What Is a Ship Worth?

NEW YORK, NY--(Marketwire - December 23, 2009) - Capital Link, Inc. announces that Demetris Nenes, Vice President of OceanFreight, Inc. (NASDAQ: OCNF), was featured in an article that appeared recently in Marine Money's Weekly Publication, "Freshly Minted," describing the development of shipping asset valuations and the timing of investing in shipping assets.

With permission from Freshly Minted, the full article can be accessed by clicking on the link below or copying and pasting it in your browser.

http://www.oceanfreightinc.com/files/ocnfmedia122209.pdf

About OceanFreight Inc.

OceanFreight Inc. is an owner and operator of both dry bulk and tanker vessels that operate worldwide. As of the date of this release, OceanFreight owns a fleet of 12 vessels, comprised of 8 dry bulk vessels (2 Capesize, 6 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 1.22 million tons.

The company has agreed to acquire two Capesize dry bulk vessels and upon the delivery of these vessels to OceanFreight, its fleet will consist of 14 vessels comprised of 10 dry bulk carriers (4 Capesizes, 6 Panamaxes) and 4 tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of approximately 1.6 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.

About Capital Link, Inc.

Capital Link is a New York based Advisory, Investor Relations and Financial Communications firm with strategic focus, among other areas, on the shipping industry. Capital Link works with the majority of international shipping companies listed on US and European Stock Exchanges, including OceanFreight.

Contact Information: For more information please contact Nicolas Bornozis Capital Link, Inc. (New York) Tel: +1-212-661-7566 E-mail: oceanfreight@capitallink.com