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.