SOURCE: OceanFreight Inc.

OceanFreight Inc.

April 25, 2011 16:05 ET

OceanFreight Inc. Announces Date for 2011 Annual Meeting of Shareholders and Proposed Reverse Stock Split

ATHENS, GREECE--(Marketwire - Apr 25, 2011) - OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of marine transportation services, announced today that its Annual Meeting of Shareholders (the "Annual Meeting") will be held at the Company's offices located at 80 Kifissias Avenue, GR 151 25, Marousi, Athens, Greece on June 15, 2011 at 10:00 am, Athens time.

Among other items, the Company intends to propose an amendment to the Company's Amended and Restated Articles of Incorporation to effect a reverse stock split at a ratio of not less than one-for-three and not more than one-for-twenty. Subject to shareholder approval, the Company's Board of Directors will have the authority, but not the obligation, to select one of the approved reverse stock split ratios and to effect the reverse stock split at any time until the 2012 annual meeting of shareholders. The reverse stock split will be effected, if at all, in order for the Company to regain compliance with the Nasdaq Global Market minimum bid price requirement and to create the greatest marketability of its shares based upon prevailing market conditions.

The Board of Directors has fixed the close of business on Monday, May 2, 2011 as the record date for the determination of the shareholders entitled to receive notice and to vote at the Annual Meeting or any adjournments or postponements thereof.

Formal notice of the meeting and the Company's proxy statement will be sent to shareholders of the Company in due course.

We encourage all shareholders to read the proxy materials when they are available.

About OceanFreight Inc.

OceanFreight Inc. is an owner and operator of both drybulk and tanker vessels that operate worldwide. OceanFreight owns a fleet of twelve vessels, comprising of six drybulk vessels (four Capesize, two Panamaxes), one Suezmax crude carrier tanker and five newbuilding Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of about 2 million tons.

OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF."

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Forward-Looking Statement
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 charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in OceanFreight Inc.'s operating expenses, including bunker prices, dry-docking and insurance costs, 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 and political events or acts by terrorists.

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

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