UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

Under The Securities Exchange Act of 1934

(Amendment No. 12)

*  As adjusted for authorized Common Shares not yet issued that are beneficially owned by Preferred Friends Investment Company.

CUSIP NO. Y23592309

This Schedule 13D is Amendment No. 12 with respect to Friends Investment Company Inc., Amendment No. 3 with respect to Preferred Friends Investment Company Inc., and is Amendment No. 2 with respect to Family United Navigation Co.

Item 1.  Security and Issuer

The class of equity security to which this statement relates is the Common Shares, $0.03 par value (the "Common Shares"), of Euroseas Ltd., a Marshall Islands corporation (the "Issuer").  The address of the principal executive office of the Issuer is 4 Messogiou & Evropis St., 151 24 Maroussi, Greece.

Item 2.  Identity and Background

(a),(f)

The persons filing this statement are Friends Investment Company Inc., a Marshall Islands corporation ("Friends Investment Company"), Preferred Friends Investment Company Inc., a Marshall Islands corporation ("Preferred Friends Investment Company"), and Family United Navigation Co., a Marshall Islands corporation ("Family United Navigation" and, together with Friends Investment Company and Preferred Friends Investment Company, the "Reporting Persons").

(b)	The address of the principal place of business of Friends Investment Company and Preferred Friends Investment Company is 4 Messogiou & Evropis St., 151 24 Maroussi, Greece.

The address of the principal place of business of Family United Navigation is Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro MH96960, Marshall Islands.

(b),(c)

The principal business of the Reporting Persons is acting as shipping investment holding companies.

The name, citizenship, present principal occupation or employment and business address of each executive officer and director of Friends Investment Company is set forth below.  If no business address is given, the director's or executive officer's address is 4 Messogiou & Evropis St., 151 24 Maroussi, Greece.

The name, citizenship, present principal occupation or employment and business address of each executive officer and director of Preferred Friends Investment Company is set forth below.  If no business address is given, the director's or executive officer's address is 4 Messogiou & Evropis St., 151 24 Maroussi, Greece.

The name, citizenship, present principal occupation or employment and business address of each executive officer and director of Family United Navigation is set forth below.  If no business address is given, the director's or executive officer's address is 4 Messogiou & Evropis St., 151 24 Maroussi, Greece.

(d),(e)

None of the Reporting Persons, nor any manager or executive officer of the Reporting Persons, has, during the past five years, (a) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting, or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3.  Source and Amount of Funds or Other Consideration

The source of funds for the purchases of the 2,868,286 Common Shares directly owned by Friends Investment Company came from its working capital.  No borrowed funds were used to purchase the Common Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The source of funds for the purchase of the 499,347 Common Shares beneficially owned by Preferred Friends Investment Company pursuant to the "PIPE Transaction" (as described in Item 4 of the Schedule 13D/A filed with respect to the Issuer on August 18, 2014) came from its working capital.  No borrowed funds were used to purchase the Common Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The source of funds for the purchases of the 389,736 Common Shares directly owned by Family United Navigation came from its working capital.  No borrowed funds were used to purchase the Common Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The other persons named in response to Item 2 hold the following number of Common Shares in their accounts, which they received pursuant to the Issuer's Stock Incentive Plan and pursuant to certain rights offerings to shareholders of the Issuer:

*  These vested Common Shares are owned by Marine Spirit S.A., a company founded by Mr. Skarvelis and to which he is the beneficial owner.

Item 4.  Purpose of Transaction

The Reporting Persons have acquired their Common Shares of the Issuer for investment.  The Reporting Persons evaluate their investment in the Common Shares on a continual basis.

Aristides J. Pittas, who serves as the Vice President and as a Director of Friends Investment Company, and who also serves as the President as a Director of Preferred Friends Investment Company, is the Chairman, President, Chief Executive Officer and a Class A Director of the Issuer.  Aristides P. Pittas, who serves as the President and as a Director of Friends Investment Company, and as the Secretary as a Director of Family United Navigation, is the Vice Chairman and a Class A Director of the Issuer.  George Skarvelis, who serves as a Director of Friends Investment Company, is a Class B Director of the Issuer.

On August 31, 2015, the Issuer announced that it was holding a rights offering (the "Rights Offering") in which shareholders of record as of August 14, 2015 were eligible to participate.  Pursuant to the terms of the Rights Offering, the Issuer distributed to eligible shareholders, at no extra charge, three non-transferable subscription rights for each four Common Shares owned by them on such date.  Each subscription right represented the right to purchase the Issuer's Common Shares at a subscription price of $4.50 per share and consisted of a basic subscription privilege and an oversubscription privilege.  The basic subscription privilege entitled holders of subscription rights to purchase one Common Share at the subscription price for each subscription right held.  The oversubscription privilege entitled holders of subscription rights who exercised their basic subscription privilege in full to purchase, at the subscription price, any Common Shares that the Issuer's other subscription rights holders did not purchase under their basic subscription privileges, subject to certain limitations.  Eligible shareholders were able to exercise their subscription rights until such rights expired at 5:00 p.m., Eastern Daylight Time, on September 17, 2015.  Friends Investment Company participated in the Rights Offering, resulting in its acquisition of 1,243,751 additional Common Shares.

