13D Filing: Tennenbaum Capital Partners LLC and Euroseas Ltd (ESEA)

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CUSIP No. Y23592200		Page 3 of 4

Item 1.

Security and Issuer.

This Amendment No. 5 to Schedule 13D is being filed on behalf
of the undersigned as an amendment to the Statement on Schedule 13D filed with the Securities and Exchange Commission (the Commission) on January 31, 2014, as amended by Amendment No. 1 to Schedule 13D filed with the
Commission on March 20, 2014, Amendment No. 2 to Schedule 13D filed with the Commission on January 14, 2016, Amendment No. 3 to Schedule 13D filed with the Commission on March 8, 2016 and Amendment No. 4 to Schedule 13D
filed with the Commission on December 19, 2016 (as amended, the Schedule 13D), relating to Common Shares, $0.03 par value (the Common Shares), of Euroseas Ltd., a corporation organized under the laws of the
Republic of the Marshall Islands (the Issuer). Terms defined in the Schedule 13D are used herein as so defined.

Item 3.

Source and Amount of Funds or Other Consideration.

The information in Item 3 is
hereby amended and supplemented as follows:

The Reporting Person has acquired 1,761.86 additional Series B Preferred Shares in connection
with quarterly paid-in-kind dividend payments on the Series B Preferred Shares then held by the Reporting Person, representing approximately 143,825 Common Shares issuable upon conversion of the Series B Preferred Shares.

In addition, as previously reported, in December 2016 the Reporting Person acquired 900,000 Common Shares in connection with the Issuers
purchase of a feeder containership vessel from an entity controlled by the Reporting Person.

Item 5.

Interest in Securities of the Issuer.

The information in Item 5 is hereby amended
and restated as follows:

(a)-(b) The Common Shares identified pursuant to Item 1 constitute approximately 24.2% of the Common
Shares outstanding based on (i) 11,177,892 Common Shares outstanding as of March 31, 2017 as reported by the Issuer in its Report on 6-K filed with the Commission on May 30, 2017 and (ii) 2,389,324 Common Shares issuable upon
conversion of the Series B Preferred Shares, computed in accordance with Rule 13d-3(d)(1). The Reporting Person has sole voting and dispositive power over the Common Shares.

(c) Other than as described above, there have been no purchases or sales of the Common Shares during the past 60 days by the Reporting
Person (or its affiliates).

(d)-(e) Not applicable.