Free Seas News

FreeSeas Inc.  announced that on September 26, 2016, it sold to unrelated third parties the M/V ‘Free Maverick’, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a sale price of $1,925,000. The vessel’s mortgage has now been discharged. FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. It is is a Greece-based transporter of dry-bulk cargoes through the ownership and operation of two Handysize vessels and an owner of a controlling stake in a company commercially operating tankers.    Currently, the Company operates two Handysize vessels. FreeSeas' common stock trades on the OTCQB Market run by OTC Markets Inc.

International Transport Workers’ Federation (ITF) president Paddy Crumlin has met with key stakeholders in Auckland, New Zealand, about the ongoing campaign to secure NZD30 million in unpaid wages for fishers in the region. The ITF has contributed to Slave Free Seas’ campaign to claim outstanding wages in the vicinity of NZD30 million through the New Zealand courts. Crumlin met with senior union representatives from Australia, New Zealand and Papua New Guinea, the Slave Free Seas advocacy group and the Merchant Service Guild as part of the Regional Maritime Federation meeting.

FreeSeas Inc., a transporter of dry-bulk cargos through the ownership and operation of a fleet of Handysize and Handymax vessels, announced that it has entered into terms with the insurers of M/V Free Goddess pursuant to which the sum of $1.1 million will be paid by the insurers to the company. The amount of $700,000 has already been disbursed in favor of the company pursuant to the terms agreed. In 2012, the M/V Free Goddess was hijacked by pirates from February to October and has been under repair at her port of refuge since being release.

FreeSeas Inc., a transporter of dry-bulk cargos through the ownership and operation of a fleet of Handysize and Handymax vessels, has announced  that the company's amended and restated articles of incorporation were amended to effect a reverse stock split of the company's issued and outstanding common stock at a ratio of one new share for every five shares currently outstanding. The company anticipates that its common stock will begin trading on a split adjusted basis when the market opens on December 2, 2013. FreeSeas' common stock will continue to trade under the symbol free. The common shares will also trade under a new CUSIP number Y26496300. The reverse stock split will consolidate 5 shares of common stock into one share of common stock at a par value of $.001 per share.

FreeSeas Inc. (Nasdaq:FREE), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced that the Company received letters dated June 21, 2012 and June 25, 2012 from The Nasdaq Stock Market stating that for the previous 30 consecutive business days, the bid price of the Company's common stock closed below the minimum $1.00 per share and the market value of the Company's publicly held common stock ("MVPHS") was below the minimum of $5,000,000.

Yangzijiang Shipbuilding (Holdings) Ltd has terminated a contract with Greek shipowner FreeSeas Ltd after it failed to make payments The cancelled contract was for Yangzijiang to build two bulk carriers for FreeSeas, an external spokeswoman for the Chinese shipbuilder told Reuters. Although the orders from FreeSeas account for only 1 percent of Yangzijiang's $4.5 billion order book, "the cancellation will still be negative on sentiment as this is Yangzijiang's first contract cancellation on default," said DBS Vickers in a report. It added that among the Singapore-listed shipyards, COSCO Corp Singapore Ltd has the highest exposure to Greece and Europe, with more than 60 percent of its order book from the region, while Yangzijiang will be the least affected among Chinese yards.

FreeSeas Inc. (Nasdaq:FREE) a transporter of drybulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today that George Kalogeropoulos has joined its Board of Directors as a Board member, replacing Kostas Koutsoubelis, who resigned for personal reasons. Kalogeropoulos brings to FreeSeas over 30 years of marine transportation experience, holding managerial positions in brokering, chartering, ship management, and operations for large shipping companies in London and Greece. of the Restis Group of Companies. Mr. Kalogeropoulos currently serves on the boards of several companies in the transportation industry, including Swissmarine Corporation Ltd., South African Marine Corp., Safore pty, and Safbulk pty Ltd.

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. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of seven Handysize vessels and two Handymax vessels, has obtained charter hire for its vessel, Free Knight. The Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of between 45-65 days at $7,000 per day. 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 seven Handysize vessels and two Handymax vessels. (www.freeseas.gr)

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.

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced that the underwriters of its recent public offering of 11,000,000 shares of common stock have fully exercised their over-allotment option to purchase an additional 1,650,000 shares of common stock at a price of $8.25 per share. The offering of the additional 1,650,000 shares of common stock recently closed. This additional purchase increased the aggregate number of shares sold in the offering to 12,650,000, resulting in total net proceeds from the stock offering after deducting underwriting discounts and commissions, but before expenses, of approximately $97m. Credit Suisse and Cantor Fitzgerald & Co.

FreeSeas Inc. (Nasdaq:FREE, Nasdaq:FREEW, Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced the closing of the sale of 11,000,000 shares of common stock in a public offering at $8.25 per share. Total net proceeds from the stock offering after deducting underwriting discounts and commission, but before expenses, are expected to be approximately $84.4m. Credit Suisse and Cantor Fitzgerald & Co. served as the joint book running managers, and Oppenheimer & Co. and DVB Capital Markets served as the co-managers. FreeSeas has granted the underwriters an option to purchase an additional 1,650,000 shares of FreeSeas common stock at the public offering price to cover any over-allotments, exercisable within 30 days.

FreeSeas Inc., a provider of seaborne transportation for drybulk cargoes, today announced the pricing of its follow-on offering of 11,000,000 shares of its common stock at a price of $8.25 per share. Credit Suisse and Cantor Fitzgerald & Co. are the joint book running managers and Oppenheimer & Co., and DVB Capital Markets are co-managers. FreeSeas has granted the underwriters an option to purchase an additional 1,650,000 shares of FreeSeas common stock at the public offering price to cover any over-allotments, exercisable within 30 days.

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. charter at $19,250 per day. establishment of long-term relationships with high-quality charterers. Company's fleet.

FreeSeas Inc. a provider of seaborne transportation for dry bulk cargoes, said that Dimitris D. Papadopoulos has been appointed Chief Financial Officer. Prior to joining FreeSeas, Mr. Papadopoulos served as President of Waterfront Developments, S.A., which organized and prepared the business and development plan related to the international public tender for "the long term lease and right of development of the Athens 2004 -- Olympic Sailing Center," which involved an investment of more than $250m.

FreeSeas a provider of sea borne transportation services for dry bulk commodities through the ownership and operation of dry bulk vessels, completed an action packed two-week period in New York City. On Friday, March 17 the company held its Quarterly Board Meeting in New York City approving among other topics the fourth quarter and full year 2005 results and accounts. On the same day, the company's management rang the Closing Bell at NASDAQ, which was featured on the home page of NASDAQ's websites and broadcasted by major financial channels such as Bloomberg and CNBC thereby augmenting the company's visibility among the US investment community.