<SEC-DOCUMENT>0001317861-14-000107.txt : 20141112
<SEC-HEADER>0001317861-14-000107.hdr.sgml : 20141111
<ACCEPTANCE-DATETIME>20141112093148
ACCESSION NUMBER:		0001317861-14-000107
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141112
FILED AS OF DATE:		20141112
DATE AS OF CHANGE:		20141112

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:		141211702

	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>f111114esea6k.htm
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<DIV style="width:468pt"><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 November 2014</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=462></TD></TR>
<TR><TD valign=top width=616><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=616><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=616><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=616><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>4 Messogiou &amp; Evropis Street</P>
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<TR><TD valign=top width=616><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>151 24 Maroussi, Greece</P>
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<TR><TD valign=top width=616><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>
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<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>
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<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>
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<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>
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<P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's &quot;home country&quot;), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
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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 November 12, 2014: Euroseas Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2014</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>This report on Form 6-K, except for (i) the paragraph beginning with&nbsp; &#147;Aristides Pittas, Chairman and CEO of Euroseas commented:&#148; and the next succeeding paragraph and (ii)&nbsp; the paragraph beginning with &#147;Tasos Aslidis, Chief Financial Officer of Euroseas commented&#148; and the two next succeeding paragraphs, is hereby incorporated by reference into the Company&#146;s Registration Statement on Form F-3 File No. 333-177014, initially filed with the Commission on September 27, 2011, as amended, and the Company&#146;s Registration Statement&nbsp; on Form F-3 File No. 333-194922, initially filed with the Commission on March 31, 2014 as amended.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify>&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;&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;&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;<B>Exhibit 1</B></P>
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<P style="line-height:14pt; margin:0pt"><center><img src="f111114esea6k002.gif" alt="[f111114esea6k002.gif]" align=top height=122.267 width=278.267></center></P>
<P style="line-height:13pt; margin-top:4.95pt; margin-bottom:0pt; padding-right:5.5pt; font-size:11pt" 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;&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;&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;&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;&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;&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;&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>
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<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>Euroseas Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2014 </B></FONT></P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Maroussi, Athens, Greece &#150; November 10, 2014</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 and nine month periods ended September 30, 2014.</P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Third Quarter 2014 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 $3.7 million; net loss attributable to common shareholders of $4.1 million or $0.07 loss per share basic and diluted. Total net revenues of $9.9 million. &nbsp;Adjusted net loss attributable to common shareholders</FONT><SUP>1</SUP> for the period was $4.2 million or $0.07 loss per share basic and diluted. </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</FONT><SUP>1</SUP> was $(0.2) million.</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 15.00 vessels were owned and operated during the third quarter of 2014 earning an average time charter equivalent rate of $7,168 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">The Company declared and paid its third dividend of $0.4 million on its Series B Preferred shares; the dividend was paid in-kind by issuing additional Series B preferred Shares.</FONT></P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>First Nine Months 2014 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 $11.0 million; net loss attributable to common shareholders of $12.0 million or $0.22 loss per share basic and diluted. Total net revenues of $29.0 million. &nbsp;Adjusted net loss attributable to common shareholders</FONT><SUP>1</SUP> for the period was $12.0 million or $0.22 loss per share basic and diluted. </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</FONT><SUP>1</SUP> was $(0.8) million.</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 14.47 vessels were owned and operated during the first nine months of 2014 earning an average time charter equivalent rate of $7,438 per day.</FONT></P>
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<sup>1</sup> Adjusted EBITDA, Adjusted net loss, Adjusted net loss attributable to common shareholders and Adjusted loss per share attributable to common shareholders are not recognized measurements under GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
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<P style="margin:0pt; font-family:Arial"><B>Aristides Pittas, Chairman and CEO of Euroseas commented: </B>&#147;Both, the drybulk and containership shipping sectors remained weak during the third quarter and the month of October of 2014 except some small rebound of drybulk rates in late October. Clearly, the market weakness influenced our third quarter results. Although 2015 drybulk prospects appear challenging both with respect to revised expectations of lower demand growth and continuing supply growth, we expect rates to stay above third quarter levels; on the containership front, the facts that the orderbook stands at about 19%, the lowest level since early 2003, and that demand growth rate is improving should help charter rates recover gradually but consistently. &nbsp;Despite this market environment, our vessels continue to be employed in a mix of mostly short term charters which would allow us to quickly take advantage of any increase in rates. </P>
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<P style="margin:0pt; font-family:Arial">&#147;On the investment front, whilst pushing ahead with our new building program where construction of the first two ships is planned to start in December and January and for which we have recently secured bank commitments for financing between 60-65% of their price, we continue to evaluate additional investment opportunities. Such opportunities are either on individual vessel basis which we can finance with our own means, or, even, combinations with other fleets as we believe our status as a public company will allow us to raise financing to fund such deals.&#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 third quarter of 2014 were in line with our expectations and reflect the continued low level of drybulk and containership charter rates. Operating results during the third quarter of 2014 improved compared to the results of the same quarter of 2013 before dividend payments (in-kind) to holders of Preferred Series B shares were made. </P>
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<P style="margin:0pt; font-family:Arial" align=justify>&#147;Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, reflected a decline of about 1.2% during the third quarter of 2014 compared to the same quarter of last year and an increase of about 1.8% for the nine month period ended September 30, 2014 over the same period of 2013. Drydocking expenses expressed on a per vessel per day basis were lower by 42.5% in the nine month period of 2014 and 3.0% lower for the third quarter of 2014, respectively, as compared to the same periods in 2013. As always, we want to emphasize that cost control remains a key component of our strategy.</P>