Moreover, since certain persons serving as directors and officers for Preferred Friends Investment Company and Family United Navigation also serve in similar capacities for Friends Investment Company, Preferred Friends Investment Company, Family United Navigation and Friends Investment Company may be deemed to be affiliates of each other for purposes of reporting on Schedule 13D.  As such, each Reporting Person may be deemed to beneficially own the Common Shares of the other Reporting Person.

Except as set forth above, the Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.  The Reporting Persons intend to review their investment in the Issuer on a continuing basis.  Depending on various factors, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional Common Shares, selling some or all of their Common Shares, engaging in short selling of or any hedging or similar transaction with respect to the Common Shares or changing its intention with respect to any and all matters referred to in Item 4.

Item 5.

Interest in Securities of the Issuer

(a)-(d)

As of the date hereof, Friends Investment Company may be deemed to be the beneficial owner of 2,868,286 Common Shares, constituting 35.3% of the Common Shares, based upon 8,127,360 Common Shares outstanding.  Friends Investment Company has the sole power to vote or direct the vote of 2,868,286 Common Shares and the shared power to vote or direct the vote of 0 Common Shares.  Friends Investment Company has the sole power to dispose or direct the disposition of 2,868,286 Common Shares and the shared power to dispose or direct the disposition of 0 Common Shares.  The 2,868,286 Common Shares beneficially owned by Friends Investment Company were acquired in open market transactions.

As of the date hereof, Preferred Friends Investment Company may be deemed to be the beneficial owner of 499,347 Common Shares, constituting 5.8% of the Common Shares, based upon 8,626,707 Common Shares outstanding as adjusted for authorized Common Shares not yet issued that are beneficially owned by Preferred Friends Investment Company.  Preferred Friends Investment Company has the sole power to vote or direct the vote of 499,347 Common Shares and the shared power to vote or direct the vote of 0 Common Shares.  Preferred Friends Investment Company has the sole power to dispose or direct the disposition of 499,347 Common Shares and the shared power to dispose or direct the disposition of 0 Common Shares.  The 499,347 Common Shares beneficially owned by Preferred Friends Investment Company are beneficially owned pursuant to the PIPE Transaction (as further described in Item 4 of the Schedule 13D/A filed with respect to the Issuer on August 18, 2014), a privately negotiated transaction.

As of the date hereof, Family United Navigation may be deemed to be the beneficial owner of 389,736 Common Shares, constituting 4.8% of the Common Shares, based upon 8,127,360 Common Shares outstanding.  Family United Navigation has the sole power to vote or direct the vote of 389,736 Common Shares and the shared power to vote or direct the vote of 0 Common Shares.  Family United Navigation has the sole power to dispose or direct the disposition of 389,736 Common Shares and the shared power to dispose or direct the disposition of 0 Common Shares.  The 389,736 Common Shares beneficially owned by Family United Navigation were acquired in private transactions with Friends Investment Company.

None of the other persons named in response to Item 2 have the sole power to vote or to direct the vote, the shared power to vote or direct the vote, the sole power to dispose or to direct the disposition of the Shares that are the subject of this Statement.

There have been no purchases or sales of the Common Shares during the past 60 days by Preferred Friends Investment Company or Family United Navigation.

The transactions by Friends Investment Company in the Common Shares during the past sixty days are set forth in Exhibit B.

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Except for the Securities Purchase Agreement and the Statement of Designation of the Rights, Preferences and Privileges of Series B Convertible Perpetual Preferred Shares of Euroseas Ltd., which are described in Item 4 of the Schedule 13D/A filed with respect to the Issuer on August 18, 2014 and attached as exhibits thereto, Preferred Friends Investment Company does not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer.

Friends Investment Company and Family United Navigation do not have any contract, arrangement, understanding or relationship with any person with respect to the securities of the Issuer.

Item 7.  Material to be Filed as Exhibits

Exhibit A:  Joint Filing Agreement

Exhibit B:  Schedule of Transactions in Common Shares by Friends Investment Company

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Attention:  Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

Exhibit A

The undersigned agree that this Amendment No. 12 to Schedule 13D, dated September 28, 2015, relating to the Common Shares, $0.03 par value, of Euroseas Ltd. shall be filed on behalf of the undersigned.

Exhibit B

SCHEDULE OF TRANSACTIONS IN COMMON SHARES BY FRIENDS INVESTMENT COMPANY INC.

*  These Common Shares were acquired in open market transactions.

**  These Common Shares were acquired pursuant to the Rights Transaction as described in Item 4 above.

SK 02558 0005 6833230