OCEANFREIGHT INC. DECLARES QUARTERLY DIVIDEND AND ANNOUNCES DATE FOR THE RELEASE OF FIRST QUARTER 2008 RESULTS, CONFERENCE CALL AND WEBCAST

May 6th, 2008 - Athens, Greece - OceanFreight Inc. (NASDAQ:OCNF), a global provider of seaborne transportation services today announced that its Board of Directors has declared a dividend of $0.77 per common and subordinated share in respect of the first quarter ended March 31, 2008. The dividend is payable on or about May 23, 2008 to shareholders of record on May 16, 2008.

OceanFreight Inc. also announced that it will release its results for the first quarter ended March 31, 2008 after the close of the market in New York on Tuesday May 20, 2008. On Wednesday, May 21, 2008 at 10:00 A.M. EDT, the Company's management will host a conference call to discuss the results.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0) 1452 542 301 (Standard International Dial In). Please quote "OceanFreight".

In case of any problem with the above numbers, please dial 1 866 223 0615 (US Toll Free Dial In), 0800 694 1503 (UK Toll Free Dial In) or +44(0) 1452 586 513 (Standard International Dial In). Quote "OceanFreight".

A telephonic replay of the conference call will be available until Wednesday, May 28, 2008 by dialling 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0) 1452 550 000 (Standard International Dial In).
Access Code: 7445162#.

Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet through the OceanFreight Inc. website (www.oceanfreightinc.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About OceanFreight Inc.
OceanFreight, Inc. is a global provider of seaborne transportation services through the ownership and operation of vessels in various shipping sectors. The Company owns a fleet of 11 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Suezmax and 1 Aframax tanker with a total carrying capacity of approximately 1 million deadweight tons. The Company's shares are listed on the NASDAQ Global Select Market and trade under the symbol "OCNF."

OceanFreight Inc. press release