Freeseas successfully recharters four of its fleet

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Nasdaq-quoted bulker owner FreeSeas Inc has successfully rechartered four of its vessels at what it claims are gradually improving freight rates.

The Free Destiny, a 1982-built, 25,240 dwt handysize vessel, has been delivered to its new charterers on a period charter of a minimum of two months and maximum four months at a charter rate of $4,000 per day while the Free Hero, a 1995-built, 24,318 dwt handysize vessel, has been delivered to her new charterers for a spot time charter trip of approximately 60 days at a charter rate of $4,500 per day.

The Free Impala, a 1997-built, 24,111 dwt handysize , was delivered for a new spot time charter trip of approximately 45 days at a charter rate of $6,500 per day after it was redelivered to the company. The prior charterer redelivered the vessel approximately one month earlier than the contractual termination date of the charter, but has agreed to pay as compensation to the company the difference between the prior remaining contracted rate and the spot charter rate.

The Free Knight, a 1998-built, 24,111 dwt handysize unit has been fixed for a spot time charter trip of approximately 40 days at a charter rate of $7,000 per day which shall commence after completion of its present period charter.

“We are pleased to have secured employment for our four vessels at gradually improving charter rates, which cover the vessels’ operating costs,” said  Ion Varouxakis (pictured), President and CEO of FreeSeas. “We are particularly pleased to have been able to secure employment for the oldest vessel of our fleet, the Free Destiny, a development that reflects the improving sentiment and rates in the dry bulk sector. These fixings bring our charter coverage for 2009 to 48% of our available days.

“If the charter rates continue to improve as they have over the last few weeks, we expect to be able to secure significantly higher income for our vessels working in the spot market,” he added.