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-left: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-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">PANTELIS</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>74,020</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left: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-left: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 Jan-14 +</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1 Year in Charterers Option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$11,200</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$14,200</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ELENI P</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>72,119</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left: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-left: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 Jan-13 </P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$16,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">IRINI</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>69,734</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left: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-left: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 Apr-13 </P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$14,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left: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-left: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 Feb-13 </P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$10,300</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MONICA P &nbsp;</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left: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-left: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 Sep-13</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,375</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total Dry Bulk Vessels</B></P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>331,808</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ANKING (ex-TASMAN TRADER)</P>
</TD><TD style="border-left: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>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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>
</TD><TD style="border-left: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>
</TD><TD style="border-left: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-left: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-13</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,600 </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Container Carriers</U></B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MAERSK NOUMEA</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>34,677</P>
</TD><TD style="border-left: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-left: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-left: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 Jun-13</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$15,750</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left: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 Feb-13(*)+</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>9-12 months in Charterers Option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,000</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$9,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">AGGELIKI P</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>30,360</P>
</TD><TD style="border-left: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>2,008</P>
</TD><TD style="border-left: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-left: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 Sep-12(*)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left: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-13</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">CAPTAIN COSTAS<BR>
(ex-OEL TRANSWORLD)</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar-13</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>+ 12 months in Charterers Option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,000</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Marinos</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left: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 Sep-12(*)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left: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 Jun-12</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left: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 Sep-12 + 6 months in charterers Option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,375</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left: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-left: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-left: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 Oct-12 + 6 months in charterers Option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><BR>
$7,375</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>240,687</B></P>
</TD><TD style="border-left: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>15,855</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fleet Grand Total</B></P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>595,063</B></P>
</TD><TD style="border-left: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>16,805</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.867><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Arial">&nbsp;Note: Charter duration indicates the earliest redelivery date unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (*). Generally, charterers have a range of 15 days to 3 of months to redeliver the vessels depending on the length of the charter.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Summary Fleet Data:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK5"></A><TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=199.1></TD><TD width=72></TD><TD width=73.05></TD></TR>
<TR><TD style="background-color:#333333; border:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</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" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right><B>3 months, ended March 31, 2011</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" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right><B>3 months, ended &nbsp;March 31, 2012</B></P>
</TD><A NAME="OLE_LINK2"></A></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify><B>FLEET DATA</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Average number of vessels (1)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>16.00</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>15.92</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Calendar days for fleet (2)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1440.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>1441.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Scheduled off-hire days incl. laid-up (3)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>64.4</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Available days for fleet (4) = (2) - (3)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,375.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>1,441.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Commercial off-hire days (5)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>27.9</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>178.35</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Operational off-hire days (6)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>6.4</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>8.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Voyage days for fleet (7) = (4) - (5) - (6) </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,341.3</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>1,254.7</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization (8) = (7) / (4)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>97.5%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>87.1%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization, commercial (9) = ((4) - (5)) / (4)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.0%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>87.6%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization, operational (10) = ((4) - (6)) / (4)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.5%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>99.4%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify><B>AVERAGE DAILY RESULTS</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Time charter equivalent rate (11)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>11,088</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>11,258</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial">Vessel operating expenses excl. drydocking expenses (12)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,387</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>5,294</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial">General and administrative expenses (13)</P>
</TD><TD style="border-right:0.5pt solid #000000" width=96><P style="margin:0pt; font-family:Arial" align=right>551</P>