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<P style="margin:0pt; font-family:Arial" align=justify>&#147;As of September 30, 2014, our outstanding debt was $57.5 million whilst restricted and unrestricted cash amounted to about $42.2 million. We complied with all our debt covenants as of September 30, 2014.&#148;</P>
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<P style="margin:0pt; font-family:Arial" align=justify><B>Third Quarter 2014 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the third quarter of 2014, the Company reported total net revenues of $9.9 million representing a 10.1% increase over total net revenues of $9.0 million during the third quarter of 2013. The Company reported a net loss for the period of $3.7 million and a net loss attributable to common shareholders of $4.1 million, as compared to a net loss of $3.8 million for the third quarter of 2013. The results for the third quarter of 2014 include a $0.3 million unrealized gain on derivatives, a $0.2 million realized loss on derivatives, as compared to $0.3 million unrealized gain on derivatives and $0.4 million realized loss on derivatives and $1.3 million gain on sale of a vessel for the same period of 2013. </P>
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<P style="margin:0pt; font-family:Arial" align=justify>Depreciation expenses for the third quarter of 2014 were $3.2 million, compared to the $4.0 million of the same period of 2013 mainly due to the lower book values of the Company&#146;s containerships as a result of an impairment charge in the fourth quarter of 2013. &nbsp;On average, 15.00 vessels were owned and operated during the third quarter of 2014 earning an average time charter equivalent rate of $7,168 per day compared to 14.28 vessels in the same period of 2013 earning on average $7,320 per day. &nbsp;</P>
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<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA for the third quarter of 2014 was $(0.2) million, an improvement from the $(0.5) million for the third quarter of 2013. Please see below for Adjusted EBITDA reconciliation to net loss and cash flow provided by operating activities. &nbsp;</P>
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<P style="margin:0pt; font-family:Arial" align=justify>Basic and diluted loss per share attributable to common shareholders for the third quarter of 2014 was $0.07 calculated on 57,113,123 basic and diluted weighted average number of shares outstanding, compared to basic and diluted loss per share of $0.08 for the third quarter of 2013, calculated on 45,511,005 basic and diluted weighted average number of shares outstanding.</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 attributable to common shareholders, for the quarter of the unrealized gain on derivatives, the realized loss on derivatives and the net gain from the sale of vessel in the third quarter of 2013, the adjusted net loss per share attributable to common shareholders for the quarter ended September 30, 2014 would have been $0.07 per share basic and diluted compared to net loss of $0.11 per share basic and diluted for the quarter ended September 30, 2013. 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>First Nine Months 2014 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the first nine months of 2014, the Company reported total net revenues of $29.0 million representing a 1.5% decrease over total net revenues of $29.5 million during the first nine months of 2013. The Company reported a net loss for the period of $11.0 million, net loss attributable to common shareholders of $12.0 million, as compared to net loss of $17.3 million for the first nine months of 2013. The results for the first nine months of 2014 include a $0.7 million unrealized gain on derivatives, a $0.7 million realized loss on derivatives as compared to $1.2 million unrealized gain on derivatives, a $1.3 million realized loss on derivatives and a $1.9 million loss on sale of vessels for the same period of 2013.</P>
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Depreciation expenses for the first nine months of 2014 were $9.0 million compared to $12.6 million during the same period of 2013 mainly due to the lower book values of the Company&#146;s containerships as a result of an impairment charge in the fourth quarter of 2013. On average, 14.47 vessels were owned and operated during the first nine months of 2014 earning an average time charter equivalent rate of $7,438 per day compared to 14.75 vessels in the same period of 2013 earning on average $7,953 per day. </P>
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<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA for the first nine months of 2014 was $(0.8) million compared to $(1.6) million for the first nine months of 2013. Please see below for Adjusted EBITDA reconciliation to net loss and cash flow provided by operating activities.<FONT FACE="Times New Roman">&nbsp;</FONT></P>
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Basic and diluted loss per share attributable to common shareholders for the first nine months of 2014 was $0.22 respectively, calculated on 54,019,367 basic and diluted weighted average number of shares outstanding compared to basic and diluted loss per share of $0.38 for the first nine months of 2013, calculated on 45,383,405 basic and diluted weighted average number of shares outstanding.<FONT FACE="Times New Roman">&nbsp;</FONT></P>
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Excluding the effect, on the loss attributable to common shareholders of the unrealized gain on derivatives and realized loss on derivatives and any loss/ gain on sale of vessels, the adjusted net loss per share attributable to common shareholders for the nine-month period ended September 30, 2014 would have been $0.22 compared to loss of $0.34 per share basic and diluted for the same period in 2013. Usually, security analysts do not include the above items in their published estimates of earnings per share.<FONT FACE="Times New Roman">&nbsp;</FONT> </P>
<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>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=117.05></TD><TD width=63.05></TD><TD width=50.45></TD><TD width=45.05></TD><TD width=36.05></TD><TD width=84.65></TD><TD width=87.45></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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff"><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=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff" 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=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff" 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=60.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff" 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=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff" 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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff" align=center><B>Employment(*)</B></P>
</TD><TD style="background-color:#333333; border:0.5pt solid #000000" width=116.6><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#ffffff" 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=156.067><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=84.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.267><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=48.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=112.867><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" valign=top width=116.6><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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EIRINI P</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><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=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>76,466</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2004</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC 'till Dec-14</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><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=156.067><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=84.067><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=67.267><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=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Ongoing TC with mutual &nbsp;2 months notice</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>105% of average BPI 4TC</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;till Dec-14</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>97% of average BPI 4TC </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Voyage USA &#150; China starting Oct 2014</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MONICA P</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><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=67.267><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=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC 'til Dec-14</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Vessels