Euroseas Q1 2013 results presentation

Earnings Presentation
Three Months Ended March 31, 2013
Earnings Presentation
May 17, 2013

Forward-Looking Statements
Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The
matters discussed herein that are forward-looking statements are based on current management expectations that involve
risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and
uncertainties including, but not limited to, the need to manage our growth and integrate additional capital, acquire additional
vessels, volatility in the dry-bulk shipping business and vessel charter rates, our ability to obtain sufficient capital, the
volatility of our stock price, and other risks and factors. Forward-looking statements made during this presentation speak only
as of the date on which they are made, and Euroseas does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this presentation.
Because forward-looking statements are subject to risks and uncertainties, we caution you not to place undue reliance on any
forward-looking statements. All written or oral forward-looking statements by Euroseas or persons acting on its behalf are
qualified by these cautionary statements.
This presentation also contains historical data about the dry bulk and containerized trade, dry bulk and containership fleet and
dry bulk and containership rates. These figures have been compiled by the Company based on available data from a variety
of sources like broker reports and various industry publications or represent Company’s own estimates. The Company
exercised reasonable care and judgment in preparing these estimates, however, the estimates provided herein may not match
information from other sources.
This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such
jurisdiction.

2013 First Quarter Overview
(1) See press release of 05/17/2013 for reconciliation of Adj., Net Loss to Net Loss and Adjusted
EBITDA to Net Loss and Cash Flow from Operations
Financial Highlights First Quarter 2013:
Net Revenues: $ 10.9 million
Net loss: $ (4.6) million, or, ($0.10)/share, basic & diluted
Adj. Net income(1): $ (4.6) million, or, ($0.10)/share, basic & diluted
Adj. EBITDA(1): $ (0.1) million
Dividend declared: $ 0.015 / share, the 31st consecutive quarterly dividend
Balance Sheet Highlights, March 31, 2013
Total cash: $ 35.9 million
Net Debt / Market Value 29%
of Fleet

Dividend Declaration
 Declared the 31st consecutive
dividend of $0.015 per share for the
first quarter of 2013
 Annualized yield of about 5.4%
based on the closing share price of
$1.12 on 05/15/2013
0%
5%
10%
15%
20%
25%
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
annualizedyield
quarterlydividend

Current Fleet (not including Euromar vessels)
Size Year Acquisition
Name Type DWT TEU Built Year
Pantelis Panamax 74,020 - 2000 2009
Eleni P Panamax 72,119 - 1997 2009
Irini Panamax 69,734 - 1988 2002
Aristides NP Panamax 69,268 - 1993 2006
Monica P Handymax 46,667 - 1998 2009
Maersk Noumea Intermediate 34,677 2,556 2001 2008
Tiger Bridge Intermediate 31,627 2,228 1990 2007
Angeliki P Handysize 30,360 2,008 1998 2010
Despina P Handysize 33,667 1,932 1990 2007
Captain Costas Intermediate 30,007 1,742 1992 2007
YM Port Klang Handysize 23,596 1,599 1993 2006
Manolis P Handysize 20,346 1,452 1995 2007
OEL Bengal Feeder 18,253 1,169 1990 2001
Kuo Hsiung Feeder 18,154 1,169 1993 2002
Anking Multipurpose 22,568 950 1990 2006
Total 15 vessels 595,063 16,805 19.4 yrs

Euromar Joint Venture
NOTES: (1) Acquired with above market charter
Size Year
Name Type DWT TEU Built
CAP EGMONT (1)
Intermediate 41,850 3,091 2007
EM ASTORIA Intermediate 35,600 2,788 2004
CMA-CGM TELOPEA Intermediate 37,180 2,785 2007
MAERSK NAIROBI Intermediate 34,654 2,556 2001
EM ATHENS Intermediate 32,350 2,506 2000
EM CHIOS Intermediate 32,350 2,506 2000
EM ANDROS Intermediate 33,216 2,450 2003
EM ITHAKI Intermediate 28,917 2,135 1999
EM HYDRA Handy 23,400 1,736 2005
EM SPETSES Handy 23,400 1,736 2007
Total 10 vessels 322,917 24,289 9.3
 Remaining $43.75m of the original
capital commitment have been
contributed:
 Total capital invested $175m ..
 ..of which $25m are from
Euroseas
 Has bought 10 containerships
 Between 1700 and 3100 teu
 Has funds for 2-4 additional vessel
acquisitions

