OceanFreight Inc. Reports Financial Results for the Second Quarter 2009

August 5, 2009, Athens, Greece. OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, today announced its financial results for the quarter ended June 30, 2009.

Financial Highlights

For the three-month period ended June 30, 2009, the Company reported Net Loss of $32.8 million or basic and diluted loss per share of $0.51. Included in these results are:

• The sale of M/V Lansing which was delivered to the new owners July 1, 2009. The sale resulted in a book loss of approximately $14.8 million.
• The impairment loss of M/V Juneau of $16.5 million due to its contemplated sale.
• Drydocking of three vessels with a total cost including peripheral expenses of $6.7 million.
• Gain from the change in fair value of interest rate swaps of approximately $4.9 million. Excluding the above items Net Income for the second quarter of 2009 would be $0.3 million or ¢0.4 per share.

Recent Developments

• In the second quarter of 2009, the Company commenced execution of its fleet renewal plan. The Company agreed to purchase a 2004-built 173,088 dwt Capesize drybulk carrier for a total cost of $56 million. The vessel was delivered to the Company on July 30, 2009 and commenced a three year time charter at a daily gross rate of $27,500 per day. In addition the Company entered into two agreements to purchase two 2006-built Capesize drybulk carriers (173,949 dwt and 174,200 dwt) for $61.25 million each. The vessels are expected to be delivered to the Company in the fourth quarter of 2009 upon which they are scheduled to commence time charter employment with a daily gross rate of $26,000 and $26,250 per day, respectively for a minimum of five years and a maximum of 8 and 9 years.

On July 1, 2009 the Company delivered to the new owners the M/V Lansing for a sale price of $21.9 million. In addition, in July 2009 the Company entered into an agreement to sell the 1990-built Capesize M/V Juneau for a sale price of $19.9 million with expected delivery in the fourth quarter of 2009.

Upon completion of the above transactions, our fleet will consist of 14 vessels, comprised of 10 dry bulk carriers (3 Capesize, 7 Panamaxes) and 4 tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of approximately 1.5 million tons with an average age of approximately 10 years.

Anthony Kandylidis, the Company’s President and Chief Executive Officer, commented: “OceanFreight is uniquely positioned to take advantage of opportunities as they arise. With our proven access to capital and our track record of sourcing modern high quality tonnage with fixed employment we are renewing our fleet while enhancing the longevity of our cash flows. Today our fleet average age is approximately 10 years, while the IPO fleet had an average age of approximately 14, and we have secured cashflows of 92% and 72% of the fleet operating days for the balance of 2009 and 2010 respectively.”

About OceanFreight Inc.

OceanFreight Inc., is an owner and operator of both drybulk and tanker vessels that operate worldwide. As of the date of this release, OceanFreight owns a fleet of 13 vessels, comprised of 9 drybulk vessels (2 Capesize, 7 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". Visit our website at www.oceanfreightinc.com.

OceanFreight Inc. press release