DALLAS, Aug. 2, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring OceanFreight Inc. (Nasdaq:OCNF). The report includes financial, comparative and investment analyses, and recent company news that you need to know to make an educated investment decision.
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The full report is available at: http://www.microstockprofit.com/lp/OCNF
OCNF's recent volatility has been greater than normal. This is evidenced by the increased distance between the upper and lower Bollinger Bands. These bands measure volatility using standard deviation and a large width is due to high volatility. Additionally, OCNF is trading near its upper Bollinger Band. This suggests that the stock price is high relative to its recent price action.
OceanFreight Inc. (OCNF) is a global provider of shipping transportation services. The Company specializes in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials and crude oil cargoes through the ownership and operation of nine drybulk carriers and four tanker vessels. During the year ended December 31, 2006, the Company fleet consisted of eight Panamax and one Capesize drybulk carriers and three Aframax and one Suezmax tanker vessels with a total capacity of 1.2 million dead weight tons (dwt) and an average age of 13.9 years.
Message Board Search for OCNF: http://www.boardcentral.com/boards/OCNF
In the report, the analyst notes:
"For the three-month period ended March 31, 2010, the Company reported a Net Income of $2.03 million or basic and diluted earnings per share of $0.01. EBITDA excluding vessel sale results for the quarter amounted to $14.3 million.
"For the first quarter ended March 31, 2010, Voyage Revenue amounted to $28.8 million. Operating income amounted to $7.1 million and net income amounted to $2.03 million or $0.01 per share. Adjusted EBITDA for the first quarter of 2010 was $14.3 million. An average of 13 vessels were owned and operated during the first quarter of 2010, earning an average Time Charter Equivalent, or TCE rate, of $21,163 per day."
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