OceanFreight Inc. Declares Quarterly Dividend and Announces Date for the Release of First Quarter 2008 Results, Conference Call and Webcast

ATHENS, GREECE--(Marketwire - May 6, 2008) - OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services, today announced that its Board of Directors has declared a dividend of $0.77 per common and subordinated share in respect of the first quarter ended March 31, 2008. The dividend is payable on or about May 23, 2008 to shareholders of record on May 16, 2008.

OceanFreight Inc. also announced that it will release its results for the first quarter ended March 31, 2008 after the close of the market in New York on Tuesday, May 20, 2008. On Wednesday, May 21, 2008 at 10:00 A.M. EDT, the Company's management will host a conference call to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0) 1452 542 301 (Standard International Dial In). Please quote "OceanFreight."

In case of any problem with the above numbers, please dial 1 866 223 0615 (US Toll Free Dial In), 0800 694 1503 (UK Toll Free Dial In) or +44(0) 1452 586 513 (Standard International Dial In). Quote "OceanFreight."

A telephonic replay of the conference call will be available until Wednesday, May 28, 2008 by dialling 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0) 1452 550 000 (Standard International Dial In). Access Code: 7445162#.

Slides and audio webcast:

There will also be a simultaneous live webcast over the Internet through the OceanFreight Inc. website (www.oceanfreightinc.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About OceanFreight Inc.

OceanFreight Inc. is a global provider of seaborne transportation services through the ownership and operation of vessels in various shipping sectors. The Company owns a fleet of 11 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Suezmax and 1 Aframax tanker with a total carrying capacity of approximately 1 million deadweight tons.

The Company's shares are listed on the NASDAQ Global Select Market and trade 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: Contact: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: oceanfreight@capitallink.com