</TD><TD style="border-right:0.5pt solid #000000" width=97.4><P style="margin:0pt; font-family:Arial" align=right>692</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Total vessel operating expenses excl. dd expenses (14)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,938</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>5,986</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Drydocking expenses (15)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>1,032</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>22</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. The shipping industry uses available days to measure the number of days in a period during which vessels were available to generate revenues.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(4) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of scheduled off-hire days including days of vessels laid-up.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(5) Commercial off-hire days. We define commercial off-hire days as days waiting to find employment. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. The shipping industry uses voyage days to measure the number of days in a period during which vessels actually generate revenues.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. The shipping industry uses fleet utilization to measure a company&#146;s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available net of operational off-hire days during a period by our available days during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(11) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#146;s performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(12) Daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(13) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels excluding drydocking expenses. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial">(15) Drydocking expenses, which include expenses during drydockings that would been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Conference Call and Webcast: </B></P>
<P style="margin:0pt; font-family:Arial">Tomorrow, Wednesday, May 16, 2012 at 9:30 a.m. EDT, the company's management will host a conference call to discuss the results. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Conference Call details: </B></P>
<P style="margin:0pt; font-family:Arial">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329 (from the UK) or +44 (0)1452 542 301 (from outside the US.) Please quote &#147;Euroseas&#148;.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">A recording of the conference call will be available until May 23, 2012 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44 (0)1452 550 000 (the standard international replay number). Access Code: 6973591#</P>
<P style="margin:11.65pt"><BR></P>
<P style="margin-top:11.65pt; margin-bottom:11.65pt; font-family:Arial"><B>Audio webcast &#150; Slides Presentation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website (<FONT COLOR=#0000FF><U>www.euroseas.gr</U></FONT><FONT FACE="Times New Roman"></FONT>). &nbsp;Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. &nbsp;A slide presentation on the First Quarter 2012 results in PDF format will also be available 30 minutes prior to the conference call and webcast accessible on the company&#146;s website (<FONT COLOR=#0000FF><U>www.euroseas.gr</U></FONT><FONT FACE="Times New Roman"></FONT>) on the webcast page. &nbsp;Participants to the webcast can download the PDF presentation.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd. </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Consolidated Condensed Statements of Comprehensive Loss</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars except number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=166.5></TD><TD width=81></TD><TD width=81></TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
March 31,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
March 31,</B></P>
</TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial; color:#FFFFFF">&nbsp;</P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2011</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2012</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><FONT COLOR=#000000>(unaudited)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(unaudited)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage revenue</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>14,810,546</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>14,612,079</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Related party revenue</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>59,178</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>60,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Commissions</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(637,456)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(742,508)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Net revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>14,232,268</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>13,929,571</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(62,541)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>621,808</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Vessel operating expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>6,352,911</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>6,312,953</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Drydocking expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,486,101</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>32,021</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Depreciation</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>4,587,139</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>4,536,326</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Net loss on sale of vessel </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>8,568,234</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,403,904</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,315,863</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Other general and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>793,935</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>996,930</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Charter termination fees and other income</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(153,104)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Total operating expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>14,561,449</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>22,231,031</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating loss</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(329,181)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(8,301,460)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Other income/(expenses)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest and finance cost </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(578,901)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(530,825)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Gain / (loss) on derivatives </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>287,978</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(287,076)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Unrealized (loss) / gain on trading securities </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(60,765)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>39,782</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Foreign exchange (loss) / gain</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(16,565)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>3,258</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>56,209</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>77,627</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right><B>Other expenses, net</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(312,044) </B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(697,234) </B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Equity earnings in joint venture</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>50,612</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>38,388</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><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" valign=top width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net loss </B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(590,613)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(8,960,306)</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" valign=bottom width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Comprehensive loss</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><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" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Other comprehensive loss</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; padding-right:-0.9pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>-</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" valign=bottom width=222><P style="margin:0pt; font-family:Arial"><B>Total comprehensive loss</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; padding-right:-0.9pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590,613)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>(8,960,306)</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" valign=bottom width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss per share, basic &amp; diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.02)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.29)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic &amp; diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>31,002,211</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>31,167,211</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Consolidated Condensed Balance Sheets</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars &#150; except number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216></TD><TD width=90></TD><TD width=81></TD></TR>
