Dallas, Texas 03/03/2014 (FINANCIALSTRENDS) – FreeSeas Inc. (NASDAQ:FREE), the Greek freight service provider and parent holding company of shipping firm offering fleet services for a range of freight options has been realigning its business in order to address the shifts in the global economy in recent times.
FreeSeas Inc (NASDAQ:FREE) Early Dip in Shipping Rates
During beginning of 2014, FreeSeas Inc. (NASDAQ:FREE) was expecting gains due increase in the dry bulk rates. The Baltic Dry Index capsize-rates were balanced at $13,168 /day which signaled an increase of 280 dollars, while panamax rates dipped and touched $12,534.
Supramax rates also dipped by $12,364 dollars/per day. However, over the last 3 decades the Baltic rates index have dipped and during mid January, 2014, there was drop in Baltic Dry Index by 40% and due to which a huge dip in shipping rates followed. This drop has been has impacted multiple shipping segments and there has been a 71.5% drop by end of January, 2014.
Compared to U.S and U.K, Europe’s economy is delicate and the shipping industry hopes to see an improvement in 2014. Until new rate revisions, the company expects to retain the current rate until the shipping industry is on a mid term recovery path.
Company Market Performance
The shipping firm headquartered in Athens, Greece has disclosed that as part of company’s fleet, it now owns six Handy size vessels and one Handymax vessel that transport a variety of dry bulk commodities, including “grain, coal, and Iron ore like steel products, bauxite, phosphate, cement, fertilizers rice and sugar, or minor bulks”. The company carries deadweight tonnage which is operational fleet and average fleet is 15.5 years. FreeSeas Inc. (NASDAQ:FREE) has been trading with a market cap of $221 billion. The stock was trading at $1.73 per share as of 27th February close.