FreeSeas Announces Higher Daily Rates on New Charters on Five of Its Vessels
PIRAEUS, Greece, Dec 15, 2009 (GlobeNewswire via COMTEX) -- 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 eight Handysize vessels and two Handymax vessels, announced today new charters for five of its vessels.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are very pleased to report that we have taken advantage of the continued daily charter rate increases for our vessels and improvement in the Baltic Handysize Index, reflecting more favorable fundamentals for this segment. Our Company is benefiting from our strategic decision made earlier this year to operate our vessels on the spot market. The combined daily charter rate for these five charters represents an increase of more than $15,000 per day as compared to their prior combined daily charter rates. We believe that the Handysize dry bulk market will show continued strength going forward."
• The M/V Free Destiny, a 1982-built, 25,240 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 40-45 days at a daily rate of $14,000.
• The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 60 days at a daily rate of $15,000.
• The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 30-40 days at a daily rate of $13,500.
• The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 30 days at a daily rate of $14,000.
• The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has entered into a contract for a time charter period of approximately 45-75 days at a daily rate of $16,000.
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 eight 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