SOURCE: OceanFreight Inc.

OceanFreight Inc.

June 05, 2009 16:05 ET

OceanFreight Inc. Announces Fleet Renewal

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."

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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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