FreeSeas Announces Charter Agreements on Eight of Its Vessels

PIRAEUS, Greece, Oct 21, 2010 (GlobeNewswire via COMTEX) -- FreeSeas Inc. ((nasdaq:FREED) and until October 28 and thereafter and /quotes/comstock/15*!free.z/quotes/nls/freez (FREEZ 0.07, 0.00, 0.00%) ) ("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 eight of its vessels.

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 35 days at a daily rate of $10,000.

• The M/V Free Goddess, a 1995-built, 22,051 dwt Handysize vessel, has been chartered for a time charter trip of approximately 60-65 days at a daily rate of $11,250.

• The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been chartered for a time charter trip of approximately 35 days at a daily rate of $19,500.

• The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel, has been chartered for a time charter trip of approximately 45 days at a daily rate of $9,000 for the first 40 days and $11,000 thereafter.

• The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has been chartered for a time charter trip of approximately 30 days at a daily rate of $13,000 plus $275,000 gross ballast bonus.

• The M/V Free Lady, a 2003-built, 50,246 dwt Handymax vessel, has been chartered for a time charter trip of approximately 50-60 days at a daily rate of $23,750.

• The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel, has been chartered for a time charter trip of approximately 30-35 days at a daily rate of $10,750.

• The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has been chartered for a time charter trip of approximately 50-55 days at a daily rate of $15,250.

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