OceanFreight Inc. Reports Financial Results for
the Third Quarter Ended September 30, 2010

December 8, 2010, Athens, Greece. OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, today announced its financial results for the quarter ended September 30, 2010.

Financial Highlights
For the three-month period ended September 30, 2010, the Company reported a Net Loss of $63.0 million or basic and diluted loss per share of $0.82. Included in these results are:
• A non-cash loss of $0.8 million associated with the change in the fair value of interest rate swaps.
• An expense of $0.4 million associated with the scheduled drydocking of one vessel.
• A loss of $64.0 million associated with the classification of four vessels as held for sale. Excluding the above items Net Income for the third quarter 2010 would amount to $2.2 million or $0.03 basic and diluted earnings per share.

Recent Developments
In October and November 2010, we contracted to sell the M/T Pink Sands, the M/V Augusta, the M/V Austin and M/V Trenton, respectively, for an aggregate gross price of $75.6 million. The M/T Pink Sands was delivered to its new owners on November 4, 2010. The remaining vessels are expected to be delivered to their new owners in the first quarter of 2011.

Anthony Kandylidis, the Company’s Chief Executive Officer, commented: “The 3rd Quarter of 2010 was another milestone in the execution of our stated business plan. Excluding the one-off losses due to the sale of four vessels, operating income was in line with expectations and moving forward we will continue with our fleet renewal and expansion program that will improve our profitability and increase shareholder value”.

Third Quarter 2010 Results
For the third quarter ended September 30, 2010, Voyage Revenues amounted to $24.8 million and Operating Loss amounted to $59.4 million. Net Loss amounted to $63.0 million or $0.82 basic and diluted loss per share. Adjusted EBITDA for the third quarter 2010 was $11.5 million.

An average of 12.0 vessels were owned and operated during the third quarter 2010, earning an average Time Charter Equivalent, or TCE rate, of $22,097 per day.

Capitalization
On September 30, 2010, the debt (debt, net of deferred financing fees) to total capitalization (debt and stockholders' equity) ratio was 49.1% and the net debt (debt less cash, cash equivalents and restricted cash) to total capitalization ratio was 45.2%.

Liquidity
As of September 30, 2010, the Company had total liquidity of approximately $18.1 million.

Detailed report at: www.oceanfreightinc.com

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 11 vessels, comprised of 9 drybulk vessels (4 Capesize, 5 Panamaxes) and 2 crude carrier tankers (1 Suezmax, 1 Aframax) with a combined deadweight tonnage of about 1.3 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