OceanFreight Inc. acquired its tenth vessel. The company announced it acquired a 1993 built 93,723 dwt double-hull Aframax tanker from interests associated with George Economou for $47.25 million, expanding its fleet to ten vessels.
This vessel was delivered to OceanFreight on December 6, 2007 and
immediately commenced a new time charter
for a period of about three years at
a gross daily rate of $27,450 with a major NYSE listed oil company. Cardiff
Marine Inc. has been retained as the technical manager of the vessel.
Mr. Kandylidis, the Chief Executive Officer of OceanFreight commented: "OceanFreight’s stated strategy has been to grow its fleet maximizing its return on
investment across all shipping sectors. We will continue to seek period
employment for our vessels with staggered charter renewals to provide us with
stable and predictable cash flows thereby enabling us to maintain our high
In this context, we are very pleased to announce the acquisition of our tenth
vessel which allows us to diversify into the tanker sector and with a transaction
that is accretive to cash flow per share. The attractive charter rate we secured
and the first class counterparty for this charter are a testament to our ability to
capitalize on our commercial contacts, as well as to Cardiff’s track record in
operating vessels to the highest industry standards. We are looking forward to a
long-lasting relationship with this major oil company."