This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

3 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs