FreeSeas Inc. Announces New Charter for Free Destiny

PIRAEUS, Greece, Sep 18, 2008 (GlobeNewswire via COMTEX News Network) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that the Free Destiny, a 1982-built, 25,240 dwt Handysize vessel, has been delivered to her charterers for spot charter of approximately 40 days at a rate of $18,000 per day.

"We were pleased to secure a spot voyage for the Free Destiny, one of our oldest vessels, well above her break-even rate," said Mr. Ion Varouxakis, President and CEO of FreeSeas. "We continue to move forward with our corporate strategy of securing accretive charters to fund future growth. This latest spot charter for the Free Destiny will contribute to our bottom line and provide us with additional financial flexibility."

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 seven 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