OceanFreight Inc. Reports Financial Results for the First Quarter 2009

ATHENS, GREECE, May 19 (MARKET WIRE) --
OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine
transportation services, today announced its financial results for the
quarter ended March 31, 2009.

Financial Highlights

-- For the three-month period ended March 31, 2009, the Company reported
Net Income of $2.6 million or $0.13 per common share.

Other Developments

-- In May 2009 the Company fully repaid the Sellers' Credit of $25
million in connection with the acquisition of the M/T Tamara and M/T Tigani
that was carrying an interest rate ranging from 9% to 9.5%.

-- As of May 19, 2009, the Company, under the Standby Equity Purchase
Agreement, or SEPA, entered into by and between the Company and YA Global
Master SPV Ltd., has raised approximately $111.6 million of gross proceeds.

Anthony Kandylidis, the Company's President and Chief Executive
Officer, commented:

"We are pleased to report a profitable first quarter in 2009. During the
last few months we have continued to execute on our business plan. We have
secured our cash flow from a diversified client and sector base and we are
in compliance with all our loan covenants. We have strengthened our
balance sheet by infusing fresh equity of approximately $112 million
while reducing the Company's debt obligations. OceanFreight is uniquely
positioned to take advantage of the present challenging economic
environment and go after opportunities as they arise."

First Quarter 2009 Results

For the first quarter ended March 31, 2009, Gross Revenues amounted to
$34.2 million, Operating Income amounted to $7.4 million and Net Income
amounted to $2.6 million. EBITDA(1) for the first quarter of 2009 was
$17.7 million.

An average of 12.8 vessels were owned and operated during the first
quarter of 2009, earning an average Time Charter Equivalent, or TCE rate,
of $29,256 per day.

(1) Please see later in this release for a reconciliation of EBITDA to net
cash provided by Operating activities.

Liquidity

As of May 19, 2009, the Company had a total liquidity of approximately
$108 million.

Financing Activities

As of today, the Company has raised approximately $111.6 million in gross
proceeds under the Standby Equity Purchase Agreement or SEPA entered into
by and between the Company and YA Global Master SPV Ltd. The total number
of shares issued and outstanding is 90,394,493 as of May 19, 2009.

Fleet Data

Three Months Ended
March 31,
2008 2009
----------- -----------
Average number of vessels (1) 10.8 12.8
Total voyage days for fleet (2) 984 1,122
Total calendar days for fleet (3) 985 1,170
Fleet utilization (4) 99.9% 98.2%
Time charter equivalent (5) $ 34,938 $ 29,256

(1) Average number of vessels is the number of vessels that
constituted our fleet for the relevant period, as measured by the sum of
the number of days each vessel was a part of our fleet during the period
divided by the number of calendar days in that period.

(2) Total voyage days for fleet are the total days the vessels were in our
possession for the relevant period net of off-hire.

(3) Calendar days are the total days the vessels were in our possession
for the relevant period including off-hire days.

(4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by fleet calendar days net of scheduled drydocking
days for the relevant period.

(5) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing gross revenues (net of voyage expenses) by voyage days for the
relevant time period. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise
be paid by the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may
be employed between the periods.

The following table reflects the calculation of our TCE rates for the
periods then ended:

Three Months Ended
March 31,
(Dollars in thousands) 2008 2009
-------- --------

Gross revenues $ 38,359 $ 34,154
Voyage expenses $ (3,980) $ (1,329)

-------- --------
Time charter equivalent revenues $ 34,379 $ 32,825
======== ========

Total voyage days for fleet 984 1,122

Time charter equivalent (TCE) rate $ 34,938 $ 29,256

Financial Statements

The following are OceanFreight Inc.'s Consolidated Statements of Income
for the three-month periods ended March 31, 2008 and 2009:

Three Months Ended
(Dollars in thousands, except for share March 31,
and per share data) 2008 2009
---------- ----------
Unaudited Unaudited

INCOME STATEMENT DATA

Voyage revenues $ 35,794 $ 31,617
Imputed revenue 2,565 2,537
---------- ----------
Gross Revenue 38,359 34,154

Voyage expenses (3,980) (1,329)
Vessels operating expenses (5,729) (9,427)
Depreciation (10,174) (12,780)
Management fees (461) (960)
General and administrative expenses (2,451) (1,247)
Drydocking cost - (971)
---------- ----------
Operating Income 15,564 7,440
---------- ----------

Interest and finance costs (4,037) (5,737)
Interest income 173 13
Gain/(loss) on derivative instruments (5,296) 875

---------- ----------
Net Income $ 6,404 $ 2,591
========== ==========

Basic and fully diluted earnings per share $ 0.44 $ 0.13
Weighted average common and subordinated shares
outstanding 14,428,256 19,926,160

The following are OceanFreight Inc.'s Consolidated Balance Sheets as
at December 31, 2008 and March 31, 2009:

(Expressed in thousands of U.S. Dollars - except for share and per
share
data)

2008 2009
--------- ---------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 23,069 $ 27,029
Receivables 2,073 2,526
Inventories 1,338 1,371
Prepayments and other 2,197 2,985
--------- ---------
Total current assets 28,677 33,911
--------- ---------

FIXED ASSETS, NET:

Vessels, net of accumulated depreciation of $56,838
and $69,602, respectively 587,189 574,425
Other, net of accumulated depreciation of $31 and
$47, respectively 159 143
--------- ---------
Total fixed assets, net 587,348 574,568
--------- ---------

OTHER NON CURRENT ASSETS:

