OceanFreight Inc. Announces Receipt of Nasdaq Notice

March 5, 2010, Athens, Greece, OceanFreight Inc. (Nasdaq: OCNF) (the “Company”), a global provider of marine transportation services, announced today that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated March 1, 2010 indicating that because the closing bid price of the Company’s common stock for the previous 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days.

This notification has no effect on the listing of the Company's common stock at this time.

The Company intends to monitor the closing bid price of its common stock between now and August 30, 2010 and is considering its options in order to regain compliance with the Nasdaq minimum bid price requirement.

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 comprised of nine drybulk carriers (three Capesize, six Panamax) and four crude carrier tankers (one Suezmax, three Aframaxes) with a combined deadweight tonnage of about 1.4 million tons.

OceanFreight Inc.’s common stock is listed on the Nasdaq Global

OceanFreight Inc. press release