OceanPal Inc. Announces Delivery of the Capesize Dry Bulk Vessel m/v Baltimore and Time Charter Contract with Hyundai Glovis

Athens, Greece - September 21, 2022





OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Baltimore, a 2005 built Capesize dry bulk vessel of 177,243 dwt that the Company entered into an agreement to purchase in June 2022.

The Company also 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 US$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 US$18,000 per day, minus a 5% commission paid to third parties, for each additional day. The charter commenced earlier today.

The employment of "Baltimore" is anticipated to generate approximately US$600,000 of gross revenue for the scheduled period of the time charter.

OceanPal Inc.'s fleet currently consists of 4 dry bulk vessels (2 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