ATHENS, GREECE, April 25, 2023 – OceanPal Inc.
(NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership
of vessels, today announced that it has appointed Vasiliki Plousaki as the
Company’s new Chief Financial Officer, and appointed Margarita Veniou as the
Company’s Secretary in addition to her current position of Chief Corporate Development
& Governance Officer, effective as of April 25, 2023. In their new roles,
Ms. Plousaki and Ms. Veniou succeed Ioannis Zafirakis, who is
resigning from his positions as the Company’s Interim Chief Financial Officer,
President and Secretary, offices he has held since November 2021. Mr. Zafirakis will continue to serve as a Class III director of the Company.
Ms. Plousaki has served as the Chief Accounting
Officer of the Company since June 2021, during which time she has been
responsible for all financial reporting requirements.
Ms. Veniou has served as Chief Corporate
Development and Governance Officer of the Company since November 2021 and has
been responsible for the implementation and supervision of general corporate
matters, including the development of the Company’s strategic plans.
Time Charter Contract
The Company also announced that, through a separate
wholly-owned subsidiary, it has entered into a time charter contract with
Pacbulk Shipping Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v
Salt Lake City. The gross charter rate is US$15,400 per day minus a 5%
commission paid to third parties, for a period of minimum sixty (60) days up to
maximum July 29, 2023. The charter commenced yesterday. The m/v Salt Lake City
was previously chartered to Richland Bulk Pte. Ltd., at a gross charter rate of
US$5,100 per day, minus a 5% commission paid to third parties.
The “Salt Lake City” is a 171,810 dwt Capesize dry
bulk vessel built in 2005.
The employment of “Salt Lake City” is anticipated to
generate approximately US$924,000 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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