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Re: Dry Bulk Shipping VII
FreeSeas Announces Delivery of the Free Maverick
FreeSeas Inc., a provider of seaborne transportation for drybulk cargoes, announced today that it has taken delivery of the 1998-built, 23,994 dwt Handysize vessel Free Maverick. The Free Maverick is currently employed on a time-charter through April/July 2009 at $32,000 per day. The Company intends to finance the $39.6 million acquisition using cash on hand and financing from Hollandsche Bank-Unie NV.
"With the addition of the Free Maverick, FreeSeas' fleet comprises now nine vessels totalling approximately 270,000 dwt,'' said Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas. ``In just 15 months, we have added seven vessels to the fleet and increased our deadweight tonnage by 420%. Our constant monitoring of available vessels in the market has allowed us to rapidly expand and enhance our revenue generating ability.''
Mr. Varouxakis concluded - "The charter attached to the Free Maverick is very favourable, and she will be a revenue contributor almost immediately. With her delivery, 93% of our operating days are now fixed for 2008 and 49% are already fixed for 2009. Even with our rapid growth, we expect there will be additional opportunities to increase the size of our fleet before the end of the year.''
Freeseas Inc.
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