<TR><TD style="background-color:#000000" valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#000000" valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011</B></P>
</TD><TD style="background-color:#000000" valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;March 31,<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><FONT COLOR=#000000>&nbsp;(unaudited)</FONT></P>
</TD><TD valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>ASSETS</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current Assets:</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>31,204,863</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>29,790,608</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,370,886</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,187,364</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net </P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,324,131</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,119,778</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Due from related party</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>208,704</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,608,481</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Inventories </P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,606,535</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,919,683</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trading securities</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current assets</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>870,111</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>27,473</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>264,884</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>38,877,587</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,428,952</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>67,255</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>417,832</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>39,539,953</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fixed assets:</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Vessels, net</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>237,063,878</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>219,784,028</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term assets:</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,050,000</P>
</TD><TD valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,500,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges, net</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>454,559</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>420,388</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Deferred assets</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>243,392</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>273,392</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:17.1pt; text-indent:-17.1pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Investment in joint venture</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>14,458,752</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>16,497,140</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total long-term assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>257,270,581</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>241,474,948</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>296,148,168</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>281,014,901</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current liabilities:</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Long term debt, current portion</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>13,332,000</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>10,912,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,886,766</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,298,222</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,659,594</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,649,400</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accrued dividends</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>47,525</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>66,150</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,268,038</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,747,640</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,907,088</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,016,939</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current liabilities</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>21,101,011</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>18,690,351</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term liabilities:</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Long term debt, net of current portion</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>61,581,000</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>59,463,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,544,409</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,277,671</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total long-term liabilities</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>63,125,409</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>60,740,671</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total liabilities</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>84,226,420</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>79,431,022</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=top width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Shareholders' equity:</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Common stock (par value $0.03, 200,000,000 shares authorized, 31,167,211 issued and outstanding)</P>
<P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Preferred shares (par value $0.01, 20,000,000 shares authorized, no shares issued and outstanding)</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>935,017</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>935,017</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</P>
</TD><TD width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>236,843,470</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>237,042,893</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(25,856,739) </P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(36,394,031)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;Total shareholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>211,921,748</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>201,583,879</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;Total liabilities and shareholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>296,148,168</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>281,014,901</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Consolidated Condensed Statements of Cash Flows</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;(All amounts expressed in U.S. Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216></TD><TD width=85.5></TD><TD width=85.5></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:0.75pt solid #000000; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#0C0C0C; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin:0pt; text-indent:-50.15pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>Three Months Ended March 31,</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin:0pt; text-indent:-50.15pt; font-family:Arial; color:#FFFFFF"><B>Three Months Ended March 31,</B></P>
</TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#0C0C0C; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>&nbsp;2011</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>&nbsp;</B></P>
</TD><TD style="background-color:#0C0C0C; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin:0pt; text-indent:58pt; font-family:Arial; color:#FFFFFF"><B>2012</B></P>
</TD></TR>
<TR><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.8pt; font-family:Arial"><FONT COLOR=#000000><B>(unaudited)</B></FONT></P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.8pt; font-family:Arial"><B>(unaudited)</B></P>
</TD></TR>
