UNITED STATES

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 6-K


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


For the month of May 2015


Commission File Number:  001-33283


EUROSEAS LTD.

(Translation of registrant’s name into English)

 

4 Messogiou & Evropis Street

151 24 Maroussi, Greece

(Address of principal executive office)


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


Form 20-F [X]       Form 40-F [  ]


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].


Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].


Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.





INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the “Company”) on May 20, 2015: Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2015.


Exhibit 1 (except for (A) the paragraph beginning with “Aristides Pittas, Chairman and CEO of Euroseas commented” and the immediately following paragraph, which contain the comments of Mr. Pittas and (B) the paragraph beginning with “Tasos Aslidis, Chief Financial Officer of Euroseas commented”, which contains the comments of Mr. Aslidis) to this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 initially filed with the Commission on March 31, 2014 (File No. 333-194922), as amended.















































                                                                                                                                Exhibit 1


[f052115esea6k002.gif]

                                                                                                                                                                                                                                                                                              







Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2015



Maroussi, Athens, Greece – May 20, 2015 – Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2015.


First Quarter 2015 Highlights:


·

Total net revenues of $8.2 million. Net loss of $5.4 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $5.8 million or $0.10 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $5.6 million or $0.10 loss per share basic and diluted.


·

Adjusted EBITDA1 was $(1.8) million.


·

An average of 15.00 vessels were owned and operated during the first quarter of 2015 earning an average time charter equivalent rate of $6,501 per day. 


·

The Company declared its fifth dividend of $0.4 million on its Series B Preferred shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.



Aristides Pittas, Chairman and CEO of Euroseas commented: “During the first four months of 2015, the drybulk market pushed towards new lows putting further pressure on the cash flows of our drybulk vessels. The minimal level of new orders placed and the increased levels of scrapping in the first four months of 2015 provide us with some hope for quicker return to timecharter rate levels that can sustain cash flow neutral operations.  At the same time, timecharter rates for our medium and large feeder containerships have improved since March 2015 mitigating the negative effect of the drybulk market. While our quarterly results do not show much of this improvement, as it started late in the quarter, we are guardedly optimistic that the stronger containership market will continue for the rest of the year and positively influence our results. We expect drybulk and containership markets to reach a positive demand/supply balance sometime within 2016 and embark on a more sustained recovery, especially, if new orders remain limited.


“On the investment front, we continue to evaluate accretive growth opportunities. We believe that our operating experience and established capital market presence allow us to consider and evaluate consolidation opportunities, either individual vessels or fleet acquisitions, in connection with the financing required.”



1 Adjusted EBITDA, Adjusted net loss and Adjusted loss per share are not recognized measurements under GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.



Tasos Aslidis, Chief Financial Officer of Euroseas commented: “The results of the first quarter of 2015 reflect the continued depressed state of the drybulk markets. Comparing our results for the first quarter of 2015 with the same period of 2014, our net revenues declined by about $1.3 million, while we incurred $0.3 million higher voyage expenses. Operating expenses, including management fees and general and administrative (“G&A”) expenses increased by approximately $0.8 million as compared to the first quarter of 2014. This was partly due to the operation of 15 vessels during the first quarter of 2015 versus 14 vessels during the same period of last year and partly on the approximately 3% increase in the daily vessel operating expenses during the first quarter of 2015 as compared to the first quarter of 2014. We believe that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies which, we believe, is one of our competitive advantages.


“Adjusted EBITDA during the first quarter of 2015 was $(1.8) million versus $1.0 million in the first quarter of last year.


“As of March 31, 2015, our outstanding debt is about $52.3 million versus restricted and unrestricted cash of about $23.8 million. We were in compliance with all our loan covenants.”



