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)|
|*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.|
|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 PresentationThe Company will discuss these results in a conference call later this morning at 11:00 a.m. ET.
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