OCEANFREIGHT INC. Announces Fleet Expansion

Tuesday, March 29, 2011

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. The Sellers, who have already paid $23.76 million to the yard, will receive in the aggregate 35,657,142 of the Company’s common shares, while the Company will assume the remaining payments under the shipbuilding contract, in the amount $95.64 million.  
 
Prof. John Liveris, Chairman of OceanFreight commented:
 
“We welcome the support of our Founder and principal shareholder for the Company’s long term growth. We believe  this transaction will increases significantly our future revenues while minimizing our near term cash outlay, as the Sellers are receiving common shares on account of the amount that they have already paid to the builders. In addition, this represents a clear sign of our Founder’s commitment to the expansion of the Company’s fleet.” 
 

Source:  OCEANFREIGHT INC.

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