Dallas, Texas 02/25/2014 (FINANCIALSTRENDS) – FreeSeasInc (NASDAQ:FREE) is the Greek freight service provider with dominant services in marine freight and logistics. The company is one of the holding companies which offer fleet services for a range of freight options.
FreeSeasInc(NASDAQ:FREE) has over six fleet for Handysize vessels as well as Handymax vessel which will help in carrying of commodities. These include grain as well as coal besides iron ore. The fleets also offer bauxite, steel products, fertilizers as well as minor bulks as well.
Fleet is diversified
FreeSeasInc(NASDAQ:FREE) is known to carry deadweight tonnage which is operational fleet. The average fleet is based at 15.5 years and is expected to operate the entire fleet through the range of subsidiaries it also operates.
FreeSeasInc(NASDAQ:FREE) has been trading on the stock market with a market cap of $221,994. The company has been trading on the market at infra day range of $1.71 high and $1.68 low. It also has a 52 week high of $10.75 and $0.83 low. At opening of the trading day, the company recorded $1.70 but rallied higher to breach $1.71. FreeSeasInc(NASDAQ:FREE) holds EPS of -184.54. Beta is 3.75.
Reversal in shipping rates
FreeSeasInc has been on the watch for a reversal due to the low slide in cap size shipping rates. Incidentally, the sharp fall, in January saw the prices of the major shipping firms too fall. The decline was reportedly in the region of 19.6%. The supramax rates were in the region of 1.8% which slide further down to $94. The Baltic Dry Index too found to have dropped drastically by over 44% on a yearly basis.
At the start of the New Year many companies in freight shipping business had seen gains due to the increase in the dry bulk rates. The company expects to remain at the current rates until new rate revisions.