OceanFreight Inc. Successfully Amends Its Credit Facility

ATHENS, GREECE, Jan 12 (MARKET WIRE) --
OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne
transportation services, today announced that it has entered into an
amendatory agreement to its US$325 million senior secured credit facility
with Nordea Bank Norge ASA, as Administrative Agent, under which the
lenders have agreed to an amendment and waiver of the collateral
maintenance coverage ratio covenant contained in the agreement.

Anthony Kandylidis, Chief Executive Officer of the Company, commented,
"Our proactive approach with our bankers has allowed us to enter into this
amendment to our loan agreement and achieve a lower collateral maintenance
coverage ratio in light of the recent decline in vessel values,
particularly in the dry bulk sector. Given the challenging financial and
shipping landscape, this agreement places one uncertainty behind us and
positions us to capitalize on opportunities as they may arise in the
future."

About OceanFreight Inc.

OceanFreight Inc. was incorporated in 2006 to acquire high quality
secondhand vessels and deploy them on medium and long term charters. The
Company began operations with the delivery of its first vessel in June
2007 and currently owns and operates a fleet of thirteen vessels,
consisting of one Capesize drybulk carrier, eight Panamax drybulk
carriers, one Suezmax tanker and three Aframax tankers with a total
carrying capacity of 1,170,633 dwt.

OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market
where it trades under the symbol "OCNF."

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 US Securities and Exchange Commission.

Visit our website at www.oceanfreightinc.com.

Company Contact:
Michael Gregos
Chief Operating Officer
Tel: +30-210-809-0514
E-mail: management@oceanfreightinc.com

Investor Relations/Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel: +1-212-661-7566
E-mail: nbornozis@capitallink.com

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