Profile: FreeSeas Inc. (FREE.O)

FreeSeas Inc., incorporated in April 23, 2004, is an international dry bulk shipping company focusing on the Handysize and Handymax sectors. The Company operates nine vessels in the dry bulk shipping market through its wholly owned subsidiaries. As of April 6, 2009, the vessels owned by the Company include M/V Free Destiny, M/V Free Envoy, M/V Free Hero, M/V Free Jupiter, M/V Free Goddess, M/V Free Knight, M/V Free Impala, M/V Free Lady and M/V Free Maverick. The operations of its vessels are managed by Free Bulkers.

As of December 31, 2008, the Company’s fleet consists of seven Handysize vessels and two Handymax vessels that carry a variety of dry bulk commodities, including coal, grains, and iron ore, which are referred to as major bulks, as well as bauxite, phosphate, fertilizers, steel products, sugar and rice, or minor bulks. The aggregate dead weight tons of its fleet is approximately 268,166 dead weight tons.

The Company competes with Euroseas Ltd., Dryships Inc., Diana Shipping Inc., Eagle Bulk Shipping Inc. and Excel Maritime Carriers Ltd.