Freeseas inc. Announces return to service of the m/v Free Jupiter

Company Also Announces New 30-day Time Charter for the M/V Free Destiny

February 29, 2007 Piraeus, Greece - FreeSeas Inc. (NASDAQ: FREE, FREEW and FREEZ), a provider of seaborne transportation for dry bulk cargoes, announced today that the repairs of the M/V Free Jupiter have been completed and the vessel is being delivered to its charterers.

"We are extremely pleased to have our vessel fully repaired and back in service," said Ion Varouxakis, Chairman and CEO of FreeSeas. "With five vessels now in operation and two more still to be delivered over the next few weeks, we look forward to having our seven-vessel fleet producing revenue."

As previously announced, the 2002-built Handymax M/V Free Jupiter has been fixed to a three-year time charter at a rate of $32,000 per day for the first year, $28,000 per day for the second year and $24,000 per day for the third year.

"We continue to actively seek accretive opportunities in the second-hand market, and believe that underlying market fundamentals continue to be very strong," Mr. Varouxakis added.

The Company also announced today that the M/V Free Destiny, a 1982-built 25,240 dwt Handysize vessel, has been fixed to a new time charter of approximately 30 days at a rate of $25,500 per day.

About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. Currently, it has a fleet of four Handysize vessels and one Handymax vessel. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE, FREEW and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the US Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at www.sec.gov. For more information about FreeSeas Inc., please go to our corporate website, www.freeseas.gr.

FreeSeas Inc.