to Acquire Handysize Vessel
FreeSeas Inc., a provider of seaborne transportation
for drybulk cargoes, agreed to purchase a 1995-built 22,051 DWT Handysize vessel, the M/V Free Goddess, from an unaffiliated party for approximately $25.2m.
The vessel is expected to be delivered in September or October of 2007.
It will operate under a $13,000 per day fixed-rate time charter until
November 2007, at which time it will commence a new two-year time
charter at $19,250 per day.
The Company continues to believe that the current drybulk rate
environment presents opportunities for advantageous chartering and the
establishment of long-term relationships with high-quality charterers.
The new vessel acquisition announced today should provide increased
cash flow to finance future vessel acquisitions and expand the