First Quarter 2015 Results:

For the first quarter of 2015, the Company reported total net revenues of $8.2 million representing a 13.9% decrease over total net revenues of $9.5 million during the first quarter of 2014. The Company reported a net loss for the period of $5.4 million and a net loss attributable to common shareholders of $5.8 million, as compared to a net loss of $2.2 million and $2.5 million respectively for the first quarter of 2014. The results for the first quarter of 2015 include a $0.1 million unrealized loss on derivatives as compared to $0.2 million unrealized gain on derivatives for the same period of 2014; and a $0.1 million realized loss on derivatives compared to a $0.2 million realized loss in the same period of 2014. Drydocking expenses amounted to $0.5 million during the first quarter of the year 2015 as one vessel undertook drydock, no drydocking was incurred in the first quarter of 2014. Depreciation expense for the first quarter of 2015 remained unchanged compared to the same period of 2014. On average, 15.00 vessels were owned and operated during the first quarter of 2015 earning an average time charter equivalent rate of $6,501 per day compared to 14.00 vessels in the same period of 2014 earning on average $7,817 per day.  


Adjusted EBITDA for the first quarter of 2015 was $(1.8) million down from $1.0 million achieved during the first quarter of 2014. Please see below for Adjusted EBITDA reconciliation to net loss and cash flow provided by operating activities.


Basic and diluted loss per share for the first quarter of 2015 was $0.1, calculated on 57,832,313 weighted average number of shares outstanding compared to basic and diluted loss per share of $0.05 for the first quarter of 2014, calculated on 47,956,229 weighted average number of shares outstanding.  


Excluding the effect on the loss for the quarter of the unrealized loss and realized loss on derivatives, the adjusted loss per share for the quarter ended March 31, 2015 would have remained the same at $0.1 per share basic and diluted, compared to the loss, for the quarter ended March 31, 2014 of $0.05 per share basic and diluted. Usually, security analysts do not include the above items in their published estimates of earnings per share.







Fleet Profile:

The Euroseas Ltd. fleet profile including newbuild and secondhand vessels we agreed to construct or acquire is as follows:

Name

Type

Dwt

TEU

Year Built

Employment (*)


TCE Rate ($/day)

Dry Bulk Vessels

 

 

 

 

 

 

PANTELIS

Panamax

74,020

 

2000

TC ‘til Jun-15

105% average BPI 4 TC

ELENI P

Panamax

72,119

 

1997

TC 'till Jan-16

97% of average BPI 4TC

ARISTIDES N.P.

Panamax

69,268

 

1993

TC 'til Jun-15

$4,800

MONICA P  

Handymax

46,667

 

1998

TC ‘til Jun-15

$9,500

EIRINI P

Panamax

76,466

 

2004

TC ‘til Nov-15

103% average BPI 4 TC

Vessels under constructions (*)

 

 

 

 

 

 

Hull Number DY 160

Ultramax

63,500

 

2015

N/A

 

Hull Number DY 161

Ultramax

63,500

 

2016

N/A

 

Hull Number YZJ 1116

Kamsarmax

82,000

 

2015

4 year TC starting at delivery+ 1 year at charterer’s option

$14,100

Option @ $14,350

Hull Number YZJ 1153

Kamsarmax

82,000

 

2016

N/A

 

Total Dry Bulk Vessels


9

629,540

 


 

 

Container Carriers

 

 

 

 

 

 

EVRIDIKI G (ex.MAERSK NOUMEA)

Intermediate

34,677

2,556

2001

TC ‘til Aug-15 + 6 months at charterer’s option


$10,750


$13,500


TIGER BRIDGE


Intermediate


31,627


2,228


1990

 

TC till Oct-15

$7,500


AGGELIKI P


Intermediate


30,360


2,008


1998

TC 'til Sep-15

$9,800


DESPINA P


Handy size


33,667


1,932


1990

 

TC 'til Nov-15

 

$9,500

CAPTAIN COSTAS
(ex-OEL TRANSWORLD)

Handy size

30,007

1,742

1992


TC 'til Jul-15 


$7,750

JOANNA

Handy size

22,301

1,732

1999

TC ‘till Jun-15

$7,250

MARINOS


Handy size


23,596


1,599


1993


TC 'till Jun -15

 $6,500

MANOLIS P

Handy size

20,346

1,452

1995


TC 'til Nov-15

 $7,300

NINOS
(ex-YM QINGDAO I)

Feeder

18,253

1,169

1990


TC 'til Jun-15

 

$8,400

KUO HSIUNG

Feeder

18,154

1,169

1993

TC till Jul-15

$8,700

 


Total Container Carriers

10

262,988

17,587

 

 

 

Fleet Grand Total

19

892,528

17,587

 

 

 

 Note:

(*) Vessels are to be delivered in the fourth quarter of 2015 (one ultramax and one kamsarmax), the other ultramax in the first quarter of 2016 and the other kamsarmax in the fourth quarter of 2016.






