OCNF - OceanFreight, Inc. (NASDAQ Stock) - Page 2 - Stock Market Forum, Penny Stocks, FOREX, NASDAQ, AMEX, NYSE, Live Chat

**BadThad** · #11 05-21-2009, 03:46 PM

Yea, I don't think the bottom will drop out or anything. We'll see some fluxing around, but this stock is destined to move north at some point. IMO....this is the bottom.....just look at the 2 year chart. Another bonus, once they recover they pay a HUGE dividend....I might long-term hold just for that. They were paying 0.77 per share! On my current 1000 share holding that would be a WHOPPING $770 divy!

**Volatile22** · #12 05-21-2009, 03:57 PM

Quote:

Originally Posted by BadThad

Yea, I don't think the bottom will drop out or anything. We'll see some fluxing around, but this stock is destined to move north at some point. IMO....this is the bottom.....just look at the 2 year chart. Another bonus, once they recover they pay a HUGE dividend....I might long-term hold just for that. They were paying 0.77 per share! On my current 1000 share holding that would be a WHOPPING $770 divy!

Wow that is even more good news (the divi). Hopefully next week after all the sell off shenanigans are done itll move north. We just need to get through today and tomorrow for now.

**BadThad** · #13 05-22-2009, 09:33 AM

News:

Quote:

OceanFreight Inc. Announces the Termination of the Standby Equity Purchase Agreement Program
4:05p ET May 21, 2009 (Market Wire)
OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services, today announced that it has agreed with YA Global Master SPV Ltd., an affiliate of Yorkville Advisors LLC, to terminate the Standby Equity Purchase Agreement (SEPA), pursuant to which the Company had the option to issue and sell shares worth up to approximately $147.9 million. As of today, the Company has raised approximately $111.6 million of gross proceeds and the total number of shares outstanding is 90,394,493.

Anthony Kandylidis, Chief Executive Officer of the Company, commented:

"Our actions so far have proven our ability to successfully tap the equity markets despite the status of the global economy. Raising approximately $112 million of primary equity has significantly improved our balance sheet and will enable us to take advantage of future growth opportunities. We would like to thank Yorkville Advisors for their assistance."

**BadThad** · #14 05-22-2009, 03:38 PM

This is one tough stock, 3 bear days and it keeps hanging in there. Oddly, I've been praying for it to go to 1.50 so it hits my buy limit order....I don't think it's going to ever happen.

**BadThad** · #15 05-28-2009, 10:09 AM

A little tidbit I found:

Quote:

VALUATION
SELL. This stock's P/E ratio indicates a discount compared to an average of 9.66 for the Marine industry and a significant discount compared to the S&P 500 average of 59.68. Conducting a second comparison, its price-to-book ratio of 0.13 indicates a significant discount versus the S&P 500 average of 1.83 and a discount versus the industry average of 1.00. The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, OCEANFREIGHT INC proves to trade at a discount to investment alternatives within the industry.

Current PE (unreal): 0.85
200MA: $5.78
50MA: $1.47
Lower support: $1.47
Upper Resistance: $2.16

I might just raise my buy limit order to 1.65. I'm still confident we're at the bottom for this stock.

**BadThad** · #16 06-02-2009, 03:09 PM

Small move today finally, at 1.85 up 8%!

**Volatile22** · #17 06-02-2009, 04:41 PM

OCNF looking great today.

**Quikshft** · #18 06-05-2009, 04:48 PM

This has my interest, might jump in with you guys when I sell out of PCX. Some news today;

ATHENS, GREECE--(MARKET WIRE)--Jun 5, 2009 -- OceanFreight Inc. (NasdaqGM

CNF - News), a global provider of seaborne transportation services for both drybulk and energy commodities, announced today the following Sale and Purchase activity:

Related Quotes
Symbol Price Change
OCNF 1.79 0.00

The company has sold the M/V Lansing, a 1996 built Panamax, 73,040 dwt to a third party for a gross price of $21.95 million. Delivery of the vessel is expected to take place no later than the third quarter of 2009, upon expiration of its present time charter.

The company has also purchased a 2001 built Panamax, 74,716 dwt from a third party for a gross price of $25 million. The vessel currently is on time charter to an unrelated party with a gross rate of $13,150 per day. The time charter expires in the fourth quarter of 2009. The Company will take delivery of the vessel in the third quarter of 2009. The purchase of the vessel is expected to be financed using the existing Nordea revolving facility.

Anthony Kandylidis, Chief Executive Officer of the Company, commented:

"Our large shipping footprint has given us the opportunity to renew our fleet by minimizing our cash outlay. We were able to replace a 1996 built Panamax for a 2001 built Panamax for a price difference of about $3 million. This transaction is accretive to our Company as we have renewed our fleet without affecting the future secured revenues. The Company is in a great position to selectively take on more distressed opportunities like this one, proving that our strategy is paying off."

About OceanFreight Inc.

OceanFreight Inc. is an owner and operator of both drybulk and tanker vessels that operate worldwide. As of the day of this release, OceanFreight owns a fleet of 13 vessels comprising of 9 drybulk vessels (1 Capesize, 8 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 1.2 million tons.

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

Visit our website at Ocean Freight Inc..

**BadThad** · #19 06-05-2009, 10:15 PM

Thanks for the news Quik!

I like this stock so far, it's holding it's own at this bottom meaning it will only go up from here. This one is worth holding IMO. I will continue to accumulate on the dips.

**BadThad** · #20 06-10-2009, 03:49 PM

This is one weird stock. Decent volume, but never goes anywhere. LOL