OCEANFREIGHT INC. ANNOUNCES THE ACQUISITION OF ELEVENTH VESSEL AND FURTHER EXPANSION INTO TANKER SECTOR
January 10, 2008 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a
global provider of seaborne transportation services announced the acquisition of
its eleventh vessel.
The Company announced it has agreed to acquire a 1996 built 149,085 dwt
double-hull Suezmax tanker from interests associated with George Economou for
$65 million, thereby expanding its fleet to eleven vessels.
This vessel will be delivered to OceanFreight within January, 2008 and will
operate for a limited period of time in the spot market until suitable period
employment is found. The vessel has been fixed for a spot voyage that will
commence upon the vessel’s delivery to OceanFreight with a duration of
approximately 45 days at a time charter equivalent rate of approximately USD
75,000 per day. Cardiff Marine Inc. has been retained as the technical manager
of the vessel.
Mr. Kandylidis, the Chief Executive Officer of OceanFreight commented:
"I am very pleased to announce the acquisition of our eleventh vessel, which
immediately increases our revenue and cash flow generation capacity while
allowing us to expand further into the tanker sector.
We plan to secure period employment for this vessel in line with our stated
strategy of growing our fleet and seeking stable and predictable returns, in order
to further enhance our distributable cash flow and create additional value for our
shareholders.”
Following this acquisition, OceanFreight’s fleet expands to a total of 11 vessels,
consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Aframax tanker
and 1 Suezmax tanker with a total carrying capacity of approximately 1 million
deadweight tons.
About OceanFreight Inc.
OceanFreight, Inc. a global provider of seaborne transportation services through
the ownership and operation of vessels in various shipping sectors. The
Company owns a fleet of 10 vessels, consisting of 1 Capesize bulk carrier, 8
Panamax bulk carriers, and 1 Aframax tanker with a total carrying capacity of
approximately 830.000 deadweight tons.
The Company's shares are listed on the NASDAQ Global Select Market and
trades under the symbol "OCNF."
Visit our website at www.oceanfreightinc.com
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