Oceanaut, Inc., a $150 million AMEX-listed SPAC priced in March 2007, has announced plans to dissolve, citing a board of directors’ determination that there is not enough time for it to complete its acquisition of four dry bulk vessels for $352 million.

The SPAC, helmed by Christopher J. Georgakis, CEO & President, Eleftherios (Lefteris) A. Papatrifon, CFO and George Agadakis, COO, all employees of Excel Maritime Carriers, will proceed with liquidation proceedings at a special meeting on March 16, 2009.

This SPAC is an example of a blind pool that was raised by a corporation, as opposed to private sponsors, with Excel Maritime Carriers (Excel Maritime Carriers Ltd is an owner and operator of dry bulk carriers and a provider of seaborne transportation services for dry bulk cargo) investing (and losing by ultimately paying out to shareholders) $11 million in the IPO.

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