Stocks that Float: TANKERS & DRY BULK SHIPPERS

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FREE $6.44 FreeSeas Inc. Announces Delivery of the Free Impala
Wednesday April 2, 8:00 am ET
Company Also Announces New Time Charter for the Free Envoy

PIRAEUS, Greece, April 2, 2008 (PRIME NEWSWIRE) -- FreeSeas Inc. (NasdaqGM:FREE - News) (NasdaqGM:FREEW - News) (NasdaqGM:FREEZ - News) (``FreeSeas'' or ``the Company''), a provider of seaborne transportation for drybulk cargoes, announced today that it has taken delivery of the 1997-built 24,111 dwt Handysize Free Impala. The Free Impala is being delivered to a one-year time charter at a rate of $31,500 per day, as previously announced.

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FreeSeas Inc. also announced today that the 1984-built, 26,318 dwt Handysize vessel Free Envoy has completed its one-year period charter at $17,000 per day and has been delivered to new charterers for a 15-day spot voyage at $31,500 per day.

``With seven vessels now in the fleet and one still to be delivered later this year, our fleet continues to increase its earnings capacity,'' stated Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas. ``The Free Impala is a modern vessel that we believe will be a significant revenue contributor for years to come. We are also extremely gratified to see that even our older vessels, like the Free Envoy, remain very healthy earners as well.''

The following table detail FreeSeas' current fleet as announced today:

Current fleet:

Vessel Name Dwt Vessel Type Built Employment
------------ ------ ----------- ----- -----------------------
Free Destiny 25,240 Handysize 1982 75-day time-charter at
$27,500 p/d
Free Envoy 26,318 Handysize 1984 15-day time-charter at
$31,500 p/d
Free Goddess 22,051 Handysize 1995 Two-year time-charter
through November 2009
at $19,250 p/d
Free Hero 24,318 Handysize 1995 Time-charter through
February 2009 at
$14,500 p/d
Free Impala 24,111 Handysize 1997 One-year time-charter
through April 2009 at
$31,500 p/d
Free Jupiter 47,777 Handymax 2002 Three-year time-charter
through February 2011
at $32,000/28,000/
24,000 p/d
Free Knight 24,111 Handysize 1998 One-year time-charter
through March 2009 at
$31,500 p/d

Vessel to be delivered:
Expected
Vessel Name Dwt Vessel Type Built Delivery Employment
----------- ------ ----------- ----- --------- ----------------
Free Lady 50,246 Handymax 2003 June-July No employment
2008 currently in
place

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. Currently, it has a fleet of five Handysize vessels and one Handymax vessel. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE, FREEW and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the US Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please go to our corporate website, http://www.freeseas.gr.