OceanFreight Inc. Announces Delivery of Suezmax Tanker

OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services announced that it has taken delivery of a 1996 built Suezmax tanker, a vessel that the Company had agreed to acquire in December 2007.

The 149,085 dwt Suezmax tanker was delivered to OceanFreight on January 17, 2008 and, as previously announced, will trade in the spot market for the short term.

Anthony Kandylidis, Chief Executive Officer of OceanFreight commented:

"We are pleased to have taken delivery of our eleventh vessel which successfully completes the first phase of our growth strategy. Since going public in April 2007, we have expanded our fleet from 7 to 11 vessels by fully utilizing our new revolving credit facility. Going forward our main focus will remain to provide our shareholders with broad shipping industry exposure and fixed rate period charters with visible cash flows to support our stated dividend policy."

About OceanFreight Inc.

OceanFreight Inc. is a global provider of seaborne transportation services through the ownership and operation of vessels in various shipping sectors. The Company owns a fleet of 11 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Suezmax and 1 Aframax tanker with a total carrying capacity of approximately 1 million deadweight tons.

The Company's shares are listed on the NASDAQ Global Select Market and trade under the symbol "OCNF."

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