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FreeSeas Inc. Announces Delivery of Handysize Free Knight PIRAEUS, Greece, March 24, 2008 (PRIME NEWSWIRE) -- FreeSeas
Inc. (NasdaqGM:FREE - News) (NasdaqGM:FREEW - News) (NasdaqGM:FREEZ - News) (``FreeSeas''
or ``the Company''), a provider of seaborne transportation
for drybulk cargoes, announced today that it had taken delivery
of the 1998-built 24,111 dwt Handysize M/V Free Knight.
As previously announced, upon delivery the Free Knight entered
into a one-year time charter at a rate of $31,500 per day. Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas, stated, ``We are pleased that the Free Knight has joined the fleet; we look forward to the delivery of the Free Impala later this month and the Free Lady in the third quarter.'' The following table detail FreeSeas' current fleet as announced today:
Current fleet:
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Vessel Name Dwt Vessel Type Built Employment
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Free Destiny 25,240 Handysize 1982 30-day time-charter at
$25,500 per day
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Free Envoy 26,318 Handysize 1984 Time-charter through
April 2008 at $17,000
p/d
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Free Goddess 22,501 Handysize 1995 Time-charter through
November 2009 at
$19,250 p/d
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Free Hero 24,318 Handysize 1995 Time-charter through
February 2009 at
$14,500 p/d
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Free Jupiter 47,777 Handymax 2002 Time-charter through
February 2011 at
$32,000/28,000/24,000
p/d
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Free Knight 24,111 Handysize 1998 One-year time-charter
through March 2009 at
$31,500 p/d
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Vessels to be delivered:
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Vessel Name Dwt Vessel Built Expected Employment
Type Delivery
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Free Impala 24,111 Handysize 1997 March 2008 One-year
time-charter
at $31,500
p/d, commencing
at delivery
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Free Lady 50,300 Handymax 2003 June-July 2008 TBD
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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 four Handysize vessels and one Handymax vessel. 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 US 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 go to our corporate website, http://www.freeseas.gr. Contact: FreeSeas Inc.
Ion Varouxakis, Chief Executive 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
Cubitt Jacobs & Prosek Communications
Investor Relations/Financial Media:
Thomas J. Rozycki, Jr., Sr. Vice President
+1.212.279.3115 x208
Fax: +1.212.279-3117
trozycki@cjpcom.com
www.cjpcom.com
350 Fifth Avenue - Suite 3901
New York, NY 10118, USA
Source: FreeSeas, Inc.
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