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:

    	
            Trade Date:

          	
            16/04/2020

          
	 	 
	
            Effective Date:

          	
            24/04/2020

          
	 	 
	
            Termination Date:

          	
            24/04/2025, subject to adjustment in accordance with the Modified Following Business Day Convention.

          
	 	 
	
            FIXED AMOUNTS:

          	 
	 	 
	
            Fixed Rate Payer:

          	
            Party B

          
	 	 
	 	 
	
            Fixed Rate Payer Currency Amount:

          	
            USD 30,000,000.00 as set forth in Schedule

          
	 	 
	
            Transaction fee:

          	
            In relation to each Calculation Period, 0.13% of the Notional Amount for such Calculation Period, embedded in the Fixed Rate. The total Transaction fee in respect of the Transaction is USD
              197,816.65.

          


    
      
        


    

    

    

    	
            Fixed Rate Payer Payment Dates:

          	
            Quarterly, commencing on 24/07/2020 up to and including the Termination Date subject to adjustment in accordance with the Modified Following Business Day Convention and there will be an
              adjustment to the Calculation Period.

          
	 	 
	
            Initial Calculation Period:

          	
            From and including 24/04/2020 to and excluding 24/07/2020.

          
	 	 
	
            Fixed Rate:

          	
            0.7800000 PERCENT

          
	 	 
	
            Fixed Rate Day Count Fraction:

          	
            ACT/360

          
	 	 
	
            Business Days for Payment Date is:

          	
            New York, London and Athens Settlement Days

          
	 	 
	
            FLOATING AMOUNTS:

          	 
	 	 
	
            Floating Rate Payer:

          	
            Party A

          
	 	 
	
            Floating Rate Payer Currency Amount:

          	
            USD 30,000,000.00 as set forth in Schedule

          
	 	 
	
            Floating Rate Payer Payment Dates:

          	
            Quarterly, commencing on 24/0712020 up to and including the Termination Date subject to adjustment in accordance with the Modified Following Business Day Convention and there will be an
              adjustment to the Calculation Period.

          
	 	 
	
            Floor Rate:

          	
            From 24/04,2020 up to and including 24/04.2025, 0.00000 PERCENT, in the event that the Relevant Rate determined in respect of a Calculation Period is less than 0.00% the Floating Rate for such
              Calculation Period shall be 0.00%

          
	 	 
	
            Initial Calculation Period

          	
            From and including 24/04/2020 to and excluding 24/07/2020.

          
	 	 
	
            Floating Rate Option

          	
            USD-LIBOR-BBA

          
	 	 
	
            Designated Maturity

          	
            3 MONTHS

          
	 	 
	
            Spread

          	
            0.0000 bps

          
	 	 
	
            Floating Rate Day Count Fraction

          	
            ACT/360

          
	 	 
	
            Reset Dates

          	
            The First Date of each Calculation Period

          
	 	 


    
      
        


    

    

    

    	
            Business Days for Payment Dates is:

          	
            London, New York and Athens Settlement Days

          
	 	 
	
            Account Details

          	 
	 	 
	
            Account(s) for payments to

          	
            00260029211200236674

          
	
            EUROBANK SA:

          	 
	 	 
	
            Account(s) for payments to

          	
            0026002921 1200236674

          
	
            Party B:

          	 
	 	 


    

    

    Offices:

    (a) The Office of EUROBANK SA for the Swap Transaction is: 8, Othonos Str. GR 105 57 Athens

    (b) The Office of Party B for the Swap Transaction is: 40, Agiou Konstantinou Str. GR 15124, Marousi

    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):

    (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction
        is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to
        enter into this Transaction, it being understood that information and explanations related to the terms and conditions of this Transaction shall not be considered investment advice or a recommendation to enter into this Transaction. No
        communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of this Transaction.

    (b) Assessment and Understanding. It is capable of assessing the merits of an understanding (on its own behalf or through independent professional advice) and
        understands and accepts the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction.

    (c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of 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.

