OceanFreight Inc. (NASDAQ: OCNF) has all the earmarks of DryShips, Inc. (NASDAQ: DRYS), save its size. It has almost the same degree of volatility in its 52-week range, is actively traded, is still a small cap stock (Micro-cap in this case), is in the same sectors of shipping, and its headquarters is in Greece with many shipping companies. Shares are running this morning after last night’s earnings report.
The company reported net income of $2.6 million or $0.13 per common share; Gross Revenues amounted to $34.2 million, Operating Income amounted to $7.4 million. An average of 12.8 vessels were owned and operated during the first quarter of 2009, earning an average Time Charter Equivalent, or TCE rate, of $29,256 per day. The company also noted that it had total liquidity of about $108 million as of yesterday.
As of yesterday, it has, under its Standby Equity Purchase Agreement, raised approximately $111.6 million of gross proceeds with YA Global Master SPV Ltd. This month it also repaid $25 million in connection with the M/T Tamara and M/T Tigani that was carrying a rate of 9% to 9.5%.
It is hard to know the exact market cap now that it has raised capital. The market cap is listed as $37 million after an 11% gain, although that is likely much different now that it has raised capital.
Today’s $2.00 share price compares to a 52-week trading range of $0.80 to $26.96. We have seen 12.2 million shares trade hands as of 10:19 AM EST, and the average volume is about 5 million shares.
JON C. OGG
MAY 20, 2009