DALLAS, April 15, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring OceanFreight Inc. (Nasdaq:OCNF). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at: www.microstockprofit.com/ads/OCNF
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.
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 $(0.98) 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.
"OCNF recently announced that it has entered into an agreement to build three 206,000 DWT Very Large Ore Carriers at Shanghai Waigaichao Shipbuilding. Two of the vessels are scheduled to be delivered in the second and fourth quarters of 2012 and the third vessel is scheduled to be delivered in the first quarter of 2013. The total purchase price for the three vessels is approximately $204 million."
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