    

    

    

    

    	 	 	
            Yours sincerely,

          
	 	 	 
	 	 	 
	 	 	
            EUROBANK SA

          
	 	 	 
	 	 	
            By:

          	 	 
	 	 	 	 
	 	 	 	 
	
            Confirmed as of the

              Date first above written:

          	 	 	 
	 	 	 	 
	 	 	 	 	 
	
            By:

          	
            /s/ Aristides J. Pittas

          	 	 	 	 
	
            Name:

          	
            Aristides J. Pittas

          	 	 	 
	
            Title:

          	 	 	 	 
	 	 	 	 	 
	 	
            /s/ Stefania Karmiri

            

          	 	 	 	 
	 	
            Stefania Karmiri 

          	 	 	 
	 	 	 	 	 


    

    

    
      

      

    

    

    

    
      
        


    

    

    

    

    

    

    

    PAYMENT SCHEDULE FOR Party A

    

    

    	
            Notional Amount

              USD

          	
            Calculation Period

          	
            Payment Date

          
	
            Start Date

          	
            End Date

          
	
            30,000,000.00

          	
            24/04/2020

          	
            24/07/2020

          	
            24/07/2020

          
	
            30,000,000.00

          	
            24/07/2020

          	
            26/10/2020

          	
            26/10/2020

          
	
            30,000,000.00

          	
            26/10/2020

          	
            25/01/2021

          	
            25/01/2021

          
	
            30,000,000.00

          	
            25/01/2021

          	
            26/04/2021

          	
            26/04/2021

          
	
            30,000,000.00

          	
            26/04/2021

          	
            26/07/2021

          	
            26/07/2021

          
	
            30,000,000.00

          	
            26/07/2021

          	
            25/10/2021

          	
            25/10/2021

          
	
            30,000,000.00

          	
            25/10/2021

          	
            24/01/2022

          	
            24/01/2022

          
	
            30,000,000.00

          	
            24/01/2022

          	
            26/04/2022

          	
            26/04/2022

          
	
            30,000,000.00

          	
            26/04/2022

          	
            25/07/2022

          	
            25/07/2022

          
	
            30,000,000.00

          	
            25/07/2022

          	
            24/10/2022

          	
            24/10/2022

          
	
            30,000,000.00

          	
            24/10/2022

          	
            24/01/2023

          	
            24/01/2023

          
	
            30,000,000.00

          	
            24/01/2023

          	
            24/04/2023

          	
            24/04/2023

          
	
            30,000,000.00

          	
            24/04/2023

          	
            24/07/2023

          	
            24/07/2023

          
	
            30,000,000.00

          	
            24/07/2023

          	
            24/10/2023

          	
            24/10/2023

          
	
            30,000,000.00

          	
            24/10/2023

          	
            24/01/2024

          	
            24/01/2024

          
	
            30,000,000.00

          	
            24/01/2024

          	
            24/04/2024

          	
            24/04/2024

          
	
            30,000,000.00

          	
            24/04/2024

          	
            24/07/2024

          	
            24/07/2024

          
	
            30,000,000.00

          	
            24/07/2024

          	
            24/10/2024

          	
            24/10/2024

          
	
            30,000,000.00

          	
            24/10/2024

          	
            24/01/2025

          	
            24/01/2025

          
	
            30,000,000.00

          	
            24/01/2025

          	
            24/04/2025

          	
            24/04/2025

          


    

    

    
      
        


    

    

    

    

    

    PAYMENT SCHEDULE FOR Party B

    	
            Notional Amount

              USD

          	
            Calculation Period

          	
            Payment Date

          	
            Fixed Rate %

            

          
	
            Start Date

          	
            End Date

          
	
            30,000,000.00

          	
            24/04/2020

          	
            24/07/2020

          	
            24/07/2020

          	
            0.78000

          
	
            30,000,000.00

          	
            24/07/2020

          	
            26/10/2020

          	
            26/10/2020

          	
            0.78000

          
	
            30,000,000.00

          	
            26/10/2020

          	
            25/01/2021

          	
            25/01/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            25/01/2021

          	
            26/04/2021

          	
            26/04/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            26/04/2021

          	
            26/07/2021

          	
            26/07/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            26/07/2021

          	
            25/10/2021

          	
            25/10/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            25/10/2021

          	
            24/01/2022

          	
            24/01/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2022

          	
            26/04/2022

          	
            26/04/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            26/04/2022

          	
            25/07/2022

          	
            25/07/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            25/07/2022

          	
            24/10/2022

          	
            24/10/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            24/10/2022

          	
            24/01/2023

          	
            24/01/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2023

          	
            24/04/2023

          	
            24/04/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/04/2023

          	
            24/07/2023

          	
            24/07/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/07/2023

          	
            24/10/2023

          	
            24/10/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/10/2023

          	
            24/01/2024

          	
            24/01/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2024

          	
            24/04/2024

          	
            24/04/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/04/2024

          	
            24/07/2024

          	
            24/07/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/07/2024

          	
            24/10/2024

          	
            24/10/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/10/2024

          	
            24/01/2025

          	
            24/01/2025

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2025

          	
            24/04/2025

          	
            24/04/2025

          	
            0.78000