ATHENS, GREECE, March 2, 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 Tongli Shipping Pte. Ltd. for its Panamax dry bulk vessel, the m/v Calipso.
The gross charter rate is US$24,500 per
day minus a 5% commission paid to third parties, for a period of minimum ninety
(90) days up to maximum August 5, 2022. The charter is expected to commence on March
9, 2022. The m/v Calipso is currently chartered, as previously announced, at a
gross charter rate of US$17,850 per day, minus a 5% commission paid to third
parties.
The “Calipso” is a 73,691 dwt
Panamax dry bulk vessel built in 2005.
The employment of “Calipso” is
anticipated to generate approximately US$2.21 million of gross revenue for the
minimum scheduled period of the time charter.
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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