PIRAEUS, Greece, Oct. 7, 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 eight Handysize vessels and two Handymax vessels, announced today new charters for six of its vessels, including the recently purchased Free Neptune, as well as the Free Envoy, Free Hero, Free Maverick, Free Knight, and Free Impala. These new charters are detailed below:
* The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel,
has been delivered to her charterers for a spot time charter of
30-35 days at a daily rate of $20,000.
* The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel,
has been delivered to her charterers for a spot time charter trip
of 30-35 days at a daily rate of $8,000.
* The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has
been delivered to her charterers for a spot time charter trip of
approximately 40-50 days at a daily rate of $13,500.
* The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel,
has been delivered to her charterers for a spot time charter of
between 60-65 days at a daily rate of $9,000 or $11,000 depending
on repositioning.
* The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel,
has been delivered to her charterers for a spot time charter of
60-65 days at a daily rate of $7,000.
* The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel,
has been chartered for a spot time charter trip of 60 days at a
daily rate of $10,000.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are very pleased to have witnessed continued daily rate increases for our Handysize vessels in the spot market."
Fleet Employment Data
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Employment as of
Vessel Name Dwt Type Built October 7, 2009*
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Free Destiny 25,240 Handysize 1982 40 day spot time charter trip
at $10,000 per day through
September 2009
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Free Envoy 26,318 Handysize 1984 30-35 day spot time charter
trip at $8,000 per day
through November 2009
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Free Goddess 22,051 Handysize 1995 Balance of time charter at
$8,000 per day through
September 2009 (+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 Hero 24,318 Handysize 1995 40-50 day spot time charter
trip at $13,500 per day
through November 2009
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Free Impala 24,111 Handysize 1997 60 day spot charter trip at
$10,000 per day through
December 2009
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Free Jupiter 47,777 Handymax 2002 Balance of time charter at
$28,000 per day through March
2010 and $24,000 per day
through March 2011
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Free Knight 24,111 Handysize 1998 60-65 day spot time charter
trip at $7,000 per day
through December 2009
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Free Lady 50,246 Handymax 2003 Balance of time charter at
$51,150 per day through May
2010
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Free Maverick 23,994 Handysize 1998 60-65 day spot time charter
trip at $9,000 or $11,000 per
day through December 2009
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Free Neptune 30,838 Handysize 1996 30-35 day spot time charter
trip at $20,000 per day
through November 2009
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TOTAL 299,004
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* 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 the vessels.
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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 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, 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.