Oceanfreight Inc. Provides Fleet Update July 23, 2009 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, today announced the following chartering and sale and purchase developments:

o The Company has agreed to acquire a 2006 built 174,333 dwt Capesize bulk carrier for a purchase price of $61.25 million. The vessel is scheduled for delivery in the fourth quarter. Upon delivery to the Company, the vessel will commence employment on a time charter for a minimum period of 5 years and a maximum of 9 years at a gross rate of $26,250 per day.

o The Company has agreed to sell the 1990 built 149,495 dwt Capesize bulk carrier, M/V Juneau, to a third party for a gross price of $19.9 million. Delivery of the vessel is expected to take place on expiration of the current charter and no later than November 20, 2009.

o The previously announced sale of the 1996 Panamax M/V Lansing is now concluded, as the vessel was delivered to the new owners on July 1st 2009.

o The previously announced purchase of a 2001 built Panamax, 74,716 dwt from a third party, has been terminated due to Sellers’ financiers not lifting their conditions to the sale.

o The Company has entered into a time charter for the Panamax dry bulk carrier, M/V Richmond, that will commence on or before July 31, 2009, at a gross rate of $18,100 per day for a period of 11.5 months and a maximum of 14.5 months. This vessel became available following an early redelivery by the vessel’s present charterers. As agreed compensation for the early redelivery, the Company will receive a lump sum payment of $200,000.

o The Company has entered into a time charter contract for the Panamax dry bulk carrier, M/V Topeka, that will commence on or before July 31, 2009, at a gross rate of $18,000 per day for a minimum period of 17 months and a maximum of 20 months. This fixture follows the default of the present charterer which is expected to commence insolvency proceedings. The Company plans to take full legal remedy against the charterer.

Anthony Kandylidis, Chief Executive Officer of the Company commented:

“We are pleased to have acquired a third high quality modern Capesize vessel, putting into good use the equity proceeds that we recently raised. Consistent with our strategy of secured revenues, we have fixed the vessel for a minimum period of five years generating approximately $44 million in gross charter hire over the minimum charter duration. Reflecting the charter agreements for the M/V Richmond and M/V Topeka, our time-charter coverage for 2009 is now 92%, and for 2010, 72%. Moving forward, supported with a strong balance sheet, we continue to look for opportunities to renew and grow our 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 12 vessels, comprising of 8 drybulk vessels (1 Capesize, 7 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 0.9 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