ATHENS, GREECE, September 21, 2022 – 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 taken delivery of the m/v Baltimore, a 2005 built Capesize
dry bulk vessel of 177,243 dwt that the Company entered into an agreement to
purchase in June 2022.
The Company also announced that, through a
separate wholly-owned subsidiary, it has entered into a time charter contract
with Hyundai Glovis Co. Ltd, for m/v Baltimore, for a trip of about thirty-five
(35) days with agreed gross charter rate of US$15,000 per day, minus a 5%
commission paid to third parties. In the event that the trip duration exceeds
forty (40) days, the gross charter rate will be US$18,000 per day, minus a 5%
commission paid to third parties, for each additional day. The charter
commenced earlier today.
The employment of “Baltimore” is anticipated to
generate approximately US$600,000 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). 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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