FreeSeas Regains Compliance with NASDAQ’s
Minimum Closing Bid Price

Athens, Greece, April 05, 2013

FreeSeas Inc. (NASDAQ CM: 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 it has received a letter from NASDAQ, indicating that the Company has regained compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the NASDAQ Capital Market, pursuant to the NASDAQ marketplace rules.

Since February 19, 2013 FreeSeas was eligible for an additional 180 calendar day period to regain compliance. For at least 10 consecutive business days from March 6, 2013 to April 2, 2013 the closing bid price has been at $1.00 per share or greater.

NASDAQ indicated within its letter that since the Company has regained compliance with Listing Rule 5450(a)(1) (the "Minimum Bid Price Rule"), this matter is now closed.

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. FreeSeas' common stock trades on the NASDAQ Global Market under the symbol FREE. 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 Fre eSeas Inc., please visit the corporate website, www.freeseas.gr.

FreeSeas Inc. press release