OceanFreight Inc. Announces Its Availability of 2010 Annual Report on Form 20-F

ATHENS, GREECE--(Marketwire - Apr 15, 2011) - OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, today announced that its Annual Report on Form 20-F for the year ended December 31, 2010 has been filed with the Securities and Exchange Commission. The Annual Report may also be accessed through the OceanFreight website www.oceanfreightinc.com under Annual Reports.

Shareholders may also request a hard copy of Form 20-F, free of charge, by contacting Capital Link Inc., the Company's investor relations advisor, using the contact details provided below.

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, comprised 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". 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 US Securities and Exchange Commission.

Visit our website at www.oceanfreightinc.com.