PIRAEUS, Greece, Sept. 7, 2007 (PRIME NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that it has taken delivery of the 2002-built, 47,777 dwt Handymax M/V Free Jupiter on September 5, 2007. The vessel was then placed on a spot time charter for approximately 30 days at a rate of US$43,000 per day.
After the completion of this spot time charter, the vessel will be time chartered for three-years at annually adjusting rates of US$32,000/$28,000/$24,000 per day, respectively.
Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas, stated, "With four vessels now operating in the Company's fleet and one still to be delivered, FreeSeas is continuing to grow its fleet in a favorable drybulk rate environment. FreeSeas will continue to opportunistically seek additional tonnage to expand in the Handysize/Handymax segments. The Company will use its existing credit facilities and additional resources to make any future near-term acquisitions."
With the delivery of the Free Jupiter, FreeSeas' fleet of owned vessels and the vessel for which delivery is pending are as follows:
Current Fleet:
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Vessel Name Dwt Vessel Type Built Employment
Free Destiny 25,240 Handysize 1982 Presently undergoing
Dry/docking and Special
Survey
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Free Envoy 26,318 Handysize 1984 One-year TC through Apr
2008 at $17,000 p/d
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Free Hero 24,318 Handysize 1995 TC through Dec 2008/Feb
2009 at $14,500 p/d
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Free Jupiter 47,777 Handymax 2002 Initial 30-day TC at
$43,000 p/d followed by
three-year TC through Sep
2010 at
$32,000/28,000/24,000 p/d
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Vessel to be delivered:
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Vessel Name Dwt Vessel Type Built Delivery/Employment
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Free Goddess 22,501 Handysize 1995 Expected delivery
September/October 2007
Two-month TC at $13,000
p/d followed by two-year
TC at $19,250 p/d
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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 three Handysize vessels and one Handymax vessel. FreeSeas' common stock and warrants trade on the NASDAQ Capital 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 www.sec.gov. For more information about FreeSeas Inc. please go to our corporate website www.freeseas.gr.
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, including expected vessel acquisitions. 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.