{"id":965721,"date":"2026-05-21T07:13:07","date_gmt":"2026-05-21T11:13:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\/"},"modified":"2026-05-21T07:13:07","modified_gmt":"2026-05-21T11:13:07","slug":"euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\/","title":{"rendered":"Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2026 and Declares Quarterly Common Stock Dividend"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">ATHENS, Greece, May  21, 2026  (GLOBE NEWSWIRE) &#8212; Euroseas Ltd. (NASDAQ: ESEA, the \u201cCompany\u201d or \u201cEuroseas\u201d), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2026 and declared a common stock dividend.<\/p>\n<p align=\"justify\">\n        <strong>First Quarter 2026 Financial Highlights:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Total net revenues of $55.8 million. Net income of $32.5 million or $4.67 and $4.65 earnings per share basic and diluted, respectively. Adjusted net income<sup>1<\/sup> for the period was $32.9 million or $4.72 and $4.70 per share basic and diluted, respectively.\n<\/li>\n<li style=\"text-align:justify\">Adjusted EBITDA<sup>1<\/sup> was $40.9 million.\n<\/li>\n<li style=\"text-align:justify\">An average of 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $30,354 per day.\n<\/li>\n<li style=\"text-align:justify\">Declared a quarterly dividend of $0.80 per share for the first quarter of 2026 payable on or about June 16, 2026 to shareholders of record on June 9, 2026, as part of the Company\u2019s common stock dividend plan.\n<\/li>\n<li style=\"text-align:justify\">\u00a0As of May 21, 2026 we had repurchased 480,460 of our common stock in the open market, representing about 6.8% of the outstanding shares, for a total of about $11.36 million, under the share repurchase plan of up to $20 million announced in May 2022. The Board approved the continuation of the share repurchase plan for a further year in May 2026 and will review it again after a period of twelve months\n<\/li>\n<\/ul>\n<p>\n        <strong>Recent developments:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">On May 4, 2026, Euroseas formed a joint venture with a group of investors represented by NRP Project Finance AS (\u201cNRP Investors\u201d) in relation to the ownership of the third 4,484 TEU vessel in the series of four 4,484 TEU vessels announced on August 25, 2025. The vessel, M\/V Thrylos, is expected to be delivered in the first quarter of 2028 Under the terms of the transaction, the NRP Investors will acquire a 49% ownership interest in the vessel for total consideration of approximately $12.2 million, including certain transaction structuring costs, with the assumption that the vessel will be financed with at least 60% of debt.\n<\/li>\n<\/ul>\n<p align=\"justify\">\n        <sup>________________<br \/>1 Adjusted EBITDA, Adjusted net income and Adjusted earnings per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroseas financial results presented in accordance with 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 GAAP.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <strong>Aristides Pittas, Chairman and CEO of Euroseas commented: <\/strong><br \/>\n        <br \/>\u201cWe are pleased to report the financial results for one of the most profitable quarters of the last fifteen years. This was the result of our solid contracts at very profitable rates and low drydocking expenses incurred during the period. Throughout the first quarter of 2026 and in April and May 2026 to date, containership charter rates maintain their high levels. Container freight rates also maintained their level during the first quarter of 2026 and, subsequently, increased notably in April and May. Secondhand prices have remained elevated at near record levels since their recent peak in 2022.<\/p>\n<p align=\"justify\">\u201cOur latest charter fixtures have confirmed the continuing strength of the market. With the last charters just announced today, we have [$650m] contracted revenues backlog over the next five years. Our coverage is over 90% for the rest of 2026, 88% for 2027 and 48% for 2028 ensuring that our profitability will remain strong regardless of the levels that expiring charters will be renewed at.<\/p>\n<p align=\"justify\">\u201cDuring the first quarter of 2026, the shipping and macroeconomic environment we operate in has become even more uncertain due to the Iran war and the practical closure of the Strait of Hormuz. Although the near-term effect of these developments on shipping are positive due to the inefficiencies introduced in the transport of goods and the necessary vessel rerouting, the medium-term risks of increased inflation and world economic slowdown are negative factors for our industry. Other trade-related matters like the almost forgotten by now US imposed tariffs can only add to the overall uncertainty. In addition to the above, the containership market has to cope with an increasing orderbook across all segments. Still though, feeders and intermediate containerships are to face a much better supply side situation with their segment fleets likely to shrink over the next 2-3 years rather than grow as the great majority of the new orders are for larger vessels.<\/p>\n<p align=\"justify\">\u201cWe feel that the very high secondhand prices of containerships make the acquisition of secondhand vessels, less attractive. However, we feel that there is an opportunity to invest in building new vessels, the price of which is less volatile. We decided to expand our newbuilding program by adding four new shipbuilding contracts to our existing orderbook of six vessels bringing our total number of vessels on order to ten. This ten-vessel newbuilding program complements the previous nine-vessel newbuilding program we completed in early 2025. When all the ten vessels are delivered, we will have one of the youngest feeder and intermediate containership fleets amongst our peers.<\/p>\n<p align=\"justify\">\u201cFinaly, I am also pleased to announce that our balance sheet strength and contracted revenues backlog provide us with sufficient comfort to increase the rewards to our shareholders by increasing our dividend by 6.7% to $0.80 per share providing an annualized yield of between 4.5-5% on the recent range our share price trades.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Tasos Aslidis, Chief Financial Officer of Euroseas commented: <br \/><\/strong>\u201cOur revenues for the first quarter of 2026 are slightly decreased by approximately 1% compared to the same period of 2025. The Company operated an average of 21.0 vessels, versus 23.68 vessels during the same period last year. At the same time the average time charter rates our vessels earned in the first quarter of 2026 increased by 10.1% compared to the same period of last year. Net revenues amounted to $55.8 million for the first quarter of 2026 compared to $56.3 million for the first quarter of 2025.<\/p>\n<p align=\"justify\">\u201cTotal daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately 5.0%, during the first quarter of 2026 compared to the same quarter of last year. This increase is mainly attributable to the softening of the USD which increases the dollar costs of our euro denominated costs. <br \/>\u00a0\u00a0\u00a0 <br \/>\u201cAdjusted EBITDA<sup>1<\/sup> during the first quarter of 2026 was $40.9 million compared to $37.1 million achieved in the first quarter of last year.<\/p>\n<p align=\"justify\">\u201cAs of March 31, 2026, our outstanding bank debt (before deducting the unamortized loan fees) was $213.3 million, versus restricted and unrestricted cash of approximately $161.4 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $18.7 million (excluding the unamortized loan fees).\u201d<\/p>\n<p align=\"justify\">\n        <strong>First Quarter 2026 Results:<\/strong><br \/>\n        <br \/>For the first quarter of 2026, the Company reported total net revenues of $55.8 million representing a 1% decrease over total net revenues of $56.3 million during the first quarter of 2025. On average, 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $30,354 per day compared to 23.68 vessels in the same period of 2025 earning on average $27,563 per day. The Company reported net income for the period of $32.5 million, as compared to net income of $36.9 million for the first quarter of 2025.