OCNF Oceanfreight Inc. (MM)

OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of seaborne transportation services for both drybulk and energy commodities, today announced the official results of its 2011 Annual General Meeting of Shareholders, held on June 15, 2011 at 10:00 a.m. local time at the Company's offices in Athens, Greece. The following proposals were approved by the Company's shareholders:

1. the election of one Class A Director to serve until the 2014 Annual General Meeting of Shareholders;

2. the approval of an amendment to the Company's Amended and Restated Articles of Incorporation to effect a reverse stock split of the Company's issued and outstanding shares of Class A common stock by a ratio of not less than one-for-three and not more than one-for-twenty, with the exact ratio to be set at a whole number within this range to be determined by the Company's board of directors in its discretion, and the authorization of the Company's board of directors to implement the reverse stock split at any time prior to the date of the Company's 2012 Annual General Meeting of Shareholders by filing such amendment with the reverse stock split ratio as determined by the Company's board of directors; and

3. the ratification of the appointment of Ernst & Young (Hellas), Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2011.

About the Company OceanFreight Inc. is an owner and operator of drybulk vessels that operate worldwide. OceanFreight owns a fleet of eleven vessels, comprised of six drybulk vessels (four Capesize and two Panamaxes) and five newbuilding Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of about 1.9 million tons.

The Company's common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF."

Visit our website at www.oceanfreightinc.com.

Investor Relations/Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel: +1-212-661-7566 E-mail: oceanfreight@capitallink.com