FreeSeas Inc. Announces Delivery of Handysize Free Knight

March 24, 2008 Piraeus, Greece - FreeSeas Inc. (NASDAQ: FREE, FREEW, FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that it had taken delivery of the 1998-built 24,111 dwt Handysize M/V Free Knight. As previously announced, upon delivery the Free Knight entered into a one-year time charter at a rate of $31,500 per day.

Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas, stated, "We are pleased that the Free Knight has joined the fleet, we look forward to the delivery of the Free Impala later this month and the Free Lady in the third quarter."

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. press release