OceanPal Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is USD 13,300 per day minus a 5% commission paid to third parties, for a period of minimum five (5) months to about eight (8) months.

The charter is expected to commence on February 9, 2023. The m/v Baltimore is currently chartered to Enesel Bulk Logistics DMCC at a gross charter rate of USD 12,900 per day, minus a 5% commission paid to third parties. The “Baltimore” is a 177,243 dwt Capesize dry bulk vessel built in 2005.

The employment of “Baltimore” is anticipated to generate approximately USD 2.0 million of gross revenue for the scheduled period of the time charter.