under construction(*)</U></B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><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=116.6><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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Hull Number YZJ 1116</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Kamsarmax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>82,000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2015</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>4 year TC starting at delivery + 1 year at charterer&#146;s option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$14,100</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Option @ $14,350</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Hull Number YZJ 1153</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Kamsarmax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>82,000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2016</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Hull Number DY 160</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Ultramax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>63,500</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2015</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Hull Number DY 161</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Ultramax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>63,500</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2016</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><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=156.067><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=84.067><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=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>629,540</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><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=116.6><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=156.067><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Container Carriers</U></B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><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=116.6><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=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EVRIDIKI G</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><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=67.267><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=60.067><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=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Apr-15</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,200</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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" valign=bottom width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Jan-15</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><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=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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" valign=bottom width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Feb-15</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,900</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Apr-15</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,950</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Jul -15 </P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,750</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">JOANNA</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.067><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=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>22,301</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,732</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1999</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC til Apr-15</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>open</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar-15</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,200</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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=112.867><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 Dec-14</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,200</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><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=67.267><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=60.067><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=48.067><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=112.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC till Jul-15 </P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,700</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156.067><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=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>10</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>262,988</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>17,587</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><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=116.6><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=156.067><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=84.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>19</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>892,528</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.067><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>17,587</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.867><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=116.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Note: (*) Vessels are expected to be delivered in the fourth quarter of 2015 (one ultramax and one kamsarmax), the other ultramax in the first quarter of 2016 and the other kamsarmax in the fourth quarter of 2016.<FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt; page-break-before:always" align=right><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><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><TR><TD width=199.1></TD><TD width=72></TD><TD width=72></TD><TD width=72></TD><TD width=74.05></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" valign=top width=265.467><P style="font-size:2pt">&nbsp;</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" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>Three months, ended </B></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>September 30, 2013</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>Three months, ended </B></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>September 30, 2014</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>Nine months, ended &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>September 30, 2013</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=98.733><P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>Nine months, ended &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=right><B>September 30, 2014</B></P>
</TD><A NAME="OLE_LINK2"></A></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>14.28</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>15.00</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>14.75</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>14.47</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,314.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,380.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>4,025.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>3,950.0</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>26.5</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>20.76</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>126.9</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>85.01</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,287.5</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,359.24</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>3,898.1</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>3,864.99</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>34.7</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>7.43</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>167.2</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>14.10</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>22.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.1</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>41.4</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>6.03</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,230.8</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,351.73</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>3,689.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>3,844.86</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>95.6%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.4%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>94.6%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>99.5%</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>97.3%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.5%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>95.7%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>99.6%</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.3%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>100.0%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.9%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>99.8%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=98.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>7,320</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>7,168</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>7,953</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>7,438</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" width=96><P style="margin:0pt; font-family:Arial" align=right>5,637</P>
