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Marine Log

October 15, 2007

Blank check company buys bulkers

Athens-based Oceanaut, Inc. (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) today announced that it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $700 million in cash, nine dry bulk carriers including five newbuildings, from companies associated with members of the Restis family. The Company also announced that it has entered into definitive agreements pursuant to which it has agreed to issue 10,312,500 shares of its common stock, at a purchase price of $8.00 per share, in exchange for an aggregate investment by separate companies associated with members of the Restis family of $82,500,000.

Oceanaut is a "blank check" company sponsored by Excel Maritime Carriers that filed a $150 million IPO in February.

Following the completion of the fleet acquisition and investment, companies associated with members of the Restis family are expected to own approximately 30% of the Oceanaut's outstanding shares of common stock. Excel Maritime Carriers Ltd. and its affiliates currently own approximately 24% of the company's outstanding shares of common stock.

On delivery of the vessels, the fleet will consist of two Capesize, four Panamax and three Supramax dry bulk carriers with a combined capacity of 809,000 dwt. an Average fleet age will be approximately seven years upon delivery of all newbuilding vessels. The two Supramax dry bulk carriers are scheduled for delivery in 2008 and the third Supramax dry bulk carrier, together with the two Capesize dry bulk carriers, are scheduled for delivery in 2009.

After the closing of the transaction, Maryville Maritime Inc. will provide technical management services and Safbulk Pty Ltd. will provide commercial management services to Oceanaut's fleet.

"We are pleased to bring this significant fleet acquisition and synergistic investment to our shareholders," said Mr. Christopher Georgakis, Chief Executive Officer and President of Oceanaut. "We believe that the quality of the acquired fleet in this transaction combined with sound technical and commercial vessel ship management practices, will result in Oceanaut being well-positioned to become a significant player in the fragmented dry bulk shipping sector."

Georgakis is also CEO, President and a director of Excel Maritime Carriers.

The company's acquisition of the fleet of dry bulk carriers and the issuance of its common stock in exchange for the $82,500,000 investment are conditioned upon the consummation of such other transaction and are each subject to the approval of Oceanaut's shareholders.

Oceanaut will also file a Current Report on Form 8-K disclosing further details on the fleet acquisition and investment and attaching copies of the definitive agreements.

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