Tanker Delivered to Oceanfreight

OceanFreight Inc. has taken delivery of a 1996 built Suezmax tanker, a vessel that the company had agreed to acquire in December 2007. The 149,085 dwt Suezmax tanker was delivered to OceanFreight on January 17, 2008 and, as previously announced, will trade in the spot market for the short term. Anthony Kandylidis, CEO of OceanFreight commented: "We are pleased to have taken delivery of our eleventh vessel which successfully completes the first phase of our growth strategy. Since going public in April 2007, we have expanded our fleet from 7 to 11 vessels by fully utilizing our new revolving credit facility. Going forward our main focus will remain to provide our shareholders with broad shipping industry exposure and fixed rate period charters with visible cash flows to support our stated dividend policy.”