Oceanfreight Announces Delivery of Drybulk

OceanFreight Inc., a provider of seaborne transportation services announced that it has taken delivery of the MV Augusta and the MV Richmond under the Company's previously announced purchase agreements concluded in August and June 2007 respectively. The MV Richmond, a 1995 built 75,265 dwt Panamax bulk carrier was delivered to OceanFreight on December 7, 2007 and immediately commenced the previously announced time charter for a period of between 24 to 28 months at a gross daily rate of $29,100. The MV Augusta, a 1996 built 69,053 dwt Panamax bulk carrier was delivered to OceanFreight on December 17, 2007 and immediately commenced the previously announced time charter for a period of between 11 to 13 months at a gross daily rate of $61,500.