FreeSeas Announces Charter Agreements on Seven of Its Handysize Vessels

PIRAEUS, Greece, Jun 28, 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 seven of its vessels.

Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are pleased to announce a series of fixtures for our vessels which have been largely entered into prior to the summer seasonal softening of the market."

The new charters are detailed below:

• The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel, has been chartered for a time charter trip of approximately 27 days at a daily rate of $13,000. The vessel has been fixed for a further time charter trip to commence immediately thereafter for a duration of approximately 35 days at a daily rate of $11,200 plus $250,000 ballast bonus.

• The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been chartered for a time charter trip of approximately 75-100 days at a daily rate of $18,000.

• The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel, has been chartered for a time charter trip of approximately 30 days at a daily rate of $17,600.

• The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has been chartered for a time charter of approximately 2-4 months at a daily rate of $16,900.

• The M/V Free Lady, a 2003-built, 50,246 dwt Handymax vessel, has been chartered for a time charter trip of approximately 60 days at a daily rate of $24,000.

• The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel, has been chartered for a time charter trip of approximately 50 days at a daily rate of $14,750.

• The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has been chartered for a time charter of approximately 3.5 to 6 months at a daily rate of $23,500 for the first 150 days and $24,500 for the remaining period, if any.

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