Contact Information: Contact: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: oceanfreight@capitallink.com
OceanFreight Inc. Announces Delivery of Two Drybulk Vessels
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - December 18, 2007) - OceanFreight Inc. (NASDAQ : OCNF ), a global
provider of seaborne transportation services, announced that it has taken
delivery of the MV Augusta and the MV Richmond under the Company's
previously announced purchase agreements concluded in August and June 2007,
respectively.
The MV Richmond, a 1995 built 75,265 dwt Panamax bulk carrier, was
delivered to OceanFreight on December 7, 2007, and immediately commenced
the previously announced time charter for a period of between 24 to 28
months at a gross daily rate of $29,100.
The MV Augusta, a 1996 built 69,053 dwt Panamax bulk carrier, was delivered
to OceanFreight on December 17, 2007, and immediately commenced the
previously announced time charter for a period of between 11 to 13 months
at a gross daily rate of $61,500.
Anthony Kandylidis, Chief Executive Officer of OceanFreight, commented:
"We are pleased to have taken delivery of our last two vessels. We now have
all 10 vessels in OceanFreight's fleet operational ahead of schedule and
earning revenue. This significantly enhances our cash flow generation,
supporting our stated dividend policy. Going forward, we will continue to
actively look for second hand vessel acquisitions that will further enhance
our distributable cash flow and create additional value for our
shareholders."
About OceanFreight Inc.
OceanFreight, Inc. is 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 829,000 deadweight tons.
The Company's shares are listed on the NASDAQ Global Select Market and
trade 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.