|FreeSeas Inc. (FreeSeas) is a parent holding company of its ship-owning companies. The Company owns nine vessels, each of which is owned through a separate wholly owned subsidiary. Its fleet consists of five Handysize vessels and two Handymax vessels that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as major bulks, as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or minor bulks. As of April 30, 2012, the aggregate deadweight tonnage (dwt) of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is approximately 14.6 years. On May 13, 2011, it sold the M/V Free Envoy, a 1984 built 26,318 dwt Handysize dry bulk vessel. On November 8, 2011, it sold the M/V Free Lady, a 2003-built, 50,246 dwt Handymax dry bulk vessel. During the year ended December 31, 2011, it derived approximately 46% of its gross revenues from three charterers.|
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