EXHIBIT 99.1
FreeSeas Inc. Announces New Time Charter for Free Destiny
PIRAEUS, Greece, June 2, 2008 (PRIME NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that the Free Destiny, a 1982-built, 25,240 dwt Handysize vessel, has been delivered to her charterers for a spot charter of a duration of about 50 days at a rate of $37,000 per day.
"We have been able to repeatedly deliver this vessel successfully over the past year, each time taking advantage of improving market rates," said Mr. Ion Varouxakis, President and CEO of FreeSeas. "Since the beginning of the year the Free Destiny has been chartered at rates ranging from $23,000 to $37,000 per day, the highest level ever achieved by this vessel. This trend reflects the continued strength of the market and validates our decision to operate her in the spot market."
FreeSeas also announced that, upon completion of her current voyage, the Free Envoy would enter dry dock for her scheduled special survey. The Company expects the survey to last approximately 40 days.
About FreeSeas Inc.
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 six Handysize vessels and one Handymax vessel. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE, FREEW and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at www.sec.gov. For more information about FreeSeas Inc., please go to our corporate website, www.freeseas.gr.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or impli ed by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels; competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
CONTACT: FreeSeas Inc. Ion Varouxakis, Chief Executive Officer 011-30-210-45-28-770 Fax: 011-30-210-429-10-10 info@freeseas.gr www.freeseas.gr 89 Akti Miaouli Street 185 38 Piraeus, Greece Cubitt Jacobs & Prosek Communications Investor Relations / Financial Media: Thomas J. Rozycki, Jr., Sr. Vice President +1.212.279.3115 x208 Fax: +1.212.279-3117 trozycki@cjpcom.com www.cjpcom.com 350 Fifth Avenue - Suite 3901 New York, NY 10118, USA