<\/p>\n<p align=\"justify\">Voyage expenses for the first quarter of 2026 amounted to $0.2 million remaining at the same levels compared to the same period of 2025 and related to owners\u2019 expenses incurred in various ports.<\/p>\n<p align=\"justify\">Vessel operating expenses for the first quarter of 2026 amounted to $11.2 million as compared to $12.3 million for the same period of 2025. The decreased amount is due to the lower number of vessels owned and operated in the first quarter of 2026 compared to the corresponding period of 2025.<\/p>\n<p align=\"justify\">Vessel depreciation expense for the first quarter of 2026 amounted to $6.7 million compared to $8.0 million for the same period of 2025 due to the decreased number of vessels in the Company\u2019s fleet.<\/p>\n<p align=\"justify\">Despite the decreased numbers of vessels owned and operated, related party management fees for the first quarter of 2026 were $2.0 million, at the same level compared to the first quarter of 2025. This was the result of the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 840 Euros to 875 Euros, and the softening of the euro\/dollar exchange rate during the period.<\/p>\n<p align=\"justify\">In the first quarter of 2025, we recorded a $10.23 million gain on the sale of M\/V \u201cDiamantis\u201d that was completed in January 2025. No such case existed in the first quarter of 2026.<\/p>\n<p align=\"justify\">In the first quarter of 2026 none of our vessels was drydocked. The total cost of $0.05 million for the quarter relates to supplies performed for upcoming drydocks. In the first quarter of 2025 two of our vessels completed extensive repairs afloat for a total cost of $1.8 million.<\/p>\n<p align=\"justify\">General and administrative expenses slightly decreased to $1.7 million in the first quarter of 2026, as compared to $1.8 million in the first quarter of 2025 due to decreased professional fees.<\/p>\n<p align=\"justify\">Other operating income of $0.16 million recognized in the first quarter of 2026 refers to a settlement and closure of a claim with a charterer. No such case existed in the respective period of 2025.<\/p>\n<p align=\"justify\">Interest and other financing costs for the first quarter of 2026 amounted to $3.0 million. For the same period of 2025 interest and other financing costs amounted $3.9 million and the capitalized interest charged on the cost of our newbuilding program was $0.1 million. This decrease is due to the decreased benchmark rates of our loans and the decreased amount of debt in the current period compared to the same period of 2025.<\/p>\n<p align=\"justify\">For the three months ended March 31, 2026, the Company recognized a $0.3 million unrealized loss on its investments in equity securities. This was the result of an investment in equity securities with an initial cost of $20.0 million acquired in the first quarter of 2026 and fair valued at $19.7 million as of the end of the reporting period. This investment was made as part of the Company\u2019s short-term cash and liquidity management strategy, in the context of which the Company also acquired debt securities of initial cost of $20.0 million and fair valued at $19.2 million as of March 31, 2026, classified as available-for-sale under US GAAP, for which an unrealized loss of $0.8 million was recorded in \u201cOther comprehensive loss\u201d.<\/p>\n<p align=\"justify\">For the three months ended March 31, 2025, the Company recognized a $0.17 million loss on its interest rate swap contract, comprising a $0.07 million realized gain and a $0.24 million unrealized loss. The specific contract was closed within the year 2025 and no such case existed in the first quarter of 2026.<\/p>\n<p align=\"justify\">Adjusted EBITDA<sup>1<\/sup> for the first quarter of 2026 was $40.9 million, compared to $37.1 million achieved for the first quarter of 2025.<\/p>\n<p align=\"justify\">Basic and diluted earnings per share for the first quarter of 2026 was $4.67 and $4.65, respectively, calculated on 6,962,481 basic and 6,990,935 diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $5.31 and $5.29, respectively for the first quarter of 2025, calculated on 6,958,137 basic and 6,974,994 diluted weighted average number of shares outstanding.<\/p>\n<p align=\"justify\">The adjusted earnings per share for the quarter ended March 31, 2026, would have been $4.72 and $4.70 per share basic and diluted, respectively, compared to adjusted earnings of $3.76 per share basic and diluted for the first quarter of 2025. Usually, security analysts include Adjusted Net Income in their determination of published estimates of earnings per share.<\/p>\n<p>\n        <strong>Fleet Profile: <\/strong><br \/>\n        <br \/>The Euroseas Ltd. fleet profile as of May 21, 2026 is as follows:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:34%;width:34%;min-width:34%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>Name<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Type<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Dwt<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>TEU<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Year Built<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>Employment(*)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>TCE Rate ($\/day)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <br \/>\n            <strong><br \/>\n              <u>Container Carriers<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">SYNERGY BUSAN (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">50,727<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,253<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2009<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Dec-27<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">SYNERGY ANTWERP (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">50,727<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,253<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2008<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until May-28<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">SYNERGY OAKLAND (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">50,788<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,253<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2009<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until May-26 then until Mar-29<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$42,000<br \/>$33,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">SYNERGY KEELUNG (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">50,697<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,253<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2009<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Jun-28<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">EMMANUEL P (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">50,796<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,250<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2005<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Sep-28<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$38,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">RENA P (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">50,765<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,250<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2007<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Jul-28<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">EM KEA (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">42,165<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">3,100<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2007<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Jul-26<br \/>then until Jul-29<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$19,000<br \/>$30,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">GREGOS (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">38,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Mar-29<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$30,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">TERATAKI (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">38,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Jul-26<br \/>Then until Jun-29<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$48,000<br \/>$30,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">TENDER SOUL (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">38,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Oct-27<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$32,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">LEONIDAS Z (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">38,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until May-26<br \/>Then until Apr-29<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$20,000<br \/>$30,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">DEAR PANEL(*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">38,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2025<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Nov-27<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$32,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">SYMEON P(*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">38,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2025<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Nov-27<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$32,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">PEPI STAR(*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">22,563<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Jun-26<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$24,250<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">EVRIDIKI G (+)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">34,654<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,556<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2001<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Jun-26<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$29,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">EM CORFU (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">34,649<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,556<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2001<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Aug-26<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$28,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">MONICA (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">22,563<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until May-27<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$23,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">STEPHANIA(*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">22,563<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,800<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2024<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until May-26<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$22,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">EM SPETSES (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">23,224<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,740<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2007<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Feb-28<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$21,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">JONATHAN P (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">23,732<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,740<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2006<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until Oct-26<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$25,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">EM HYDRA (*)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">23,351<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,740<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2005<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">TC until May-27<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">$19,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>Total Container Carriers<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>21<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>786,362<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>61,144<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u00a0<br \/>Note: (*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).<\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:34%;width:34%;min-width:34%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong><br \/>\n              <u>Vessels under construction<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Type<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Dwt<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>TEU<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>To be delivered<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Employment<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>TCE Rate ($\/day)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">ELENA (H1711)(**)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">56,266<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,484<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q3 2027<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">TC until Jun-31<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">NIKITAS G (H1712) (**)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">56,266<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,484<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q4 2027<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">TC until Sep-31<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">THRYLOS(YZJ-1768) (**) (***)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">56,266<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,484<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q1 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">TC until Feb-32<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">SOCRATES CH (YZJ-1769) (**)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Intermediate<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">56,266<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,484<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q2 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">TC until Apr-32<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$35,500<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">DANAI (HCY- 438)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">35,100<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,798<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q2 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">NENI (HCY- 439)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">35,100<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,798<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q3 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">SPYROS CH (S-1170)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">23,850<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,781<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q2 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">GAVROS (S-1171)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">23,850<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,781<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q3 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">TONIS M (HCY &#8211; 440)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">35,100<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,798<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q4 2028<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">SWEET EVELINA (HCY-441)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Feeder<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">35,100<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,798<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Q1 2029<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong>Total vessels under construction<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>10<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>413,164<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>32,690<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<br \/>(**) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Charterer has the option to convert to a five-year charter at $32,500\/day for the entire period.