World Economic Growth
8
 World economy still expected to grow at about 3.3% in 2013
 Growth modestly revised downwards by IMF (0.2% lower)
 Stock market optimism does not seem supported by economic growth expectations
Some positives:
 The US economy continues to improve even at a slower than desired pace
 Italy has formed a government with a plan of more growth / less austerity
 Japan to stimulate growth with higher spending.
Some negatives:
 The US fiscal cliff has still to be conclusively resolved.
 China’s economic trends (slowdown / resumption of growth?)
 The Eurozone could remain in recession for an other year
 Continued unease with Eurozone’s ability to deal with debt/bank crisis (latest example: Cyprus)
 Upcoming elections in Germany increase uncertainty
 BRIC countries’ expected growth in 2013 lower than previously forecasted, in part due to the continued growth
sluggishness of the developed world.
 Asian economies still provide the largest contribution to the world growth, especially the NIE
ones political & economic uncertainties characterize the economic landscape:

9
World GDP & Shipping Demand Growth
Sources:
GDP - International Monetary Fund: 2009-2011 and past estimates (in parentheses), 2012/13/14/15 IMF Forecasts; Trade –
Clarksons, Company estimates (Oct 2012); trade outlook takes into account revised economic views
Real GDP (% p.a. - IMF) 2009 2010 2011 2012 2013F (*) 2014F (*) 2015F (*)
USA -2.6 (-1.6) 2.8 (2.7) 1.8 (3.0) 2.2(1.8) 1.9(2.0) 3.0(3.0) 3.4
Eurozone -4.1 (-2.0) 1.8 (1.0) 1.4 (1.5) -0.6 (-0.5) .-0.3(-0.2) 1.1(1.1) 1.5
Japan -6.3 (-2.6) 4.3 (1.7) -0.6 (1.7) 2.0(1.7) 1.6(1.2) 1.4(0.7) 1.2
China 9.2 (6.7) 10.3 (10.0) 9.3 (10.3) 7.8 (8.2) 8.0(8.2) 8.2(8.5) 8.5
India 5.7 (5.1) 9.7(7.7) 7.7 (8.4) 4.0 (7.0) 5.7(5.9) 6.2(6.4) 6.7
Russia -7.9 (-0.7) 3.7 (3.6) 4.3 (4.5) 3.4 (3.0) 3.4(3.7) 3.8(3.8) 3.9
Brazil -0.6 (-1.8) 7.5 (4.7) 2.7 (4.5) 0.9 (3.0) 3.0(3.5) 4.0(4.0) 4.2
ASEAN-5 1.7 (2.7) 6.7 (4.7) 4.5 (5.5) 6.1 (4.8) 5.9(5.5) 5.5(5.7) 5.8
World -0.5(3.4) 5.0 (3.9) 4.0 (4.4) 3.2 (3.3) 3.3(3.5) 4.0(4.1) 4.4
Figures in parantheses: (Begin of respective year IMF forecasts, '09-12) (2013/14: Previous forecast by IMF Jan-12)
Dry Bulk Trade (% p.a.)
Tons -3.0 (-3.0) 13.0 (5.0) 6.0 (6.0) 7.0 (4.0) 5.0(4.0) 6.0 (6.0) 6.0
Containerized Trade (% p.a.)
TEU -9.4 (5.5) 13.1 (8.0) 7.5(8.7) 3.4 (7.0) 6.0 (6.1) 7.0 (8.5) 8.0
Figures in parantheses: (Begin of respective year forecasts, '09-12) (2013/14: Last forecast Jan-13)
(*) Sources: GDP - International Monetary Fund: 2009-2012 and past estimates (in parentheses), 2013/14 IMF Forecasts (Apr-13), 2015 IMF (Oct-12)
Trade – Clarksons estimates 2013-2014 (Apr-13), Company estimates 2015; trade outlook takes into account revised economic views

