Oceanpal Inc. Announces Time Charter Contract For M/V Baltimore With Richland Bulk And The Sale Of M/V Baltimore; Gross Charter Rate Is $22,000 Per Day Minus A 5% Commission Paid To Third Parties

OceanPal Inc. (NASDAQ:OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Richland Bulk Pte. Ltd., for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is US$22,000 per day minus a 5% commission paid to third parties, for a period until minimum September 15, 2024 up to maximum November 15, 2024. The charter is expected to commence in mid-May. The m/v Baltimore is currently chartered to Richland Bulk Pte. Ltd., at a gross charter rate of US$13,500 per day, minus a 5% commission paid to third parties.

 

The "Baltimore" is a 177,243 dwt Capesize dry bulk vessel built in 2005.

The employment of "Baltimore" is anticipated to generate approximately US$2.64 million of gross revenue for the scheduled period of the time charter.

The Company also announced that it has signed, through the same wholly-owned subsidiary, a Memorandum of Agreement to sell to a third party, the 2005-built vessel "Baltimore", with delivery to the buyer latest by November 20, 2024, for a sale price of US$18.25 million before commissions.

Upon completion of the aforementioned sale, OceanPal Inc.'s fleet will consist of 4 dry bulk vessels (1 Capesize and 3 Panamax). A table describing the current OceanPal Inc. fleet can be found on the Company's website, www.oceanpal.com. Information contained on the Company's website does not constitute a part of this press release.