<br \/>(***)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.<\/p>\n<p align=\"justify\">\n        <strong>Summary Fleet Data:<\/strong>\n      <\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Three Months, Ended March 31, 2025<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Three Months, Ended March 31, 2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>FLEET DATA<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Average number of vessels (1)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">23.68<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Calendar days for fleet (2)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">2,131.0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,890.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Scheduled off-hire days incl. laid-up (3)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">19.8<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Available days for fleet (4) = (2) &#8211; (3)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">2,111.2<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,890.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Commercial off-hire days (5)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Operational off-hire days (6)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">16.0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Voyage days for fleet (7) = (4) &#8211; (5) &#8211; (6)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">2,095.2<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,890.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Fleet utilization (8) = (7) \/ (4)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">99.2%<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Fleet utilization, commercial (9) = ((4) &#8211; (5)) \/ (4)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">100.0%<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Fleet utilization, operational (10) = ((4) &#8211; (6)) \/ (4)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">99.2%<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>AVERAGE DAILY RESULTS (usd\/day)<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Time charter equivalent rate (11)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">27,563<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,354<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;vertical-align: top\">Vessel operating expenses excl. drydocking expenses (12)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">6,676<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,989<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;vertical-align: top\">General and administrative expenses (13)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">835<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">900<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Total vessel operating expenses (14)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">7,511<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,889<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Drydocking expenses (15)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">849<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">24<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u00a0<br \/>(1) Average number of vessels is the number of vessels that constituted the Company\u2019s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company\u2019s fleet during the period divided by the number of calendar days in that period.<\/p>\n<p 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>\n<p>(3) The scheduled off-hire days including vessels laid-up, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale or suffered unrepaired damages.<\/p>\n<p>(4) Available days. We define available days as the Calendar days in a period net of scheduled off-hire days as defined above. We use available days to measure the number of days in a period during which vessels were available to generate revenues.\u00a0<\/p>\n<p>(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.<\/p>\n<p>(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>\n<p>(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 or are sailing for repositioning purposes.<\/p>\n<p>(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&#8217;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.\u00a0<\/p>\n<p>(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.\u00a0<\/p>\n<p>(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.\u00a0<\/p>\n<p>(11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, 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, or are related to repositioning the vessel for the next charter. Average TCE, which is a non-GAAP measure, provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any,, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#8217;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. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry.<\/p>\n<p>(12) We calculate daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.\u00a0<\/p>\n<p>(13) Daily general and administrative expenses are calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.\u00a0<\/p>\n<p>(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, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.<\/p>\n<p>(15) Daily drydocking expenses are calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period, Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call and Webcast: <\/strong><br \/>\n        <br \/>Today, Thursday, May 21, 2026 at 08:30 a.m. Eastern Time, the Company&#8217;s management will host a conference call and webcast to discuss the results.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call details:<\/strong><br \/>\n        <br \/>Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote \u201cEuroseas\u201d to the operator and\/or conference ID 13760749. <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sK7M9h_jTGX6HSBv5PStKyVEmbFKv9mOus98zJxWBebV63CBnlVjijjQ7NK99l5mCpmG8codHw8kVtIVxM2NX4B4QkyqaIZ_QTkz2oYFBvSDhU2DyYXRfFNEQ2lJEeCAosjKyM7dgqIvYm4K0QttheiPWUw5tyjE2qU0Poq5BH547EkEzkekepv6HCWfVIywjPj1QJ9GYz29w_8uWexliExqIGLdLQDXwn9uLNJgehA=\" rel=\"nofollow\" target=\"_blank\">Click here for additional participant International Toll-Free access numbers.<\/a><\/p>\n<p align=\"justify\">Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. \u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sK7M9h_jTGX6HSBv5PStK75yZtu49gAKd51H8e8EV0enqwlhctIFCXjl_0Qc--VIlRes91UHg-3fyNppGcJMmURhAfmi7muUw1Wm5VA7cIu610saNzVjqrwRJGVS5bnqgb84NKmZXlVpVR5sIaNj66gaItT4jTysLcDDQn4ihNYccyQWmsNeq0ecasZNaMRBsNCes8ZposFk78-hqc-8xG9RI7s0efBKbVgOroyP9SM0itaXARgcqEgeW9MfaDgN5M9BCJKyz8KpT5UwAf-WZFwpszKP1OGCZh_I9ca7-9M=\" rel=\"nofollow\" target=\"_blank\">Click here for the call me option.<\/a><\/p>\n<p>\u00a0<strong>Audio Webcast &#8211; Slides Presentation:\u00a0<\/strong><br \/>There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company\u2019s website. To listen to the archived audio file, visit our website <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tUECalNjOlrawxvH8XxYVWA7xyFwufc_F_9wSZ8ikW_8ZNri4e04e1ccJa49xNhgIHmnk9lDSzsu0q4b_f1iyuU2euBfEZnMDtEQGYyrbaw=\" rel=\"nofollow\" target=\"_blank\">http:\/\/www.euroseas.gr<\/a> and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.