Oceanfreight Inc. (MM) (OCNF)

Here we go!!!

DryShips Inc. and OceanFreight Inc. Announce Completion of Merger

http://www.marketwatch.com/story/dryships-inc-and-oceanfreight-inc-announce-completion-of-merger-2011-11-03

OceanFreight Inc. Reports Financial Results for the Third Quarter of 2011
8:00a ET November 2, 2011 (Market Wire)

OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of marine transportation services, today announced its financial results for the three months ended September 30, 2011.

Financial Highlights

For the three months ended September 30, 2011, the Company reported a Net Loss of $19.2 million, or basic and diluted earnings equal to a loss of $3.23 per share. Included in these results are non-recurring costs associated with the proposed merger with a subsidiary of Dryships Inc. of $20.5 million.

Excluding this non-recurring costs, Net Income for the three months ended September 30, 2011 was $1.3 million, or basic and diluted earnings equal to $0.22 per share.

Third Quarter 2011 Results

For the three months ended September 30, 2011, the Company reported Voyage Revenues of $13.1 million, Operating Loss of $18.3 million and Net Loss of $19.2 million. During the same period, Net cash provided by operating activities was $4.8 million and Adjusted EBITDA was a loss of $7.9 million. Please see the reconciliation of Adjusted EBITDA to net cash provided by operating activities below.

The Company owns a fleet of eleven vessels, comprised of six drybulk vessels (four Capesize and two Panamaxes) and five under construction Very Large Ore Carriers (VLOC). The fleet has a combined deadweight tonnage of about 1.9 million tons. During the three months ended September 30, 2011, the Company operated an average of six drybulk vessels that earned an average time charter equivalent rate, or TCE, of $23,287 per day.

I am anticipating ORIG to be at the very least high 20's by November, and hopefully 30+. Book Value is $21. If ORIG sees 30, the total return on Oceanfreight is 27 dollars. That means there is still a possible 57% return within 2 months on the table here.

http://messages.finance.yahoo.com/St...26&tof=1&frt=2

booyah

this has been my core for a month now.
looking forward to the Ocean Rig shares
and 11.25 cash.

"Most of OCNF fleet was purchased from DRYS at the expense of shareholders.. Now, DRYS is going to by OCNF and get their ships back for nothing.. Pretty sweet game this family has set up. ......" POST BY guru in YMB

http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_O/threadview?m=tm&bn=51520&tid=37362&mid=37400&tof=1&rt=2&frt=2&off=1

'.52326 shares of Ocean Rig at current $16.36 is $8.56

$8.56 + $11.25 = $19.81 (the sale price).

But RIG should go HIGHER if US listed giving current OCNF holders over $20 for each share.'
post by unsinkables YMB
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_O/threadview?m=tm&bn=51520&tid=37362&mid=37396&tof=1&rt=2&frt=2&off=1

DryShips Inc. Announces Exchange Offer of Common Shares by Ocean Rig UDW Inc.
Posted: AUG 29, 2011 - 00:05 ET

FOR: DRYSHIPS INC.


ATHENS, GREECE--(Marketwire - August 29, 2011) - DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, today announced the commencement of an offer by its majority-owned subsidiary, Ocean Rig UDW ("Ocean Rig"), to exchange up to 28,571,428 new shares of Ocean Rig common stock (the "Exchange Shares") that have been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") for an equivalent number of common shares of Ocean Rig previously sold in a private offering in December 2010 (the "Original Shares"). The exchange offer is being conducted upon the terms and subject to the conditions set forth in the prospectus dated August 26, 2011, and the related letter of transmittal. The Exchange Shares are identical to the Original Shares, except that the Exchange Shares have been registered under the Securities Act and, therefore, will not bear legends restricting their transfer.

The exchange offer will expire at 5:00 p.m., New York City time, 11:00 p.m., Oslo time, on September 27, 2011, unless extended by the Company. Tenders of the Original Shares must be properly made before the exchange offer expires and may be withdrawn at any time before the expiration of the exchange offer.

This release is does not constitute an offer to sell, or the solicitation of an offer to buy, securities. The exchange offer is being made only pursuant to a prospectus and the related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.

About DryShips
DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 4 of which remain to be delivered to Ocean Rig during 2011 and 2013. DryShips owns a fleet of 36 drybulk carriers (including newbuildings), comprising 8 Capesize, 26 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.4 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons.

DryShips' common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."

Visit the Company's website at www.dryships.com.

Forward-Looking Statements

here's your chance.


