FreeSeas Announces New Charter for Vessels

Ion Varouxakis

FreeSeas Inc. (Nasdaq: FREE) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize vessel and an owner of a controlling stake in a company commercially operating tankers and dry-bulkers, announced today that the Company-owned vessel M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has contracted a voyage charter of approximately 20 days duration, yielding an estimated equivalent T/C rate of approximately $10,000 per day.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers and also is an owner of a controlling stake in a company commercially operating tankers and dry-bulkers.

Currently, it has a fleet of Handysize vessels.

FreeSeas’ common stock trades on the Nasdaq Capital Market under the symbol FREE.

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