OceanFreight Inc. Announces Long-Term Time Charter Contract for MV Augusta

ATHENS, Greece, OceanFreight Inc. (NASDAQ:OCNF), a global provider of seaborne transportation services, today announced that it has entered into a time charter contract for the Panamax dry bulk carrier, M/V Augusta, at a gross rate of US$42,100 per day for a period of approximately three years. This contract is expected to generate about US$46 million of gross revenues over the term of the charter. The charter is expected to commence in direct continuation from her present T/C expected on or about in January 2009. M/V Augusta is a 69,053 dwt Panamax dry bulk carrier built in 1996.

Anthony Kandylidis, the Company’s President and Chief Executive Officer, commented:

“We continue to steadily implement our strategy and remain well positioned to deliver value to our shareholders. With the time charter of M/V Augusta, all of our vessels will be employed on period contracts with an average remaining duration of approximately 2.3 years. Our time charter coverage presently stands at about 94%, 93% and 57% of the total vessel operating days for the calendar year 2008, 2009 and 2010 respectively. The sustainability of our dividend, which currently implies a dividend yield of about 15%, is supported by secured cash flows and fixed rate contracts.”

About OceanFreight Inc.
OceanFreight Inc. was incorporated in 2006 to acquire high quality secondhand vessels and deploy them on medium and long-term charters. The Company began operations with the delivery of its first vessel in June 2007 and currently owns and operates a fleet of eleven vessels, consisting of one Capesize drybulk carrier, eight Panamax drybulk carriers, one Suezmax tanker and one Aframax tanker with a total carrying capacity of 978,889 dwt.

OceanFreight’s Inc. common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF."

OceanFreight Inc. press release