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FreeSeas Reports Second Quarter And Six Month 2010 Financial Results

Balance Sheet and Debt Repayment Information

As of June 30, 2010, FreeSeas' cash and cash equivalents and restricted cash were $16.0 million and stockholders' equity was $149.4 million, compared to $9.6 million and $144.5 million, respectively, at December 31, 2009.  The Company's principal repayments total $5.1 million remaining for 2010 and $16.75 million for 2011. The following table describes FreeSeas' annual debt repayment obligations for 2010 through 2016:

Year Amount Upcoming Obligations by Quarter
  (in 000s)   (in 000s)
2010 $7,700*    
2011 $16,750 Q3 2010 $3,850*
2012 $33,759**  Q4 2010 $3,850
2013 $14,350   $7,700
2014 $14,350    
2015 $21,075    
2016 $22,275    
Total $130,259    
 
*FreeSeas has already paid $2.6 million in principal as of August 5, 2010.
**Includes a balloon payment of $17.6 million due in November 2012, which FreeSeas currently intends to refinance, although there can be no assurances that it will be able to do so.

Fleet Employment

         
Vessel Name Type Built Dwt Employment
M/V Free Destiny Handysize 1982 25,240 30 day time charter trip at $12,000 per day through August 2010
M/V Free Envoy Handysize 1984 26,318 35 day time charter trip at $11,200 per day plus $250,000 ballast bonus, through August 2010
M/V Free Goddess Handysize 1995 22,051 30 day time charter trip at $12,000 per day through August 2010
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 15-45 day time charter trip at $17,600 per day for approximately the first 14 days and $15,000 per day for the remaining period, through August 2010. Thereafter, the vessel has been fixed for a 35 day time charter trip at $9,000 per day, through September 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 2010. Thereafter, the vessel has been fixed for a 40 day time charter trip at $13,000 per day through September 2010
M/V Free Lady Handymax 2003 50,246 60 day time charter trip at $24,000 per day through August 2010. Thereafter, the vessel has been fixed for a 25-30 day time charter trip at $19,500 per day plus $120,000 ballast bonus, through September 2010
M/V Free Maverick Handysize 1998 23,994 50 day time charter trip at $14,750 per day through August 2010
M/V Free Neptune Handysize 1996 30,838 3.5 - 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.

Conference Call with Accompanying Slide Presentation

The Company will discuss these results in a conference call later this morning at 11:00 a.m. ET.

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