</TD><TD width=96><P style="margin:0pt; padding-right:0.2pt; font-family:Arial" align=right>5,539</P>
</TD><TD width=96><P style="margin:0pt; font-family:Arial" align=right>5,575</P>
</TD><TD style="border-right:0.5pt solid #000000" width=98.733><P style="margin:0pt; font-family:Arial" align=right>5,598</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>572</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>598</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>622</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>710</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Total vessel operating expenses (14)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,209</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,136</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,197</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>6,308</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>421</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>408</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>853</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>490</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. </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. We use 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>(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. We use 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. We use 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 days 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><B>(</B>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 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'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 includes 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. TVOE is the sum of vessel operating expenses excluding drydocking 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" align=justify>(15) Drydocking expenses, which include expenses during drydockings that would have 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" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Conference Call and Webcast: November 11, 2014</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>As announced, tomorrow, Tuesday, November 11, 2014 at 10:30 a.m. Eastern Time, the company's management will host a conference call to discuss the results. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Conference Call details: </B></P>
<P style="margin:0pt; font-family:Arial" align=justify>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" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>A recording of the conference call will be available until November 18, 2014 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44 (0)1452 550 000 (international standard dial in). Access Code: 6973591#</P>
<P style="margin:0pt; 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 (<U>www.euroseas.gr</U>). &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 Third Quarter and First Nine months 2014 results in PDF format will also be available 30 minutes prior to the conference call and webcast accessible on the company&#146;s website (<U>www.euroseas.gr</U>) 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; font-family:Arial" align=center><B>Euroseas Ltd. </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited Consolidated Condensed Statements of Operations</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=166.5></TD><TD width=81></TD><TD width=81></TD><TD width=81></TD><TD width=81></TD><TD width=1></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>
September 30,</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>
September 30,</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>Nine Months Ended <BR>
September 30,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended <BR>
September 30,</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>2013</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>2014</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>2013</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2014</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Revenues</B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><A NAME="OLE_LINK6"></A></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage revenue</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>9,397,983</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>10,415,297</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,723,705</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>30,464,110</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>60,000</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>60,000</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>180,000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>180,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Commissions</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(460,891)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(527,677)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(1,423,174)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,558,503)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net revenues</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>8,997,092</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>9,947,620</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; padding-right:-1.4pt; font-family:Arial" align=right><B>29,480,531</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>29,085,607</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating expenses</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage expenses</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>388,335</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>726,629</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>1,386,053</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,865,580</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>6,195,645</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>6,372,650</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>18,754,544</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>18,409,529</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Drydocking expenses</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>553,007</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>563,489</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>3,431,651</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,935,700</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Depreciation</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>4,048,209</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>3,156,014</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>12,550,102</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>8,981,431</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Net (gain) / loss on sale of vessels</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(1,256,659)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,935,019</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Management fees</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>1,211,116</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>1,270,845</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>3,684,766</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>3,701,443</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>751,110</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>824,612</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>2,505,506</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>2,803,404</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>11,890,763</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>12,914,239</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>44,247,641</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>37,697,087</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating loss</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(2,893,671)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(2,966,619)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(14,767,110)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(8,611,480)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(450,952)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(606,826)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(1,419,529)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,564,749)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>(Loss) / gain on derivatives, net</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(106,115)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>75,863</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(108,142)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(20,002)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Other investment income</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>237,500</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>712,500</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,167) </P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,872 </P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>2,599</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>17,276</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest income</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>73,863</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>105,691</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>310,681</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>360,960</P>
</TD></TR>
<TR><TD style="border-left: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-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(484,371)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(170,900)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>(1,214,391)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(494,015)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial" align=right>Equity loss in joint venture</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(430,565)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(598,802)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(1,328,023)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,861,006)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-top: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>Net loss</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>(3,808,607)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>(3,736,321)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>(17,309,524)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(10,966,501)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Dividend Series B preferred shares</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(391,893)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,043,309)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial"><B>Net loss attributable to common shareholders</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>(4,128,214)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(12,009,810)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Loss, per share, basic and diluted</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.08)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.07)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.38)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(0.22)</P>
</TD></TR>
<TR><TD style="border-left: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 and diluted</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>45,511,005</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>57,113,123</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>45,383,405</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>54,019,367</P>
</TD></TR>
</TABLE>
<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" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited 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=203></TD><TD width=12.25></TD><TD width=70.2></TD><TD width=15.3></TD><TD width=69.75></TD><TD width=16.5></TD><TD width=36.4></TD></TR>
<TR><TD style="background-color:#000000" valign=bottom width=270.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#000000" valign=bottom width=109.933 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>December 31, 2013</B></FONT></P>
</TD><TD style="background-color:#000000" valign=top width=183.933 colspan=4><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><B>&nbsp;September 30, </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF"><B>&nbsp;&nbsp;2014</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><FONT COLOR=#000000><B>ASSETS</B></FONT></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current Assets:</B></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>11,400,237</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>33,522,092</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,879,151</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,599,141</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net </P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,440,833</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,060,817</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Inventories </P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,474,114</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,617,850</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>462,415</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>966,600</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>295,248</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>354,665</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current assets</B></P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>16,951,998</B></P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>40,121,165</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fixed assets:</B></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>105,463,737</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>117,806,241</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>Advances for vessels under construction</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>50,122</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>12,901,721</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term assets:</B></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>7,400,000</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>7,700,000</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>338,431</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>333,248</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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;Other investments</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,196,196</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,908,696</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>21,215,870</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>19,354,863</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>139,664,356</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>164,004,769</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>156,616,354</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>204,125,934</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current liabilities:</B></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>12,862,000</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>14,457,000</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,336,952</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,647,066</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,002,445</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,747,445</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>13,050</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>13,050</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>996,599</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>656,374</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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;Due to related company</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>903,478</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,542,415</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>697,889</P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>278,243</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current liabilities</B></P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>18,812,413</B></P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>23,341,593</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term liabilities:</B></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>32,782,000</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>43,063,000</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>319,859</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>75,445</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>33,101,859</B></P>