1010
5.1 7.7 8.8 9.73 7.2 3.8 1.1
10.4
16.5 18.5 17.04
14.7
4.5
0.8
7.2
15.4
23.5 29.24
30.3
13.2
2.1
20.7
38.7
44.6
41.8
28.3
13.3
7.20
101
31
4
25.1
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015
Handy Handymax Panamax
Cape Conversions Delivered to-date
m dw t
Drybulk Age Profile & Orderbook Delivery Schedule
36.6
9.2 7.9 8.7
22.4
73.2
23.9 16.7 14.9
13.2
87.2
31.6
25.3 21.6
15.7
42.8
21.0 34.7 23.2
0
20
40
60
80
100
120
140
160
180
200
0-4 '5-9 '10-14 '15-19 '20+
Handysize Handymax Panamax Capesize
m dwt
Large Vessels Dominate Orderbook
Source: Clarksons, as of April 2013.. 2009-2012 fleet percent change includes scrapping and other additions and removals.
In 2009, scrapping accounted for 10 m dwt (3%), conversions for 10.9 m dwt and other removals for 1.7 m dwt, and slippage & cancellations (28.5 m dwt) for 40% of the
scheduled deliveries.
In 2010, scrapping accounted for 5.7 m dwt (1.2%), slippage and cancellations (47 m dwt) accounted for 37% of the scheduled deliveries.
In 2011, scrapping accounted for 22.2 m dwt (4.2%), slippage and cancellations (43 m dwt) accounted for 29% of the scheduled deliveries.
In 2012, scrapping accounted for 32.9 m dwt (5.3%), slippage and cancellations (40 m dwt) accounted for 29% of the scheduled deliveries
In 2013/14/15 deliveries are given as percent of fleet of previous year calculated without accounting for scrapping, other removals or conversions (Apr 2013).
Large bulkers are still young
Dry Bulk OrderbookDry Bulk Age Profile
52%
16%
10% 12%
11%
11% of the fleet is
over 20 yrs old
For delivery in 13/14/15+(as of
Apr-13):
Cape 143/63/39
Panamax 387/172/32
H’max 278/85/15
Handies 223/123/39
9.2%
16.0%
14.2%
11.1% 14.9%
4.5%
1.4%
Delivered 2013 to-date

1111
Containership Age Profile & Orderbook Delivery Schedule
0.1 0.2 0.11 0.17 0.04 0.09
0.40 0.45
0.33 0.39
0.08
0.30
0.60
0.41 0.25
0.05
1.17
1.36
0.53 0.56
0.20 0.05
1.15
1.03
0.94
0.33
0.04
0
3.2
1.5
0.15
0.025
0
00.09
0.10
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
3.6
4.0
4.4
4.8
5.2
5.6
6.0
6.4
6.8
'0-4 '5-9 '10-14 '15-19 '20-24 25+
100-1,000 1000-2,000 2,000-3,000
Pmx PPmx<8000 PPmx>8000
m TEU
Containership Age Profile Container Orderbook
Large Vessels Dominate Orderbook
38.5 %
31.3%
15.1%
10.5%
2.9%
1.6%
Source: Clarksons as of April 2013.
2009-2012 fleet percent change includes scrapping and other additions and removals. From 2013 onwards, percent fleet change is calculated based on the fleet of the previous year
calculated without accounting for scrapping, other removals or conversions.
In 2009, scrapping accounted for 0.35 m teu, or 2.9% of the fleet. Slippage and cancellations of about 1.0 m teu accounted for about 50% of the scheduled deliveries.
In 2010, scrapping accounted for 0.26 m teu, or 1.9% of the fleet. Slippage and cancellations of about 0.5m teu accounted for about 25% of the scheduled deliveries.
Overall A Young Fleet
0.02 0.02 0.019 0.01 0.01 0 0
0.1 0.08 0.07 0.05 0.06 0.02 0.001
0.08 0.06 0.04 0.02 0.05
0.02 0.002
0.35 0.4
0.12
0.08 0.08
0 0.003
0.54
0.84
0.94 1.08
1.31
1.08
0.53
1.8
1.0
0.4
0.4
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2009 2010 2011 2012 2013 2014 2015
100-1,000 1000-2,000 2,000-3,000
Pmx 3,000+ PPmx Start 2013
m teum
5.6%
6.06%
11.3%
6.1%
9.4%
8.4%
Delivered 2013 to-date
2.8%
For delivery in 13/14/15+(as
of Apr-13):
Ppmx 166/105/65
Pmx 3000+ 21/0/2
2-3000 21/9/1
1-2000 39/14/1
100-999 11/0/0