<\/p>\n<p align=\"justify\">The slide presentation for the first quarter ended March 31, 2026, will also be available in PDF format minutes prior to the conference call and webcast, accessible on the company&#8217;s website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation. <strong>\u00a0<\/strong><\/p>\n<p align=\"center\">\n        <br \/>\n        <strong>Euroseas Ltd. <\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Consolidated Condensed Statements of Comprehensive Income<\/strong><br \/>\n        <br \/>\n        <strong>(All amounts expressed in U.S. Dollars except number of shares)<\/strong>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;border-top: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March 31,<br \/>2025<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March 31,<br \/>2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\n            <strong>Revenues<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Time charter revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,983,415<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,535,733<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Commissions<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,637,320<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,698,949<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Net revenues<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>56,346,095<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>55,836,784<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\n            <strong>Operating expenses \/ (income)<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Voyage expenses<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">232,976<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166,347<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Vessel operating expenses<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,251,094<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,216,018<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Drydocking expenses<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,808,342<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,706<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Vessel depreciation<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,045,067<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,680,851<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Related party management fees<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,975,705<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,993,330<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Gain on sale of vessel<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,230,210<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">General and administrative expenses<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n<p>1,778,918<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n<p>1,701,518<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Other operating income<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(163,021<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Total operating expenses, net<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>15,861,892<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>21,640,749<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\n            <strong>Operating income<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>40,484,203<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>34,196,035<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\n            <strong>Other (expenses) \/ income<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Interest and other financing costs<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,907,453<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,009,526<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Loss on derivative, net<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(173,386<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Loss on investments in equity securities<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(348,820<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Foreign exchange gain \/ (loss)<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,027<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,241<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Interest income<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">509,603<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,699,808<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Other expenses, net<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,569,209<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,675,779<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>36,914,994<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>32,520,256<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Earnings per share, basic<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5.31<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4.67<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Weighted average number of shares, basic<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,958,137<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,962,481<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Earnings per share, diluted<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5.29<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4.65<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Weighted average number of shares, diluted<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,974,994<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,990,935<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Other comprehensive loss:<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Unrealized loss on investments in debt securities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(818,000<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Other comprehensive loss<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(818,000<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total comprehensive income<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>36,914,994<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>31,702,256<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\u00a0<br \/><strong>Euroseas Ltd.<\/strong><br \/><strong>Unaudited Consolidated Condensed Balance Sheets<\/strong><br \/><strong>(All amounts expressed in U.S. Dollars \u2013 except number of shares)<\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;border-top: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>December 31,<\/strong><br \/>\n            <br \/>\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;border-top: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March 31,<\/strong><br \/>\n            <br \/>\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Current Assets:<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Cash and cash equivalents<\/td>\n<td colspan=\"2\" style=\"max-width:13%;width:13%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\">176,460,053<\/td>\n<td colspan=\"3\" style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">154,452,650<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Restricted cash<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">564,027<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">608,168<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Trade accounts receivable<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,159,572<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,257,574<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Other receivables<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,365,550<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,026,227<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Inventories<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,817,493<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,031,029<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Accrued interest income<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">162,405<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Investment in debt securities<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,182,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Investment in equity securities<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,651,180<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Prepaid