After closing in red for two consecutive days, the stock price of FreeSeas Inc (OTCMKTS:FREEF) took a pause, and closed absolutely flat in last trading session. However, the trading volume was massive coming at 190.99 million compared to average share volume of 49.31 million.
The buzz
FreeSeas a carrier of dry-bulk consignments via the title and maintenance of Handysize vessels and an owner of an interest in a firm commercially functionally tankers, posted a couple of months ago that it offered to unassociated third groups the M/V ‘Free Maverick’, for a price of $1.925 million. Thereafter, the respective loan was discharged.
Prior to that, in the month of June, the company reported that bareboat hire contract pertaining to the M/V Fiorello was negated. Following the revocation of the hire, the vessel was presented with the sale proceeds being offered towards arrears to the Bareboat Keepers of the vessel and trade creditors. After this deal, outstanding arrears to the owners have been diminished by $750,000.
Going by the last SEC submitted annual report, FreeSeas comes in the list of global drybulk shipping entities formed under the laws of “Republic of the Marshall Islands” with major offices in Athens. The fleet at present encompasses of 4 Handysize vessels and one Handymax vessel. These were offered for $12,250 to an unlinked third party and then closed a bareboat charter contract with the vessel’s new venders.
The vessels tend to move different varieties of drybulk commodities, which involves of iron ore, grain and coal. It should be recorded that these drybulk commodities are even named “major bulks.” On contrary, it also moves the products like cement, sugar, bauxite, phosphate, steel products, rice, fertilizers or “minor bulks.”
At the close of April 2015, the collective dwt of firm’s operational fleet was around 148,978 dwt. The average period of FreeSeas fleet is seen at 17.7 years. It should be noted that all figures from the SEC offer is with “000s” omitted, and therefore the aforementioned vessel sale was recorded at $12.250 million. The firm even manages a small fleet of ships for the purpose of marine carriage of bulk materials.
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