Outlook Summary
Drybulk Market
 Drybulk trade growth expectations have been negatively affected by slower world growth and, possibly, a bigger
slowdown of Chinese growth; since two thirds of dry bulk demand is generated in Asia .
 Significant deliveries are projected in 2013 which are expected to put pressure on the freight market for 2013.
 Slippage and scrapping have been strong in 2012 and promise to hover at similar levels in 2013, but they will not
suffice to balance the market.
 Delivery net delays and cancellations are expected to be similar for 2013 to the previous 2 years (around 30%).
 2014 will probably be the turning point unless we see a significant spike in new orders and/or the global economy
does not start recovering as anticipated by the IMF and other forecasters.
Containership Market
 Economic uncertainty has affected containerized trade quite broadly as consumers in Europe and North America
have remained timid in their spending. Poor demand growth from Europe affects the largest route (FE-Europe).
 Current quarter is expected to have high trading volumes due to seasonality.
 Fleet growth and demand growth should be fairly balanced in 2013 implying the market hovering around today’s
low levels. Small changes in this balance will determine the direction of the market.
 Supply growth is mainly in large sizes.

Chartering, Operations & Investment Strategy

14
Vessels Employment Chart – Bulkers
48% in 2013 and 4% 2014 (Eleni P days not counted)Coverage:
ELENI P
IRINI
MONICA P
PANTELIS
ARISTIDES N.P.
Min TC Period Re-delivery range Options
$10,300 DD $7,500
$16,500 Spot Pool
$14,000
$12,375
$11,200+50/50 profit share
$9,500 $6,150
1 Yr option @14,200
Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3
June Jul Aug SepJune Jul Aug Sep Oct NovDec Jan Feb Mar Apr MayOct NovJan Feb Mar Apr May

15
Vessels Employment Chart – Containerships
Abt 46% in 2013 and 3% in 2014 (based on min durations)Coverage (as of May 1‘13):
ANKING
OEL BENGAL
KUO HSIUNG
MAERSK NOUMEA
MARINOS
DESPINA P
MANOLIS P
TIGER BRIDGE
AGGELIKI P
CPT COSTAS
Min TC Period Re-delivery range Options
$8,000
$6000
$8,250
$6,725
$6,500 $1-YR Option @$11,500
$15,750
$6,000
$6,750
$6,000
$6,000 $6,250
$6,000
Q4 Q1 Q2 Q3
IDLE
$6,950
Q4Q2 Q3
DecJul AugJune Jul Aug Sep Oct Nov Sep Oct NovDec Jan Feb Mar Apr May JuneApr May
2013 2014

Daily costs per vessel (1)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2008 2009 2010 2011 2012 2013Q1
$/day
Euroseas Public Peers
Fleet Management & Operational Performance
 Operational fleet utilization rate in excess of 98.5%
over last 5 years
 Outstanding safety and environmental record
 For 2013Q1, operational fleet utilization 98.7%
and commercial 99.3%
 For 2012, operational fleet utilization 99.4%
and commercial 96.2%
 Overall costs achieved are amongst the lowest of the
public shipping companies
(2) (3)
(1) Includes running cost, management fees and G&A expenses (not drydocking expenses)
(2) 2009 figure was increased by abt $600/day to account for the lower cost of the 3 laid-up vessels;
2010 figure was increased by abt $300/day to account for the lower cost of the laid-up vessels (2 in 2010H1 and 1 in 2010Q3);
(3) Peer group includes DRYS (up to 2009), DSX, EGLE, EXM, GNK, OCNF and FREE (drybulk), and SSW, DAC (containership) up to 2010; DSX,
EGLE, EXM, GNK, SBLK, and SB (drybulk), and SSW, DAC, DCIX in 2011 and 2012.

Market Snapshot – Investment Opportunities
1-Year Time Charter Rate
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
2001-
01
2002-
01
2003-
01
2004-
01
2005-
01
2006-
01
2007-
01
2008-
01
2009-
01
2010-
01
2011-
01
2012-
01
Panamax 75,000 dwt
Containership 1700 teu
?
?

