Contact Information: Contact: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: oceanfreight@capitallink.com
OceanFreight Inc. Announces Management Changes
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - December 6, 2007) - OceanFreight Inc. (NASDAQ : OCNF ), a global
provider of seaborne transportation services, today made the following
announcements:
Management Changes
The Board of Directors (the "Board") announced today that the company's
previous Chairman and Chief Executive Officer, Robert Cowen, has left the
company. The company's previous Chief Financial Officer, James
Christodoulou, has also left the company to pursue other professional
opportunities.
The Board of Directors has appointed Professor John D. Liveris, a member of
the Board, as Chairman of OceanFreight. The Board has also appointed Mr.
Anthony Kandylidis, shareholder and founder of OceanFreight and a member of
the Board, as Chief Executive Officer and interim Chief Financial Officer
of OceanFreight. A search for a permanent Chief Financial Officer will
commence immediately.
Anthony Kandylidis started his career at OMI Corporation's commercial
department. During his tenure at OMI Corporation he gained significant
experience in the tanker vessel business and held various positions with
responsibilities spanning Sale and Purchase, Time Charters, FFA Trading,
Corporate Finance and Strategic Planning. In the spring of 2006, he
returned to Greece where he provided consultancy services to companies
affiliated with shipowner Mr. George Economou. In September of 2006, Mr.
Kandylidis founded OceanFreight Inc. and in April of 2007 he took the
Company public. Mr. Kandylidis graduated Magna Cum Laude from Brown
University and continued his studies at the Massachusetts Institute of
Technology where he graduated with a Masters of Science in Ocean Systems
Management.
Professor John Liveris, Chairman of the Board of OceanFreight and Chairman
of the Board's Nominating Committee commented:
"The Board of Directors wishes to acknowledge the services rendered by the
initial management team from the time of the Company's IPO in April 2007 to
the present day and wishes James every success in his new business
activities.
"OceanFreight has concluded its initial phase as a public company and is
committed in implementing its business plan. We aim to grow our fleet and
maximize our return on investment through selective asset acquisitions
across all shipping sectors as we seek stable and predictable cash flows
through period employment of our vessels in order to maintain our high
dividend policy.
"Anthony Kandylidis' instrumental role in creating and taking the Company
public, as well as his experience in the shipping industry make him the
ideal person to take over the Company's leadership. Furthermore, Anthony's
sponsorship and ownership of 2,000,000 subordinated shares through Basset
Holdings Inc. further aligns the interests of management with those of our
shareholders."
About OceanFreight Inc.
OceanFreight, Inc. a global provider of seaborne transportation services
through the ownership and operation of vessels in various shipping sectors.
The Company presently owns a fleet of 7 vessels, consisting of 1 Capesize
and 6 Panamax bulk carriers with a total carrying capacity of approximately
593,158 deadweight tons.
The Company's shares are listed on the NASDAQ Global Select Market and
trades 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.