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OceanPal Inc. Announces Delivery of the Capesize Dry Bulk Vessel m/v Baltimore and Time Charter Contract With Hyundai

OceanPal Inc., a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Baltimore, a 2005 built Capesize dry bulk vessel of 177,243 dwt that the Company entered into an agreement to purchase in June 2022.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Glovis Co. Ltd, for m/v Baltimore, for a trip of about thirty-five (35) days with agreed gross charter rate of US$15,000 per day, minus a 5% commission paid to third parties. In the event that the trip duration exceeds forty (40) days, the gross charter rate will be US$18,000 per day, minus a 5% commission paid to third parties, for each additional day. The charter commenced earlier today.

The employment of “Baltimore” is anticipated to generate approximately US$600,000 of gross revenue for the scheduled period of the time charter.

OceanPal Inc.’s fleet currently consists of 4 dry bulk vessels (2 Capesize and 2 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.
Source: OceanPal Inc.

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