PIRAEUS, Greece, April 28, 2009 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (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 that it has successfully obtained charter hire for its vessel, Free Hero.
The Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been delivered to her charterers for a time charter trip of 25 days at $13,500 per day.
Mr. Ion Varouxakis, President and CEO of FreeSeas, stated, "We continue to successfully obtain increasingly favorable rates on spot voyages for our vessels. We look forward to keeping our investors apprised of our progress."
Current Fleet Employment Data
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Vessel
Name Dwt Type Built Employment
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Free Spot time charter trip of 2-4
Destiny 25,240 Handysize 1982 months at $4,000 per day
through April/June 2009
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Free Balance of time-charter at
Envoy 26,318 Handysize 1984 $20,000 per day through
July/August 2009
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Free Balance of time-charter through
Goddess 22,051 Handysize 1995 September 2009 at $8,000 per
day (+50% profit sharing above
$10,000); increases to
$10,500 per day on September
15, 2009 through January/
February 2010
(+50% profit sharing above
$12,500 per day)
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Free 25 day spot time charter trip
Hero 24,318 Handysize 1995 at $13,500 per day through
May 2009
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Free 45 day spot time charter trip
Impala 24,111 Handysize 1997 at $6,500 per day through
April 2009
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Free Balance of time charter at
Jupiter 47,777 Handymax 2002 $28,000 per day through March
2010 and $24,000 per day
through March 2011
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Free 45-65 day spot time charter
Knight 24,111 Handysize 1998 trip at $7,000 per day through
June 2009
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Free Balance of time charter at
Lady 50,246 Handymax 2003 $51,150 per day through
May 2010
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Free Balance of time charter at
Maverick 23,994 Handysize 1998 $32,000 per day through
April 2009
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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 seven 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, 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.