OceanPal Inc. Announces Time Charter Contract for m/v Calipso

Athens, Greece - July 5, 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 ETG Commodities Ltd for its Panamax dry bulk vessel, the m/v Calipso.

The gross charter rate is US$19,600 per day minus a 5% commission paid to third parties, for a period of about ninety (90) days. The charter commenced on July 2, 2022.

The "Calipso" is a 73,691 dwt Panamax dry bulk vessel built in 2005.

The employment of "Calipso" is anticipated to generate approximately US$1.76 million of gross revenue for the scheduled period of the time charter.

OceanPal Inc.'s fleet currently consists of 3 dry bulk vessels (1 Capesize and 2 Panamax). As previously disclosed, the Company also expects to take delivery of one Capesize dry bulk vessel in the third quarter of 2022.

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