October 21, 2010 at 10:45 AM EDT
FreeSeas Announces Charter Agreements on Eight of Its Vessels

PIRAEUS, Greece, Oct. 21, 2010 (GLOBE NEWSWIRE) -- FreeSeas Inc. ((Nasdaq:FREED) and (Nasdaq:FREEZD) until October 28 and thereafter (Nasdaq:FREE) and (Nasdaq:FREEZ)) ("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.

Henceforth, information on the updated fleet employment will be available only through the Company's website under the relevant section, and not through press releases.

Fleet Employment Data

Vessel NameTypeBuiltDwtEmployment
M/V Free Envoy Handysize 1984 26,318 35 day time charter trip at $10,000 per day through November 2010
M/V Free Goddess Handysize 1995 22,051 60-65 day time charter trip at $11,250 per day through November 2010
M/V Free Hero Handysize 1995 24,318 35 day time charter trip at $19,500 per day through November 2010
M/V Free Impala Handysize 1997 24,111 45 day time charter trip at $9,000 per day for the first 40 days and then $11,000 per day through December 2010
M/V Free Jupiter Handymax 2002 47,777 Balance of time charter at $25,216 per day through February 2011 and any day in excess at $28,000 per day through May 2011
M/V Free Knight Handysize 1998 24,111 30 day time charter trip at $13,000 per day plus $275,000 gross ballast bonus through November 2010
M/V Free Lady Handymax 2003 50,246 50-60 day time charter trip at $23,750 per day through December 2010
M/V Free Maverick Handysize 1998 23,994 30-35 day time charter trip at $10,750 per day through October/November 2010
M/V Free Neptune Handysize 1996 30,838 50-55 day time charter trip at $15,250 per day through October/November 2010
*The average net charter rates per vessel realized by the Company will depend on actual repositioning time and bunkers consumed between successive chartering employments, as well as potential operational off-hires. The above table is provided for indicative purposes only, and should not to be deemed to reflect actual operating revenues received from employment of vessels.

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.

The FreeSeas Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5981

 Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as ``expects,'' ``intends,'' ``plans,'' ``believes,'' ``anticipates,'' ``hopes,'' ``estimates,'' and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels; competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

CONTACT:  FreeSeas Inc.
          Alexandros Mylonas, Chief Financial Officer
          011-30-210-45-28-770
          Fax: 011-30-210-429-10-10
          info@freeseas.gr
          www.freeseas.gr
          89 Akti Miaouli Street
          185 38 Piraeus, Greece

          The Equity Group Inc.
          Investor Relations
          Adam Prior, Vice President
          212-836-9606
          aprior@equityny.com
          www.theequitygroup.com

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