EX-99.1 2 g22775exv99w1.htm PRESS RELEASE DATED APRIL 1, 2010 exv99w1
Exhibit 99.1
(FreeSeas Logo)
FreeSeas Announces Higher Daily Rates on New Charters for Three of Its Vessels
Piraeus, Greece, April 1, 2010 — FreeSeas Inc. (NasdaqGM: FREE, FREEW, FREEZ) (“FreeSeas’’ or the “Company’’), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of eight Handysize vessels and two Handymax vessels, announced today new charters for three of its vessels.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, “With an increase of more than $17,000 per day in the aggregate as compared to its prior combined fleet daily charter rate, our Company is starting to capitalize on its spot chartering strategy.”
The new charters are detailed below:
•   The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel, has been chartered for a time charter trip of approximately 35 days at a daily rate of $22,500.
•   The M/V Free Goddess, a 1995-built, 22,051 dwt Handysize vessel, has been delivered in direct continuation to its existing charterers for an additional time charter trip of approximately 40 days at a daily rate of $15,000.
•   The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has been chartered for a time charter trip of approximately 60-100 days at a daily rate of $25,000.
Fleet Employment Data

                 
Vessel Name   Type   Built   Dwt   Employment
 
M/V Free Destiny   Handysize   1982   25,240   60-65 day time charter trip at $8,250 per day through April 2010
M/V Free Envoy   Handysize   1984   26,318   35 day time charter trip at $22,500 per day through May 2010
M/V Free Goddess   Handysize   1995   22,051   40 day time charter trip at $15,000 per day through April 2010
M/V Free Hero   Handysize   1995   24,318   3-5 month time charter at $11,500 per day through April 2010
M/V Free Impala   Handysize   1997   24,111   70-80 day time charter trip at $10,700 per day through May 2010
M/V Free Jupiter   Handymax   2002   47,777   Balance of time charter at $25,216 per day through February 2011 and
any day in excess at $28,000 per day through May 2011
M/V Free Knight   Handysize   1998   24,111   30-40 day time charter trip at $12,000 per day through April 2010
M/V Free Lady   Handymax   2003   50,246   Balance of time charter at $51,150 per day through June 2010
M/V Free Maverick   Handysize   1998   23,994   60-110 day time charter trip at $15,000 per day through May/June 2010
M/V Free Neptune   Handysize   1996   30,838   Time charter trip at $16,000 until beginning April 2010, then
60-100 day time charter trip at $25,000 per day through June/July 2010

*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 vessels.

 

 

FreeSeas Inc.   Page 2
April 1, 2010    
     
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 eight 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.
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. 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.
Contact Information:

At the Company
FreeSeas Inc.
Alexandros Mylonas, Chief Financial 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
Investor Relations
The Equity Group Inc.
Adam Prior, Vice President
212-836-9606
aprior@equityny.com
www.theequitygroup.com