FreeSeas Inc., trading on the OTC Pink under the symbol FREEF, is the successor entity to a U.S.-incorporated, Greek-managed dry bulk shipping company. At its operational height, FreeSeas operated a modern fleet of Capesize and Kamsarmax vessels, providing seaborne transportation services for major raw materials such as iron ore, coal, grain, bauxite and alumina. The company generated revenue primarily through long-term time charters and spot market voyages, connecting suppliers in South America, Australia, Asia and Europe with steel mills, power plants and agricultural exporters around the world.
Founded in 2004 and headquartered in Athens, Greece, FreeSeas completed its initial public offering on the NASDAQ in 2005. The company expanded rapidly through strategic vessel acquisitions and newbuilding contracts, growing its fleet from a handful of ships to double-digit capacity by mid-2008. However, the onset of the global financial crisis and a downturn in freight rates placed significant pressure on its balance sheet, leading to a strategic restructuring and voluntary delisting from NASDAQ in late 2009.
During its operational phase, FreeSeas’ executive leadership team combined U.S. capital markets expertise with Greek shipping management. The board was chaired by industry veteran Konstantinos Angelopoulos, while Christos Psomadakis served as chief executive officer. Senior Maritime ASA, a leading ship management firm, handled technical operations, crewing and vessel maintenance from offices in Piraeus and Oslo, ensuring high standards of safety and regulatory compliance.
Today, FreeSeas functions primarily as an OTC-traded corporate shell focused on asset realization and shareholder value preservation. With a lean administrative footprint, the company is overseen by board chair Donald E. Montour and chief financial officer David T. Jackson, who are responsible for maintaining ongoing SEC reporting, evaluating legacy asset opportunities and considering strategic transactions. Although active vessel operations have ceased, FreeSeas retains certain net operating loss carryforwards and continues to monitor maritime market developments for potential restructuring or liquidation initiatives.
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