Oceanfreight News

CEVA Logistics, one of the world’s leading supply chain management companies, has been awarded a long term contract to provide freight management services to SuperGroup, owner of famous fashion brands including SuperDry. The contract award followed a competitive tendering process that included more than ten major global logistics providers. Under the new contract, CEVA will manage collections from the company’s many suppliers by air, sea and road. It will then provide airfreight and oceanfreight on forwarding services from around the world and the main sourcing areas of China, Asia Pacific and India to all SuperGroup locations, particularly into the UK and Benelux.

CEVA Holdings LLC, one of the world’s leading non‐asset based supply chain management companies, today reported results for the three months ended 30 June 2014. Xavier Urbain, CEO of CEVA, said, “Our performance improvement coupled with the strong increase in our new business pipeline points to the company being on the right track for growth. Since joining CEVA in January, I have focused on strengthening the executive management team, expanding our current talent base with additional industry experience to drive forward our strategy, building revenue and improving operational efficiency for the benefit of our customers. The numbers show we are gaining traction and are positioned well to make further progress in the future.

DryShips Inc. (NASDAQ: DRYS) and OceanFreight Inc. (NASDAQ: OCNF) announced today that following approval by OceanFreight's shareholders at a special meeting, the companies have completed the merger and OceanFreight has become a wholly-owned subsidiary of DryShips. Under the terms of the merger agreement, OceanFreight shareholders will be entitled to receive $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deepwater drilling services, for each share of OceanFreight common stock owned by them.

International maritime experts named APL the world’s best shipping line, and honored it for outstanding innovation. The Singapore-based container carrier received the Global Ocean Carrier of the Year award as well as the Innovation IT of the Year award here at the Containerization International awards. An eight-strong judging panel selected APL from a field of finalists including Maersk Line, CMA CGM and Hyundai Merchant Marine. “We’re delighted to once more be recognized by industry peers for shipping excellence,” said APL President Kenneth Glenn. APL earned the Innovation IT of the Year award for its proprietary SMARTemp service. SMARTemp…

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.

DryShips Inc. (NASDAQ: DRYS) and OceanFreight Inc. (NASDAQ: OCNF) announced that DryShips has acquired 3,000,856 shares of OceanFreight Inc. The shares were acquired from entities controlled by Mr. Anthony Kandylidis, the CEO of OceanFreight, under a purchase agreement entered into on July 26, 2011. OceanFreight. The consideration paid by DryShips for each OceanFreight share consisted of  (x) $11.25 in cash and (y) 0.52326 shares of common stock of Ocean Rig UDW Inc, par value of $0.01 per share, with cash paid in lieu of fractional shares. The total consideration paid for those shares was $33,759,671.08 in cash and 1,570,226 shares of Ocean Rig common stock. The Ocean Rig shares so transferred were outstanding shares held by DryShips.

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda. Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share. On July 20, 2011, the company received notice from the Nasdaq Stock market that the company regained compliance with the minimum bid price of $1.00 per share and the noncompliance matter is now closed. On July 26, 2011, it entered into a definitive agreement for DryShips Inc.

DryShips Inc. and OceanFreight Inc. have entered into a definitive agreement. The former will acquire the outstanding shares of the latter for consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc. The Ocean Rig shares that will be received by the OceanFreight shareholders will be from currently outstanding shares held by DryShips. Under the terms of the transaction, the Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger. Based on the July 25, 2011 closing price of 89.00 NOK ($16.44) for the shares of Ocean Rig on the Norwegian OTC…

July 21, 2011 - Athens, Greece - OceanFreight Inc. (NASDAQ: OCNF) (the “Company”) today announced that it has regained compliance with the minimum bid price requirement set forth in NASDAQ Listing Rule 5450(a)(1).The Company received a letter from The NASDAQ Stock Market (the “NASDAQ”) dated July 20, 2011 confirming that the closing bid price of the Company’s common stock has been at $1.00 per share or greater for at least 10 consecutive business days, from July 6, 2011 through July 19, 2011. As previously announced, on January 25, 2011, the Company received a notice from the NASDAQ staff indicating that the Company was not in compliance with the $1.00 minimum bid price requirement for continued listing on the NASDAQ Global Market, as set forth in Listing Rule 5450(a)(1).

OceanFreight Inc. has announced that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company’s Class A common stock. The company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the 2011 annual general meeting of shareholders held on June 15, 2011. The reverse stock split will take effect today, and the Company’s common stock will begin trading on a splitadjusted basis on the NASDAQ Global Market. The Company’s shares will trade for 20 trading days under the symbol “OCNFD” to indicate that the reverse stock split has occurred.

