FreeSeas Announces New Charter for Its Handysize Vessel Free Hero

PIRAEUS, Greece, April 28, 2009 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of seven Handysize vessels and two Handymax vessels, announced today that it has successfully obtained charter hire for its vessel, Free Hero.

The Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been delivered to her charterers for a time charter trip of 25 days at $13,500 per day.

Mr. Ion Varouxakis, President and CEO of FreeSeas, stated, "We continue to successfully obtain increasingly favorable rates on spot voyages for our vessels. We look forward to keeping our investors apprised of our progress."

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 http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, http://www.freeseas.gr.

FreeSeas Inc. press release