FreeSeas Shipbuilding Contracts for Handysize Drybulk Vessels
FreeSeas Inc., a transporter of dry bulk cargoes through the ownership and operation of a fleet of seven Handysize vessels and two Handymax vessels, announced that it has entered into shipbuilding contracts for the construction of two Handysize dry bulk vessels of approximately 33,600 dwt each for an aggregate purchase price of approximately $48.8m. The vessels are scheduled for delivery in the second and third quarter of 2012. The company has secured, subject to customary legal documentation, commitments for pre-delivery and post-delivery debt financing up to an amount of $32.4m from a leading international bank. The Company intends to use its balance sheet to pay the remainder of the purchase price.
FreeSeas Inc. Takes Delivery of the Handysize Free Goddess
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.
