Profile: Euroseas Ltd. (ESEA.O)

Euroseas Ltd., incorporated in May 2005, is a provider of worldwide ocean-going transportation services. The Company owns and operates drybulk carriers that transport bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers. It also owns and operates containerships and multipurpose vessels that transport dry and refrigerated containerized cargoes, mainly, including manufactured products and perishables. As of May 1, 2009, its fleet consisted of five drybulk carriers, comprising of three Panamax, one Handymax and one Handysize drybulk carriers, ten containerships and one multipurpose vessel. The total cargo carrying capacity of the five drybulk carriers is 296,479 deadweight tons, and of the ten containerships is 273,687 dwt and 17,877 twenty-foot equivalent units, or teu. Its multipurpose vessel can carry 22,568 dwt and/or 950 teu.

The Company’s fleet consists of drybulk carriers that transport iron ore, coal, grain and other dry cargoes along worldwide shipping routes; containerships that transport container boxes providing scheduled service between ports, and multipurpose vessels that can carry either bulk cargoes or containers. During the year ended December 31, 2008, the Company had a fleet utilization of 98%. Its principal charterer customers include Sinochart, Klaveness, ICI, Yang Ming Lines, and Italia Maritima. The Company’s top five customers accounted for approximately 44% of its total revenues during 2008.

The Company competes with Diana Shipping Inc., DryShips Inc., Excel Maritime Carriers Ltd., Eagle Bulk Shipping Inc., Genco Shipping and Trading Limited, Navios Maritime Holdings Inc., Danaos Corporation and Goldenport Holdings Inc.