Oceanfreight Inc. Acquires Capesize Vessel

Monday, July 13, 2009

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced it has agreed to acquire a 2006 built 173,949 dwt Capesize bulk carrier for a purchase price of $61.25m. The vessel is scheduled for delivery before November 30, 2009.

Upon delivery to the company the vessel will commence employment on a time charter for a minimum period of five years and a maximum period of 8 years at a rate of $26,000 per day.

Anthony Kandylidis, Chief Executive Officer of the Company commented “We are very pleased to have acquired another high quality modern Capesize vessel. We continue to put to good use the equity proceeds recently raised. Consistent with our strategy of secured revenues we have fixed the vessel for a minimum period of five years generating approximately $44 million for the charter duration. Moving forward, our strong balance sheet allows us to continue to look for further opportunities to renew and grow the fleet.”

(www.oceanfreightinc.com)

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