Oceanpal Inc. Announces Time Charter Contract for M/V Baltimore With Richland Bulk and the Sale of M/V Baltimore
April 30 2024 - 9:14AM
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.
About the Company
OceanPal Inc. is a global provider of shipping
transportation services through its ownership of vessels. The
Company’s vessels currently transport a range of dry bulk cargoes,
including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes and it is expected that
the Company’s vessels will be primarily employed on short term time
and voyage charters following the completion of their current
employments.
Forward Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, Company management’s examination of historical
operating trends, data contained in the Company’s records and other
data available from third parties. Although the Company believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are
beyond the Company’s control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for dry bulk
shipping capacity, changes in the Company’s operating expenses,
including bunker prices, drydocking and insurance costs, the market
for the Company’s vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, including risks associated with the
continuing conflict between Russia and Ukraine and related
sanctions, potential disruption of shipping routes due to accidents
or political events, including the escalation of the conflict in
the Middle East, vessel breakdowns and instances of off-hires and
other factors. Please see the Company’s filings with the U.S.
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The Company undertakes
no obligation to revise or update any forward-looking statement, or
to make any other forward-looking statements, whether as a result
of new information, future events or otherwise.
Corporate Contact:
MargaritaVeniou
Chief Corporate Development and Governance Officer
and Secretary
Telephone: +30-210-9485-360
Email: mveniou@oceanpal.com
Website: www.oceanpal.com
X: @OceanPal_Inc
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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