OceanPal Inc. 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 USD 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 USD 18,000 per day, minus a 5% commission paid to third parties, for each additional day.

The charter commenced on September 21, 2022. The employment of “Baltimore” is anticipated to generate approximately USD 600,000 of gross revenue for the scheduled period of the time charter.