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FreeSeas takes 30,838DWT ship

FreeSeas takes 30,838DWT ship
FreeSeas Inc. has taken delivery of the 1996-built, 30,838 dwt Handysize vessel, the M/V Free Neptune.

FreeSeas Inc. has taken delivery of the 1996-built, 30,838 dwt Handysize vessel, the M/V Free Neptune.

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 yesterday that it has taken delivery of the 1996-built, 30,838 dwt Handysize vessel, the M/V Free Neptune. The Free Neptune has been fixed for a spot time charter trip of approximately 30 days at a daily rate of $15,000. Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are very pleased to have deployed the capital from our recent common stock offering so quickly and in a highly efficient manner. Our ability to purchase the 13-year-old Free Neptune for approximately $11 million and deploy her at a charter rate of $15,000 per day speaks volumes about our ability to access capital in order to make highly attractive investments with a quick return. With her addition, we have increased our fleet from nine to ten vessels, and now own a total dwt of approximately 300,000. As a result of our efficient operating infrastructure and fixed overhead, we expect the acquisition of the Free Neptune to immediately lower our per vessel break-even cost and positively affect operating income and free cash flow in this current third quarter. We are also pleased to witness gradually improving charter rates on the rest of our spot-trading fleet, a sign of the Handysize sector's resilience to market volatility."

The Company also announced new charters for four of its Handysize vessels, the Free Destiny, Free Hero, Free Knight, and Free Maverick, which are detailed below:

* The M/V Free Destiny, a 1982-built, 25,240 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of approximately 40 days at $10,000 per day.

* The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of approximately 30 days at a daily rate of $14,500.

* The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has been fixed for a spot time charter trip of approximately 25 days at a rate of $8,300 per day.

* The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel, has been fixed for a spot time charter trip of approximately 35 days at a daily rate of $9,500.

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.

www.TurkishMaritime.com.tr

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