FREE ENVOY, soon to be joined by four fleet sisters.

Young shipping firm trebles tonnage
FreeSeas lives up to promise with expansion of fleet


Earlier last month Shipping Times reported that FreeSeas, the Greek dry bulk shipping company had sold off its 25 year old bulker FREE FIGHTER. At the time the company said the funds generated would help them in their quest to acquire more tonnage.

Today they announced they had done just that, and in doing so increased their fleet from two to six ships and have trebled their deadweight tonnage.

They have purchased four bulk carriers at a cost of $114 million.

Of the four vessels, three will operate under fixed-rate period time charter contracts, and one will operate in the spot market. The M/V Free Hero will join the FreeSeas' fleet while serving an existing time charter at a gross rate of $14,500 until December of 2008 with an option until February 2009. For the M/V Free Jupiter and the M/V Free Iris, FreeSeas intends to enter into two to three year time charters that will commence upon delivery of these vessels to FreeSeas. The remaining vessel, the M/V Free Gentleman, will operate in the spot market.

"With this important event, FreeSeas enters the next phase of its growth plan," said Mr. Ion Varouxakis, Chairman of the Board, President and Chief Executive Officer. "As we stated in January of this year, our recent management and shareholder realignment was geared primarily toward further expanding and modernizing our fleet. We believe this transaction clearly shows that we are executing on that strategy. Going forward, we will look to expand our presence in the drybulk sector and provide opportunities to increase shareholder value by securing employment for our vessels in the current high drybulk charter rate environment."

Shipping Times believes FREE HERO was the OCEAN PHEONIX, FREE JUPITER the
OLYMPIAN GODDESS, FREE IRIS was OCEAN HARMONY and FREE GENTLEMAN was OCEAN DAISY. All of these vessels were operated by MFS Shipmanagement Corporation of Athens, Greece.