FreeSeas Announces Charter Agreements on Seven of Its Handysize Vessels
June 28 2010 - 8:30AM
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 seven of its vessels.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated,
"We are pleased to announce a series of fixtures for our vessels
which have been largely entered into prior to the summer seasonal
softening of the market."
The new charters are detailed below:
- The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 27 days
at a daily rate of $13,000. The vessel has been fixed for a further
time charter trip to commence immediately thereafter for a duration
of approximately 35 days at a daily rate of $11,200 plus $250,000
ballast bonus.
- The M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel,
has been chartered for a time charter trip of approximately 75-100
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 $17,600.
- The M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel,
has been chartered for a time charter of approximately 2-4 months
at a daily rate of $16,900.
- The M/V Free Lady, a 2003-built, 50,246 dwt Handymax vessel,
has been chartered for a time charter trip of approximately 60 days
at a daily rate of $24,000.
- The M/V Free Maverick, a 1998-built, 23,994 dwt Handysize
vessel, has been chartered for a time charter trip of approximately
50 days at a daily rate of $14,750.
- The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize
vessel, has been chartered for a time charter of approximately 3.5
to 6 months at a daily rate of $23,500 for the first 150 days and
$24,500 for the remaining period, if any.
Fleet Employment Data
|
|
|
|
|
Vessel Name |
Type |
Built |
Dwt |
Employment |
|
|
|
|
|
M/V Free
Destiny |
Handysize |
1982 |
25,240 |
55 day time charter trip at
$10,750 per day through June 2010 |
M/V Free Envoy |
Handysize |
1984 |
26,318 |
27 day time charter trip at $13,000
per day through July 2010 and then 35 day time charter trip at
$11,200 per day plus $200,000 bonus ballast through August
2010 |
M/V Free
Goddess |
Handysize |
1995 |
22,051 |
Passing scheduled dry-dock |
M/V Free Hero |
Handysize |
1995 |
24,318 |
75-100 day time charter at $18,000
per day through August/September 2010 |
M/V Free Impala |
Handysize |
1997 |
24,111 |
30 day time charter trip at $17,600
per day through July 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 |
2-4 months time charter at $16,900
per day through August/October 2010 |
M/V Free Lady |
Handymax |
2003 |
50,246 |
60 day time charter trip at
$24,000 per day through August 2010 |
M/V Free
Maverick |
Handysize |
1998 |
23,994 |
50 day time charter trip at
$14,750 per day through July 2010 |
M/V Free
Neptune |
Handysize |
1996 |
30,838 |
3.5 to 6 months time charter at
$23,500 per day for the first 150 days & $24,500 for the
remaining period if any, through September/December 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
Whole Earth Brands (NASDAQ:FREEW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Whole Earth Brands (NASDAQ:FREEW)
Historical Stock Chart
From Oct 2023 to Oct 2024