</TD><TD valign=top width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>43,138,445</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total liabilities</B></P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>51,914,272</B></P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>66,480,038</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Mezzanine equity: </B></P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=183.933 colspan=4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Series B Preferred shares (par value $0.01, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;20,000,000 shares authorized, 0 and 31,744 &nbsp;&nbsp;</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;shares issued and outstanding respectively)</P>
</TD><TD valign=bottom width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>30,043,309</B></P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Shareholders' equity:</B></P>
</TD><TD width=109.933 colspan=2><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD width=113.4 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=70.533 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Common stock (par value $0.03, 200,000,000 &nbsp;</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;shares authorized,45,723,255 and 57,113,123 </P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;issued and outstanding)</P>
</TD><TD valign=top width=109.933 colspan=2><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>1,371,698</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,713,394</P>
</TD></TR>
<TR><TD valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</P>
</TD><TD valign=top width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>252,314,683</P>
</TD><TD valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>266,883,302</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=270.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148,984,299)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(160,994,109)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>104,702,082</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>107,602,587</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=270.667><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=109.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>156,616,354</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=183.933 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>204,125,934</B></P>
</TD></TR>
<TR><TD valign=top width=287 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=163.533 colspan=3><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE><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" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited 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=215.25></TD><TD width=85.5></TD><TD width=4.35></TD><TD width=81.15></TD><TD width=0.75></TD><TD width=7.95></TD></TR>



<TR><TD style="background-color:#0C0C0C" valign=top width=287 rowspan=2><P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
</TD><TD style="background-color:#0C0C0C" valign=top width=134><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>Nine Months Ended<br>September 30, 2013</B></FONT></P>
</TD><TD style="background-color:#0C0C0C" valign=top width=135.6 colspan=4><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><B>Nine Months Ended<br>September 30, 2014</B></P>
</TD></TR>
<TR><TD style="background-color:#0C0C0C" valign=top width=114><P style="margin:0pt; text-indent:58pt; font-family:Arial"><FONT COLOR=#000000><B>&nbsp;</B></FONT></P>
</TD><TD style="background-color:#0C0C0C" valign=top width=125.6 colspan=4><P style="margin:0pt; text-indent:58pt; font-family:Arial"><B></B></P>
</TD></TR>
<TR><TD valign=top width=287><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=125.6 colspan=4><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from operating activities:</B></P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net loss</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(17,309,524)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(10,966,501)</P>
</TD></TR>
<TR><TD valign=top width=287><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=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=top width=119.8 colspan=3><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Depreciation of vessels</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>12,550,102</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>8,981,431</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loss on sale of vessels</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,935,019</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Amortization of deferred charges</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>115,744</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>99,505</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loss on investment in joint venture</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,328,023</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>1,861,006</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Share-based compensation</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>474,920</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>410,315</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Unrealized gain on derivatives </P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,226,960)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(664,060)</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Other income accrued</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(712,500)</P>
</TD></TR>
<TR><TD valign=top width=287><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=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>4,703,023</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>2,294,640</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt">Net cash provided by operating activities</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>2,570,347</B></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right><B>1,303,836</B></P>
</TD></TR>
<TR><TD valign=top width=287><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=119.8 colspan=2><P style="line-height:9pt; margin:0pt"><BR></P>
</TD><TD valign=top width=119.8 colspan=3><P style="line-height:9pt; margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><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=119.8 colspan=2><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Contribution to joint venture</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(6,250,000)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Vessel acquisition and advances for vessels under construction</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(5,978,062)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(33,762,939)</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from sale of vessels</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>7,322,818</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Change in restricted cash</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(712,941)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(804,185)</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt">Net cash used in investing activities</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(5,618,185)</B></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right><B>(34,567,124)</B></P>
</TD></TR>
<TR><TD valign=top width=287><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><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=119.8 colspan=2><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from issuance of common stocks,net</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>14,550,000</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from issuance of preferred stocks,net</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>29,700,000</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Dividends paid</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(2,077,894)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loan fees paid</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(260,000)</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Offering expenses paid</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(480,857)</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from long term debt</P>
</TD><TD valign=top width=119.8 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>23,300,000</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Repayment of long-term debt</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(9,524,000)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>(11,424,000)</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt">Net cash (used in) / provided by &nbsp;</P>
<P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt">financing activities</P>