OCNF is getting bought out
by DryShips. DRYS owner's nephew is ceo of OCNF.
Here is the announcement:
http://finance.yahoo.com/news/DryShips-Inc-OceanFreight-Inc-iw-539258316.html?x=0&.v=1

Now, in reaction OCNF went up to 18, rightfully so..
but with these market gyrations in the last two weeks, and Ocean Rig
shares coming down some, it's in the 12 dollar range ( OCNF ).
It has a low float. Ocean Rig is a subsidiary of DRYS of which
OCNF shares are getting .52326 per OCNF share of. It is going to IPO
on the Nasdaq in the 4th Quarter or sooner. Ocean Rig, which is a deep
water oil drilling co, (ships that drill oil), currently only
trades on the Oslo Exchange, where it has gone down like everything
else, but is still 88 Norwegian Krone, which is $16.07 USD per share.
The stock will IPO for 21-26. We get just over half of that AND
$11.25 in cash from DRYS. Ocean Rig already has contracts over a billion dollars.
These are cutting edge drill ships.

Scroll Down for Ocean Rig quote:
http://otc.nfmf.no/public/otc-list.html

With the price they plan on paying - sure wish I had this one instead...

at least for one quick moment, right? :)

I would have been amongst the dumpies on that news!

I think it's Ridiculous. Absolutely ridiculous!

All I can say about that is...


Those Greeks and their family's are one tight group!

J..good post on your DRYS board. OCNF"er click #msg-65699982 for handy access.

Regarding suspicious volume, etc, thought it also that an OCNFD board was created, now deleted, just before 3PM July 25th the afternoon before the news hit the streets AM July 26th.

Why would a Company (DRYS) pay 3X’s the Real-Time PPS that another Company has been currently trading for during that same period? What am I missing?

1) It's cheaper then buying six ships out right?

2) Although not confirmed by me (YET)... and something I certainly missed if true... there seems to be a relationship between the two owners?

Apparently George (DRYS CEO) has another name he goes by when dealing with OCNF and that would be -

Uncle George.

According to a post on the DRYS board, It's a family thing.

PLEASE Tell me that's not true.

J, I’m thinking this DRYS/OCNF is Wall Street defective?

Thinking it’s not going to go, not going to pan out, not going to go thru …in my humble opinion it is not going to happen.

Why would a Company (DRYS) pay 3X’s the Real-Time PPS that another Company has been currently trading for during that same period? What am I missing?

Should I be thinking more Short than Buy at this juncture! (not that I short….just saying?)

I'm thinking OCNF[d]'s pps is going to hit the floor. Just thinking out loud that this just ain't right for DRYS to buy OCNF[d] at it’s 300-Day SMA PPS average?





Why would George even suggest that?

Onward Thru the Fog?

Original iHub OCNF didn’t disappear :o)

This OCNF iHub board has always been here.

Another second board OCNFD simply appeared in the meantime….Yesterday at 3PM, without a Moderator and/or without a post at the time of that board's original creation.

Perhaps my bad, perhaps I, or one of us here, should have requested iHub to add a “d” to the stock ticker OCNF on this message board for 20 trading days? Heck, at the time I figured wft Scov, just do a couple OCNF[d] charts in the meantime and we will all come full circle and be whole again early August.

Whatever...Nuff about that!

You are right.. that is the one. Now DRYS shareholders will have to share some bread crumbs with OCNFd holders.

Eastern thunder; Blank message box.

Very fishy indeed! First OCNF board disapeared. OCNFD surfaced .. Those shity vessel magnets benefited at the expense of equity holders after two reverse splits. Wondered why Greece in deep shit!

Oh no.. Right stock.

Knowing George he probably did very well.

New board, aye? When one could just change the symbol here? Add a D for the short period in time that would have been needed. What they keep the D for several weeks or something like that.

I imagine someone did a scan and just couldn't find a board due to this being set up on the old symbol and not the temp symbol?

Wasn’t there talk of DRYS spinning off Ocean Rig issuing some stock to current DRYS shareholders as a dividend? Maybe I'm thinking of another stock?

Anyway, wonder how many shares of OCNF[D] George and family got picked up at or below $6 last week?

Also wondering when the very first PR was announced, yesterday afternoon? Looks like this morning to me? Is it strange that an OCNFD board (#board-21813) was created on iHub yesterday afternoon just short of 3PM?

I keep looking at that thinking..Okay. Where's the benefit to DRYS? Seems like normal George craziness, and I find it interesting everyone else is getting shares of our little Ocean Rig except the current DRYS shareholders... but he does get 6 ships for 118m.

I'm going to have to look up what he typically pays for a ship.

Kudos to the current Ocean Freight shareholders. Welcome to our nightmare.

(RUN! RUN! ;) Just kidding.

Well I'll be darn! Greek Shippers merging?

