FreeSeas Announces Charter Agreements on Six of Its Handysize Vessels at Rates Reflecting Strong Market Conditions
May 11 2010 - 8:00AM
FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW)
(Nasdaq:FREEZ) ("FreeSeas'' or the "Company''), a transporter of
dry bulk cargoes through the ownership and operation of a fleet of
eight Handysize vessels and two Handymax vessels, announced today
new charters for six of its vessels.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated,
"We are pleased to report steadily improving rates for our vessels
and we continue to build on our spot chartering strategy. We
believe that our fleet is well-positioned to take advantage of the
current upturn in the dry bulk market, as a result of our strategic
decision last year to operate our Handysize vessels in the spot
market. We are encouraged with the recent demand-driven improvement
in the dry bulk market, especially for Handysize vessels, as
evidenced by the considerable gains shown by the Baltic Dry Index
recently. We remain focused in our effort to enhance our cash
flow and strengthen our financial position."
The new charters are detailed below:
-
The M/V Free Destiny, a 1982-built, 25,240 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 45-55
days at a daily rate of $10,750.
-
The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 30 days
at a daily rate of $15,000.
-
The M/V Free Goddess, a 1995-built, 22,051 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 15 days
at a daily rate of $14,000. The vessel commenced this new time
charter following its completion of a time charter trip of
approximately 18 days at a daily rate of $15,500.
-
The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 40-45
days at a daily rate of $18,000.
-
The M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 30 days
at a daily rate of $20,000.
-
The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 25-30
days at a daily rate of $15,500. The vessel is expected to be
delivered to its new charterer following its scheduled dry-dock,
which is expected to be completed shortly.
Fleet Employment Data
Vessel Name
|
Type
|
Built
|
Dwt
|
Employment
|
M/V Free Destiny
|
Handysize
|
1982
|
25,240
|
45-55 day time charter trip at $10,750 per day through
May/June 2010
|
M/V Free Envoy
|
Handysize
|
1984
|
26,318
|
30 day time charter trip at $15,000 per day through June
2010
|
M/V Free Goddess
|
Handysize
|
1995
|
22,051
|
15 day time charter trip at $14,000 per day through May
2010
|
M/V Free Hero
|
Handysize
|
1995
|
24,318
|
40-45 day time charter at $18,000 per day through June 2010
|
M/V Free Impala
|
Handysize
|
1997
|
24,111
|
30 day time charter trip at $20,000 per day through June
2010
|
M/V Free Jupiter
|
Handymax
|
2002
|
47,777
|
Balance of time charter at $25,216 per day through February 2011
and any day in excess at $28,000 per day through May 2011
|
M/V Free Knight
|
Handysize
|
1998
|
24,111
|
25-30 day time charter trip at $15,500 per day through June
2010
|
M/V Free Lady
|
Handymax
|
2003
|
50,246
|
Balance of time charter at $51,150 per day through June 2010
|
M/V Free Maverick
|
Handysize
|
1998
|
23,994
|
60-110 day time charter trip at $15,000 per day through
May/July 2010
|
M/V Free Neptune
|
Handysize
|
1996
|
30,838
|
60-100 day time charter trip at $25,000 per day through
June/July 2010
|
*The average net charter rates per vessel realized by the
Company will depend on actual repositioning time and bunkers
consumed between successive chartering employments, as well as
potential operational off-hires. The above table is provided for
indicative purposes only, and should not to be deemed to reflect
actual operating revenues received from employment of vessels.
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 eight
Handysize vessels and two Handymax vessels. 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 http://www.sec.gov. For more
information about FreeSeas Inc., please visit the corporate
website, http://www.freeseas.gr.
The FreeSeas Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5981
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. 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 implied 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.
Alexandros Mylonas, Chief Financial 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
The Equity Group Inc.
Investor Relations
Adam Prior, Vice President
212-836-9606
aprior@equityny.com
www.theequitygroup.com
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