OceanFreight Inc. announced that it has entered into a time charter contract for the Panamax dry bulk carrier, M/V Augusta, at a gross rate of $42,100 per day for a period of approximately three years. This contract is expected to generate about $46m of gross revenues over the term of the charter. The charter is expected to commence in direct continuation from her present T/C expected on or about in January 2009. M/V Augusta is a 69,053 dwt Panamax dry bulk carrier built in 1996.