FreeSeas Inc. (NASDAQ:FREE) On Watch As Capsize Shipping Rates See Downside


Dallas, Texas 01/27/2014 (Financialstrend) – FreeSeas Inc. (NASDAQ:FREE) and other shipping services operators are watching keenly the Baltic Dry Index as Jan 23, Index fell, causing a massive slide in the shipping rates. The shipping rates in a span of a few days. The fall has been across all shipping segments with the capsize shipping have fallen by over 71.5% over the past year. Capesize rates fell by 71.5%, panama rates by 20%, supramax rates by 23%.  In terms of prices this means that capsize shipping rates are $11,128 per day, panamax rates are $11,710 per day and supramax is $11,721 per day.

FreeSeas Inc. (NASDAQ:FREE) had appeared to benefit from gains in early January when dry shipping rates saw gains. The Baltic Dry Index capsize rates was poised at $13,168 per day showing a rise of $280, while panamax rates fell reaching $12,534 and supramax rates too showed a slide to $12,364 per day.

FreeSeas Inc. (NASDAQ:FREE) and other shipping companies had just moved from one of the sharpest falls in Baltic Dry Index rates in more than three decades. The sector saw a drop of over 40% in the middle of January. By, the last week of January the slide has been of nearly volumes, reaching an overall fall in prices at 71.5% in just under a month.

US based FreeSeas Inc. (NASDAQ:FREE) operates in the niche shipping spectrum of handysize and handymax dry shipping bulk services.

FreeSeas Inc. (NASDAQ:FREE) holds a market cap of $34.06 million and volume of 2,129,469. The stock currently trades at $1.79, which is a slide downwards of nearly 6.51%. The overall drop is recognized to be 0.13. The current stock price is much higher than it’s lowest ever on a 52 week range, which is $0.83. The stock price also holds a 52 week high of $16.48 per share and EPS of 184.48.

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