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Basis of Presentation and General Information
 12 Months Ended
Dec. 31, 2011
Basis of Presentation and General Information and Significant Accounting Policies [Abstract]  
Basis of Presentation and General Information
1. Basis of Presentation and General Information

The accompanying consolidated financial statements include the accounts of FreeSeas Inc. and its wholly owned subsidiaries (collectively, the “Company” or “FreeSeas”). FreeSeas, formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004 for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas’ vessels is performed by Free Bulkers S.A. (the “Manager”), a Marshall Islands company that is controlled by the Chief Executive Officer of FreeSeas (see Note 4).

Effective October 1, 2010, the Company effected a five-to-one reverse stock split on its issued and outstanding common stock (Note 13). All share and per share amounts disclosed in the Financial Statements give effect to this reverse stock split retroactively, for all periods presented.

During the year ended December 31, 2011, the Company owned and operated seven Handysize dry bulk carriers (one of which was sold on May 13, 2011), two Handymax dry bulk carriers (one of which was sold on November 8, 2011) and had an order for the construction of two Handysize dry bulk carriers (see Note 7). As of December 31, 2011, FreeSeas is the sole owner of all outstanding shares of the following subsidiaries:

 

                                 

Company

   % Owned     M/V   Type   Dwt   Year Built/
Expected
Year of
Delivery		   Date of
Acquisition		   Date of
Disposal
               

Adventure Two S.A.

     100 %    Free Destiny   Handysize   25,240   1982   08/04/04   08/27/10
               

Adventure Three S.A.

     100 %    Free Envoy   Handysize   26,318   1984   09/29/04   05/13/11
               

Adventure Four S.A.

     100 %    Free Fighter   Handysize   38,905   1982   06/14/05   04/27/07
               

Adventure Five S.A.

     100 %    Free Goddess   Handysize   22,051   1995   10/30/07   N/A
               

Adventure Six S.A.

     100 %    Free Hero   Handysize   24,318   1995   07/03/07   N/A
               

Adventure Seven S.A.

     100 %    Free Knight   Handysize   24,111   1998   03/19/08   N/A
               

Adventure Eight S.A.

     100 %    Free Jupiter   Handymax   47,777   2002   09/05/07   N/A
               

Adventure Nine S.A.

     100 %    Free Impala   Handysize   24,111   1997   04/02/08   N/A
               

Adventure Ten S.A.

     100 %    Free Lady   Handymax   50,246   2003   07/07/08   11/08/11
               

Adventure Eleven S.A.

     100 %    Free Maverick   Handysize   23,994   1998   09/01/08   N/A
               

Adventure Twelve S.A.

     100 %    Free Neptune   Handysize   30,838   1996   08/25/09   N/A
               

Adventure Fourteen S.A.

     100 %    Hull 1   Handysize   33,600   2012   N/A   N/A
               

Adventure Fifteen S.A.

     100 %    Hull 2   Handysize   33,600   2012   N/A   N/A