<TR><TD style="border-top:0.75pt solid #000000" valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from operating activities:</B></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net loss</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(590,613)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(8,960,306)</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin:0pt; font-family:Arial">Adjustments to reconcile net loss to net cash provided by operating activities:</P>
</TD><TD valign=top width=114><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=114><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Depreciation of vessels</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">4,587,139</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">4,536,326</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loss on sale of vessel</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">8,568,234</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Amortization of deferred charges</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:50.5pt; font-family:Arial">39,766</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:50.5pt; font-family:Arial">34,171</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Amortization of fair value of time charters</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(526,604)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Earnings in investment in joint venture</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:43.8pt; font-family:Arial">(50,612)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:43.8pt; font-family:Arial">(38,388)</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Share-based compensation</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">194,181</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">199,423</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Unrealized gain on derivatives</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(528,939)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(156,887)</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Unrealized loss / (gain) on trading securities</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:50.5pt; font-family:Arial">60,765</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:43.8pt; font-family:Arial">(39,782)</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Changes in operating assets and liabilities</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">674,984</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,452,687)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt"><B><I>Net cash provided by operating activities</I></B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>3,860,067</B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>2,690,104</B></P>
</TD></TR>
<TR><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="line-height:9pt; margin:0pt"><BR></P>
</TD><TD valign=top width=114><P style="line-height:9pt; margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from investing activities:</B></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Contribution to joint venture</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(2,000,000)</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Insurance proceeds</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">1,109,831</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from sale of vessel</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">4,250,843</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Change in restricted cash</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(772,785)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(258,841)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt"><B><I>Net cash &nbsp;provided by &nbsp;investing activities</I></B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial"><B>337,046</B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>1,992,002</B></P>
</TD></TR>
<TR><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=114><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from financing activities:</B></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Dividends paid</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,860,133)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,558,361)</P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loan arrangements fees paid</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(220,000)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Repayment of long-term debt</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(2,833,000)</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(4,538,000)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt"><B><I>Net cash used in financing activities</I></B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial"><B>(4,913,133)</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial"><B>(6,096,361)</B></P>
</TD></TR>
<TR><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="line-height:8pt; margin:0pt"><BR></P>
</TD><TD valign=top width=114><P style="line-height:8pt; margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net decrease in cash and cash equivalents</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(716,020)</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,414,255)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin:0pt; font-family:Arial">Cash and cash equivalents at beginning of period</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin:0pt; text-indent:33pt; font-family:Arial">34,273,518</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin:0pt; text-indent:33pt; font-family:Arial">31,204,863</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash and cash equivalents at end of period</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>33,557,498</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>29,790,608</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation of Adjusted EBITDA to </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Net Loss and Cash Flow Provided By Operating Activities </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=131.15></TD><TD width=89.85></TD><TD width=107.7></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>March 31, 2011</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>March 31, 2012</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net loss</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(590,613)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(8,960,306)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Interest and finance costs, net (incl. interest income)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=center>&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="margin:0pt; font-family:Arial" align=right>522,692</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=center>&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="margin:0pt; font-family:Arial" align=right>453,198</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Depreciation </P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right>&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;4,587,139</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right>&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;4,536,326</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Unrealized &amp; realized (gain) / loss on derivatives</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(287,978)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>287,076</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Loss on sale of vessel</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right>8,568,234</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue from below market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(526,604)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>&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;3,704,636</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:3pt double #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right><B>&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;4,884,528</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=131.65></TD><TD width=89.7></TD><TD width=100.5></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial; color:#3F3F3F"><FONT COLOR=#3F3F3F>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#000000><B>Three Months Ended</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>March 31, 2011</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>March 31, &nbsp;2012</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial"><B>Net cash flow provided by operating activities </B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,860,067 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>2,690,104 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Changes in operating assets / liabilities</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right>&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="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(674,984)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right>&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="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1,452,687</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss on derivatives (realized)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>240,961</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>443,963</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Gain / (loss) on trading securities and investment in joint venture, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(10,153)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>78,170</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Share-based compensation</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(194,181)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(199,423)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Interest, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>482,926</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>419,027</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><B>&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;3,704,636</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:3pt double #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right><B>&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;4,884,528</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>EBITDA Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial">Euroseas Ltd. considers Adjusted EBITDA to represent net earnings / loss before interest, income taxes, depreciation, amortization, gain / loss on derivatives, amortization of deferred revenue from above or below market time charters acquired and gain / loss from the sale of vessels. Adjusted EBITDA does not represent and should not be considered as an alternative to net income / loss or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. &nbsp;GAAP, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The Company&#146;s definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. &nbsp;</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation of Net Loss Excluding the Effect from Gain/Loss on derivatives, Unrealized Gain / Loss on trading securities, Amortization of the &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Fair Value of Charters Acquired and Loss on Sale of Vessel to Net Loss </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars except number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=167.4></TD><TD width=90></TD><TD width=90></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>March 31, 2011</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>March 31, 2012</B></P>
</TD><A NAME="OLE_LINK3"></A></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net loss</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(590,613) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(8,960,306)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Unrealized gain on derivatives</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(528,939) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(156,887) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Unrealized (gain) / loss on trading securities</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>60,765</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>(39,782)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Realized loss on derivatives</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>240,961</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>443,963</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of below market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(526,604)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Loss on sale of vessel</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>8,568,234</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net (loss) excluding &nbsp;gain/loss on derivatives, unrealized gain/loss on trading securities, amortization of the fair value of charters acquired and loss on sale of vessel </B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&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;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(1,344,430)</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&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;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(144,778)</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Net (loss) per share excluding &nbsp;gain/loss on derivatives, unrealized gain/loss on trading securities , amortization of the fair value of charters acquired and loss on sale of vessel, basic &amp; diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&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="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(0.04)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&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="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(0.00)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic &amp; diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:3pt double #000000" width=120><P style="margin:0pt; font-family:Arial" align=right>31,002,211</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:3pt double #000000" width=120><P style="margin:0pt; font-family:Arial" align=right>31,167,211</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>About Euroseas Ltd. </B></P>
<P style="margin:0pt; font-family:Arial" align=justify>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. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas&#146; 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. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 4 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,855 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
<B>About Euromar LLC </B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euromar LLC, formed on March 25, 2010, is a joint venture of Euroseas with companies managed by Eton Park Capital Management (&quot;Eton Park&quot;) and Rh&#244;ne Capital (&quot;Rh&#244;ne&quot;), two recognized private investment firms to form Euromar LLC, a Marshall Islands limited liability company. Eton Park's investments are made through Paros Ltd., a Cayman Islands exempted company, and Rh&#244;ne's investments are made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP. Pursuant to the terms of the Joint Venture, Euroseas would invest up to $25.0 million for a 14.28% interest in the Joint Venture, while Eton Park and Rh&#244;ne would each invest up to $75.0 million for a 42.86% interest each in the Joint Venture, for a total of $175.0 million. Euroseas has contributed $17.0 million of its $25.0 million commitment to-date.</P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Forward Looking Statement</B></P>
<P style="margin:0pt; font-family:Arial">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&#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 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 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>
<P style="margin:0pt; padding-left:21.6pt; text-indent:-21.6pt"><BR>
<B>Visit our website <U>www.euroseas.gr</U></B></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.4></TD><TD width=221.4></TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt; font-family:Arial"><B>Company Contact</B></P>
</TD><TD valign=top width=295.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Investor Relations / Financial Media</B></P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Tasos Aslidis</P>
<P style="margin:0pt; font-family:Arial">Chief Financial Officer</P>
<P style="margin:0pt; font-family:Arial">Euroseas Ltd.</P>
<P style="margin:0pt; font-family:Arial">11 Canterbury Lane,</P>
<P style="margin:0pt; font-family:Arial">Watchung, NJ 07069</P>
<P style="margin:0pt; font-family:Arial">Tel. (908) 301-9091</P>
<P style="margin:0pt; font-family:Arial">E-mail: <FONT COLOR=#0000FF><U>aha@euroseas.gr</U></FONT><FONT FACE="Times New Roman"></FONT></P>
</TD><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Nicolas Bornozis</P>
<P style="margin:0pt; font-family:Arial">President</P>
<P style="margin:0pt; font-family:Arial">Capital Link, Inc.</P>
<P style="margin:0pt; font-family:Arial">230 Park Avenue, Suite 1536</P>
<P style="margin:0pt; font-family:Arial">New York, NY 10169</P>
<P style="margin:0pt; font-family:Arial">Tel. (212) 661-7566</P>
<P style="margin:0pt; font-family:Arial">E-mail: &nbsp;euroseas@capitallink.com</P>
</TD></TR>
</TABLE>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman"><B>SIGNATURES</B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">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>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">&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:14pt; margin:0pt; font-size:12pt">&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:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">Dated: &nbsp;May 16, 2012 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin:0pt; text-indent:229pt; font-size:12pt">&nbsp;By: /s/ Aristides J. Pittas</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">&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:14pt; margin:0pt; text-indent:229pt; font-size:12pt">&nbsp;---------------------------------</P>
<P style="line-height:14pt; margin:0pt; text-indent:229pt; font-size:12pt">&nbsp;Aristides J. Pittas</P>
<P style="line-height:14pt; margin:0pt; text-indent:229pt; font-size:12pt">&nbsp;President</P>
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