FreeSeas Announces New Charters for Three of Its Handysize Vessels

PIRAEUS, Greece, June 8, 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 three of its vessels, the Free Hero, the Free Destiny, and the Free Knight.

The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been fixed for a time charter trip of approximately 35 days at $12,400 per day.

The M/V Free Destiny, a 1982-built, 25,240 dwt Handysize vessel, has been fixed for a time charter trip of approximately 30 days at $13,400 per day.

The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of between 45-65 days at $9,000 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 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