OceanFreight Inc. Announces the Acquisition of Modern Capesize Vessel That Will Commence Three-Year Time Charter

June 29, 2008 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services announced it has agreed to acquire a 2004 built 173,088 dwt Capesize bulk carrier for a purchase price of $56 million. The vessel is scheduled to be delivered before August 30, 2009.

The vessel has been fixed under a 3-year time charter that will commence upon the vessel’s delivery at a gross daily rate of $27,500.

Anthony Kandylidis, Chief Executive Officer of OceanFreight Inc. commented: "We are very pleased to have acquired a high quality modern Capesize vessel putting to good use the equity proceeds recently raised. Consistent with our strategy of securing fixed revenues we have fixed the vessel for 3 years securing revenues of over $30 million for the charter duration. Moving forward, our strong balance sheet allows us to continue to look for opportunities to renew and grow the fleet.”

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’s fleet includes 14 vessels, consisting of 2 Capesize bulk carriers, 8 Panamax bulk carriers, and 3 Aframax and 1 Suezmax tankers with a total carrying capacity of approximately one million 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.

OceanFreight Inc. press release