DALLAS, May 14, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring OceanFreight Inc. (Nasdaq:OCNF). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at: www.microstockprofit.com/ads/OCNF
OceanFreight Inc. (OCNF) is a global provider of shipping transportation services. The Company specializes in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials and crude oil cargoes through the ownership and operation of nine drybulk carriers and four tanker vessels. During the year ended December 31, 2006, the fleet of the Company consisted of eight Panamax and one Capesize drybulk carriers and three Aframax and one Suezmax tanker vessels with a total capacity of 1.2 million dead weight tons (dwt) and an average age of 13.9 years.
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In the report, the analyst notes:
"For the three-month period ended March 31, 2010, the Company reported a net income of $2.03 million or basic and diluted earnings per share of $0.01. EBITDA excluding vessel sale results for the quarter amounted to $14.3 million. For the first quarter ended March 31, 2010, voyage revenue amounted to $28.8 million. Operating income amounted to $7.1 million and net income amounted to $2.03 million or $0.01 per share.
"On April 20, 2010, OCNF agreed to sell the M/T Tigani to a third party for a gross sale price of $12.25 million. The vessel was delivered to its new owners on May 4, 2010. Of the sale proceeds, $8.6 million was used to partially repay the vessel's loan with DVB Bank SE. The sale resulted in a gain of $2.5 million of which approximately $1.0 million has been recognized in this quarter and $1.5 million will be recognized in the second quarter of 2010."
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