Summary Fleet Data:


 

Three Months, Ended March 31, 2014

Three Months, Ended  March 31, 2015

FLEET DATA

 

 

Average number of vessels (1)

14.00

15.00

Calendar days for fleet (2)

1,260.0

1,350.0

Scheduled off-hire days incl. laid-up (3)

-

26.6

Available days for fleet (4) = (2) - (3)

1,260.0

1,323.4

Commercial off-hire days (5)

-

70.0

Operational off-hire days (6)

2.3

1.7

Voyage days for fleet (7) = (4) - (5) - (6)

1,257.7

1,251.7

Fleet utilization (8) = (7) / (4)

99.8%

94.6%

Fleet utilization, commercial (9) = ((4) - (5)) / (4)

100.0%

94.7%

Fleet utilization, operational (10) = ((4) - (6)) / (4)

99.8%

99.9%

 

 

 

AVERAGE DAILY RESULTS

 

 

Time charter equivalent rate (11)

7,817

6,501

Vessel operating expenses excl. drydocking expenses (12)

5,548

5,862

General and administrative expenses (13)

800

680

Total vessel operating expenses (14)

6,348

6,542

Drydocking expenses (15)

68

405


(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.


(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.


(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.


(4) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of scheduled off-hire days. We use available days to measure the number of days in a period during which vessels were available to generate revenues. 

(5) Commercial off-hire days. We define commercial off-hire days as days waiting to find employment. 

(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.


(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.








(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'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. 


(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. 

(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. 

(11) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is determined by dividing revenue generated from voyage charters net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.



(12) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately. 


(13) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period. 


(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses excluding drydocking expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.



(15) Drydocking expenses, which include expenses during drydockings that would have been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period.



Conference Call and Webcast:

As announced, tomorrow, Thursday, May 21, 2015 at 10:00 a.m. Eastern Time, the Company's management will host a conference call to discuss the results.


Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329 (from the UK) or +44 (0)1452 542 301 (international standard dial in). Please quote “Euroseas”.


A replay of the conference call will be available until May 28, 2015. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 6973591#.


Audio webcast – Slides Presentation:

There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website (www.euroseas.gr).  Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.  A slide presentation on the First Quarter 2015 results in PDF format will also be available 10 minutes prior to the conference call and webcast accessible on the company’s website (www.euroseas.gr) on the webcast page.  Participants to the webcast can download the PDF presentation.






Euroseas Ltd.

Unaudited Consolidated Condensed Statements of Operations

(All amounts expressed in U.S. Dollars except number of shares)


 

Three Months Ended
March 31,

Three Months Ended
March 31,

 

2014

2015

 

 

 

Revenues

 

 

Voyage revenue

9,966,997

8,628,410

Related party revenue

60,000

60,000

Commissions

(528,138)

(506,504)

Net revenues

9,498,859

8,181,906

   

 

 

Operating expenses

 

 

Voyage expenses

136,296

485,863

Vessel operating expenses

5,798,619

6,838,635

Drydocking expenses

85,404

546,551

Depreciation

2,852,920

2,890,476

Management fees

1,191,806

1,074,495

Other general and administrative expenses


1,007,889


917,941

Total operating expenses

11,072,934

12,753,961

 

 

 

Operating loss

(1,574,075)

(4,572,055)

 

 

 

Other income/(expenses)

 

 

Interest and finance cost

(470,141)

(547,460)

Loss on derivatives, net

(41,654)

(203,811)

Other investment income

237,500

282,625

Foreign exchange gain

1,106

35,650

Interest income

109,616

79,896

Other expenses, net

(163,573)

(353,100)

Equity loss in joint venture

(475,434)

(478,882)

 

 

 

Net loss

(2,213,082)

(5,404,037)

Dividend Series B Preferred shares


(264,361)


(401,751)

Net loss available to common shareholders

(2,477,443)

(5,805,788)


Loss per share, basic & diluted

(0.05)

(0.10)

Weighted average number of shares, basic & diluted

47,956,229

57,832,313






Euroseas Ltd.

