FreeSeas expects to realize a gain on the sale of the vessel, which will be recognized in the second quarter of 2011. Most of the proceeds will be applied towards reducing Company's debt.
FreeSeas enters into agreement to sell the M/V Free Envoy
posted by AJOT | Apr 27 2011 at 08:00 PM | Maritime
FreeSeas Inc. a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today that the Company has entered into an agreement to sell the M/V Free Envoy, a 1984-built, 26,318 dwt Handysize dry bulk carrier for a sale price of $4.2 million. The M/V Free Envoy is currently employed in the spot market, and is expected to be delivered to her new owners within May 2011.