FreeSeas Announces New Charters for Three of Its Handysize Vessels; Announces Availability of Its Annual Report on Form 20-F

PIRAEUS, Greece, Aug. 17, 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 new charters for three of its vessels, the Free Envoy, the Free Hero, and the Free Impala.

The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel, has been delivered to her charterers at a daily rate of $7,900 for a spot time charter trip of 40-50 days.

The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of approximately 25-30 days at a rate of $13,000 per day.

The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel, has been delivered to her charterers at a daily rate of $8,750 for a spot time charter trip of 25-40 days.

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