On December 12, 2008, OceanFreight suspended future cash dividend payments.

Ocean Freight previously paid a partial dividend in the amount of $0.39 per share to shareholders in August 2007 in respect of the second quarter of 2007, a dividend in the amount of $0.5125 per share to shareholders in November 2007 in respect of the third quarter of 2007 a dividend in the amount of $0.77 per share to shareholders in February 2008 in respect of the fourth quarter of 2007 a dividend in the amount of $0.77 per share to shareholders in May 2008 in respect of the first quarter of 2008 a dividend in the amount of $0.77 per share to shareholders in August 2008 in respect of the second quarter of 2008 a dividend in the amount of $0.77 per share to shareholders in October 2008 in respect of the third quarter of 2008.

Since the Company's listing on the NASDAQ Global Market in April 2007, OceanFreight had declared six consecutive quarterly dividends totaling $3.98 per common and subordinated share.