Unaudited Consolidated Condensed Balance Sheets

(All amounts expressed in U.S. Dollars – except number of shares)


 

        December 31,
         2014

  March 31,
         2015

 

 

 

ASSETS

 

 

Current Assets:

 

 

    Cash and cash equivalents

25,411,420

15,469,097

    Trade accounts receivable

2,189,986

1,764,284

    Other receivables, net

844,720

471,935

    Inventories

1,758,930

1,451,226

    Restricted cash

    Prepaid expenses

Total current assets

294,093

348,231

30,847,380

654,136

330,302

20,140,980

Fixed assets:

 

 

    Vessels, net

111,150,227

108,259,751

    Advances for vessels under construction

15,687,490

21,890,532

Long-term assets:

 

 

    Restricted cash

7,700,000

7,700,000

    Deferred charges, net

335,621

298,095

    Other investments

6,183,800

6,466,425

    Investment in joint venture

18,674,094

18,195,213

Total long-term assets

159,731,232

162,810,016

Total assets

190,578,612

182,950,996

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

Current liabilities:

 

 

    Long term debt, current portion

19,512,000

21,849,000

    Trade accounts payable

2,369,983

2,831,490

    Accrued expenses

1,060,797

1,047,053

    Deferred revenue

803,649

775,879

    Due to related company

1,145,808

190,067

    Derivatives

297,992

80,360

Total current liabilities

25,190,229

26,773,849

 

 

 

Long-term liabilities:

 

 

    Long term debt, net of current portion

34,745,000

30,490,000

    Derivatives

779

343,740

Total long-term liabilities

34,745,779

30,833,740

Total liabilities

59,936,008

57,607,589

 

 

 

 

Mezzanine equity:

 

 

 

   Series B Preferred shares (par value $0.01, 20,000,000 shares authorized, 32,140 and 32,541 issued and outstanding respectively)

30,440,100

30,841,850

 

Shareholders' equity:

 

 

 

   Common stock (par value $0.03, 200,000,000 shares authorized, 57,157,313 and 57,832,313, respectively, issued and outstanding)

    

1,714,720


1,734,970


 

  Additional paid-in capital

266,831,088

266,915,678

 

  Accumulated deficit

(168,343,304)

(174,149,091)

 

 Total shareholders' equity

100,202,504

94,501,557

 

 Total liabilities and shareholders' equity

190,578,612

182,950,996








Euroseas Ltd.

Unaudited Consolidated Condensed Statements of Cash Flows

 (All amounts expressed in U.S. Dollars)


 

 Three Months Ended March 31,

 Three Months Ended March 31,

 

 2014

 

 2015

 



Cash flows from operating activities:



Net loss

(2,213,082)

(5,404,037)

Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:



Depreciation of vessels

2,852,920

2,890,476

Amortization of deferred charges

30,850

37,526

Loss in investment in joint venture

475,434

478,882

Share-based compensation

146,040

104,840

Other income accrued

(237,500)

(282,625)

Unrealized (gain) / loss on derivatives

(179,167)

125,329

Changes in operating assets and liabilities

(1,110,183)

588,371

Net cash used in operating activities

(234,688)

(1,461,238)

 



Cash flows from investing activities:



Advances and payments for vessels under construction


(7,510,747)


(6,203,042)

Change in retention accounts

(1,196,968)

(360,043)

Net cash used in investing activities

(8,707,715)

(6,563,085)

 



Cash flows from financing activities:



Proceeds from issuance of common stock, net of commissions paid


14,550,000


-

Proceeds from issuance of preferred stock, net of commissions paid


29,700,000


-

Offering expenses paid

(131,814)

-

Loan arrangement fees paid

(107,000)

-

Proceeds from long-term debt

8,000,000

-

Repayment of long-term debt

(1,193,000)

(1,918,000)

Net cash provided by /(used in) financing activities


50,818,186


(1,918,000)

 



Net increase / (decrease)  in cash and cash equivalents

41,875,783

(9,942,323)

Cash and cash equivalents at beginning of period

11,400,237

25,411,420

Cash and cash equivalents at end of period

53,276,020

15,469,097






Euroseas Ltd.