</TD><TD valign=bottom width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(11,601,894)</B></P>
</TD><TD valign=bottom width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right><B>55,385,143</B></P>
</TD></TR>
<TR><TD valign=top width=287><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=119.8 colspan=2><P style="line-height:8pt; margin:0pt"><BR></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net (decrease) / increase in cash and cash equivalents</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(14,649,732)</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>22,121,855</P>
</TD></TR>
<TR><TD valign=top width=287><P style="margin:0pt; font-family:Arial">Cash and cash equivalents at beginning of period</P>
</TD><TD valign=top width=119.8 colspan=2><P style="margin:0pt; font-family:Arial" align=right>33,374,960</P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt; font-family:Arial" align=right>11,400,237</P>
</TD></TR>
<TR><TD valign=top width=287><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 valign=top width=119.8 colspan=2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>18,725,228</B></P>
</TD><TD valign=top width=119.8 colspan=3><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>33,522,092</B></P>
</TD></TR>
</TABLE><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" 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 / (Used In) 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><TR><TD width=131.15></TD><TD width=89.85></TD><TD width=89.85></TD><TD width=89.65></TD><TD width=90.5></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:0.6pt double #000000; border-top:0.6pt double #000000; border-bottom:0.5pt 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-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=center><BR></P>
<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>September 30, 2013</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=center><BR></P>
<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>September 30, 2014</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=119.533><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2013</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120.667><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2014</B></P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net loss</B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>(3,808,607)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>(3,736,321)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>(17,309,524)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>(10,966,501)</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt 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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>377,089</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>501,135</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>1,108,848</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>1,203,789</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Depreciation </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>4,048,209</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>3,156,014</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>12,550,102</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>8,981,431</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=174.867><P style="margin:0pt; font-family:Arial">Net (gain) / loss on sale of vessels</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>(1,256,659)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>1,935,019</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Unrealized and realized loss / (gain) on derivatives, net</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>106,115</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>(75,863)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>108,142</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>20,002</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.6pt 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-left:0.5pt solid #000000; border-bottom:0.6pt double #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>(533,853)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.6pt double #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>(155,035)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.6pt double #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right><B>(1,607,413)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.6pt double #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right><B>(761,279)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=130.5></TD><TD width=90></TD><TD width=90></TD><TD width=90></TD><TD width=90.5></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:0.6pt double #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial; color:#3F3F3F"><FONT COLOR=#3F3F3F>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=center><FONT COLOR=#ffffff><B>Three Months Ended</B></FONT></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=center><B>September 30, &nbsp;2013</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=center><BR></P>
<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>September 30, &nbsp;2014</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=center><B>September 30, &nbsp;2013</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:0.6pt double #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120.667><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#ffffff" align=center><B>September 30, &nbsp;2014</B></P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial"><B>Net cash flow (used in) / provided by operating activities </B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(312,863)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(1,626,235)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>2,570,347</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>1,303,836</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial">Changes in operating assets / liabilities</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(478,653)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>1,246,446</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(4,703,023)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>(2,294,640)</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial">Loss on derivatives (realized)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>450,138</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>246,295</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>1,335,102</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>684,062</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial">Equity loss in joint venture and other investment income, net</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(430,565)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(361,302)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(1,328,023)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>(1,148,506)</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial">Share-based compensation</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(107,491)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(123,847)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>(474,920)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>(410,315)</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174><P style="margin:0pt; font-family:Arial">Interest, net</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>345,581</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>463,608</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>993,104</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>1,104,284</P>
</TD></TR>
<TR><TD style="border-left:0.6pt double #000000; border-bottom:0.6pt double #000000" valign=top width=174><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.6pt double #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right><B>(533,853)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.6pt double #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right><B>(155,035)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.6pt double #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right><B>(1,607,413)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.6pt double #000000; border-bottom:0.6pt double #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right><B>(761,279)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Adjusted EBITDA Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas Ltd. considers Adjusted EBITDA to represent net earnings / (loss) before interest, income taxes, depreciation, amortization, gain / loss in derivatives and gain / loss on 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. GAAP, and the Company's 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 the Company assesses its financial performance and liquidity position and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The Company'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"><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 to Adjusted net loss </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;(All amounts expressed in U.S. Dollars &#150; except share data and number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 border=1><TR><TD width=175.05></TD><TD width=75.95></TD><TD width=78.65></TD><TD width=99.8></TD><TD width=75.3></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:1pt double #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt" align=center><BR></P>
