FreeSeas Inc (OTCMKTS:FREEF) a transporter of dry-bulk cargoes via the ownership and maintenance of 2 Handysize vessels and a holder of a controlling interest in a firm commercially operating tankers, reported that in September, it offered to unrelated third entities the M/V ‘Free Maverick’, for a sale price of $1.925 million and her loan was discharged.
The highlights
FreeSeas reported that in June, the bareboat hire deal in association with the M/V Fiorello was canceled. Following the cancelation of the hire, the vessel was offered with the sale proceeds being given towards debts to the Bareboat Possessors of the vessel as well as trade creditors. Following this deal, outstanding debts to the owners have been minimized by $750,000.
As per the last SEC submitted yearly report, FreeSeas is a global drybulk shipping firm established under the Republic of the Marshall Islands laws with principal key offices in Athens. The fleet currently comprises of 4 Handysize vessels and 1 Handymax vessel, which was offered for $12,250 to an unassociated third party and then finalized a long term bareboat charter deal with the vessel’s new owners.
The vessels tend to carry many different types of drybulk commodities, which consists of iron ore, coal and grain. It should be noted that all these drybulk commodities are also termed as “major bulks.” On the other hand, it also carries the products like bauxite, phosphate, cement, sugar, rice, fertilizers and steel products, or “minor bulks.”
At the end of April 2015, the aggregate dwt of company’s operational fleet stood at nearly 148,978 dwt. The average age of FreeSeas fleet stands at 17.7 years. It should be kept in mind that all statistics from the SEC submission is with “000s” omitted, and hence the above mentioned vessel sale was for $12.250 million. The company manages a small fleet of ships for marine transport of bulk materials.
In last trading session, the stock price of FreeSeas jumped more than 175% to close the trading session at $0.00469. The gains came at a share volume of 236.81 million compared to average share volume of 14.10 million.