expenses<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">984,394<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,295,371<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\n            <strong>Total current assets<\/strong><\/p>\n<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>192,351,089<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>211,666,604<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Fixed assets:<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Advances for vessels under construction<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">35,890,936<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,164,359<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Vessels, net<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">465,913,492<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">459,550,867<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Long-term assets:<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Restricted cash<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,300,000<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,300,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Total assets<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>700,455,517<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>722,681,830<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Current liabilities:<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Long-term debt, current portion<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,151,932<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18,301,932<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Trade accounts payable<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,907,792<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,202,066<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Accrued expenses<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,035,452<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,730,328<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Accrued dividends<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">143,510<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">213,560<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Deferred revenue<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,291,870<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,227,669<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Due to related company<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,821,723<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">78,267<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Total current liabilities<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>39,352,279<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>38,753,822<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Long-term liabilities:<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Long-term debt, net of current portion<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">197,659,451<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">193,239,404<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Total long-term liabilities<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>197,659,451<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>193,239,404<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Total liabilities<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>237,011,730<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>231,993,226<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Shareholders\u2019 equity:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Common stock (par value $0.03, 200,000,000 shares authorized, 7,055,881 issued and outstanding)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">211,676<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">211,676<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Additional paid-in capital<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">258,724,564<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">259,559,036<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Retained earnings<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">204,507,547<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">231,735,892<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Accumulated other comprehensive loss<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(818,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Total shareholders\u2019 equity<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>463,443,787<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>490,688,604<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Total liabilities and shareholders\u2019 equity<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>700,455,517<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>722,681,830<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        <strong>\u00a0<br \/>Euroseas Ltd.<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Consolidated Condensed Statements of Cash Flows<\/strong><br \/>\n        <br \/>\n        <strong> (All amounts expressed in U.S. Dollars)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: top\">\n            <strong>Three Months <br \/>Ended March 31,<br \/>2025<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: top\">\n            <strong>Three Months <br \/>Ended March 31,<br \/>2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Cash flows from operating activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: top\">Net income<\/td>\n<td colspan=\"2\" style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,914,994<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,520,256<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Vessel depreciation<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,045,067<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,680,851<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Amortization and write off of deferred charges<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">127,945<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">99,045<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Share-based compensation<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">509,096<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">834,472<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Unrealized loss on investments in equity securities<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">348,820<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Gain on sale of vessel<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,230,210<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Unrealized loss on derivative<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">238,431<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Amortization of fair value of below market time charters acquired<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,218,240<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Changes in operating assets and liabilities<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,838,283<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,063,336<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <em>Net cash provided by operating activities<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>41,225,366<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>38,420,108<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Cash flows from investing activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash paid for vessels under construction<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(56,525,006<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,278,133<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash paid for vessel improvements<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(155,303<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(514,286<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net proceeds from sale of a vessel<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,875,660<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Investment in equity