OceanFreight Reports 2Q Results

Tuesday, August 12, 2008

OceanFreight Inc. a global provider of marine transportation services, announced its financial results for the quarter ended June 30, 2008.
For the second quarter of 2008 the Company reported Net Income of $23.9m or $1.65 per common and subordinated share. Excluding a non-cash gain of $10.1 million associated with the valuation of the Company’s interest rate swaps, Net Income for the second quarter of 2008 amounted to $13.8 million or $0.95 per common and subordinated share.
OceanFreight’s Board of Directors has declared a dividend of $0.77 per share for the second quarter of 2008. The dividend is payable on or about August 14, 2008, to common and subordinated shareholders of record as of August 4, 2008.
On August 7, 2008, the Company entered into an agreement to acquire the M/T Tamara, a 1990 built double hull 95,793 dwt Aframax crude oil carrier from interests associated with George Economou for a purchase price of $39m. Delivery of the vessel is expected within October 2008.  On August 8, 2008 the Company entered into an agreement to time charter the M/T Tamara for a period of approximately two years to Heidmar at a gross daily rate of $ 27,000 per day. The time charter is expected to commence concurrently with the vessel's delivery to the company.

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