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OceanFreight Inc. Announces the Acquisition of Tenth Vessel and Diversification Into Tanker Sector
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - December 12, 2007) - OceanFreight Inc., (NASDAQ : OCNF ) a global
provider of seaborne transportation services announced the acquisition of
its tenth vessel.
The Company announced it acquired a 1993 built 93,723 dwt double-hull
Aframax tanker from interests associated with George Economou for $47.25
million, thereby expanding its fleet to ten vessels.
This vessel was delivered to OceanFreight on December 6, 2007 and
immediately commenced a new time charter for a period of about three years
at a gross daily rate of $27,450 with a major NYSE listed oil company.
Cardiff Marine Inc. has been retained as the technical manager of the
vessel.
Mr. Kandylidis, the Chief Executive Officer of OceanFreight commented: "I
am excited and honored to have the opportunity to lead OceanFreight.
OceanFreight's stated strategy has been to grow its fleet maximizing its
return on investment across all shipping sectors. We will continue to seek
period employment for our vessels with staggered charter renewals to
provide us with stable and predictable cash flows thereby enabling us to
maintain our high dividend policy.
In this context, we are very pleased to announce the acquisition of our
tenth vessel which allows us to diversify into the tanker sector and with a
transaction that is accretive to cash flow per share. The attractive
charter rate we secured and the first class counterparty for this charter
are a testament to our ability to capitalize on our commercial contacts, as
well as to Cardiff's track record in operating vessels to the highest
industry standards. We are looking forward to a long-lasting relationship
with this major oil company.
Our strategy and focus will remain unchanged. We remain committed to
expanding our fleet with selective vessel acquisitions with a goal towards
enhancing shareholder value."
About OceanFreight Inc.
OceanFreight, Inc. a global provider of seaborne transportation services
through the ownership and operation of vessels in various shipping sectors.
The Company owns a fleet of 10 vessels, consisting of 1 Capesize bulk
carrier, 8 Panamax bulk carriers and 1 Aframax tanker with a total carrying
capacity of approximately 829,804 million deadweight tons.
The Company's shares are listed on the NASDAQ Global Select Market and
trades 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.