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FreeSeas Reports Fourth Quarter And Year End 2010 Financial Results

The following table describes FreeSeas' annual debt repayment obligations for 2011 through 2016:

Year Amount Upcoming Obligations by Quarter
  (in 000s)   (in 000s)
2011 $23,022 Q1 2011* $3,588
2012** $32,207 Q2 2011 $3,588
2013 $12,798 Q3 2011*** $12,347
2014 $12,798 Q4 2011 $3,499
2015 $17,359   $23,022
2016 $22,275    
Total $120,459    
       
* FreeSeas has already paid $2 million in principal as of March 1, 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.      
*** Includes $8.8 million expected prepayment from the sale of M/V Free Hero.      
       

Fleet Employment (as of March 4, 2011)

         
Vessel Name Type Built Dwt Employment
M/V Free Lady Handymax 2003 50.246 About 3 - 5 months time charter at $14,000 per day for the first 120 days and $15,500 for the balance period through March/May 2011
M/V Free Jupiter Handymax 2002 47.777 About 65 day time charter trip at $6,750 per day and $13,000 for any day in excess of 80 days through April/May 2011
M/V Free Knight Handysize 1998 24.111 80 day time charter trip at $10,000 per day through May 2011
M/V Free Maverick Handysize 1998 23.994 About 62 day time charter trip at $9,100 per day through May 2011
M/V Free Impala Handysize 1997 24.111 20-30 day time charter trip at $10,200 per day through March 2011
M/V Free Neptune Handysize 1996 30.838 4-6 months time charter at $14,000 per day for the first 115 days and $15,250 thereafter, through April/July 2011
M/V Free Hero Handysize 1995 24.318 15-20 day time charter trip at $8,750 per day through March 2011
M/V Free Goddess Handysize 1995 22.051 25 day time charter trip at $12,500 per day through April 2011
M/V Free Envoy Handysize 1984 26.318 35-40 day time charter trip at $8,250 per day through March/April 2011

Conference Call with Accompanying Slide Presentation

The Company will discuss these results in a conference call later this morning at 9:00 a.m. ET.

The dial-in numbers are:
(866) 861-6730 (US)
(702) 643-2970 (INTERNATIONAL)

The conference call will also be broadcast live via the "Investor Relations" section of FreeSeas' website at www.freeseas.gr or interested parties can click on the following link: http://www.investorcalendar.com/IC/CEPage.asp?ID=163535.

The Company will also have an accompanying slide presentation available approximately 30 minutes prior to the conference call. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to participate in the live call, the conference call will be archived.

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