Profile: OceanFreight Inc. (OCNF.O)

OceanFreight Inc., incorporated on September 11, 2006, is a global provider of shipping transportation services. The Company specializes in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials and crude oil cargoes through the ownership and operation of nine drybulk carriers and four tanker vessels. During the year ended December 31, 2006, the fleet of the Company consisted of eight Panamax and one Capesize drybulk carriers and three Aframax and one Suezmax tanker vessels with a total capacity of 1.2 million dead weight tons (dwt) and an average age of 13.9 years.

Wallem Ship Management Limited (Wallem) and Cardiff Marine Inc. (Cardiff) are the fleet managers for the Company. Wallem provides technical vessel management services to the Company for the eight Panamax drybulk carriers. Cardiff provides commercial vessel management services to the Company for the eight Panamax drybulk carriers. Cardiff additionally provides both commercial and technical vessel management services to the Company for the Capesize drybulk carrier and four tanker vessels. The Company’s fleet managers provides vessel management services, including technical supervision, such as repairs, maintenance and inspections, safety and quality, crewing and training, supply provisioning as well as vessel accounting.

During the year ended December 31, 2007, the Company acquired and took delivery of eight Panamax drybulk carriers: the M/V Austin, M/V Pierre, M/V Trenton, M/V Helena, M/V Lansing, M/V Topeka, M/V Richmond and M/V Augusta, a Capesize drybulk carrier, the M/V Juneau, and an Aframax tanker, the M/T Pink Sands. In January 2008, the Company acquired and took the delivery of a Suezmax tanker vessel, the M/T Olinda. In October 2008, the Company took the delivery of two Aframax tanker vessels, the M/T Tamara and the M/T Tigani.