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7727806

DRYSHIPS INC. AND OCEANFREIGHT INC. ANNOUNCE MERGER AGREEMENT
ATHENS, GREECE — July 26, 2011 — DryShips Inc. (NASDAQ: DRYS) and OceanFreight Inc. (NASDAQ: OCNF) announced today that the companies have entered into a definitive agreement for DryShips to acquire the outstanding shares of OceanFreight for consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deepwater drilling services that is 78% owned by DryShips. The Ocean Rig shares that will be received by the OceanFreight shareholders will be from currently outstanding shares held by DryShips. Under the terms of the transaction, the Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger.

------------>

(thanks for posting J)

Oh man....

http://investorshub.advfn.com/boards/post_reply.aspx?message_id=65559322

New 52-Lows. Prior .30 x 1-20r/s = $6

I don't think it knows which way to go.

Whatever happened to make it go up like it did in the last hour? I've never seen than in a RS situation.

Closed on the 5th at .35. Should have opened on the 6th at 7.00 instead opened at 6.78. Now sitting at 6.10. Looks like another typical reverse split.

Now everyone has to wait while they make the stock transfer change. That's usually about 5 business days. In the mean time, I suspect the stock price will go down. Best of luck to all who held on.

fwiw, tossing out a couple “quick” OCNF[D] charts

only good for 20-days than back to OCNF....

I have been through 6 reverse splits and have never came out ahead. My last was E trade and that's still down from the time of the split. So beware of companies bearing gifts.

OMG! Kandyass has GOT to be the WORST CEO ever!
Unbelievable!

I'll be darn..R/S 1-20. Thanks for the heads-up.

http://www.knobias.com/story.htm?eid=3.1.39d353d8d438aa167aeec86fc83f251cb83da021baebea14ffe4371843047cd8

OceanFreight Inc. Announces Reverse Stock Split to Be Effective July 6, 2011

Tuesday , July 05, 2011 08:30ET

ATHENS, GREECE -- (Marketwire) -- 07/05/11 -- OceanFreight Inc. (NASDAQ: OCNF) (the "Company") announced today that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company's Class A common stock. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the 2011 annual general meeting of shareholders held on June 15, 2011.

The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the NASDAQ Global Market, as of the open of trading on July 6, 2011. Beginning on that date, the Company's shares will trade for 20 trading days under the symbol "OCNFD" to indicate that the reverse stock split has occurred. Thereafter, the Company's symbol will revert to its original symbol "OCNF."

When the reverse stock split becomes effective, every 20 shares of the Company's issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock. This will reduce the number of outstanding shares of the Company's common stock from 118,923,797 to approximately 5,946,182.

No fractional shares will be issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company's common stock will receive a cash payment in lieu of such fractional share. Shareholders will receive instructions from the Company's exchange agent, American Stock Transfer & Trust Company, LLC, as to how to exchange existing share certificates for new certificates representing the post-reverse split shares.

Additional information about the reverse stock split can be found in the Company's proxy statement furnished to the Securities and Exchange Commission on May 17, 2011, a copy of which is available at www.sec.gov.

NEWS!!! Reverse split effective 06 July.

Do recent Filings suggest a R/S within weeks?

Is OCNF not planning to utilize the historically all so often available NASDAQ’s “second” 180-day “get the darn PPS at or above a $1.00 for a minimum of 10 consecutive days” extension before pulling the R/S trigger?

June 15th vote at the annual meeting passes a 1-3 minimum to 1-20 maximum Reverse-Split….timing wise fully executable prior to the end of the initial 180-day period coming due July 25th. . . http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7673144 . . . (& link back for original NASDAQ non-compliance 180-day notice)

I rather OCNF try to utilize the 2nd NASDAQ 180-day extension before pulling the R/S trigger.


(Mostly just thinking out loud & record keeping)


GLTA!

guess i will be the only 1 to make money here,lol

Baltic Index and Better plays than PoS OCNF!
The Number Every Shipping Investor Must Watch

By Andrew Tonner | More Articles
April 27, 2011 | Comments (3)



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In Dante's Italian classic The Inferno, the sign marking the entrance to Hell reads, "Abandon all hope, ye who enter here." Unfortunately, this pretty aptly describes the outlook for investors hoping to make a buck from owning shipping stocks as well, as the Baltic Dry Index all too clearly reveals.

The Baltic what, now?
The Baltic Dry Index tracks the prices for several kinds of dry bulk shipping. It monitors those rates across 26 key shipping routes for dry bulk ships that carry commodities such as coal, iron ore, and grain.

Economists and investors monitor this figure to gauge the future direction of the shipping industry and the global economy. From an industry-specific standpoint, shippers become more profitable by charging higher prices for their services. As such, shipping investors carefully scrutinize this figure, using it as a proxy for future revenues. And since higher prices indicate greater demand to move goods from place to place, observers also use this price to glean insights into the strength of the global economy.

