DALLAS, Feb. 25, 2010 (GLOBE NEWSWIRE) -- InvestorSoup.com announces an investment report featuring OceanFreight Inc. (Nasdaq:OCNF). The report includes financial, comparative and investment analysis, and pertinent industry information you need to know to make an educated investment decision.
The full report is available at: http://www.investorsoup.com/lp/OCNF
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OceanFreight Inc. (OCNF) is a global provider of shipping transportation services. The Company specializes in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials and crude oil cargoes through the ownership and operation of nine drybulk carriers and four tanker vessels. During the year ended December 31, 2006, the fleet of the Company consisted of eight Panamax and one Capesize drybulk carriers and three Aframax and one Suezmax tanker vessels with a total capacity of 1.2 million dead weight tons (dwt) and an average age of 13.9 years.
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In the report, the analyst notes:
"For the fourth quarter ended December 31, 2009, Voyage Revenues amounted to $28.2 million, Operating Loss amounted to $132.7 million, which includes the effect of the loss from the sale of vessels of $18.2 million and impairment loss of $116.4 million. Net Loss amounted to $135.9 or 98 cents per share. EBITDA for the fourth quarter of 2009 was $11.4 million as adjusted for the effect of the loss from the sale of vessels and impairment loss.
"This week OCNF reported a wider than expected fourth-quarter loss, due in large part to an impairment charge and a fall in time charter equivalent rate. The Company reported a loss of about $136 million, or 98 cents a share, compared with a loss of $11.6 million, or 65 cents a share, last year. The loss in the latest fourth quarter included an impairment charge of $116.4 million, and a charge of about $18.2 million related to the sale of two vessels"
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