UPDATE 1-Oceanfreight Q4 loss widens on impairment charge

* Q4 loss $0.98/shr, vs loss $0.65 last yr

* Voyage rev down 22 pct

* TCE rate down 23 pct

Feb 22 (Reuters) - Greek drybulk carrier Oceanfreight Inc OCNF.O reported a wider fourth-quarter loss, hurt in part by an impairment charge and a fall in time charter equivalent rate.

The company reported a loss of about $136 million, or 98 cents a share, compared with a loss of $11.6 million, or 65 cents a share, last year.

The loss in the latest fourth quarter included an impairment charge of $116.4 million, and a charge of about $18.2 million related to the sale of two vessels.

Excluding items, the company reported a loss of 2 cents a share.

Voyage revenue fell as much as 22 percent to $28.2 million.

Time charter equivalent (TCE) rate -- a measure of the average daily revenue performance of a vessel on a per voyage basis -- was down 23 percent, offsetting a 2 percent increase in utilization.

Oceanfreight shares were down 5 cents at 77 cents, after having closed at 82 cents Monday on Nasdaq. (Reporting by Adveith Nair in Bangalore; Editing by Maju Samuel)