Deferred financing fees, net of accumulated
amortization of $1,634 and $1,828, respectively 2,081 1,912
Restricted cash 6,511 6,511
Other 953 4,403
--------- ---------
Total assets $ 625,570 $ 621,305
========= =========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable $ 1,767 $ 3,302
Due to related parties 111 162
Accrued liabilities 9,731 10,070
Unearned revenue 1,822 1,767
Derivative liability 6,771 6,712
Sellers' credit 25,000 18,846
Current portion of imputed deferred revenue 10,290 10,290
Current portion of long-term debt 60,889 46,452
--------- ---------
Total current liabilities 116,381 97,601
--------- ---------

NON-CURRENT LIABILITIES:
Derivative liability, net of current portion 9,376 8,560
Imputed deferred revenue, net of current portion 5,741 3,204
Long-term debt, net of current portion 247,111 256,417
--------- ---------
Total non-current liabilities 262,228 268,181
--------- ---------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
Preferred shares, par value $0.01; 5,000,000 shares
authorized, 0 shares issued and outstanding - -
Common Shares, par value $0.01; 95,000,000 shares
authorized, 18,544,493 and 21,694,493 shares
issued and outstanding at December 31, 2008 and
March 31, 2009, respectively 185 217
Subordinated Shares, par value $0.01; 10,000,000
shares authorized, 0 shares issued and outstanding - -
Additional paid-in capital 271,824 277,763
Accumulated deficit (25,048) (22,457)
--------- ---------
Total stockholders' equity 246,961 255,523
--------- ---------
Total liabilities and stockholders' equity $ 625,570 $ 621,305
========= =========

EBITDA Reconciliation

OceanFreight Inc. considers EBITDA to represent net income before
interest, taxes, depreciation and amortization and other non-cash items.
EBITDA does not represent and should not be considered as an alternative
to net income or cash flow from operations, as determined by United
States generally accepted accounting principles, or U.S. GAAP, and our
calculation of EBITDA may not be comparable to that reported by other
companies. EBITDA is included herein because it is a basis upon which the
Company assesses its liquidity position, it is used by our lenders as a
measure of our compliance with certain loan covenants and because the
Company believes that it presents useful information to investors
regarding a company's ability to service and/or incur indebtedness.

The following table reconciles net cash provided by operating activities
to
EBITDA:

Three Months Ended
(Dollars in thousands) March 31,
2008 2009
-------- --------

Net cash provided by operating activities $ 17,996 $ 12,793
Net increase in current assets, excluding cash and cash
equivalents 3,506 1,274
Net increase in current liabilities, excluding current
portion of long term debt and imputed deferred revenue
current portion (1,958) (1,870)
Net Interest expense 3,864 5,724
Amortization of deferred financing costs included in
interest expense (112) (194)
-------- --------
EBITDA $ 23,296 $ 17,727
======== ========

Fleet List

The table below describes in detail our fleet development and current
employment profile as of May 19, 2009:

Current Gross
Year Employ- Rate per Earliest Latest
Built DWT Type ment Day Redelivery Redelivery

DRYBULK

Trenton 1995 75,229 Panamax TC $ 26,000 Apr-10 Aug-10
Pierre 1996 70,316 Panamax TC $ 23,000 Jun-10 Oct-10
Austin 1995 75,229 Panamax TC $ 26,000 Apr-10 Aug-10
Juneau 1990 149,495 Capesize TC $ 48,700 Sep-09 Nov-09
Lansing 1996 73,040 Panamax TC $ 24,000 Aug-09 Sep-09
Helena 1999 73,744 Panamax TC $ 32,000 May-12 Jan-13
Topeka 2000 74,710 Panamax TC $ 23,100 Oct-10 May-11
Richmond 1995 75,265 Panamax TC $ 29,100 Dec-09 Apr-10
Augusta 1996 69,053 Panamax TC $ 16,000 Nov-11 Mar-12

TANKERS

Pink Sands 1993 93,723 Aframax TC $ 27,450 Oct-10 Jan-11
Olinda 1996 149,085 Suezmax Pool - Blue Fin Tankers
Tigani 1991 95,951 Aframax TC $ 29,800 Sep-09 Nov-09
Tamara 1990 95,793 Aframax TC $ 27,000 Nov-10 Mar-11

Conference Call and Webcast: May 20, 2009 at 08:30 A.M. EDT

OceanFreight management team will host a conference call on May 20, 2009,
at 08:30 A.M. Eastern Daylight Time to discuss the Company's financial
results for the Quarter ended March 31, 2009.

Conference Call details:

Participants should Dial-Into the call 10 minutes before the scheduled
time using the following numbers: 1 866 819 7111 (U.S. Toll Free
Dial-In), 0800 953 0329 (U.K. Toll Free Dial-In) or +44 (0) 1452 542 301
(Standard International Dial-In). Please quote "OceanFreight."

In case of any problem with the above numbers, please dial 1 866 223 0615
(U.S. Toll Free Dial-In), 0800 694 1503 (U.K. Toll Free Dial-In) or +44
(0) 1452 586 513 (Standard International Dial-In). Please quote
"OceanFreight."

A telephonic replay of the conference call will be available until May
27th, 2009 by dialing 1 866 247 4222 (U.S. Toll Free Dial-In), 0800 953
1533 (U.K. Toll Free Dial-In) or +44 (0) 1452 550 000 (Standard
International Dial-In). Access Code: 7445162#.

Slides and audio webcast:

There will also be a simultaneous live webcast over the Internet, through
the OceanFreight Inc. website (www.oceanfreightinc.com). Participants to
the live webcast should register on the website approximately 10 minutes
prior to the start of the webcast.

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."

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, drydocking 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.

Company Contact:
Demetris Nenes
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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