ATHENS, GREECE, April 12, 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 Louis Dreyfus
Company Freight Asia Pte Ltd, for one of its Panamax dry bulk vessels, the m/v Melia.
The gross charter rate is US$14,000 per day minus a 5% commission paid to third
parties, for a period of minimum one hundred twenty (120) days to about one
hundred eighty (180) days. The charter commenced on April 9, 2023.
The “Melia” is a 76,225 dwt Panamax dry bulk
vessel built in 2005.
The employment of “Melia” is anticipated to
generate approximately US$1.68 million of gross revenue for the minimum scheduled
period of the time charter.
OceanPal Inc.’s fleet currently consists of 5 dry
bulk vessels (2 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 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.
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