SOURCE: OceanFreight Inc.

September 20, 2007 16:19 ET

OceanFreight Inc. to Present at the Jefferies Shipping Conference in New York

ATHENS, GREECE--(Marketwire - September 20, 2007) - OceanFreight Inc. (NASDAQ: OCNF), a NASDAQ listed bulk shipping company, today announced that Mr. Bob Cowen, the company's Chairman and Chief Executive Officer, will be presenting at the Jefferies Fourth Annual Shipping Conference, which will take place in New York City on Wednesday, September 26, 2007 at 9:15 a.m. EDT.

A live and then archived audio webcast of OceanFreight's presentation will be available on the Jefferies website at http://www.wsw.com/webcast/jeff19/ocnf. A PDF version will also be available on OceanFreight's corporate website at www.oceanfreightinc.com in the Investor Relations section.

About OceanFreight Inc.

OceanFreight Inc. was incorporated in 2006 to acquire high quality second-hand tonnage and deploy them on long-term charters. The Company began operations with the delivery of its first vessel in June 2007 and currently owns and operates a fleet of 7 vessels, consisting of 1 Capesize and 6 Panamax bulk carriers with a total carrying capacity of 591,798 dwt. The company has also entered into agreements to acquire 2 additional Panamax bulk carriers with delivery expected in November 2007 and January 2008. Once this acquisition is completed, OceanFreight's fleet of 9 vessels will have a dwt weighted average age of 12 years and a total carrying capacity of approximately 742,000 dwt. The Company's shares are listed on the NASDAQ Global Select Market and trades under the symbol "OCNF."

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) 488-5052
    E-mail: james@oceanfreightinc.com

    Investor Relations / Financial Media:
    Capital Link - New York