ATHENS, GREECE, February 6, 2023 – 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 Koch Shipping Pte.
Ltd., Singapore, for its Capesize dry bulk vessel, the m/v Baltimore. The gross
charter rate is US$13,300 per day minus a 5% commission paid to third parties, for
a period of minimum five (5) months to about eight (8) months. The charter is
expected to commence on February 9, 2023. The m/v Baltimore is currently
chartered to Enesel Bulk Logistics DMCC at a gross charter rate of US$12,900
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$2.0 million 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). As previously disclosed, the Company
also expects to take delivery of one Panamax dry bulk vessel by the end of
February 2023. 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 severity, magnitude and duration of the COVID-19
pandemic, including impacts of the pandemic and of businesses’ and governments’
responses to the pandemic on our operations, personnel, and on the demand for
seaborne transportation of bulk products; 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, 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.
Download:
