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Athens, Greece, June 10, 2015 (Globe Newswire) FreeSeas Inc. (Nasdaq: FREE) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize vessels, announced today that it has acquired a 51% controlling stake in the newly formed Standcorp International Limited (hereafter "Standcorp"). The rest of the shares are owned by non-affiliated entities associated with the Marvin group of companies, whose extensive experience for over twenty years has focused in the operation and ownership of tanker vessels. Standcorp will engage in the commercial operation of product and crude oil tankers covering a large array of sizes, by contracting them through time charter or bareboat charter arrangements, and subsequently deploying them in the spot market or in fulfillment of contract cargoes. The company intends to operate in generic markets but also to focus on a number of niche markets, such as West Africa. In addition, the company shall, depending on market conditions, commercially operate dry-bulk carriers either chartered-in, acquired, or through services agreements with affiliated Owners, including FreeSeas Inc. tonnage. Mr. Ion G. Varouxakis, Chairman, President and CEO was quoted as saying : "We are excited with our decision to enter this venture which positions the company in new markets and presents us with new opportunities in cooperation with experienced partners. At a time when the dry-bulk market is at a standstill, we expect that FreeSeas shall be able to generate income and create value for its shareholders by getting involved in the tanker sector which offers higher returns on investment, as operators only in the first stage, and gain experience in the sector." 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 vessels. FreeSeas' common stock trades on the Nasdaq Capital Market under the symbol FREE. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the SEC, 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 |
