FreeSeas Announces Delivery of Free Lady; Free Envoy Commences New Charter

PIRAEUS, Greece, July 9, 2008 (PRIME NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that it has taken delivery of the 2003-built 50,246 dwt Handymax Free Lady. Upon delivery, the Free Lady commenced, as previously announced, a two-year time charter at a rate of $51,150 per day.

FreeSeas also announced that the 1984-built, 26,318 dwt Handysize vessel Free Envoy has been delivered to her charterers after completion of its regularly scheduled dry-docking. As previously announced, the Free Envoy has been chartered for a time charter of approximately one year at a rate of $32,000 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 six Handysize vessels and two Handymax vessels. 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