Montecristo News

The Crowley Maritime Corp. subsidiary TITAN Salvage and partner Micoperi have confirmed that the Costa Concordia – the Concordia class cruise ship that wrecked along shores of Giglio Island, Italy, in January 2012 – has been refloated and has begun its final voyage to an assigned berth in Port of Genoa Voltri, Italy, some 200 miles away. The project is the largest and one of the most technically complex maritime salvage jobs ever completed. Currently moving at an average speed of two knots…

NATO disrupts pirate mother ship responsible for the attack on MV Montecristo. Following NATO's successful release of the pirated Italian merchant vessel, MV Montecristo, earlier last week, the naval units contributing to NATO's counter piracy operation succeeded in locating and disrupting the suspected pirate mother ship responsible for the attack. Successful coordination of military assets and information sharing amongst naval units operating in the region made it possible to locate the pirate dhow which was stopped whilst heading towards the Somali coast.

OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, announced its financial results for the quarter ended September 30, 2009. For the three-month period ended September 30, 2009, the Company reported Net Loss of $13.3 million or basic and diluted loss per share of $0.15. --  A book loss of approximately $20.8 million associated with the sale of the M/V Richmond which was delivered to the new owners on September 30, 2009. --  A loss of $2 million associated with the change in fair value of interest rate swaps. Excluding the above items Net Income for the third quarter of 2009 would be $9.5 million or $0.11 per share.

OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services for both drybulk and energy commodities, announced a new charter for the recently acquired 180,000DWT, 2005 built capesize vessel. Upon delivery, the vessel will be renamed M/V Montecristo and will commence employment on a time charter for a minimum period of four years at a gross rate of $23,500 per day and a maximum of eight years at an average gross rate of $24,125 per day for the optional period. Anthony Kandylidis, Chief Executive Officer of the Company, commented: "Being consistent with our strategy of modern vessel acquisitions and of secured revenues…