FreeSeas Inc. Announces New Charter for the Handysize Free Envoy: Financial News

FreeSeas Inc. Announces New Charter for the Handysize Free Envoy
Friday April 18, 2008 8:00 am ET
FreeSeas Inc. Launches New Corporate Website

PIRAEUS, Greece, April 18, 2008 (PRIME NEWSWIRE) -- FreeSeas Inc. (NasdaqGM:FREE - News) (NasdaqGM:FREEW - News) (NasdaqGM:FREEZ - News), a provider of seaborne transportation for dry bulk cargoes, announced today a new time charter for the 1984-built, 26,318 dwt Handysize Free Envoy.

The Free Envoy has been delivered to its new charterers commencing an approximate 25-day time charter at a rate of $28,500 per day.

``We are pleased to continue to secure accretive employment for the Free Envoy,'' said Mr. Ion Varouxakis, Chairman and Chief Executive Officer. ``Our strengthening ties with customers worldwide have allowed us to consistently enhance our revenues through favorable contracts with creditworthy counterparties.''

FreeSeas also announced today that it has launched a new corporate website. The website, http://www.freeseas.gr, will serve as FreeSeas' home on the internet, offering the investors, financial community, and industry partners an in depth look at the latest company updates as well as pertinent industry information.

Mr. Varouxakis continued, ``Our website is a reflection of our corporate vision. Not only does it contain all the necessary information about our company, but in time will also provide industry metrics and data to help our shareholders better understand our industry and their investment.''

The following table details FreeSeas' current fleet as announced today:



 Current fleet:

 Vessel Name    Dwt    Vessel Type  Built        Employment           
 -----------   ------  -----------  -----  ----------------------     
                                                                      
 Free Destiny  25,240   Handysize    1982  75-day time-charter at     
                                            $27,500 p/d               
 Free Envoy    26,318   Handysize    1984  25-day time-charter at     
                                            $28,500 p/d               
 Free Goddess  22,051   Handysize    1995  Two-year time-charter      
                                            through November 2009     
                                            at $19,250 p/d            
 Free Hero     24,318   Handysize    1995  Time-charter through       
                                            February 2009 at          
                                            $14,500 p/d               
 Free Impala   24,111   Handysize    1997  One-year time-charter      
                                            through April 2009 at     
                                            $31,500 p/d               
 Free Jupiter  47,777   Handymax     2002  Three-year time-charter    
                                            through February 2011 at  
                                            $32,000/28,000/24,000 p/d 
 Free Knight   24,111   Handysize    1998  One-year time-charter      
                                            through March 2009 at     
                                            $31,500 p/d            


 Vessel to be delivered:

                       Vessel            Expected                   
 Vessel Name   Dwt      Type      Built  Delivery      Employment   
 -----------  ------  --------    -----  --------    -------------  
 Free Lady    50,246  Handymax     2003  June-July   No employment  
                                          2008        currently in  
                                                      place

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 five 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 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 go to our corporate website, http://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.