Oceanfreight Inc. Announces Equity Infusion
by its Principal Shareholder

May 26, 2010 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has agreed to an equity infusion by the Company’s Founding Shareholder.

Basset Holdings Inc., a company controlled by our Founder and CEO, Mr. Anthony Kandylidis, has agreed to provide an equity infusion of $20 million to the Company. An aggregate of 50,000,000 common shares will be issued.

Prof. John Liveris, Chairman of OceanFreight, commented:

“We welcome the support of our Founder and principal shareholder in the form of an equity infusion. This represents a clear sign of strong support and commitment to the Company. The new equity raised will be deployed to partly finance the purchase of the M/V Montecristo and for further acquisitions. OceanFreight is committed to its fleet renewal program with the clear target of improving long-term profitability.”

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 11 vessels comprising of 8 drybulk vessels (3 Capesize, 5 Panamaxes) and 3 crude carrier tankers (1 Suezmax, 2 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