The investment report on OceanFreight Inc. (Nasdaq:OCNF) should be of particular interest to other drybulk shipping companies: DryShips Inc. (Nasdaq:DRYS), Eagle Bulk Shipping Inc. (Nasdaq:EGLE), Excel Maritime Carriers Ltd. (NYSE:EXM) and Diana Shipping Inc. (NYSE:DSX).

The full report is available at: http://www.stockpreacher.com/n/OCNF

OceanFreight Inc. (OCNF) owns and operates drybulk and tanker vessels and provides shipping transportation services. The Company specializes in transporting drybulk cargoes, including iron ore, coal, grain and other materials, as well as crude oil cargoes through the ownership and operation of drybulk carriers and tanker vessels.

In the report, the analyst notes:

"OCNF is positioned to take advantage of opportunities in the seaborne transportation markets for both drybulk and energy commodities. The Company is currently renewing its fleet to enhance the longevity of operating cash flows. The Company's fleet average age is approximately 10 years, while the IPO fleet had an average age of approximately 14. Moreover, it secured cash flows of 92% and 72% of the fleet operating days for the balance of 2009 and 2010 respectively.

"In the second quarter of 2009, the Company commenced the execution of its fleet renewal plan. The Company agreed to purchase a 2004-built 173,088 dwt Capesize drybulk carrier for a total cost of $56 million. The vessel was delivered to the Company on July 30, 2009, and commenced a three-year time charter at a daily gross rate of $27,500 per day. In addition, the Company entered into agreements to purchase two 2006-built Capesize drybulk carriers (173,949 dwt and 174,200 dwt) for $61.25 million each. The vessels are expected to be delivered to the Company in the fourth quarter of 2009, upon which they are scheduled to commence time-charter employment with a daily gross rate of $26,000 and $26,250 per day, respectively, for a minimum of five years and a maximum of eight and nine years."

To read the entire report visit: http://www.stockpreacher.com/n/OCNF

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