FreeSeas Announces Delivery of the Free Maverick

PIRAEUS, Greece, Sept. 2, 2008 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE)
(Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), 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."

The following table detail FreeSeas' fleet including the vessel announced today:

Vessel Name Dwt Vessel Type Built Employment
Free Destiny 25,240 Handysize 1982 60 to 90 day time-charter
at $28,500 p/d
Free Envoy 26,318 Handysize 1984 One-year time-charter at
$32,000 p/d through
June/August 2009
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
Free Lady 50,246 Handymax 2003 Two-year time-charter
through June/ September
2010 at $51,150 p/d
Free Maverick 23,994 Handysize 1998 Time-charter through
April/July 2009 at
$32,000 p/d
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 seven 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 visit the corporate website,
www.freeseas.gr.

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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
350 Fifth Avenue - Suite 3901
New York, NY 10118, USA