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Ion makes it nine (Tradewinds)
13 AUG 2008
FreeSeas, the Ion Varouxakis-led bulker operator, has increased its fleet to nine ships with the acquisition of a handysize bulker.
 The Nasdaq-listed company said it paid $39.6m for the 1998-built, 23,994-dwt vessel. FreeSeas decline to name the sellers.

However, the only ship to match the particulars is the Vogekatja, which is owned by German bulker specialist H Vogemann.

FreeSeas said it expects to take delivery of the ship, which has been renamed Free Maverick, in late August or early September.

The Free Maverick is employed on a time-charter through April/July 2009 at $32,000 per day, and will continue that employment after it is delivered.

FreeSeas said it intends to finance the acquisition using cash on hand and financing from Hollandsche Bank-Unie NV.

“The addition of the Free Maverick is compelling for two extremely important reasons,” said FreeSeas chief executive Varouxakis.

“First, she comes with a charter through next year at a very competitive rate. Furthermore, she will be delivered within the next two to three weeks, and will be contributing revenue almost immediately.”

He added: “With 93% of our operating days fixed for 2008 and 49% already fixed for 2009, we remain confident that we can navigate the current market and further increase our earnings capacity.”