securities<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,000,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Investment in debt securities<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,000,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong>Net cash used in investing activities<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>(43,804,649<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>(49,792,419<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Cash flows from financing activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash paid for share repurchase<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,206,021<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Dividends paid<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,518,889<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,221,861<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Loan arrangement fees paid<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(429,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Proceeds from long-term debt<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,000,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Repayment of long-term debt<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(15,259,090<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,369,090<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash retained by Euroholdings Ltd. at spin-off<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,129,541<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <em>Net cash provided by financing activities<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>17,457,459<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>(10,590,951<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net increase \/ (decrease) in cash, cash equivalents, and restricted cash<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,878,176<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(21,963,262<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash, cash equivalents, and restricted cash at beginning of period<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">80,666,327<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">183,324,080<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Cash, cash equivalents, and restricted cash at end of period<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>95,544,503<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>161,360,818<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Cash breakdown<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash and cash equivalents<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">88,333,158<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">154,452,650<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Restricted cash, current<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">911,345<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">608,168<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Restricted cash, long term<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,300,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,300,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Total cash, cash equivalents, and restricted cash shown in the statement of cash flows<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>95,544,503<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>161,360,818<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        <strong>Euroseas Ltd.<\/strong><br \/>\n        <br \/>\n        <strong>Reconciliation of Adjusted EBITDA to Net income<\/strong><br \/>\n        <br \/>\n        <strong>(All amounts expressed in U.S. Dollars)<\/strong>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: double black 3pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March 31, 2025<\/strong>\n          <\/td>\n<td style=\"border-top: double black 3pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: double black 3pt;vertical-align: top\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March 31, 2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>36,914,994<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">\n            <strong>32,520,256<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Interest and other financing costs, net (incl. interest income)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,397,850<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">1,309,718<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Vessel depreciation<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,045,067<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">6,680,851<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Gain on sale of vessel<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,230,210<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Loss on interest rate swap derivative, net<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">173,386<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Amortization of below market time charters acquired<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,218,240<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: double black 3pt;border-left: double black 3pt;vertical-align: top\">Unrealized loss on investments in equity securities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">348,820<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: double black 3pt;border-left: double black 3pt;vertical-align: top\">\n            <strong>Adjusted EBITDA<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>37,082,847<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">\n            <strong>40,859,645<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>\u00a0<br \/>Adjusted EBITDA Reconciliation:<\/strong><br \/>\n        <br \/>Euroseas Ltd. considers Adjusted EBITDA to represent net income before interest and other financing costs, net, depreciation, loss on interest rate swap derivative, net, gain on sale of vessel, amortization of fair value of below market time charters acquired and unrealized loss on investments in equity securities. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, as determined by United States generally accepted accounting principles, or GAAP. 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 this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of financial costs, loss on interest rate swaps, gain on sale of vessel, depreciation, amortization of below market time charters acquired and unrealized loss on investments in equity securities. The Company&#8217;s definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.<\/p>\n<p align=\"center\">\n        <strong>Euroseas Ltd.<\/strong><br \/>\n        <br \/>\n        <strong>Reconciliation of Adjusted Net Income to Net Income<\/strong><br \/>\n        <br \/>\n        <strong>(All amounts expressed in U.S. Dollars except share data and per share amounts)<\/strong>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: double black 3pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March 31, 2025<\/strong>\n          <\/td>\n<td style=\"border-top: double black 3pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: double black 3pt;vertical-align: top\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March 31, 2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>36,914,994<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">\n            <strong>32,520,256<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Unrealized loss on derivative<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">238,431<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Gain on sale of vessel<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,230,210<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Amortization of below market time charters acquired<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,218,240<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Vessel depreciation on the portion of the consideration of vessels acquired with attached time charters allocated to below market time charters<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">488,312<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Unrealized