FreeSeas Inc. Announces New Charter for the Handysize Free Envoy

FreeSeas Inc. Launches New Corporate Website

PIRAEUS, Greece, April 18, 2008 (PRIME NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for dry bulk cargoes, announced today a new time charter for the 1984-built, 26,318 dwt Handysize Free Envoy.

The Free Envoy has been delivered to its new charterers commencing an approximate 25-day time charter at a rate of $28,500 per day.

"We are pleased to continue to secure accretive employment for the Free Envoy," said Mr. Ion Varouxakis, Chairman and Chief Executive Officer. "Our strengthening ties with customers worldwide have allowed us to consistently enhance our revenues through favorable contracts with creditworthy counterparties."

FreeSeas also announced today that it has launched a new corporate website. The website, www.freeseas.gr, will serve as FreeSeas' home on the internet, offering the investors, financial community, and industry partners an in depth look at the latest company updates as well as pertinent industry information.

Mr. Varouxakis continued, "Our website is a reflection of our corporate vision. Not only does it contain all the necessary information about our company, but in time will also provide industry metrics and data to help our shareholders better understand our industry and their investment."

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 five 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 U.S. 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