OceanFreight terminates $450 million equity distribution agreement

By Devika Patel

Knoxville, Tenn., March 18 - OceanFreight Inc. said it has terminated its $450 million three-year standby equity distribution agreement with YA Global Master SPV Ltd. The deal was negotiated in July.

The program has been inactive since January, and as of Thursday the company raised approximately $99.7 million in proceeds. It has 181,800,001 in shares outstanding.

OceanFreight is an Athens, Greece-based development-stage company. Its fleet consists of nine secondhand drybulk carriers that mainly transport iron ore, coal, grains and minerals, fertilizers and two secondhand tanker vessels that transport crude oil.

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