FreeSeas Inc., a transporter of dry-bulk cargoes through the ownership and operation of a fleet of eight Handysize vessels and two Handymax vessels, announced new charters for five of its vessels.

Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are very pleased to report that we have taken advantage of the continued daily charter rate increases for our vessels and improvement in the Baltic Handysize Index, reflecting more favorable fundamentals for this segment. Our Company is benefiting from our strategic decision made earlier this year to operate our vessels on the spot market. The combined daily charter rate for these five charters represents an increase of more than $15,000 per day as compared to their prior combined daily charter rates. We believe that the Handysize dry bulk market will show continued strength going forward."

The new charters are detailed below:

  • The M/V Free Destiny, a 1982-built, 25,240 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 40-45 days at a daily rate of $14,000.
  • The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 60 days at a daily rate of $15,000.
  • The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 30-40 days at a daily rate of $13,500.
  • The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel, has entered into a contract for a time charter trip of approximately 30 days at a daily rate of $14,000.
  • The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has entered into a contract for a time charter period of approximately 45-75 days at a daily rate of $16,000.
  • 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.

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.