SOURCE: OceanFreight Inc.

June 07, 2007 17:34 ET

OceanFreight Inc. Begins Operations With Delivery of First Three Panamax Bulk Carriers

ATHENS, GREECE--(Marketwire - June 7, 2007) - OceanFreight Inc. (NASDAQ: OCNF), a NASDAQ listed bulk shipping company which completed its initial public offering on April 25 of this year, announced that it has taken delivery of its first three Panamax bulk carriers, the M/V "Trenton," the M/V "Austin" and the M/V "Pierre."

Bob Cowen, OceanFreight's Chairman and CEO, said, "The delivery of our first three Panamax bulkers marks the commencement of vessel operations for OceanFreight, a major milestone for our Company. The vessels were delivered during the first week of June, well within our projected delivery window, and will begin generating revenue for the second quarter under pre-arranged time charters."

In addition to the deliveries announced today, the Company's fleet will include one Capesize and three additional Panamax bulk carriers, all of which have been fixed on long-term charters. All seven vessels in the Company’s initial fleet, aggregating almost 600,000 deadweight tons, are expected to be delivered by August 2007.

About OceanFreight Inc.

OceanFreight Inc. was incorporated on September 11, 2006 under the laws of the Republic of the Marshall Islands. The Company was formed to acquire an initial fleet of seven secondhand drybulk carriers. The Company maintains its headquarters in Athens, Greece, and will also maintain an office in New York.

On April 30, 2007, OceanFreight closed its initial public offering of 12,362,500 common shares, including common shares issued pursuant to the underwriters' over-allotment option, at a price of $19.00 per share. The Company's total outstanding equity also includes 2,060,000 subordinated shares.

OceanFreight's common shares trade on the NASDAQ Global Market under the symbol "OCNF."

Visit our website at www.oceanfreightinc.com

Forward-Looking Statements

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 charter rates and vessel values, failure of a seller to deliver one or more vessels to us or delay in taking delivery of one or more vessels, default by one or more charterers of our vessels, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in OceanFreight Inc.'s operating expenses, length and number of off-hire periods and dependence on third-party managers; dry-docking and insurance costs, changes in governmental rules and regulations 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, international hostilities and political events or acts by terrorists.

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

Contact Information

  • Company Contact:
    James Christodoulou
    Chief Financial Officer
    Tel. 212-488-5050
    E-mail: james@oceanfreightinc.com

    Investor Relations / Financial Media:
    Capital Link - New York