The latest numbers
So far this month, the Baltic Dry Index has fallen by 18%. Continuing the index's year-long downward march, this drop demonstrates increasing overcapacity for dry bulk ships coming into service. In fact, dry bulk capacity looks poised to grow by an additional 13% throughout 2011, a figure analysts cryptically regard as "difficult to absorb."

This continued supply growth should drive further decreases in shipping rates throughout the year. Since dry bulk shipping is essentially a commodity service, individual firms take prices dictated by the market. Given all this, expect to see shipping rates continue to fall.

Unfortunately, this industrywide pain should spread to individual stocks. This likely means several more quarters of suffering for investors in big dry bulk carriers like Diana Shipping (NYSE: DSX ) and DryShips (Nasdaq: DRYS ) , as well as smaller carriers such as OceanFreight (Nasdaq: OCNF ) , Paragon Shipping (NYSE: PRGN ) , and Eagle Bulk Shipping (Nasdaq: EGLE ) .

The better shipping play
Investors interested in the shipping area might prefer to shift their attention to a better (sea) faring portion of the industry: container shipping. Projected to actually grow by 8% this year, this subset faces none of the overcapacity issues of its dry bulk brethren. This provides container shippers like Danaos (NYSE: DAC ) and Seaspan (NYSE: SSW ) with far greater upside as potential investments.

The dry bulk arena should remain pretty cutthroat for the time being. The pain of overcapacity issues will likely only get worse before it gets better. On the other hand, the shipping industry is known for its immense cyclicality. If global demand continues to strengthen in the coming years, this glut could create a buying opportunity at some point. Just don't expect it to happen now.

Want to stay up to date on the future movements in the Baltic Dry Index? Click here to add any of the stocks mentioned in this article to My Watchlist to get the latest news and analysis on your favorite shipping stocks.

POS greek family! Another R/S!

When it does.Bang zoom.

...Didn't come yet. LOL

Sold out of OCNF awhile before the LAST split...
have kept looking back to see if things were turning around.
I can not believe what a joke Kandyass is as a CEO!!!
Best of luck to you all :(

OCNF gained 10.61% on 03/22/11 and a total percentage of 14.07% in the past 2 day
OCNF is trading in the range of $0.64 - $0.83 in the past 30 days.
Commodity Channel Index (CCI) is bullish for OCNF.
OCNF formed a bullish Gap Up signal.
OCNF formed a Bullish Macd Crossover signal.
Money Flow Index (MFI) is bullish and moving up for OCNF.
OCNF formed a bullish Price & Exponential Moving Average Crossover signal.
OCNF formed a bullish Price & Simple Moving Average Crossover signal.
The 10-day simple moving average is bullish and moving up for OCNF.
Average volume decrease over 5% for OCNF.
Stock performance base on day of week in the past 90 days.
Monday: -4.32%
Tuesday: 0.71%
Wednesday: -15.47%
Thursday: -3.10%
Friday: -0.28%

Bottom must be coming soon.

yes this is the ultimate dog, i can't imagine a reality where they can pay for the new builds next year, i bought a couple thousand just before the RS and recently sold this POS for 70% loss and i think it will loose another 70% on multiple reverse splits..... This has to be one of the worst shippers in history... GL

I sold out weeks ago.

I sold this dog earlier last year after hearing that there was a reverse split coming. I sold for a 98% loss. BIG tax deduction this year. I see that the price of the stock is now faltering again, after not getting anywhere after the first reverse split. Hey, what will it take to convince you all that this company is not worth it! A second reverse split is on the horizon, and if you are still in it from the last one your shares will be worthless!

they are going to drop again, how can they afford to buy a couple new capesize ships next year?

OCNF Announces Receipt of Nasdaq Notice...(non-compliance)

Monday , January 31, 2011 09:00ET

ATHENS, GREECE -- (Marketwire) -- 01/31/11 -- OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of marine transportation services, announced today that it has received written notification from The Nasdaq Stock Market ("Nasdaq") dated January 25, 2011 indicating that because the closing bid price of the Company's common stock for the previous 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days.

This notification has no effect on the listing of the Company's common stock at this time.

The Company intends to monitor the closing bid price of its common stock between now and July 25, 2011 and is considering its options in order to regain compliance with the Nasdaq minimum bid price requirement.

BDI is on the upswing! that is a BIG positive

This is ugly...

Good Luck getting Kandyass thrown out!
Although he certainly SHOULD be!
He has got to be one of the all time WORST :)
Pretty pathetic when you reverse split and STILL can't keep your pps above $1, so you end up getting another compliance notice 7 months later...

Everyone looking forward to another RS?
Maybe if he does a 1 for 10 this time, the pps will stay above a buck for at least a year.
(don't count on it though)

Sorry :(