OceanPal Inc. Announces Time Charter Contract for m/v Baltimore with Koch

Athens, Greece - February 6, 2023

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 entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for its Capesize dry bulk vessel, the m/v Baltimore.

The gross charter rate is US$13,300 per day minus a 5% commission paid to third parties, for a period of minimum five (5) months to about eight (8) months. The charter is expected to commence on February 9, 2023.

The m/v Baltimore is currently chartered to Enesel Bulk Logistics DMCC at a gross charter rate of US$12,900 per day, minus a 5% commission paid to third parties.

The "Baltimore" is a 177,243 dwt Capesize dry bulk vessel built in 2005.

The employment of "Baltimore" is anticipated to generate approximately US$2.0 million 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). As previously disclosed, the Company also expects to take delivery of one Panamax dry bulk vessel by the end of February 2023.

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.

Capesize dry bulk carrier m/v Baltimore.   Image by OceanPal Inc.

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