FreeSeas announces entering into terms with the insurers of M/V Free Goddess
and expected return to service of vessel
Athens, Greece, Dec. 11, 2013 (GLOBE NEWSWIRE) -- December 11, 2013 --
FreeSeas Inc. (Nasdaq: FREE) ("FreeSeas" or the "Company"), a transporter of
dry-bulk cargoes through the ownership and operation of a fleet of Handysize
and Handymax vessels, announced today that it has entered into terms with the
insurers of M/V Free Goddess pursuant to which the sum of USD 1,100,000 will
be paid by the insurers to the Company. The amount of USD 700,000 has already
been disbursed in favor of the Company pursuant to the terms agreed.
The M/V Free Goddess had been hijacked by pirates in February 2012 and under
repairs at her port of refuge since her release in October 2012.
As a result of the repairs progress and the funding received, the vessel is
now expected to shortly return to service.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in
Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes
through the ownership and operation of drybulk carriers. Currently, it has a
fleet of Handysize and Handymax vessels. FreeSeas' common stock trades on the
Nasdaq Capital Market under the symbol FREE. Risks and uncertainties are
described in reports filed by FreeSeas Inc. with the SEC, which can be
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,
This press release contains forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future events and the
Company's growth strategy and measures to implement such strategy. Words such
as ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''
''hopes,'' ''estimates,'' and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove to
be correct. These statements involve known and unknown risks and are based
upon a number of assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are beyond the
control of the Company. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not limited to,
changes in the demand for dry bulk vessels; competitive factors in the market
in which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
At the Company
Dimitris Papadopoulos, Chief Financial Officer
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