OCEANFREIGHT INC. ANNOUNCES FLEET EXPANSION

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has entered into an agreement to purchase two resale newbuilding 206,000 DWT capesize vessels at a well-known Chinese yard. The vessels are scheduled to be delivered in the second and fourth quarter of 2013. The vessels will be purchased from a Company ultimately controlled by our Founder and Chief Executive Officer, Mr. Anthony Kandylidis. The Sellers, who have already paid $23.76 million to the yard, will receive in the aggregate 35,657,142 of the Company’s common shares, while the Company will assume the remaining payments under the shipbuilding contract, in the amount $95.64 million.  
Prof. John Liveris, Chairman of OceanFreight commented:
“We welcome the support of our Founder and principal shareholder for the Company’s
long term growth. We believe  this transaction will increases significantly our future
revenues while minimizing our near term cash outlay, as the Sellers are receiving
common shares on account of the amount that they have already paid to the builders. In
addition, this represents a clear sign of our Founder’s commitment to the expansion of the
Company’s fleet.”

About OceanFreight Inc.
OceanFreight Inc., is an owner and operator of both drybulk and tanker vessels that
operate worldwide. As of the day of this release, OceanFreight owns a fleet of 7 vessels
comprising of 6 drybulk vessels (4 Capesize, 2 Panamaxes) and 1 Suezmax crude carrier
tanker with a combined deadweight tonnage of about 1 million tons.
OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market where it
trades under the symbol "OCNF".
Source: OceanFreight Inc