Contact Information: Company Contact: Michael Gregos Chief Operating Officer Tel: +30-210-809-0514 E-mail: management@oceanfreightinc.com Investor Relations/Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel: +1-212-661-7566 E-mail: nbornozis@capitallink.com
OceanFreight Inc. Announces Further Expansion in the Tanker Market With the Acquisition of Thirteenth Vessel
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - October 10, 2008) - OceanFreight Inc. (NASDAQ : OCNF ), a global
provider of seaborne transportation services, announced today the
acquisition of M/T Tigani, a 1991 built 95,951 dwt double-hull Aframax
crude oil tanker. The vessel was purchased from interests associated with
George Economou for a purchase price of $40 million. The acquisition
expands OceanFreight's fleet to thirteen vessels, comprised of four tankers
and nine drybulk carriers. Delivery of the M/T Tigani is expected in the
fourth quarter 2008.
The Company has entered into an agreement to time charter the M/T Tigani
for a period of approximately one year to Heidmar LLC at a gross daily rate
of approximately $29,800 per day. The time charter is expected to commence
concurrently with the vessel's delivery to OceanFreight. A company
associated with Mr. George Economou owns 49% of Heidmar LLC and 49% is
owned by Morgan Stanley.
Anthony Kandylidis, OceanFreight's President and Chief Executive Officer,
commented:
"The acquisition of our thirteenth vessel not only allows us to expand
further into the tanker sector but also enhances a strategic relationship
with a first class counterparty such as Heidmar. Our expansion in the
tanker sector will allow us to capitalize on the positive fundamentals of
the crude oil tanker market. In a span of just 18 months since we went
public as a start up in 2007 at $19 per share, with no operating history
and the aim to acquire seven vessels, we are close to doubling our initial
fleet. We are maintaining an enviable operational track record, along
with time charter coverage to reputable and well-established
counterparties. Our fleet fixed contract coverage presently stands at 95%
and 65% of our operating days for 2009 and 2010 respectively. We will
continue our stated business strategy of strong fixed-rate time charter
employment of these vessels which in turn enables us to pay attractive
dividends to our shareholders as well as expand and diversify our fleet
within multiple shipping sectors."
About OceanFreight Inc.
OceanFreight Inc. was incorporated in 2006 to acquire high quality
secondhand vessels and deploy them on medium and long term charters. The
Company began operations with the delivery of its first vessel in June 2007
and currently owns and operates a fleet of eleven vessels, consisting of
one Capesize drybulk carrier, eight Panamax drybulk carriers, one Suezmax
tanker and one Aframax tanker with a total carrying capacity of 978,889
dwt, and has entered into an agreement to acquire two additional Aframax
tankers, for delivery in the fourth quarter 2008, with a total carrying
capacity of 191,744 dwt.
OceanFreight's Inc. common stock is listed on the NASDAQ Global Market
where it trades under the symbol "OCNF."
Forward-Looking Statement
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 charterhire rates and vessel values, changes in demand
that may affect attitudes of time charterers to scheduled and unscheduled
drydocking, changes in OceanFreight Inc.'s operating expenses, including
bunker prices, dry-docking and insurance costs, 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 and political events or acts
by terrorists.
Risks and uncertainties are further described in reports filed by
OceanFreight Inc. with the US Securities and Exchange Commission.
Visit our website at www.oceanfreightinc.com.