Athens, Greece, June 10, 2015 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq: FREE) ("FreeSeas"or the "Company"), a transporter of dry-bulk cargoesthrough the ownership and operation of a fleet of Handysizevessels, announced today that it has acquired a 51% controllingstake in the newly formed  Standcorp International Limited(hereafter "Standcorp"). The rest of the shares are owned bynon-affiliated entities associated with the Marvin group ofcompanies, whose extensive experience for over twenty years hasfocused in the operation and ownership of tanker vessels.

Standcorp will engage in the commercialoperation of product and crude oil tankers covering a large arrayof sizes, by contracting them through time charter or bareboatcharter arrangements, and subsequently deploying them in the spotmarket or in fulfillment of contract cargoes. The company intendsto operate in generic markets but also to focus on a number ofniche markets, such as West Africa. In addition, the company shall,depending on market conditions, commercially operate dry-bulkcarriers either chartered-in, acquired, or through servicesagreements with affiliated Owners, including FreeSeas Inc.tonnage.

Mr. Ion G. Varouxakis, Chairman, President andCEO was quoted as saying : "We are excited with our decision toenter this venture which positions the company in new markets andpresents us with new opportunities in cooperation with experiencedpartners. At a time when the dry-bulk market is at a standstill, weexpect that FreeSeas shall be able to generate income and createvalue for its shareholders by getting involved in the tanker sectorwhich offers higher returns on investment, as operators only in thefirst stage, and gain experience in the sector."

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporationwith principal offices in Athens, Greece. FreeSeas is engaged inthe transportation of drybulk cargoes through the ownership andoperation of drybulk carriers. Currently, it has a fleet ofHandysize vessels. FreeSeas' common stock trades on the NasdaqCapital Market under the symbol FREE. Risks and uncertainties aredescribed in reports filed by FreeSeas Inc. with the SEC, which canbe obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc.,please visit the corporate website, www.freeseas.gr.

Forward-Looking Statements

This press release contains forward-lookingstatements (as defined in Section 27A of the Securities Act of1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended) concerning future events and the Company's growthstrategy and measures to implement such strategy. Words such as''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''''hopes,'' ''estimates,'' and variations of such words and similarexpressions are intended to identify forward-looking statements.Although the Company believes that the expectations reflected insuch forward-looking statements are reasonable, no assurance can begiven that such expectations will prove to be correct. Thesestatements involve known and unknown risks and are based upon anumber of assumptions and estimates, which are inherently subjectto significant uncertainties and contingencies, many of which arebeyond the control of the Company. Actual results may differmaterially from those expressed or implied by such forward-lookingstatements. Factors that could cause actual results to differmaterially include, but are not limited to, changes in the demandfor dry bulk vessels; competitive factors in the market in whichthe Company operates; risks associated with operations outside theUnited States; and other factors listed from time to time in theCompany's filings with the Securities and Exchange Commission. TheCompany expressly disclaims any obligation or undertaking torelease publicly any updates or revisions to any forward-lookingstatements contained herein to reflect any change in the Company'sexpectations with respect thereto or any change in events,conditions or circumstances on which any statement is based.

Contact Information:

At the Company

FreeSeas Inc.

Dimitris Papadopoulos, Chief FinancialOfficer

011-30-210-45-28-770

Fax: 011-30-210-429-10-10

dp@freeseas.gr

www.freeseas.gr