OceanFreight Inc. Reports Financial Results for the Fourth Quarter and Year Ended 2010

News Release OceanFreight, Inc. April 8, 2011

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV>
April 6, 2011, Athens, Greece.
OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine
transportation services, today announced its financial results for
the quarter and year ended December
31, 2010.
Financial Highlights
For the three-month period ended December 31, 2010 the Company
reported a Net Income of $0.2
million. Included in these results is a loss of $1.6 million
associated with the prior classification of
four vessels as held for sale.
Excluding this item, net income for the fourth quarter of 2010
would amount to $1.8 million or $0.02
basic and diluted earnings per share.
Recent Developments
We recently, signed a commitment letter with a major Chinese bank
for the financing of up to 60% of
the aggregate construction cost of three Very Large Ore Carriers
(VLOCs) that we agreed to acquire
in March 2010 and which are scheduled to be delivered in the
first, second and third quarter of 2012.
The facility includes a pre-delivery portion that is equal to the
sum of all the yard installments prior to
delivery.
Anthony Kandylidis, the Company’s Chief Executive Officer,
commented:
“We are pleased to secure pre-delivery and permanent financing for
our first three VLOCs. With our
secured contract backlog, no issues with loan covenants and with
the purchase of the additional two
VLOCs to be delivered in 2013, OceanFreight is uniquely positioned
to take advantage of the drybulk
market through the next cycle.”</DIV></BODY></HTML>