OceanFreight Inc. Reports Financial Results for the First Quarter 2009

May 19, 2009 Athens, Greece. OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, today announced its financial results for the quarter ended March 31, 2009.

Financial Highlights
• For the three-month period ended March 31, 2009, the Company reported Net Income of $2.6 million or $0.13 per common share.

Other Developments
• In May 2009 the Company fully repaid the Sellers’ Credit of $25 million in connection with the acquisition of the M/T Tamara and M/T Tigani that was carrying an interest rate ranging from 9% to 9.5%.
• As of May 19, 2009, the Company, under the Standby Equity Purchase Agreement, or SEPA, entered into by and between the Company and YA Global Master SPV Ltd., has raised approximately $111.6 million of gross proceeds.

Anthony Kandylidis, the Company’s President and Chief Executive Officer, commented:
“We are pleased to report a profitable first quarter in 2009. During the last few months we have continued to execute on our business plan. We have secured our cash flow from a diversified client and sector base and we are in compliance with all our loan covenants. We have strengthened our balance sheet by infusing fresh equity of approximately $112 million while reducing the Company’s debt obligations. Oceanfreight is uniquely positioned to take advantage of the present challenging economic environment and go after opportunities as they arise.”

First Quarter 2009 Results
For the first quarter ended March 31, 2009, Gross Revenues amounted to $34.2 million, Operating Income amounted to $7.4 million and Net Income amounted to $2.6 million. EBITDA1 for the first quarter of 2009 was $17.7 million. An average of 12.8 vessels were owned and operated during the first quarter of 2009, earning an average Time Charter Equivalent, or TCE rate, of $29,256 per day.

Liquidity
As of May 19, 2009, the Company had a total liquidity of approximately $108 million.

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 thirteen vessels, consisting of one Capesize drybulk carrier, eight Panamax drybulk carriers, one Suezmax tanker and three Aframax tankers with a total carrying capacity of 1,170,633 dwt. OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF".

OceanFreight Inc. press release