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

OceanFreight Inc., 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.