OceanFreight Inc. Announces Date for 2010 Annual General Meeting of Shareholders and Proposed Reverse Stock Split

March 11, 2010, Athens, Greece, OceanFreight Inc. (NASDAQ: OCNF) (the “Company”), a global provider of marine transportation services, announced today that the Annual Meeting of Shareholders (the “Annual Meeting”) will be held at the Company’s offices located at 80 Kifissias Avenue, GR 151 25, Marousi, Athens, Greece on June 10, 2010 at 10:00 a.m., Athens time. Among other items, the Company intends to propose a 3:1 reverse stock split, which the Company believes will bring the Company well in compliance with the Nasdaq $1 minimum bid requirement.

The Board of Directors has fixed the close of business on Monday, April 12, 2010 as the record date for the determination of the shareholders entitled to receive notice and to vote at the Annual Meeting or any adjournments or postponements thereof.

Formal notice of the meeting and the Company’s proxy statement will be sent to shareholders of the Company in due course.

We encourage all shareholders to read the proxy materials when they are available.

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 Market where it trades under the symbol “OCNF”.

Visit our website at www.oceanfreightinc.com.

OceanFreight Inc. press release