Filing Details

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

Under The Securities Exchange Act of 1934

(Amendment No. 23)

CUSIP NO. Y23592135

This Schedule 13D is Amendment No. 23 with respect to Friends Investment Company Inc. and Amendment No. 6 with respect to Family United Navigation Co.

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.

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

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.  The business address of each director and executive officer 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.

The source of funds for the purchases of the 475,345 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 purchases of the 87,853 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 of the Issuer in their accounts:

The Reporting Persons acquired their Common Shares for investment and are filing this Schedule 13D/A to report a change in their beneficial ownership percentages of the Common Shares, as indicated in Item 5 below.

Aristides J. Pittas, who serves as the Vice President and as a Director of 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 and a Director of Family United Navigation, is the Vice Chairman and a Class A Director of the Issuer.

Moreover, since certain persons serving as directors and officers for Friends Investment Company also serve in similar capacities for Family United Navigation, the Reporting Persons 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.

As of the date hereof, Family United Navigation may be deemed to be the beneficial owner of 87,853 Common Shares, constituting 1.57% of the Common Shares, based upon 5,600,259 Common Shares outstanding.  Family United Navigation has the sole power to vote or direct the vote of 87,853 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 87,853 Common Shares and the shared power to dispose or direct the disposition of 0 Common Shares.

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 Common Shares that are the subject of this Schedule 13D/A.

There have been no transactions by Family United Navigation in the Common Shares since it last filed on Schedule 13D in respect of the Issuer on June 10, 2020.

The transactions in the Common Shares by Friends Investment Company since it last filed on Schedule 13D in respect of the Issuer on June 10, 2020 are set forth on Exhibit B.

The information set forth in Item 4 above is incorporated by reference in its entirety in this Item 6.  In addition, the information set forth in Item 4 and Item 6 of the Schedule 13D filed with the Securities and Exchange Commission in respect of the Issuer on June 10, 2019 by the Reporting Persons are incorporated herein by reference.

Other than as set forth above, the Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer.

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. 23 to Schedule 13D, dated October 9, 2020, 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

Schedule of Transactions in Common Shares by Friends Investment Company*

*          The shares were transferred in a private transaction for no consideration.