StockFetcher Forums · General Discussion · ?does ANY one see the triple bottom on OCNF?<< >>Post Follow-up
mystiq
650 posts
msg #89566
Ignore mystiq
modified
3/14/2010 4:10:05 AM

(-.-) that is still forming ?



-u have to look at it on the 2yr chart-

Venice
76 posts
msg #89583
Ignore Venice
3/14/2010 9:29:25 PM

Added to watchlist... a rare occasion these are!!

mystiq
650 posts
msg #89888
Ignore mystiq
modified
3/19/2010 12:49:51 AM


TimelessWealtth.net: Bulk Transporter Raises Cash, Terminates Stock Offering Program.

OceanFreight Inc. (NASDAQ:OCNF) revealed on Thursday that the company had terminated their financing agreement with YA Global, an affiliate of Yorkville Advisors LLC where “[…]the Company had the option to issue and sell shares worth up to $450 million.” The announcement further stated that “the Company raised approximately $99.7 million of gross proceeds”. While the agreement was still in place, OceanFreight’s price per share (PPS) declined more than 50% in a six-month period.

OceanFreight Inc. may appeal to investors after being discounted during their ‘offering’ activities. The Company will now have the opportunity to employ $99.7M towards settlement of debt, financing of operating activities, and ultimately the enhancement of shareholder value.

Shares of OceanFreight Inc. rebounded off a 52-week low ($0.70) in early February. Since that period, the price has thrice tested support suggesting a bullish triple-bottom chart pattern. Below, TimelessWealth.net Staff have identified an ‘entry’ strategy.

In early March the Company announced it would take action to regain NASDAQ listing compliance by suggested a reverse stock split. The Company’s primary goal appears to be reinstating shareholder value to levels prior to their stock offering. OceanFreight’s 52-week high in May of 2009 was $2.10/share.


Best regards,
TimelessWealth.net Staff.



TimeLessWealth.net
OceanFreight, Inc. (NASDAQ: OCNF)
On Thursday OceanFreight Inc. revealed the company had terminated a public stock offering program. The Company reported to have raised just under $100M, construed to be used towards financing operations, growth, and reinstatement of shareholder value. A bullish 'triple-bottom' chart pattern had formed, suggested a 'bottom-play'. The key breakout level is the trending 50MA, currently listed at $0.84/share. Support is found at $0.71.

mystiq
650 posts
msg #89904
Ignore mystiq
3/19/2010 3:36:59 AM

OCEANFREIGHT INC ( OCNF ) Last 0.78 Change 0.00 Bid 0.00 Ask 0.00 Volume 0 Trade | News | Chart OCNF @ 0.78 September 10 Calls 183 Days to Exp


Strike Bid Ask Last Change Volume Open Int Day High Day Low Delta Gamma Imp Vol
2.5 0.05 0.10 0.05 -0.05 80 373 0.05 0.05 0.059 0.243 139.92%


(-.0)

mystiq
650 posts
msg #90207
Ignore mystiq
3/24/2010 6:10:56 AM

OceanFreight Inc. Announces an Order for Three VLOCsATHENS, GREECE--(Marketwire - March 23, 2010) - OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has entered into an agreement to build three 206,000 DWT Very Large Ore Carriers (VLOCs) at Shanghai Waigaichao Shipbuilding. Two of the vessels are scheduled to be delivered in the second and fourth quarters of 2012 and the third vessel is scheduled to be delivered in the first quarter of 2013. The total purchase price for the three vessels is approximately $204 million.

Basset Holdings, our founding shareholder controlled by our CEO, Anthony Kandylidis, has agreed to support the Company's expansion plan by making a commitment to provide up to 50% of the total contract price or $102 million in the form of an unsecured shareholder loan. The pricing of the shareholder loan will be on an arms-length basis and in line with third party market pricing.

Utilizing our existing relationships with our charterers, OceanFreight has entered into the following time charter agreements thereby securing long term employment for these vessels upon their respective deliveries:

•Newbuilding #1: Upon delivery in the second quarter of 2012 the vessel will commence fixed rate employment for a minimum period of three years at a gross rate of $25,000 per day.
•Newbuilding #2: Upon delivery in the fourth quarter of 2012 the vessel will commence fixed rate employment for a minimum period of five years at a gross base rate of $23,000 per day. The time charter contract includes a 50% profit share arrangement that applies from above the base rate to $40,000 per day.
•Newbuilding #3: Upon delivery in January 2013 the vessel will commence fixed rate employment for a minimum period of seven years at a gross rate of $21,500 per day. The time charter contract includes a 50% profit share arrangement that applies from above the base rate to $38,000 per day.
The company expects to finance these acquisitions with a combination of cash currently on-hand, internally generated cash flows and debt through the support of Basset Holdings.

Anthony Kandylidis, Chief Executive Officer of the Company, commented:

"This newbuilding order is pivotal for the long-term development of OceanFreight. These three high specification bulk carriers were ordered at the behest of our customers and are specifically designed to serve the long-haul Brazil to China iron ore trade. Utilizing our close relationships with charterers we have secured employment for the vessels well in advance of their contractual delivery dates thereby locking in visible cash flows. The staggered periods and profit sharing element of the charters will serve us well into the future achieving both profitability and upside potential. Basset's support for the project ensures that the project is fully funded from day one."


StockFetcher Forums · General Discussion · ?does ANY one see the triple bottom on OCNF?<< >>Post Follow-up

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