FreeSeas Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported operating revenues were $13.1 million as compared to $22.3 million reported the same period of the prior year. The decrease was largely due to the weaker freight market, with the resulting lower charter rates for the period. Income from operations was $1.7 million as compared to the $10.8 million reported in the prior year period. Net income was $465,000 or $0.02 diluted earnings per share as compared to net income of $9.4 million or $0.43 diluted earnings per share for the third quarter of 2008. Adjusted EBITDA was $5.9 million compared to $15.1 million in the prior year's quarter. The decrease is attributable to the weaker freight market in the three months ended September 30, 2009 compared to the same period in 2008. Cash flow from operations was $4.9 million. For the nine-month period, the company reported operating revenues were $43.0 million compared to $45.9 million in the comparable period of the prior year. The decrease of $2.9 million is attributable to the weaker freight market, with the resulting lower charter rates in the nine months ended September 30, 2009 compared to the same period in 2008. Income from operations was $10.5 million compared to $18.1 million reported in the prior year period. Net income was $7.2 million or $0.31 diluted earnings per share as compared to net income of $13.8 million or $0.62 diluted earnings per share. Adjusted EBITDA was $23.5 million as compared to $27.6 million the prior year period. The decrease is attributable to the weaker freight market in the nine months ended September 30, 2009 compared to the same period in 2008. Cash flow from operations was $17.7 million.

FreeSeas Inc. announced the appointment of Alexandros Mylonas as the company's new Chief Financial Officer, effective immediately. He will be responsible for FreeSeas' overall financial planning and control, U.S. GAAP compliant financial reporting, SEC filings, and general corporate finance activities. Prior to joining FreeSeas, he was the Banking Executive of Cardiff Marine Inc., a ship management company operating tankers and dry bulk carriers, including the fleet of Dryships Inc.

FreeSeas Inc. announced new charters for six of its vessels, including the recently purchased Free Neptune, as well as the Free Envoy, Free Hero, Free Maverick, Free Knight, and Free Impala. These new charters are the M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has been delivered to her charterers for a spot time charter of 30-35 days at a daily rate of $20,000; the M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of 30-35 days at a daily rate of $8,000; the M/V Free Hero, a 1995-built, 24,318 dwt Handysize vessel, has been delivered to her charterers for a spot time charter trip of approximately 40-50 days at a daily rate of $13,500; the M/V Free Maverick, a 1998-built, 23,994 dwt Handysize vessel, has been delivered to her charterers for a spot time charter of between 60-65 days at a daily rate of $9,000 or $11,000 depending on repositioning; the M/V Free Knight, a 1998-built, 24,111 dwt Handysize vessel, has been delivered to her charterers for a spot time charter of 60-65 days at a daily rate of $7,000; the M/V Free Impala, a 1997-built, 24,111 dwt Handysize vessel, has been chartered for a spot time charter trip of 60 days at a daily rate of $10,000.