FreeSeas Announces 1:10 Reverse Stock Split
to Be Effective February 14, 2013

Athens, Greece, February 14, 2013

FreeSeas Inc. (Nasdaq: FREE) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today that the Company’s Amended and Restated Articles of Incorporation were amended to effect a reverse stock split of the Company’s issued and outstanding common stock at a ratio of one new share for every 10 shares currently outstanding.

Details on the Reverse Stock Split
The Company anticipates that its common stock will begin trading on a split adjusted basis when the market opens on February 14, 2013. Beginning on that date, FreeSeas’ common stock will trade for 20 trading days under ticker symbol "FREED" to provide notice of the reverse stock split. After this period, the symbol will revert to "FREE." The common shares will also trade under a new CUSIP number Y26496201.

The reverse stock split will consolidate 10 shares of common stock into one share of common stock at a par value of $.001 per share. As a result of the reverse stock split, the number of outstanding common shares will be reduced from 18,759,778 to 1,875,978, subject to adjustment for fractional shares. The reverse stock split will not affect any shareholder’s ownership percentage of FreeSeas’ common shares, except to the limited extent that the reverse stock split would result in any shareholder owning a fractional share. Fractional shares of common stock will be rounded up to the nearest whole share.

After the reverse stock split takes effect, shareholders holding physical share certificates will receive instructions from American Stock Transfer and Trust Company LLC, the Company's exchange agent, regarding the process for exchanging their shares.

About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. Currently, it has a fleet of Handysize and Handymax vessels. 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, www.freeseas.gr.

FreeSeas Inc. press release