Reconciliation of Adjusted EBITDA to

Net Loss and Cash Flow Provided By / (Used In) Operating Activities

(All amounts expressed in U.S. Dollars)


 

Three Months Ended

March 31, 2014

Three Months Ended

March 31, 2015

Net loss

(2,213,082)

(5,404,037)

Interest and finance costs, net (incl. interest income)


360,525


467,564

Depreciation

2,852,920

2,890,476

Unrealized & realized loss on derivatives, net


41,654


203,811


Adjusted EBITDA


1,042,017


(1,842,186)



 

Three Months Ended

March 31, 2014

Three Months Ended

March 31,  2015

Net cash flow used in operating activities


(234,688)


(1,461,238)

Changes in operating assets / liabilities


1,110,183


(588,371)

Realized loss on derivatives, net

220,821

78,482

Equity loss in joint venture and Other investment income, net

(237,934)

(196,257)

Share-based compensation

(146,040)

(104,840)

Interest, net

329,675

430,038


Adjusted EBITDA


1,042,017


(1,842,186)



Adjusted EBITDA Reconciliation:

Euroseas Ltd. considers Adjusted EBITDA to represent net earnings / (loss) before interest, income taxes, depreciation, amortization, gain / loss in derivatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net income /(loss) or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and the Company's calculation of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance and liquidity position and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.






Euroseas Ltd.

Reconciliation of Net loss to Adjusted net loss

(All amounts expressed in U.S. Dollars except share data and per share amounts)



 

Three Months Ended

March 31, 2014

Three Months Ended

March 31, 2015


Net loss


(2,213,082)


(5,404,037)


Unrealized (gain) / loss on derivatives


(179,167)                       


125,329


Realized loss on derivatives


220,821


78,482

Adjusted net loss

(2,171,428)

(5,200,226)

Preferred dividends

(264,361)

(401,751)

Adjusted net loss available to common shareholders

(2,435,789)

(5,601,977)

Adjusted net loss per share, basic & diluted

                            

(0.05)


(0.10)

Weighted average number of shares, basic & diluted


47,956,229

57,832,313






















“Adjusted net loss” and “Adjusted net loss per share” Reconciliation:


Euroseas Ltd. considers “Adjusted net loss” to represent net loss before gain / loss on derivatives. “Adjusted net loss” and “Adjusted net loss per share” is included herein because we believe it assists our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of gain / loss on derivatives, which items may significantly affect results of operations between periods.


“Adjusted Net loss” and “Adjusted net loss per share” do not represent and should not be considered as an alternative to net loss or loss per share, as determined by U.S. GAAP, The Company's definition of “Adjusted net loss” and “Adjusted net loss per share” may not be the same as that used by other companies in the shipping or other industries.

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007. 


Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. 


The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships. Euroseas` 5 drybulk carriers have a total cargo capacity of 338,540 dwt, its 10 containerships have a cargo capacity of 17,587 teu. The Company has also signed contracts for the construction of two Ultramax (63,500 dwt) fuel efficient drybulk carriers and two Kamsarmax (82,000 dwt) fuel efficient drybulk carriers. Including the four new-buildings, the total cargo capacity of the Company's drybulk vessels will be 629,540 dwt. 


Forward Looking Statement

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



Visit the Company’s website www.euroseas.gr


Company Contact

Investor Relations / Financial Media

Tasos Aslidis

Chief Financial Officer

Euroseas Ltd.

11 Canterbury Lane,

Watchung, NJ 07069

Tel. (908) 301-9091

E-mail: aha@euroseas.gr

Nicolas Bornozis

President

Capital Link, Inc.

230 Park Avenue, Suite 1536

New York, NY 10169

Tel. (212) 661-7566

E-mail: euroseas@capitallink.com












SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




 

EUROSEAS LTD.

 

 

 

 

 

 

 

Dated: May 21, 2015

By:

/s/ Dr. Anastasios Aslidis

 

 

Name:  

Dr. Anastasios Aslidis

 

 

Title:

Chief Financial Officer and Treasurer