FreeSeas Announces Reverse Split of Common Stock

Athens, Greece, February 6, 2017 -- FreeSeas Inc. (OTCQB: FREEF) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of two Handysize vessels and an owner of a controlling stake in a company commercially operating tankers and dry-bulkers, announced today that the Company’s Amended and Restated Articles of Incorporation are being amended to effect a reverse stock split of the Company’s issued and outstanding common stock at a ratio of one new share for every 5,000 shares currently outstanding.

The Company anticipates that its common stock will begin trading on a split-adjusted basis when the market opens on February 7, 2017. FreeSeas’ common stock will trade under the symbol "FREED" for 20 trading days and then will change back to “FREEF”. The common shares will also trade under a new CUSIP number Y26496235.

The reverse stock split will consolidate 5,000 shares of common stock into one share of common stock at a par value of $0.001 per share. The reverse stock split will not affect any shareholder’s ownership percentage of FreeSeas’ common shares, except to the limited extent that the reverse stock split would result in any shareholder owning a fractional share. Fractional shares of common stock will be rounded up to the nearest whole share.

After the reverse stock split takes effect, shareholders holding physical share certificates will receive instructions from American Stock Transfer and Trust Company LLC, the Company's exchange agent, regarding the process for exchanging their shares.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers and also is an owner of a controlling stake in a company commercially operating tankers and dry-bulkers. Currently, it owns and operates two Handysize vessels. FreeSeas' common stock trades on the OTCQB under the symbol “FREEF”. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the Securities and Exchange Commission (“SEC”), which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, www.freeseas.gr.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,'' ''hopes,'' ''estimates,'' and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels; competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information: At the Company

FreeSeas Inc. Dimitris Papadopoulos, Chief Financial Officer 011-30-210-45-28-770 Fax: 011-30-210-429-10-10 dp@freeseas.gr www.freeseas.gr

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