-- The Company has agreed to acquire a 2006 built 174,333 dwt Capesize
bulk carrier for a purchase price of $61.25 million. The vessel is
scheduled for delivery in the fourth quarter. Upon delivery to the Company,
the vessel will commence employment on a time charter for a minimum period
of 5 years and a maximum of 9 years at a gross rate of $26,250 per day.
-- The Company has agreed to sell the 1990 built 149,495 dwt Capesize
bulk carrier, M/V Juneau, to a third party for a gross price of $19.9
million. Delivery of the vessel is expected to take place on expiration of
the current charter and no later than November 20, 2009.
-- The previously announced sale of the 1996 Panamax M/V Lansing is now
concluded, as the vessel was delivered to the new owners on July 1st 2009.
-- The previously announced purchase of a 2001 built Panamax, 74,716 dwt
from a third party, has been terminated due to Sellers' financiers not
lifting their conditions to the sale.
-- The Company has entered into a time charter for the Panamax dry bulk
carrier, M/V Richmond, that will commence on or before July 31, 2009, at a
gross rate of $18,100 per day for a period of 11.5 months and a maximum of
14.5 months. This vessel became available following an early redelivery by
the vessel's present charterers. As agreed compensation for the early
redelivery, the Company will receive a lump sum payment of $200,000.
-- The Company has entered into a time charter contract for the Panamax
dry bulk carrier, M/V Topeka, that will commence on or before July 31,
2009, at a gross rate of $18,000 per day for a minimum period of 17 months
and a maximum of 20 months. This fixture follows the default of the present
charterer which is expected to commence insolvency proceedings. The Company
plans to take full legal remedy against the charterer.
Anthony Kandylidis, Chief Executive Officer of the Company, commented:
"We are pleased to have acquired a third high quality modern Capesize
vessel, putting into good use the equity proceeds that we recently raised.
Consistent with our strategy of secured revenues, we have fixed the vessel
for a minimum period of five years generating approximately $44 million in
gross charter hire over the minimum charter duration. Reflecting the
charter agreements for the M/V Richmond and M/V Topeka, our time-charter
coverage for 2009 is now 92%, and for 2010, 72%. Moving forward, supported
with a strong balance sheet, we continue to look for opportunities to renew
and grow our fleet."
About OceanFreight Inc.
OceanFreight Inc., is an owner and operator of both drybulk and tanker
vessels that operate worldwide. As of the day of this release, OceanFreight
owns a fleet of 12 vessels, comprising of 8 drybulk vessels (1 Capesize, 7
Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a
combined deadweight tonnage of about 0.9 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.
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 U.S. Securities and Exchange Commission.
Contact Information: Company Contact: Demetris Nenes Tel: +30-210-8090-514 E-mail: management@oceanfreightinc.com Investor Relations/Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel: +1-212-661-7566 E-mail: oceanfreight@capitallink.com