OceanFreight Diversifies into Tankers

December 13, 2007

OceanFreight Inc. acquired its tenth vessel. The company announced it acquired a 1993 built 93,723 dwt double-hull Aframax tanker from interests associated with George Economou for $47.25 million, expanding its fleet to ten vessels. This vessel was delivered to OceanFreight on December 6, 2007 and immediately commenced a new time charter for a period of about three years at a gross daily rate of $27,450 with a major NYSE listed oil company. Cardiff Marine Inc. has been retained as the technical manager of the vessel. Mr. Kandylidis, the Chief Executive Officer of OceanFreight commented: "OceanFreight’s stated strategy has been to grow its fleet maximizing its return on investment across all shipping sectors. We will continue to seek period employment for our vessels with staggered charter renewals to provide us with stable and predictable cash flows thereby enabling us to maintain our high dividend policy. In this context, we are very pleased to announce the acquisition of our tenth vessel which allows us to diversify into the tanker sector and with a transaction that is accretive to cash flow per share. The attractive charter rate we secured and the first class counterparty for this charter are a testament to our ability to capitalize on our commercial contacts, as well as to Cardiff’s track record in operating vessels to the highest industry standards. We are looking forward to a long-lasting relationship with this major oil company."

OceanFreight Diversifies into Tankers

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