OceanFreight Inc. Announces the Acquisition of Modern Capesize Vessel
ATHENS, GREECE--(Marketwire - October 1, 2009) - OceanFreight Inc. (NASDAQ: OCNF), a global
provider of seaborne transportation services for both drybulk and energy
commodities, announced today it has agreed to acquire a 2005 built 180,263
dwt Capesize bulk carrier for a purchase price of $49.5 million. The vessel
is scheduled for delivery in Q2 2010.
Anthony Kandylidis, Chief Executive Officer of the Company, commented:
"We are very pleased to have acquired a fourth high quality modern Capesize
vessel, utilizing the equity proceeds recently raised. Moving forward, our
strong balance sheet allows us to continue to look for further
opportunities to renew and grow the fleet".
About OceanFreight Inc.
OceanFreight Inc., is an owner and operator of both drybulk and tanker
vessels that operate worldwide. As of the date of this release,
OceanFreight owns a fleet of 12 vessels, comprised of 8 drybulk vessels (2
Capesize, 6 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes)
with a combined deadweight tonnage of about 1.2 million tons.
OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market
where it trades under the symbol "OCNF".
Visit our website at www.oceanfreightinc.com.
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
Risks and uncertainties are further described in reports filed by
OceanFreight Inc. with the U.S. Securities and Exchange Commission.