OceanFreight Inc., a NASDAQ listed bulk shipping company which concluded its initial public offering on April 25 of this year, announced that it has completed the delivery of its initial seven vessel fleet with the delivery of the two Panamax vessels, M/V "Helena" and the M/V "Topeka."
Bob Cowen, OceanFreight's Chairman and CEO, said, "With the deliveries of M/V Helena and M/V Topeka, we have now acquired all seven vessels of our initial fleet. The delivery of these two vessels, ahead of the schedule we described in our IPO prospectus, will add valuable revenue generating days to our third quarter. In addition, we recently entered into an agreement to acquire an eighth vessel for delivery later this year demonstrating our commitment and ability to grow our fleet. All of our ships are fixed on term employment, providing our company with predictable cash flows to support our dividend."
The M/V "Helena" is a 1999 built Panamax bulk carrier with a carrying capacity of 73,744 dwt that will be employed on a one-year time charter at the net rate of $28,125 per day. The M/V "Topeka" is a 2000 built Panamax bulk carrier with a carrying capacity of 74,710 dwt that will be employed on a three year time charter at the net rate of $21,656 per day.
OceanFreight, Inc. was incorporated on September 11, 2006 under the laws of the Republic of the Marshall Islands. The Company was formed to acquire an initial fleet of seven secondhand drybulk carriers. The Company maintains its headquarters in Athens, Greece, and will also maintain an office in New York.
On April 30, 2007, OceanFreight closed its initial public offering of 12,362,500 common shares, including common shares issued pursuant to the underwriters' over-allotment option, at a price of $19.00 per share. The Company's total outstanding equity also includes 2,060,000 subordinated shares.
OceanFreight Inc. currently owns and operates a fleet of 7 vessels, consisting of 1 Capesize and 6 Panamax bulk carriers. The company has also entered into an agreement to acquire one additional Panamax bulk carrier with delivery expected in November 2007. Once this acquisition is completed, OceanFreight's fleet of 8 vessels will have a dwt weighted average age of 12 years and a total carrying capacity of approximately 667,000 dwt.
OceanFreight's common shares trade on the NASDAQ Global Market under the symbol "OCNF."
Bob Cowen, OceanFreight's Chairman and CEO, said, "With the deliveries of M/V Helena and M/V Topeka, we have now acquired all seven vessels of our initial fleet. The delivery of these two vessels, ahead of the schedule we described in our IPO prospectus, will add valuable revenue generating days to our third quarter. In addition, we recently entered into an agreement to acquire an eighth vessel for delivery later this year demonstrating our commitment and ability to grow our fleet. All of our ships are fixed on term employment, providing our company with predictable cash flows to support our dividend."
The M/V "Helena" is a 1999 built Panamax bulk carrier with a carrying capacity of 73,744 dwt that will be employed on a one-year time charter at the net rate of $28,125 per day. The M/V "Topeka" is a 2000 built Panamax bulk carrier with a carrying capacity of 74,710 dwt that will be employed on a three year time charter at the net rate of $21,656 per day.
OceanFreight, Inc. was incorporated on September 11, 2006 under the laws of the Republic of the Marshall Islands. The Company was formed to acquire an initial fleet of seven secondhand drybulk carriers. The Company maintains its headquarters in Athens, Greece, and will also maintain an office in New York.
On April 30, 2007, OceanFreight closed its initial public offering of 12,362,500 common shares, including common shares issued pursuant to the underwriters' over-allotment option, at a price of $19.00 per share. The Company's total outstanding equity also includes 2,060,000 subordinated shares.
OceanFreight Inc. currently owns and operates a fleet of 7 vessels, consisting of 1 Capesize and 6 Panamax bulk carriers. The company has also entered into an agreement to acquire one additional Panamax bulk carrier with delivery expected in November 2007. Once this acquisition is completed, OceanFreight's fleet of 8 vessels will have a dwt weighted average age of 12 years and a total carrying capacity of approximately 667,000 dwt.
OceanFreight's common shares trade on the NASDAQ Global Market under the symbol "OCNF."