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FORM 6-K


SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934


For the month of October 2007


EUROSEAS LTD.

(Translation of registrant's name into English)


Euroseas Ltd.

Aethrion Center

40 Ag. Konstantinou Street

151 24 Maroussi, Greece


(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual

reports under cover Form 20-F or Form 40-F.


Form 20-F |X| Form 40-F |_|


Indicate by check mark whether the registrant by furnishing the information

contained in this Form is also thereby furnishing the information to the

commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Yes |_| No |X|

<PAGE>


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 October 4, 2007 announcing Agreement to Purchase a Panamax Drybulk Vessel Expanding Fleet to 15 Vessels




EXHIBIT 1












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Euroseas Ltd. Announces Agreement to Purchase a Panamax Drybulk Vessel Expanding Fleet to 15 Vessels



Maroussi, Athens, Greece, October 4, 2007 - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it has signed a Memorandum of Agreement to purchase the M/V Trust Jakarta, a Panamax drybulk vessel of 64,873 dwt built in 1984 in Japan. The M/V Trust Jakarta was acquired for approximately $28.6 million and comes with a period charter attached until July 2008 at a rate of $35,500 per day. The vessel will be delivered to the Company between October 15 and November 15, 2007 at the sellers option and will be renamed M/V Ioanna P. Following the delivery of the M/V Ioanna P., and the previously acquired M/V Tiger Bridge, approximately 79% of Euroseas total fleet days in the fourth quarter of 2007 and approximately 45% in 2008 will be fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.


Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce that we have agreed to acquire the M/V Ioanna P, our 15th vessel. This will be the seventh vessel to be purchased this year and the fourth since our follow-on equity offering in June 2007.  We have essentially doubled our fleet in less than a year through accretive acquisitions. All of our investments have been carefully selected amongst a multitude of available projects within the dry shipping sector so as to achieve attractive returns for our shareholders. In that respect, the acquisition of M/V Ioanna P follows on the successful precedent of our previous drybulk acquisition of M/V Gregos in February 2007, also a 1984-built vessel, which has provided us with superior returns to-date. We expect that the acquisition of M/V Ioanna P will be accretive to our earnings and cash flow. Based on current charter rates, we expect to recoup this capital investment in less than three years, thus bearing minimal residual value risk as compared to investment in younger vessels.  While we continue to focus on acquisitions of middle age tonnage on the containership front, we firmly believe that in the present high asset value drybulk market, well maintained vessels built in the mid-80s provide the best returns.






Fleet Profile:


The fleet profile of Euroseas after the acquisition of the M/V Ioanna P. and the previously acquired M/V Tiger Bridge will be as follows:


Name

Type

Dwt

TEU

Year Built

Employment


TCE Rate ($/day)


Dry Bulk Vessels

 

 

 

 

 

 

IRINI (*)

Panamax

69,734

 

1988

Baumarine Pool – ‘til end 2008

$17,000 to $20,000 (*)


ARISTIDES N.P.


Panamax


69,268

 


1993


TC ‘til Jan-08


$29,000


IOANNA P. (EX-TRUST JAKARTA)

Panamax

64,873

 

1984

TC ‘til Jul-08

$35,500


NIKOLAOS P.


Handysize


34,750

 


1984


TC ‘ Nov -07


$21,300


GREGOS


Handysize


38,691

 


1984


Spot


$43,250

Total Dry Bulk Vessels


5

277,316

 


 

 

 

 

 

 

 

 

 

Multipurpose Dry Cargo Vessels

 

 

 

 

 

 

TASMAN TRADER


1



22,568



950



1990



TC ‘til Mar-12


$8,850 ‘til Dec-08,

$9,500 ‘til Dec-10,

$9,000 ‘til Mar-12


Container Carriers

 

 

 

 

 

 


TIGER BRIDGE (EX-CITY OF HAMBURG)

Intermediate

30,400

2,228

1990

TC ‘til Jul-09

$16,500


ARTEMIS


Intermediate


29,693


2,098


1987


TC ‘til Dec-08


$19,000

 

DESPINA P


Handysize


33,667


1,932


1990


TC ‘til Oct-07


$17,000


JONATHAN P


Handysize


33,667


1,932


1990


TC ‘til Oct-07


$17,000


CLAN GLADIATOR


Handysize


30,007


1,742


1992


TC ‘til Apr-08


$19,000


YM XINGANG I


Handysize


23,596


1,599


1993


TC ‘til Jul-09


$26,650


MANOLIS P


Handysize


20,346


1,452


1995


TC ‘til Mar-08


$13,450


NINOS
(ex-YM QINGDAO I)


Feeder


18,253


1,169


1990


TC ‘til Apr-08


$12,800


KUO HSIUNG


Feeder


18,154


1,169


1993


TC ‘til Feb-09


$12,000 ’til Dec-07

$15,800 ’til Feb-09


Total Container Carriers

9

237,783

15,321

 

 

 

Fleet Grand Total

15

537,667

16,271

 

 

 





(*)

“IRINI” is employed in the Baumarine pool that is managed by Klaveness, a major global charterer in the dry bulk area, and also participates in two “short” funds (contracts to carry cargo at agreed rates), minimizing its exposure to the spot market (covered at 77% for 2007 and 42% for 2008, approximately). The rate mentioned above corresponds only to the fixed portion of the vessels employment. The remaining portion earns the market spot rate.


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 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.


After the delivery of the M/V Ioanna P, and the M/V Tiger Bridge the Company will have a fleet of 15 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas’ 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 9 container ships will have a cargo capacity of 15,321 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.


Forward Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels 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.






Contact:

Visit our website www.euroseas.gr


Company Contact

Investor Relations / Financial Media

Tasos Aslidis

Chief Financial Officer

Euroseas Ltd.

11 Canterbury Lane,

Watchung, NJ 07069

Tel. (908) 301-9091

E-mail: aha@euroseas.gr

Nicolas Bornozis

President

Capital Link, Inc.

230 Park Avenue, Suite 1536

New York, NY 10169

Tel. (212) 661-7566

E-mail: nbornozis@capitallink.com



SIGNATURES


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


                                  EUROSEAS LTD.

                                  (registrant)



Dated  October 4, 2007             

 By: /s/ Aristides J. Pittas

                                           

 ---------------------------------

 Aristides J. Pittas

     President