OceanFreight Inc. Announces the Acquisition of Modern Capesize Vessel That Will Commence Three-Year Time Charter

ATHENS, GREECE, Jun 29 (MARKET WIRE) --
OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne
transportation services, announced it has agreed to acquire a 2004 built
173,088 dwt Capesize bulk carrier for a purchase price of $56 million.
The vessel is scheduled to be delivered before August 30, 2009.

The vessel has been fixed under a 3-year time charter that will commence
upon the vessel's delivery at a gross daily rate of $27,500.

Anthony Kandylidis, Chief Executive Officer of OceanFreight Inc.,
commented: "We are very pleased to have acquired a high quality modern
Capesize vessel putting to good use the equity proceeds recently raised.
Consistent with our strategy of securing fixed revenues we have fixed the
vessel for 3 years securing revenues of over $30 million for the charter
duration. Moving forward, our strong balance sheet allows us to continue
to look for opportunities to renew and grow the fleet."

About OceanFreight Inc.

OceanFreight, Inc. a global provider of seaborne transportation services
through the ownership and operation of vessels in various shipping
sectors. The Company's fleet includes 14 vessels, consisting of 2
Capesize bulk carriers, 8 Panamax bulk carriers, and 3 Aframax and 1
Suezmax tankers with a total carrying capacity of approximately one
million deadweight tons. The Company's shares are listed on the NASDAQ
Global Select Market and 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.

Company Contact:
Demetris Nenes
Tel: +30-210-8090-514
E-mail: management@oceanfreightinc.com

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

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