OceanPal Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Pacbulk Shipping Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The gross charter rate is USD 15,400 per day minus a 5% commission paid to third parties, for a period of minimum sixty (60) days up to maximum July 29, 2023.

The charter commenced on April 25, 2023. The m/v Salt Lake City was previously chartered to Richland Bulk Pte. Ltd., at a gross charter rate of USD 5,100 per day, minus a 5% Commission paid to third parties.

The "Salt Lake City" is a 171,810 dwt Capesize dry bulk vessel built in 2005. The employment of "Salt Lake City" is anticipated to generate approximately USD 924,000 of gross revenue for the minimum scheduled period of the time charter. OceanPal Inc.'s fleet currently consists of 5 dry bulk vessels (2 Capesize and 3 Panamax).