OceanPal Inc. Announces Time Charter Contract for m/v Salt Lake City with Koch

Athens, Greece - June 6, 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 Koch Shipping Pte. Ltd., Singapore for its Capesize dry bulk vessel, the m/v Salt Lake City.

The gross charter rate is US$29,750 per day minus a 5% commission paid to third parties, for a period of minimum four (4) months up to maximum seven (7) months. The charter is expected to commence on June 8, 2022.

The m/v Salt Lake City is currently chartered to C Transport Maritime Ltd., Bermuda at a gross charter rate of US$13,000 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 US$3.57 million of gross revenue for the minimum scheduled period of the time charter (i.e. about 120 days).

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.

OceanPal Inc. press release