SOURCE: OceanFreight Inc.

October 25, 2007 16:25 ET

OceanFreight Inc. Clarifies Earnings per Share Calculation

ATHENS, GREECE--(Marketwire - October 25, 2007) - OceanFreight Inc. (NASDAQ: OCNF), a NASDAQ listed bulk shipping company, today clarified its earnings release dated October 24, 2007. As reported in the earnings release, the Company earned approximately $1 million for the third quarter and its first full quarter of operations ended September 30, 2007. Earnings per common and subordinated share for the quarter, based on 14,457,237 weighted average shares outstanding for the quarter, were $0.07 per share. The calculation used in the earnings release was based on 9,027,159 weighted average common and subordinated shares for the full nine-month period ended September 30, 2007.

As previously reported in its earnings release dated July 25, 2007, the Company earned $883,000 for the quarter ended June 30, 2007. Earnings per common and subordinated share for the quarter ended June 30, 2007, based on 10,487,348 weighted average shares outstanding for the quarter, were $0.08 per share.

About OceanFreight Inc.

OceanFreight, Inc. was incorporated in 2006 to acquire high quality second-hand tonnage and deploy them on medium to long-term charters. The Company began operations with the delivery of its first vessel in June 2007 and currently owns and operates a fleet of 7 vessels, consisting of 1 Capesize and 6 Panamax bulk carriers with a total carrying capacity of approximately 592,000 dwt. The Company has also entered into agreements to acquire 2 additional Panamax bulk carriers with delivery expected in November 2007 and January 2008. Once these acquisitions are completed, OceanFreight's fleet of 9 vessels will have a dwt weighted average age of approximately 11.7 years as measured on September 30, 2007, and a total carrying capacity of approximately 736,000 dwt.

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

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