Contact Information: Company Contact: Demetris Nenes Tel: +30-210-8090-514 E-mail: management@oceanfreightinc.com Investor Relations/Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel: +1-212-661-7566 E-mail: oceanfreight@capitallink.com
OceanFreight Inc. Announces Fleet Renewal
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - June 5, 2009) - OceanFreight Inc. (NASDAQ : OCNF ), a global
provider of seaborne transportation services for both drybulk and energy
commodities, announced today the following Sale and Purchase activity:
The company has sold the M/V Lansing, a 1996 built Panamax, 73,040 dwt to a
third party for a gross price of $21.95 million. Delivery of the vessel is
expected to take place no later than the third quarter of 2009, upon
expiration of its present time charter.
The company has also purchased a 2001 built Panamax, 74,716 dwt from a
third party for a gross price of $25 million. The vessel currently is on
time charter to an unrelated party with a gross rate of $13,150 per day.
The time charter expires in the fourth quarter of 2009. The Company will
take delivery of the vessel in the third quarter of 2009. The purchase of
the vessel is expected to be financed using the existing Nordea revolving
facility.
Anthony Kandylidis, Chief Executive Officer of the Company, commented:
"Our large shipping footprint has given us the opportunity to renew our
fleet by minimizing our cash outlay. We were able to replace a 1996 built
Panamax for a 2001 built Panamax for a price difference of about $3
million. This transaction is accretive to our Company as we have renewed
our fleet without affecting the future secured revenues. The Company is in
a great position to selectively take on more distressed opportunities like
this one, proving that our strategy is paying off."
About OceanFreight Inc.
OceanFreight Inc. is an owner and operator of both drybulk and tanker
vessels that operate worldwide. As of the day of this release, OceanFreight
owns a fleet of 13 vessels comprising of 9 drybulk vessels (1 Capesize, 8
Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a
combined deadweight tonnage of about 1.2 million tons.
OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market
where it trades under the symbol "OCNF."
Visit our website at www.oceanfreightinc.com.
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.