March 29, 2011 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has entered into an agreement to purchase two resale newbuilding 206,000 DWT capesize vessels at a well-known Chinese yard. The vessels are scheduled to be delivered in the second and fourth quarter of 2013. The vessels will be purchased from a Company ultimately controlled by our Founder and Chief Executive Officer, Mr. Anthony Kandylidis.

Ocean Hotels Plc. On 25 February 2010, Davie Yards announced it has filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) with the Québec Superior Court, in Canada. On 26 February 2010, Tore Enger resigned from the Board of Directors of Ocean Hotels PLC and following a Board of Directors meeting that was held the same day, Alexandros Tsirikos was appointed Chairman of the Board of Directors. The Board is looking into terminating the management agreement between Ocean Hotels and Teco Management, and appointed Anthony Kandylidis as CEO / Managing Director of Ocean Hotels. Director Constantinos Economides also resigned as Director of the Board, to allow for a more efficient Board, and will remain Corporate Secretary of Ocean Hotels.

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…

Famous Pacific Shipping (FPS) Rotterdam has increased its South American oceanfreight connections with the launch of a new fortnightly consolidation service to Cartagena, Colombia. This service adds to FPS Rotterdam’s existing services to Santos, Buenos Aires, Callao, Valparaiso and Colon. This new direct fortnightly oceanfreight forwarding service between Rotterdam and Cartagena can handle FCL and LCL shipments and has been developed in connection with FPS Rotterdam’s new partner, MSL Colombia. Jean Paul van Munster, managing director of FPS Rotterdam, said “We are building on our strong and successful network from Rotterdam to South America serving five ports by adding a sixth destination.

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced it has agreed to acquire a 2006 built 173,949 dwt Capesize bulk carrier for a purchase price of $61.25m. The vessel is scheduled for delivery before November 30, 2009. Upon delivery to the company the vessel will commence employment on a time charter for a minimum period of five years and a maximum period of 8 years at a rate of $26,000 per day. Anthony Kandylidis, Chief Executive Officer of the Company commented “We are very pleased to have acquired another high quality modern Capesize vessel. We continue to put to good use the equity proceeds recently raised.

OceanFreight Inc. announced that it has entered into a time charter contract for the Panamax dry bulk carrier, M/V Augusta, at a gross rate of $42,100 per day for a period of approximately three years. This contract is expected to generate about $46m of gross revenues over the term of the charter. The charter is expected to commence in direct continuation from her present T/C expected on or about in January 2009. M/V Augusta is a 69,053 dwt Panamax dry bulk carrier built in 1996.

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.

OceanFreight Inc., has acquired the M/T Tigani, a 1991 built 95,951 dwt double-hull Aframax crude oil tanker. The vessel was purchased from interests associated with George Economou for a purchase price of $40 million. The acquisition expands OceanFreight’s fleet to thirteen vessels, comprised of four tankers and nine drybulk carriers. Delivery of the M/T Tigani is expected in the fourth quarter 2008. The Company has entered into an agreement to time charter the M/T Tigani for a period of approximately one year to Heidmar LLC at a gross daily rate of approximately $29,800 per day. The time charter is expected to commence concurrently with the vessel's delivery to OceanFreight.

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.

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services announced that it has entered into an amendatory agreement to its $325m senior secured credit facility with Nordea Bank Norge ASA, as Administrative Agent, under which the lenders have agreed to an amendment and waiver of the collateral maintenance coverage ratio covenant contained in the agreement. Anthony Kandylidis, Chief Executive Officer of the Company commented “Our proactive approach with our bankers has allowed us to enter into this amendment to our loan agreement and achieve a lower collateral maintenance coverage ratio in light of the recent decline in vessel values, particularly in the dry bulk sector.

Less than a year after U-Ocean, the oceanfreight arm of global freight forwarder the U-Freight Group (ufl) launched scheduled oceanfreight export consolidation services from New York, Chicago and Los Angeles to Hong Kong, the global operator is undertaking a major expansion of the services that will boost its coverage of key markets throughout South East Asia. Early in 2008, weekly oceanfreight operations were established to serve markets in South East Asia via transhipment through the Hong Kong gateway, while a Los Angeles to Shanghai service was added in June 2008. Later this year, U-Ocean also plans to launch separate oceanfreight consolidation services connecting San Francisco with Hong Kong and Shanghai.