OceanFreight Inc. Announces Completion of the Chartering of Its Initial Seven Vessel Fleet

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.

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