News Release

News Release OceanFreight, Inc. January 31, 2011

January 31, 2010, Athens, Greece, OceanFreight Inc. (Nasdaq: OCNF) (the
“Company”), a global provider of marine transportation services, announced
today that it has received written notification from The Nasdaq Stock Market
(“Nasdaq”) dated January 25, 2011 indicating that because the closing bid
price of the Company’s common stock for the previous 30 consecutive
business days was below the minimum $1.00 per share bid price requirement
for continued listing on the Nasdaq Global Market, the Company is not in
compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period
to regain compliance is 180 days.
This notification has no effect on the listing of the Company's common stock at
this time.
The Company intends to monitor the closing bid price of its common stock
between now and July 25, 2011 and is considering its options in order to
regain compliance with the Nasdaq minimum bid price requirement.
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 nine vessels comprised of eight drybulk carriers (four
Capesize, four Panamax) and one Suezmax crude carrier tanker with a
combined deadweight tonnage of about 1.1 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.
Investor Relations/Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel: +1-212-661-7566
E-mail: oceanfreight@capitallink.com