<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>September 30, 2013</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=104.867><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2014</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=133.067><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>30, 2013</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.4><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2014</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>(3,808,607)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>(3,736,321)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>(17,309,524)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>(10,966,501)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><P style="margin:0pt; font-family:Arial">Unrealized gain on derivatives</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>(344,023)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>(322,158)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>(1,226,960)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>(664,060)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><P style="margin:0pt; font-family:Arial">Realized loss on derivatives</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>450,138</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>246,295</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>1,335,102</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>684,062</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=233.4><P style="margin:0pt; font-family:Arial">Net loss / (gain) on sale of vessels</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>(1,256,659)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>1,935,019</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=233.4><P style="margin:0pt; font-family:Arial"><B>Adjusted net loss</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right><B>(4,959,151)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right><B>(3,812,184)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right><B>(15,266,363)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right><B>(10,946,499)</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=233.4><P style="margin:0pt; font-family:Arial">Preferred dividends</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>(391,893)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>(1,043,309)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><P style="margin:0pt; font-family:Arial"><B>Adjusted net loss attributable to common shareholders</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right><B>(4,959,151)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right><B>(4,204,077)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right><B>(15,266,363)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right><B>(11,989,808)</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><P style="margin:0pt; font-family:Arial">Adjusted net loss per share, basic and diluted</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>(0.11)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>(0.07)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>(0.34)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>(0.22)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.4><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic and diluted</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="margin:0pt; font-family:Arial" align=right>45,511,005</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.867><P style="margin:0pt; font-family:Arial" align=right>57,113,123</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=133.067><P style="margin:0pt; font-family:Arial" align=right>45,383,405</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.4><P style="margin:0pt; font-family:Arial" align=right>54,019,367</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Adjusted Net loss and Adjusted Net loss per share Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas Ltd. considers Adjusted Net loss to represent net loss before gain / loss on derivatives, and loss / gain on sale of vessels. Adjusted Net loss and Adjusted Net loss per share is included herein because we believe it assists our management and investors by increasing the comparability of the Company&#146;s fundamental performance from period to period by excluding the potentially disparate effects between periods of gain / loss on derivatives, and loss/ gain on sale of vessels, which items may significantly affect results of operations between periods.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;Adjusted Net loss and Adjusted Net loss per share do not represent and should not be considered as an alternative to net loss or loss per share, as determined by U.S. GAAP, The Company&#146;s definition of Adjusted Net loss and Adjusted Net loss per share may not be the same as that used by other companies in the shipping or other industries.</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><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 Market under the ticker ESEA since January 31, 2007.</P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;<BR>
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships. Euroseas` 5 drybulk carriers have a total cargo capacity of 338,540 dwt, its 10 containerships have a cargo capacity of 17,587 teu. The Company has also signed contracts for the construction of two Ultramax (63,500 dwt) fuel efficient drybulk carriers and two Kamsarmax (82,000 dwt) fuel efficient drybulk carriers. Including the four new-buildings, the total cargo capacity of the Company's drybulk vessels will be 629,540 dwt.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
<B>Forward Looking Statement</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>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 expected vessel acquisitions and entering into further 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 dry bulk vessels and container ships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company&#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"><BR></P>
<P style="line-height:normal; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt" align=center><BR>
<FONT FACE="Times New Roman">Visit our website </FONT><U>www.euroseas.gr</U></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; font-family:Arial"><FONT FACE="Arial"><B>Company Contact</B></FONT></P>
</TD><TD valign=top width=295.2><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: <U>aha@euroseas.gr</U></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: <U>euroseas@capitallink.com</U></P>
</TD><A NAME="OLE_LINK1"></A><A NAME="OLE_LINK3"></A></TR>
</TABLE>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="line-height:10pt; 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" align=justify>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="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=212.95></TD><TD width=42.8></TD><TD width=208.65></TD><TD width=14.4></TD></TR>
<TR><TD valign=top width=283.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=335.267 colspan=2><P style="line-height:14pt; margin:0pt; font-size:12pt">EUROSEAS LTD.</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=283.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=335.267 colspan=2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=283.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=335.267 colspan=2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=283.933><P style="line-height:14pt; margin:0pt; font-size:12pt">Dated: November 12, 2014</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=278.2><P style="line-height:14pt; margin:0pt; font-size:12pt">/s/ Dr. Anastasios Aslidis</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=283.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">Name: &nbsp;</P>
</TD><TD valign=top width=278.2><P style="line-height:14pt; margin:0pt; font-size:12pt">Dr. Anastasios Aslidis</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=283.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">Title:</P>
</TD><TD valign=top width=278.2><P style="line-height:14pt; margin:0pt; font-size:12pt">Chief Financial Officer and Treasurer</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
</TABLE>
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