FreeSeas Inc. Announces New Time Charter for Free Destiny

PIRAEUS, Greece, July 23, 2008 (PRIME NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE),
(Nasdaq:FREEW), (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of
seaborne transportation for drybulk cargoes, announced today that the Free
Destiny, a 1982-built, 25,240 dwt Handysize vessel, has been delivered to her
charterers for a 60 to 90 day spot charter at a rate of $28,500 per day.

Mr. Ion Varouxakis, President and CEO of FreeSeas, commented "FreeSeas has
managed once again to benefit from the sustained high freight rate environment.
Despite her age, the Free Destiny, the oldest vessel in our fleet, continues to
be a significant contributor to our bottom line."

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 six Handysize vessels and two Handymax vessels. 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 U.S. Securities and Exchange Commission, which can be
obtained free of charge on the SEC's website at www.sec.gov. For more
information about FreeSeas Inc., please go to our corporate website,
www.freeseas.gr.

Forward-Looking Statements

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, including expected
vessel acquisitions. 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.

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CONTACT: FreeSeas Inc.
Ion Varouxakis, Chief Executive Officer
011-30-210-45-28-770
Fax: 011-30-210-429-10-10
info@freeseas.gr
www.freeseas.gr
89 Akti Miaouli Street
185 38 Piraeus, Greece

Cubitt Jacobs & Prosek Communications
Investor Relations / Financial Media:
Thomas J. Rozycki, Jr., Sr. Vice President
+1.212.279.3115 x208
Fax: +1.212.279-3117
trozycki@cjpcom.com
www.cjpcom.com