Oceanfreight Inc. Announces Fleet Renewal

June 5, 2009 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today the following Sale and Purchase activity: The company has sold the M/V Lansing, a 1996 built Panamax, 73,040 dwt to a third party for a gross price of $21.95 million. Delivery of the vessel is expected to take place no later than the third quarter of 2009, upon expiration of its present time charter.

The company has also purchased a 2001 built Panamax, 74,716 dwt from a third party for a gross price of $25 million. The vessel currently is on time charter to an unrelated party with a gross rate of $13,150 per day. The time charter expires in the fourth quarter of 2009. The Company will take delivery of the vessel in the third quarter of 2009. The purchase of the vessel is expected to be financed using the existing Nordea revolving facility.

Anthony Kandylidis, Chief Executive Officer of the Company commented:
“Our large shipping footprint has given us the opportunity to renew our fleet by minimizing our cash outlay. We were able to replace a 1996 built Panamax for a 2001 built Panamax for a price difference of about $3 million. This transaction is accretive to our Company as we have renewed our fleet without affecting the future secured revenues. The Company is in a great position to selectively take on more distressed opportunities like this one, proving that our strategy is paying off.”

About OceanFreight Inc.
OceanFreight Inc., is an owner and operator of both drybulk and tanker vessels that operate worldwide. As of the day of this release, OceanFreight owns a fleet of 13 vessels comprising of 9 drybulk vessels (1 Capesize, 8 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 1.2 million tons.
OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF".

OceanFreight Inc. press release