Euroseas Ltd

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934


For the month of July, 2009


Commission File Number:  001-33283


EUROSEAS LTD.

(Translation of registrant’s name into English)

 

Aethrion Center

40 Ag. Konstantinou Street

151 24 Maroussi, Greece

(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.


Form 20-F [ X ]       Form 40-F [  ]


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): [  ].


Note: 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.


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): [  ].


Note: 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 "home country"), 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.





INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the “Company”) on July 23, 2009 announcing delivery of its 17th vessel.



Exhibit 1



[f072309esea6k002.gif]


Euroseas Ltd. Announces Delivery of its 17th Vessel

Maroussi, Athens, Greece – July 23, 2009 - Euroseas Ltd. (NASDAQ:ESEA), owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today, that it has taken delivery of the M/V Four Coal to be renamed M/V Pantelis, a Panamax  drybulk carrier of 74,020 dwt, built in 2000 in Japan. As previously disclosed, the vessel was acquired for approximately $27.5 million and comes with a time charter back to the seller until December 2009 at a gross daily rate of $25,200 per day.  The vessel will be partly financed with a bank loan of approximately $13 million.


After the acquisition of M/V Pantelis, approximately 70% of Euroseas’ total fleet days remaining in 2009 and approximately 40% in 2010 are fixed under time charters, FFA contracts, spot charters, or otherwise protected from market fluctuations.



Fleet Profile:

Euroseas Ltd. fleet profile is as follows:

Name

Type

Dwt

TEU

Year Built

Employment


TCE Rate ($/day)


Dry Bulk Vessels

 

 

 

 

 

 

PANTELIS

Panamax

74,020

 

2000

TC ‘til Jan-10

$25,200

ELENI P

Panamax

72,119

 

1997

TC ‘ til May-10

$15,350

IRINI (*)

Panamax

69,734

 

1988

Baumarine Pool

 


ARISTIDES N.P.


Panamax


69,268

 


1993

      TC ‘til Jan-10


$12,350


MONICA P (**)


Handymax


46,667

 


1998


Bulkhandling Pool



GREGOS


Handysize


38,691

 


1984


Spot


Total Dry Bulk Vessels


6

370,499

 


 

 

 

 

 

 

 

 

 

Multipurpose Dry Cargo Vessels

 

 

 

 

 

 

TASMAN TRADER


1



22,568



950



1990



TC ‘til Mar-12


$9,500 ‘til Dec-10,

$9,000 ‘til Mar-12


Container Carriers

 

 

 

 

 

 

MAERSK NOUMEA

Intermediate

34,677

2,556

2001

TC ‘til Aug-11

(3 annual options ’til Aug-14)

$16,800 ‘til Aug 11

$18,735 ‘til Aug 12

 $19,240 ‘til Aug 13

$19,750 ‘til Aug 14


TIGER BRIDGE


Intermediate


31,627


2,228


1990


TC ‘til Mar-10


$7,500


ARTEMIS


Intermediate


29,693


2,098


1987


Laid-up



DESPINA P


Handy size


33,667


1,932


1990


Laid-up


           


JONATHAN P
(ex-OEL INTEGRITY)


Handy size


33,667


1,932


1990


Laid-up



OEL TRANSWORLD

(ex-CLAN GLADIATOR)


Handy size


30,007


1,742


1992


TC ‘til Oct-09
‘til Oct-10
(owner’s option)


$12,000

$10,000
(owner’s option)


YM XINGANG I


Handy size


23,596


1,599


1993


TC ‘til Sep-09


$3,850


MANOLIS P


Handy size


20,346


1,452


1995


TC ‘til Oct-09


$15,800


NINOS
(ex-YM QINGDAO I)


Feeder


18,253


1,169


1990


TC ‘til Apr-10


$8,060


KUO HSIUNG


Feeder


18,154


1,169


1993


TC ‘til Dec-09

(6-month option ‘til Jun-10)

$4,100 ‘til Jun-09

$3,850 ‘til Dec-09


Total Container Carriers

10

273,687

17,877

 

 

 

Fleet Grand Total

17

666,754

18,827

 

 

 


 (*) "IRINI" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the dry bulk area.

(**) “Monica P” is employed in the Bulkhandling spot pool that is managed by Klaveness, a major global charterer in the dry bulk area.


About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA.


Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas` operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.


The Company has a fleet of 17 vessels, including 4 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 Handysize drybulk carrier, 3 Intermediate container ships, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas` 6 drybulk carriers have a total cargo capacity of 370,499 dwt, its 10 container ships have a cargo capacity of 17,787 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.




Forward- Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Visit our website www.euroseas.gr


Company Contact

Investor Relations / Financial Media

Tasos Aslidis

Chief Financial Officer

Euroseas Ltd.

11 Canterbury Lane,

Watchung, NJ 07069

Tel. (908) 301-9091

E-mail: aha@euroseas.gr

Nicolas Bornozis

President

Capital Link, Inc.

230 Park Avenue, Suite 1536

New York, NY 10169

Tel. (212) 661-7566

E-mail: nbornozis@capitallink.com






SIGNATURES


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.


                                                                              EUROSEAS LTD.

                                                                             (registrant)



Dated:  July 23, 2009             

               By: /s/ Aristides J. Pittas

                                           

 ---------------------------------

 Aristides J. Pittas

 President