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
OceanFreight Inc. Announces Completion of the Chartering of Its Initial Seven Vessel Fleet
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - May 31, 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 chartered its only remaining
unchartered vessel M/V Juneau (1990 built; 149,000 DWT) for a two year
period to commence in August 2007 at a rate, net of commissions, of
$46,800 per day.
Bob Cowen, OceanFreight's Chairman and CEO, said "We are pleased that we
were able to secure a charter for our Capesize vessel to a first class
charterer for two years at a rate more than $4,000 per day higher than that
assumed in the Company's initial public offering. The M/V Juneau was the
only vessel in OceanFreight's initial fleet not committed to a long term
charter at that time.
The commencement of Juneau's charter in August will permit us to
immediately put her into drydock when she is delivered in late June, and
the vessel will be able to operate for a full three years before the next
scheduled drydock.
We are also pleased to announce that OceanFreight has engaged Wallem Ship
Management of Hong Kong to act as third party technical manager for our
vessels. Wallem is one of the world's largest and most well respected ship
managers and OceanFreight has been able to retain Wallem at about half the
cost in management fees that had originally been anticipated."
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 comprised of one
Capesize and six Panamax vessels. 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 share issued pursuant to the
underwriter's 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.