Dallas, Texas 11/07/2013 (Financialstrend) – In Wednesday’s trading, FreeSeas Inc (NASDAQ:FREE) dropped by 7.84%. The opening price of the shares was $0.04, which was the intraday high and dipped to a close of $0.35. Approximately 12.99 million shares were traded on Wednesday while an average volume of 10.35 million shares were traded over a 30 day period. The 52-week low of FreeSeas Inc (NASDAQ:FREE) shares is $0.17 and its 52-week high is $5.80. The company has a market capitalization of $ 230,213.00.
About the company
FreeSeas Inc (NASDAQ:FREE) was incorporated on 23 April 2004. It is a parent-holding company of its own ship-owning companies. FreeSeas Inc (NASDAQ:FREE) fleet is made up of 6 Handysize vessels & 1 Handymax vessel. These vessels carry a large variety of dry bulk commodities, such as iron -ore, grain and coal. These commodities are called bulks. Apart from these commodities, the company also transports phosphate, bauxite, fertilizers, steel-products, cement, sugar & rice, or minor bulks. With the dynamic management-team that focuses on shareholder-growth and its active presence in capital markets, FreeSeas Inc (NASDAQ:FREE) has positioned itself very strategically to capitalize on emerging drybulk industry growth.
As of 2013 April, the aggregate deadweight tonnage of FreeSeas Inc (NASDAQ:FREE) operational fleet is around197,200 dwt & the average-age of the company’s fleet is 15.5 years. FreeSeas Inc (NASDAQ:FREE)owns 7 vessels, each of these are owned via a separate 100%- owned subsidiary. FreeSeas Inc (NASDAQ:FREE) competes with Eagle Bulk Shipping Inc, Diana Shipping, DryShips Inc, Euroseas Ltd, Excel Maritime Carriers and Baltic Trading Limited.
From time to time, FreeSeas Inc (NASDAQ:FREE) might employ its numerous vessels in different carrier pools. These pools are operated by 3rd parties. They bring together other vessels from 1 or multiple owners and service the needs of various charterers. In this particular arrangement, voyage & operating expenses are then paid by the pool-manager, and FreeSeas will be paid its specific share of the voyage-revenues on predetermined schedules.
