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 Mutual Termination of M/T Olinda Time Charter and Delivery of M/T Tigani
| Source: OceanFreight Inc.
ATHENS, GREECE--(Marketwire - October 16, 2008) - OceanFreight Inc. (NASDAQ : OCNF ), a global
provider of seaborne transportation services, today announced that it has
taken delivery of the 1991 built Aframax tanker M/T Tigani which
immediately commenced its new time charter with Heidmar for a period of
about one year at a gross daily rate of $29,800. The Company also intends
to take delivery of the 1990 built Aframax tanker M/T Tamara this week.
In addition, the Company and the charterer have mutually terminated the M/T
Olinda charter on completion of her present voyage. The Olinda will be
entered into the Blue Fin Tankers Pool for a minimum period of 12 months.
Blue Fin is managed by Heidmar and consists of Suezmax vessels. The
vessel's earnings will be derived from the pool's total net earnings,
improving financial performance through higher utilization and operating
efficiencies.
As part of the termination of the charter for M/T Olinda, the Company and
the charterer have agreed to a mutual release of claims. In this
connection, the Company has received cash compensation of approximately US$
1.2 million and ownership of all bunkers on board the vessel.
Anthony Kandylidis, the OceanFreight's President and Chief Executive
Officer, commented:
"In this challenging environment we have managed to quickly and efficiently
rearrange the Olinda time charter without jeopardizing the financial
standing of the Company. We are particularly pleased to leverage on the
leadership, track record and expertise of Heidmar in commercial ship and
pool management. It is expected that Blue Fin will operate at least a
dozen suezmaxes by the end of 2009. With the employment of the M/T Olinda
in the pool, we can benefit from a robust tanker spot market while
participating in the earnings of a pool of vessels which, in turn, allows
us to attain scale and operating efficiencies. We remain committed to our
strategy of providing our shareholders with stable and sustainable cash
flows from multiple shipping sectors and continue to believe in the long
term outlook of the shipping markets."
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 twelve vessels, consisting of
one Capesize drybulk carrier, eight Panamax drybulk carriers, one Suezmax
tanker and two Aframax tanker with a total carrying capacity of 1,074,682
dwt, and has entered into an agreement to acquire one additional Aframax
tanker, for delivery in the fourth quarter 2008, with a total carrying
capacity of 95,951 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 .