FreeSeas Inc. (FreeSeas) is a Greece-based international drybulk shipping company. The Company is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. As of October 2014, the Company’s fleet consisted of four Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain, coal, bauxite, phosphate, fertilizers, steel products, cement, sugar and rice. As of October 15, 2014, the aggregate deadweight tonnage (dwt) of the Company’s operational fleet is approximately 173,089 dwt and the average age of fleet is 17.1 years. The Company’s investment and operational focus lies in the Handysize sector, which is defined as less than 40,000 dwt of carrying capacity and the Handymax sector, which is defined as between 40,000 dwt and 60,000 dwt.