FreeSeas Announces New Charters for Six of Its Vessels
PIRAEUS, Greece, Feb 16, 2010 (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 six of its vessels.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are pleased to report healthy rates which on a fleet-wide basis are cash-flow positive."
The new charters are detailed below:
• 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 60-65
days at a daily rate of $8,250.
• The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel, has
entered into a contract for a time charter trip of approximately 40-50
days at a daily rate of $17,250 or $17,500. Following its previously
announced employment, the vessel completed an 18-day time charter trip
at a daily rate of $16,500.
• The M/V Free Goddess, a 1995-built, 22,051 dwt Handysize vessel, has
entered into a contract for a time charter trip of approximately 40 days
at a daily rate of $12,000.
• 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 30-35
days at a daily rate of $10,500.
• 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 70-80
days at a daily rate of $10,700.
• 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 25 days
at a daily rate of $12,000.
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