ATHENS, GREECE, February 18, 2022 – OceanPal
Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in
the ownership of vessels, today announced the cancellation of the time charter
contract with Crystal Sea Shipping Co., Limited for its Panamax dry bulk
vessel, the m/v Calipso, as announced on February 11, 2022. Charterers have
exercised their right to cancel the time charter contract since the vessel was
not delivered, due to unforeseen delays during berthing and discharging
operations, unrelated to the condition of the vessel, within the pre-agreed
period.
The Company today also announced that, through
a separate wholly-owned subsidiary, it has entered into a time charter trip contract
with Atlantic Coal And Bulk Pte. Ltd. for the aforementioned vessel, at a gross
charter rate of US$17,850 per day, minus a 5% commission paid to third parties,
for about twenty-five (25) days. The charter commenced earlier today.
The “Calipso” is a 73,691 dwt Panamax dry bulk
vessel built in 2005.
OceanPal Inc.’s fleet currently consists of 3
dry bulk vessels (1 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.
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,
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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