OceanFreight Acquires Panamax Bulk Carrier

Wednesday, September 19, 2007
OceanFreight Inc. a NASDAQ listed bulk shipping company announced today that it has entered into an agreement to acquire a ninth vessel for its fleet, a Panamax drybulk carrier to be renamed Augusta, that will immediately commence a one year time charter upon its delivery to the company in early January 2008. The purchase price of this vessel is $61.6m. The company also announced that it has entered into a new $325m loan facility with Nordea Bank.
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