OceanFreight Inc. Announces Equity Infusion by its Principal Shareholder
News Release
OceanFreight, Inc.
May 28, 2010
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<P align=left>May 26, 2010 - Athens, Greece </B></FONT><FONT
face="Times New Roman">- OceanFreight Inc., (NASDAQ:OCNF) a global</P>
<P align=left>provider of seaborne transportation services for both drybulk and
energy commodities,</P>
<P align=left>announced today that it has agreed to an equity infusion by the
Company’s Founding</P>
<P align=left>Shareholder.</P>
<P align=left>Basset Holdings Inc., a company controlled by our Founder and CEO,
Mr. Anthony</P>
<P align=left>Kandylidis, has agreed to provide an equity infusion of $20
million to the Company. An</P>
<P align=left>aggregate of 50,000,000 common shares will be issued.</P>
<P align=left>Prof. John Liveris, Chairman of OceanFreight, commented:</P>
<P align=left>“We welcome the support of our Founder and principal shareholder
in the form of an</P>
<P align=left>equity infusion. This represents a clear sign of strong support
and commitment to the</P>
<P align=left>Company. The new equity raised will be deployed to partly finance
the purchase of the</P>
<P align=left>M/V </FONT><I><FONT face="Times New Roman">Montecristo
</I></FONT><FONT face="Times New Roman">and for further acquisitions.
OceanFreight is committed to its fleet</P>
<P>renewal program with the clear target of improving long-term
profitability.”</P></FONT></DIV></BODY></HTML>
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<DIV><B><FONT face="Times New Roman">
<P align=left>May 26, 2010 - Athens, Greece </B></FONT><FONT
face="Times New Roman">- OceanFreight Inc., (NASDAQ:OCNF) a global</P>
<P align=left>provider of seaborne transportation services for both drybulk and
energy commodities,</P>
<P align=left>announced today that it has agreed to an equity infusion by the
Company’s Founding</P>
<P align=left>Shareholder.</P>
<P align=left>Basset Holdings Inc., a company controlled by our Founder and CEO,
Mr. Anthony</P>
<P align=left>Kandylidis, has agreed to provide an equity infusion of $20
million to the Company. An</P>
<P align=left>aggregate of 50,000,000 common shares will be issued.</P>
<P align=left>Prof. John Liveris, Chairman of OceanFreight, commented:</P>
<P align=left>“We welcome the support of our Founder and principal shareholder
in the form of an</P>
<P align=left>equity infusion. This represents a clear sign of strong support
and commitment to the</P>
<P align=left>Company. The new equity raised will be deployed to partly finance
the purchase of the</P>
<P align=left>M/V </FONT><I><FONT face="Times New Roman">Montecristo
</I></FONT><FONT face="Times New Roman">and for further acquisitions.
OceanFreight is committed to its fleet</P>
<P>renewal program with the clear target of improving long-term
profitability.”</P></FONT></DIV></BODY></HTML>