OceanFreight Terminates M/T Olinda Charter, Delivers M/T Tigani

Thursday, October 16, 2008

The Company also intends to take delivery of the 1990 built Aframax tanker M/T Tamara this week. In addition, the Company and the charterer have mutually terminated the M/T Olinda charter on completion of her present voyage. The will be entered into the Blue Fin Tankers Pool for a minimum period of 12 months. Blue Fin is managed by Heidmar and consists of Suezmax vessels. The vessel’s earnings will be derived from the pool’s total net earnings, improving financial performance through higher utilization and operating efficiencies.

As part of the termination of the charter for M/T Olinda, the Company and the charterer have agreed to a mutual release of claims. In this connection, the Company has received cash compensation of approximately $1.2 million and ownership of all bunkers on board the vessel.

(www.oceanfreightinc.com)

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