FreeSeas Inc. Takes Delivery of the Handysize Free Goddess

Wednesday, November 07, 2007
FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced that it has taken delivery of the 1995-built, 22,051 dwt Handysize M/V Free Goddess on October 30, 2007. The vessel then began a time charter at $13,000 per day, which is expected to last approximately one month. The vessel will thereafter begin a two-year time charter at $19,250 per day. Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas, stated, "With the delivery of the Free Goddess, and the increase of the size of our fleet to five vessels, we have completed the first phase of our fleet renewal and expansion plan. Using the net proceeds from our follow-on common stock offering that closed last week, together with our credit facility, we will be able to opportunistically secure additional tonnage to expand in the Handysize/Handymax segments and enter our next phase of development. We believe that the drybulk market continues to present a robust rate environment which FreeSeas is well-positioned to capitalize upon."

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