ATHENS,
GREECE, January 21, 2025 – 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 signed a Memorandum of
Agreement to sell to a third party, the 2005-built vessel “Salt Lake City”,
with delivery to the buyer latest by February 20, 2025, for a sale price of
US$16.1 million before commissions.
Upon
completion of the aforementioned sale, OceanPal Inc.’s fleet will consist
of 3 Panamax dry bulk vessels and an MR2 tanker vessel. 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, specializing in
the ownership and operation of dry bulk vessels and product tankers. The
Company is engaged in the seaborne transportation of bulk commodities,
including iron ore, coal, and grain, as well as refined petroleum products.
OceanPal’s fleet is primarily employed on time charter trips with short to
medium duration and spot charters, with a strategic focus on maximizing
long-term shareholder value.
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 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, including the escalation of the
conflict in the Middle East, 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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