Exhibit 99.1

FreeSeas Inc. Announces Delivery of Handysize Free Knight

March 24, 2008 Piraeus, Greece — FreeSeas Inc. (NASDAQ: FREE, FREEW, FREEZ) (“FreeSeas” or “the Company”), a provider of seaborne transportation for drybulk cargoes, announced today that it had taken delivery of the 1998-built 24,111 dwt Handysize M/V Free Knight. As previously announced, upon delivery the Free Knight entered into a one-year time charter at a rate of $31,500 per day.

Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas, stated, “We are pleased that the Free Knight has joined the fleet, we look forward to the delivery of the Free Impala later this month and the Free Lady in the third quarter.”

The following table detail FreeSeas’ current fleet as announced today:

Current fleet:

Vessel Name	Dwt		Vessel Type	Built		Employment
Free Destiny		25,240	Handysize		1982	30-day time-charter at $25,500 per day
Free Envoy		26,318	Handysize		1984	Time-charter through April 2008 at $17,000 p/d
Free Goddess		22,501	Handysize		1995	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 Jupiter		47,777	Handymax		2002	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

Vessels to be delivered:

Vessel Name	Dwt		Vessel Type	Built		Expected Delivery	Employment
Free Impala		24,111	Handysize		1997	March 2008	One-year time-charter at $31,500 p/d, commencing at delivery
Free Lady		50,300	Handymax		2003	June-July 2008	TBD

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 four 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 US Securities and Exchange Commission, which can be obtained free of charge on the SEC’s website at www.sec.gov. For more information about FreeSeas Inc., please go to our corporate website, www.freeseas.gr.

For further information please contact:

Company Contact:
Ion Varouxakis, Chief Executive Officer
011-30-210-45-28-770
Fax: 011-30-210-429-10-10
E-Mail: info@freeseas.gr
89 Akti Miaouli Street
185 38 Piraeus, Greece
www.freeseas.gr

Investor Relations/Financial Media:
Cubitt Jacobs & Prosek Communications
Thomas J. Rozycki, Jr., Sr. Vice President
+1.212.279.3115 x208
Fax: +1.212.279-3117
trozycki@cjpcom.com
350 Fifth Avenue — Suite 3901
New York, NY 10118, USA
www.cjpcom.com