SOURCE: OceanFreight Inc.

January 23, 2008 16:19 ET

OceanFreight Inc. Announces Delivery of Suezmax Tanker

ATHENS, GREECE--(Marketwire - January 23, 2008) - OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services announced that it has taken delivery of a 1996 built Suezmax tanker, a vessel that the Company had agreed to acquire in December 2007.

The 149,085 dwt Suezmax tanker was delivered to OceanFreight on January 17, 2008 and, as previously announced, will trade in the spot market for the short term.

Anthony Kandylidis, Chief Executive Officer of OceanFreight commented:

"We are pleased to have taken delivery of our eleventh vessel which successfully completes the first phase of our growth strategy. Since going public in April 2007, we have expanded our fleet from 7 to 11 vessels by fully utilizing our new revolving credit facility. Going forward our main focus will remain to provide our shareholders with broad shipping industry exposure and fixed rate period charters with visible cash flows to support our stated dividend policy."

About OceanFreight Inc.

OceanFreight Inc. is a global provider of seaborne transportation services through the ownership and operation of vessels in various shipping sectors. The Company owns a fleet of 11 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Suezmax and 1 Aframax tanker with a total carrying capacity of approximately 1 million deadweight tons.

The Company's shares are listed on the NASDAQ Global Select Market and trade under the symbol "OCNF."

Visit our website at www.oceanfreightinc.com.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although OceanFreight Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, OceanFreight Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels to us or delay in taking delivery of one or more vessels, default by one or more charterers of our vessels, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in OceanFreight Inc.'s operating expenses, length and number of off-hire periods and dependence on third-party managers, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, international hostilities and political events or acts by terrorists.

Risks and uncertainties are further discussed in documents filed by OceanFreight Inc. with the U.S. Securities and Exchange Commission.

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