Athens, Greece. OceanFreight Inc. (NASDAQ: OCNF), a NASDAQ listed bulk shipping company, today reported earnings of $1 million or $0.11 per common and subordinated share for its first full quarter of operations ended September 30, 2007. OceanFreight's Board of Directors also declared a dividend of 51¼ cents per share for the third quarter, the target dividend established at the time of its Initial Public Offering earlier this year. The dividend is payable on or about November 15, to shareholders of record as of November 5, 2007.