OceanPal Inc. Announces Time Charter Contract for m/v Melia with Louis Dreyfus

Athens, Greece - April 12, 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 Louis Dreyfus Company Freight Asia Pte Ltd, for one of its Panamax dry bulk vessels, the m/v Melia.

The gross charter rate is US$14,000 per day minus a 5% commission paid to third parties, for a period of minimum one hundred twenty (120) days to about one hundred eighty (180) days. The charter commenced on April 9, 2023.

The "Melia" is a 76,225 dwt Panamax dry bulk vessel built in 2005.

The employment of "Melia" is anticipated to generate approximately US$1.68 million of gross revenue for the minimum scheduled period of the time charter.

OceanPal Inc.'s fleet currently consists of 5 dry bulk vessels (2 Capesize and 3 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