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Sunday, January 21, 2018

Oceanfreight Inc News

DryShips Acquires OceanFreight Inc.

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.

OceanFrieght Inc. Amends Credit Facility

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.

OceanFreight Inc. Regains Compliance with NASDAQ Minimum Bid Price Requirement

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. Announces Date for the Release of Third Quarter Results

OceanFreight Inc. (NASDAQ: OCNF), a NASDAQ listed bulk shipping company announced that it will release its results for the third quarter period ended September 30, 2007 after the close of the market in New York on Wednesday, October 24, 2007. The declaration of the Company’s dividend for the third quarter of 2007 will also be announced at that time. On Thursday, October 25, 2007 at 8:00 A.M. EDT, the Company’s management will host a conference call to discuss the results.

OceanFreight Inc. New Charter

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…

Oceanfreight Inc. Acquires Capesize Vessel

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 Acquires Panamax Bulk Carrier

OceanFreight Inc. a NASDAQ listed bulk shipping company announced today that it has entered into an agreement to acquire a ninth vessel for its fleet, a Panamax drybulk carrier to be renamed Augusta, that will immediately commence a one year time charter upon its delivery to the company in early January 2008. The purchase price of this vessel is $61.6m. The company also announced that it has entered into a new $325m loan facility with Nordea Bank.

OceanFreight to Release of 2Q 2007 Results

OceanFreight Inc. a NASDAQ listed bulk shipping company announced today that it will release its results for the second quarter period ended June 30, 2007 after the close of the market in New York on Wednesday, July 25, 2007. The declaration of the Company’s dividend for the second quarter of 2007 will also be announced at that time. On Thursday, July 26, 2007 at 8:00 A.M. EDT, the Company’s management will host a conference call to discuss the results.

Oceanfreight Announces Delivery of Drybulk

OceanFreight Inc., a provider of seaborne transportation services announced that it has taken delivery of the MV Augusta and the MV Richmond under the Company's previously announced purchase agreements concluded in August and June 2007 respectively. The MV Richmond, a 1995 built 75,265 dwt Panamax bulk carrier was delivered to OceanFreight on December 7, 2007 and immediately commenced the previously announced time charter for a period of between 24 to 28 months at a gross daily rate of $29,100. The MV Augusta, a 1996 built 69,053 dwt Panamax bulk carrier was delivered to OceanFreight on December 17, 2007 and immediately commenced the previously announced time charter for a period of between 11 to 13 months at a gross daily rate of $61,500.

Tanker Delivered to Oceanfreight

OceanFreight Inc. to acquire in December 2007. term. completes the first phase of our growth strategy. revolving credit facility.

OceanFreight Inc. Announces Long-Term Time Charter

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 Acquires Tanker

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.

OceanFreight Inc. Reports 4Q Results

OceanFreight Inc. announced its financial results for the fourth quarter and the year ended December 31, 2007. million or $0.44 per common and subordinated share. For the year ended December 31, 2007, the Company reported Net Income of $8.2 million or $0.78 per common and subordinated share. OceanFreight’s Board of Directors has declared a dividend of $0.77 per common and subordinated share for the Fourth Quarter of 2007. This dividend reflects the Board’s decision to increase the Company’s target dividend established at the time of the Company’s initial public offering by $0.2575 per common and subordinated share. The dividend is payable on or about February 29, 2008, to common and subordinated shareholders of record as of February 22, 2008.

OCEANFREIGHT INC. Announces Fleet Expansion

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.

Oceanfreight Names New COO

OceanFreight Inc., a provider of seaborne transportation services announced today that Michael Gregos was appointed as the Company's Chief Operating Officer. The search for a Chief Financial Officer is still ongoing. Prior to joining OceanFreight in September 2007, Michael Gregos was Project Manager for Dynacom Tankers Management Ltd. which he joined in 2001. Prior to that period, he worked for a shipping concern based in Athens and New York for five years and the Corporate Finance arm of a Greek bank for one year. He is a graduate from Queen Mary University in London and holds an MSc in Shipping, Trade and Finance from City University.

DryShips and OceanFreight Complete Merger

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.

DryShips Reports 2Q Results

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.

Update on Davie Yards

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 Acquires Panamax Bulk Carrier

OceanFreight Inc., has entered into an agreement to acquire an eighth vessel, a Panamax drybulk carrier, that will immediately commence a two year time charter upon its delivery to the Company later this year. The purchase price of this vessel is $47m. With the addition of this new vessel, the company's fleet will be comprised of one Capesize and seven Panamax bulk carriers aggregating almost 675,000 deadweight tons. Three of the seven vessels in the Company's initial fleet were delivered during the first week of June and the remaining four are expected to be delivered by August 2007.

DryShips to Acquire OceanFreight

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…

OceanFreight Diversifies into Tankers

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. a gross daily rate of $27,450 with a major NYSE listed oil company. Marine Inc. has been retained as the technical manager of the vessel. Mr. investment across all shipping sectors. dividend policy. that is accretive to cash flow per share. operating vessels to the highest industry standards.

OceanFreight Inc. Reports 2Q Results

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.

OceanFreight Announces Long-Term Time Charter

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 US$46 million 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.

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