loss on investments in equity securities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">348,820<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">\n            <strong>Adjusted net income<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>26,193,287<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">\n            <strong>32,869,076<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Adjusted earnings per share, basic<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3.76<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">4.72<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Weighted average number of shares, basic<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,958,137<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">6,962,481<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: double black 3pt;vertical-align: top\">Adjusted earnings per share, diluted<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3.76<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">4.70<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: double black 3pt;border-left: double black 3pt;vertical-align: top\">Weighted average number of shares, diluted<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,974,994<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;border-right: double black 3pt;vertical-align: bottom\">6,990,935<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>\u00a0<br \/>Adjusted net income and Adjusted earnings per share Reconciliation:<\/strong><br \/>\n        <br \/>Euroseas Ltd. considers Adjusted net income to represent net income before unrealized loss on derivative, gain on sale of vessel, amortization of below market time charters acquired, vessel depreciation on the portion of the consideration of vessels acquired with attached time charters allocated to below market time charters and unrealized loss on investments in equity securities. Adjusted net income and Adjusted earnings per share are included herein because we believe they assist our management and investors by increasing the comparability of the Company&#8217;s fundamental performance from period to period by excluding the potentially disparate effects between periods of the aforementioned items, which may significantly affect results of operations between periods.<\/p>\n<p align=\"justify\">Adjusted net income and Adjusted earnings per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP. The Company&#8217;s definition of Adjusted net income and Adjusted earnings per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net income and Adjusted earnings per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.<\/p>\n<p align=\"justify\">\n        <strong>About Euroseas Ltd.<\/strong><br \/>\n        <br \/>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 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.<\/p>\n<p align=\"justify\">Euroseas operates in the container shipping market. Euroseas&#8217; operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.<\/p>\n<p align=\"justify\">The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships. Euroseas 21 containerships have a cargo capacity of 61,144 teu. After the delivery of ten containership newbuilding containerships gradually from the third quarter of 2027 until the first quarter of 2029, Euroseas\u2019 fleet will consist of 31 vessels with a total carrying capacity of 93,834 teu.<\/p>\n<p align=\"justify\">\n        <strong>Forward Looking Statement<\/strong><br \/>\n        <br \/>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&#8217;s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;hopes,&#8221; &#8220;estimates,&#8221; 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 containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company&#8217;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&#8217;s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.<\/p>\n<p align=\"center\">\n        <br \/>\n        <strong>Visit the Company\u2019s website <\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=TgNviTpKUA0Xnh22fr66jFP2rU8q_ML05svYP42NKx0PF_mHlcU3scpHupnThmTGDc4lmrCLVYi5yfk5vs30LUyfy457zzWkRyiyCvCD5Co=\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <strong>www.euroseas.gr<\/strong><br \/>\n        <\/a>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: top\">\n            <strong>Company Contact<\/strong>\n          <\/td>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: top\">\n            <strong>Investor Relations \/ Financial Media<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Tasos Aslidis<br \/>Chief Financial Officer<br \/>Euroseas Ltd.<br \/>11 Canterbury Lane,<br \/>Watchung, NJ 07069<br \/>Tel. (908) 301-9091<br \/>E-mail: <a href=\"mailto:aha@euroseas.gr\" rel=\"nofollow\" target=\"_blank\">mailto:aha@euroseas.gr<\/a><\/td>\n<td style=\"vertical-align: top\">Nicolas Bornozis<br \/>Markella Kara<br \/>Capital Link, Inc.<br \/>230 Park Avenue, Suite 1540<br \/>New York, NY 10169<br \/>Tel. (212) 661-7566<br \/>E-mail: <a href=\"mailto:euroseas@capitallink.com\" rel=\"nofollow\" target=\"_blank\">euroseas@capitallink.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyNDY0NSM3NjE1NTY5IzUwMDAzMTI5OQ==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/M2Y5Y2RlMTItNzVhYS00OGExLTkyNmMtMTYyODMwM2JjMWI3LTUwMDAzMTI5OS0yMDI2LTA1LTIxLWVu\/tiny\/Euroseas.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ATHENS, Greece, May 21, 2026 (GLOBE NEWSWIRE) &#8212; Euroseas Ltd. (NASDAQ: ESEA, the \u201cCompany\u201d or \u201cEuroseas\u201d), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2026 and declared a common stock dividend. First Quarter 2026 Financial Highlights: Total net revenues of $55.8 million. Net income of $32.5 million or $4.67 and $4.65 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $32.9 million or $4.72 and $4.70 per share basic and diluted, respectively. Adjusted EBITDA1 was $40.9 million. An average of 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2026 and Declares Quarterly Common Stock Dividend&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-965721","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2026 and Declares Quarterly Common Stock Dividend - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2026 and Declares Quarterly Common Stock Dividend - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ATHENS, Greece, May 21, 2026 (GLOBE NEWSWIRE) &#8212; Euroseas Ltd. (NASDAQ: ESEA, the \u201cCompany\u201d or \u201cEuroseas\u201d), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2026 and declared a common stock dividend. First Quarter 2026 Financial Highlights: Total net revenues of $55.8 million. Net income of $32.5 million or $4.67 and $4.65 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $32.9 million or $4.72 and $4.70 per share basic and diluted, respectively. Adjusted EBITDA1 was $40.9 million. An average of 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time &hellip; Continue reading &quot;Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2026 and Declares Quarterly Common Stock Dividend&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-21T11:13:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyNDY0NSM3NjE1NTY5IzUwMDAzMTI5OQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"24 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2026-and-declares-quarterly-common-stock-dividend\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Euroseas Ltd. 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(NASDAQ: ESEA, the \u201cCompany\u201d or \u201cEuroseas\u201d), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2026 and declared a common stock dividend. First Quarter 2026 Financial Highlights: Total net revenues of $55.8 million. Net income of $32.5 million or $4.67 and $4.65 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $32.9 million or $4.72 and $4.70 per share basic and diluted, respectively. Adjusted EBITDA1 was $40.9 million. An average of 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time &hellip; Continue reading \"Euroseas Ltd. 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