Financial Highlights: 1st Quarter 2012 and 2013
First Quarter
change
2012 2013 %
(4)
Net Revenues $13.9 $10.9 -21.7%
Net Income / Loss -$9.0 -$4.6
Loss on Sale of Vessel $8.6 $0.0
Unrealized & Realized (gain) / loss,
derevatives & investments
$0.2 $0.0
Amort. FV of charters, net $0.0 $0.0
Adj. Net Income -$0.1 -$4.6
Adjusted EBITDA
(1)
$4.9 -$0.1 -101.5%
"GAAP" EPS, Diluted
(2)
-$0.28 -$0.10
"Operating(3)
" Adj. EPS, Diluted $0.00 -$0.10
Dividends per share, declared $0.04 $0.02 -62.5%
(in million USD except per share
amounts)
(1) See press release of 05/17/2013 for Adjusted EBITDA reconciliation to Net Income and Cash Flow from Operations.
(2) Calculated on 31,910,518 diluted shares for 2012 and 45,319,605 shares for 2013.
(3) “Operating” EPS excludes from Net Income the capital gains, unrealized and realized derivative gains and losses, unrealized investment
gains or losses and amortization of fair value of charters acquired. See press release of 05/17/2013 for reconciliation to Net Income.
(4) Calculated based on figures in press release of 05/17/2013 , i.e. before rounding to million USD

Fleet Data for 1st Quarter of 2012 and 2013
First Quarter
2012 2013
(unaudited) (unaudited)
Number of vessels 15.92 15.00
Utilization Rate (%)
Overall 87.1% 98.1%
Commercial 87.6% 99.3%
Operational 99.4% 98.7%
Averages in $/day/vessel
Time Charter Equivalent (TCE) 11,258$ 8,718$
Operating Expenses
Vessel Operating Expenses 5,294 5,554
G&A Expenses 692 715
Total Operating Expenses 5,986 6,269
Interest Expense 368 355
Drydocking Expense 22 1,343
Loan Repayments 3,149 1,569
Total Cash Flow Breakeven 9,525 9,536
Fleet Statistics

25.6
13.8
11.6 12.5 11.2 11.0
8.3
5.9
2.8
0.8
2.4 1.0 2.2
4.6 10.7
9.4
3.2
3.7
4.9
$0
$5
$10
$15
$20
$25
$30
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
million
Repayment Balloon Pmt Prepayments
Debt Repayment Profile
Debt Repayment Schedule – As of 03/31/2013
» Cash Flow Breakeven - rough
estimate for next 12 months:
$/day
OPEX $ 5,810
G&A $ 730
Interest $ 550
Drydock $ 950
Loan Rpmt(*) $ 2,740
TOTAL $10,780
Cash Flow Breakeven
(*) Corresponds to $9.5m for balloon
payments and $10.1m for loan repayments
scheduled in the next 12 months
Two facilities were extended
for a 2 year period as well as
their balloon payments of $5m
originally due in 2013

Balance Sheet & Other Data
 Cash @ March 31, 2013: $ 35.9m
 $25.3m unrestricted – and about $10.6m of restricted funds and retention accounts
 Cash per share amounts to about $0.79 (versus yesterday’s share price of $1.24)
 Debt: $59.5m as of March 31, 2013
 Debt to Capitalization ratio about 23%
 Debt to Market Value of Fleet ratio 72%
 Net debt to Market Value of Fleet ratio about 29%
 Loan covenants satisfied
 About $15-20 m cash equity to fund further growth
 $15-20m of additional equity to buy vessels

Euroseas Contacts
Euroseas Ltd.
c/o Eurobulk Ltd
4, Messogiou & Evropis Street
151 24 Maroussi, Greece
www.euroseas.gr
euroseas@euroseas.gr
Tel. +30-211-1804005
Fax.+30-211-1804097
or,
Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane
Watchung, NJ 07069
aha@euroseas.gr
Tel: 908-3019091
Fax: 908-3019747
Nicolas Bornozis
Investor Relations
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
nbornozis@capitallink.com
Tel: 212- 6617566
Fax: 212-6617526

Appendix
Please refer to the Company’s press release of May 17, 2013 for financial statements
and reconciliation of Adjusted EBITDA and “Operating” EPS to Net Income and
Cash Flow from Operations, as well as Reconciliation of Net Income to Adjusted
Net Income

Euroseas Q1 2013 results presentation

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