Exhibit 4.31

ATHENS, 16/04/2020

EUROSEAS LTD
40, Agiou Konstantinou Str.
GR 15124, Marousi
Attn: Mr A. Pittas / Mr. T. Aslidis

RE: SWAP TRANSACTION

Our Ref: 20295-21787

The purpose of this confirmation is to confirm the terms and conditions of the Swap Transaction entered into between EUROBANK SA/ATHENS (“Party A”) and EUROSEAS LTD (“Party B”) on the Trade Date specified below (The Swap Transaction).

The definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.

This Confirmation constitutes a “Confirmation” as referred to in , and supplements, forms part of and is subject to the 1SDA Master Agreement dated as of July 10, 2008 , as amended and supplemented from time to time (the “Agreement”), between EUROBANK SA (“Party A”) and EUROSEAS LTD (“Party B”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below.

THE TERMS OF THE PARTICULAR TRANSACTION TO WHICH THIS CONFIRMATION RELATES ARE A FOLLOWS:

Offices:

REPRESENTATIONS:

Relationship Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into this Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for this Transaction):

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this confirmation enclosed for that purpose and returning it to us.

PAYMENT SCHEDULE FOR Party A

PAYMENT SCHEDULE FOR Party B