Oceanfreight Inc. Regains Compliance with Nasdaq Minimum Bid Price Requirement

News Release OceanFreight, Inc. August 9, 2010

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August 9, 2010 - Athens, Greece - OceanFreight Inc.
(NASDAQ: OCNF) (the “Company”) today
announced that it has regained compliance with the minimum bid
price requirement set forth in NASDAQ
Listing Rule 5450(a)(1). On August 6, 2010, the Company received a
letter from The NASDAQ Stock
Market (the “NASDAQ”) confirming that the closing bid price of the
Company’s common stock has been
at $1.00 per share or greater for at least 10 consecutive business
days, from July 23, 2010 through August
5, 2010.
As previously announced, on March 1, 2010, the Company received a
notice from the NASDAQ staff
indicating that the Company was not in compliance with the $1.00
minimum bid price requirement for
continued listing on the NASDAQ Global Market, as set forth in
Listing Rule 5450(a)(1). The Company
was provided a grace period of 180 days to regain compliance with
Listing Rule 5450(a)(1). As a result
of the Company having satisfied the minimum bid requirement for at
least 10 consecutive business days,
the NASDAQ staff has advised the Company that the matter is now
closed.
About the Company
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 nine drybulk vessels
(four Capesize, five Panamaxes) and three crude carrier tankers
(one Suezmax, two Aframaxes) with a
combined deadweight tonnage of about 1.4 million tons.
The Company’s common stock is listed on the NASDAQ Global Market
where it trades under the symbol
“OCNF”.</DIV></BODY></HTML>