ATHENS, GREECE, July 5, 2022 – OceanPal Inc.
(NASDAQ: OP) (the “Company”), a global shipping company specializing in the
ownership of vessels, today announced that it has entered into a time charter contract
with ETG Commodities Ltd for its Panamax dry bulk vessel, the m/v Calipso. The
gross charter rate is US$19,600 per day minus a 5% commission paid to third
parties, for a period of about ninety (90) days. The charter commenced on July
2, 2022.
The “Calipso” is a 73,691 dwt Panamax dry bulk
vessel built in 2005.
The employment of “Calipso” is anticipated to
generate approximately US$1.76 million of gross revenue for the scheduled
period of the time charter.
OceanPal Inc.’s fleet currently consists of 3
dry bulk vessels (1 Capesize and 2 Panamax). As previously disclosed, the Company
also expects to take delivery of one Capesize dry bulk vessel in the third
quarter of 2022. 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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