OceanFreight Inc. Reports 4Q Results

Wednesday, February 13, 2008
OceanFreight Inc. announced its financial results for the fourth quarter and the year ended December 31, 2007. For the Fourth Quarter of 2007 the Company reported Net Income of $6.4 million or $0.44 per common and subordinated share. For the year ended December 31, 2007, the Company reported Net Income of $8.2 million or $0.78 per common and subordinated share.

OceanFreight’s Board of Directors has declared a dividend of $0.77 per common and subordinated share for the Fourth Quarter of 2007. This dividend reflects the Board’s decision to increase the Company’s target dividend established at the time of the Company’s initial public offering by $0.2575 per common and subordinated share. The dividend is payable on or about February 29, 2008, to common and subordinated shareholders of record as of February 22, 2008. The Company has entered its 1999 built 73,744 dwt Panamax bulk carrier MV Helena into a time charter for a period of about 4 years at a daily rate of $32,000. The vessel will commence its new charter on re-delivery from its present employment between July and August of 2008. The Company has closed the syndication of its $325 million credit facility arranged by Nordea Bank. In addition the Company has entered into an interest swap agreement whereby, for the next 5 years, OceanFreight will pay a fixed interest rate inclusive of margin of 4.85%.

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