Oceanfreight Inc. Announces the Acquisition of Modern Capesize Vessel That Will Commence Five Year Time Charter

July 9, 2009 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced it has agreed to acquire a 2006 built 173,949 dwt Capesize bulk carrier for a purchase price of $61.25 million. The vessel is scheduled for delivery before November 30, 2009. Upon delivery to the Company the vessel will commence employment on a time charter for a minimum period of 5 years and a maximum period of 8 years at a rate of $26,000 per day.

Anthony Kandylidis, Chief Executive Officer of the Company commented:

“We are very pleased to have acquired another high quality modern Capesize vessel. We continue to put to good use the equity proceeds recently raised. Consistent with our strategy of secured revenues we have fixed the vessel for a minimum period of 5 years generating approximately $44 million for the charter duration. Moving forward, our strong balance sheet allows us to continue to look for further opportunities to renew and grow the fleet”.

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 15 vessels comprising of 11 drybulk vessels (3 Capesize, 8 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 1.4 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