For the first quarter of 2011, the company posted an operating income of $1.72m, compared to $7.08m for the same period in 2009.

Voyage revenues were $16.04m for the first quarter of 2011, compared to $28.8m for the same period in 2010. Voyage expenses were $1.26m, compared to $1.24m for the same period in 2010.

An average of 8.6 vessels were owned and operated during the first quarter of 2011, earning an average Time Charter Equivalent, or TCE rate, of $18,972 per day.

Anthony Kandylidis, CEO of the company, said: “We are happy to announce a profitable quarter for the first three months of 2011 despite the challenging environment that the drybulk market is facing today. This is a result of our conscious decision to lock our fleet in long term time charters, which today stand well above the spot and period freight rates.

“In May 2011 we also finalized the sale of the M/T Olinda, the last tanker in our fleet. The cancellation of the original sale illustrates the challenges in the industry where lack of financing for shipping transactions is becoming more evident.”

OceanFreight is an owner and operator of drybulk vessels that operate worldwide. OceanFreight owns a fleet of eleven vessels, comprised of six drybulk vessels (four Capesize and two Panamaxes) and five new-building very large ore carriers with a combined deadweight tonnage of about 1.9 million tons.

Will the company increase gross revenue in Q2?

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