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FreeSeas Announces Delivery of the Free Maverick PIRAEUS, Greece, Sept. 2, 2008 (GLOBE 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 has taken delivery
of the 1998-built, 23,994 dwt Handysize vessel Free Maverick. The Free Maverick is currently employed on a time-charter through April/July 2009 at $32,000 per day. The Company intends to finance the $39.6 million acquisition using cash on hand and financing from Hollandsche Bank-Unie NV. ``With the addition of the Free Maverick, FreeSeas' fleet comprises now nine vessels totalling approximately 270,000 dwt,'' said Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas. ``In just 15 months, we have added seven vessels to the fleet and increased our deadweight tonnage by 420%. Our constant monitoring of available vessels in the market has allowed us to rapidly expand and enhance our revenue generating ability.'' Mr. Varouxakis concluded, ``The charter attached to the Free Maverick is very favourable, and she will be a revenue contributor almost immediately. With her delivery, 93% of our operating days are now fixed for 2008 and 49% are already fixed for 2009. Even with our rapid growth, we expect there will be additional opportunities to increase the size of our fleet before the end of the year.'' The following table detail FreeSeas' fleet including the vessel announced today:
Vessel Name Dwt Vessel Type Built Employment
Free Destiny 25,240 Handysize 1982 60 to 90 day time-charter
at $28,500 p/d
Free Envoy 26,318 Handysize 1984 One-year time-charter at
$32,000 p/d through
June/August 2009
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
Free Lady 50,246 Handymax 2003 Two-year time-charter
through June/ September
2010 at $51,150 p/d
Free Maverick 23,994 Handysize 1998 Time-charter through
April/July 2009 at
$32,000 p/d
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. 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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