OceanPal Inc. Announces Appointments of Executive Officers and Time Charter Contract for m/v Salt Lake City

Athens, Greece - April 25, 2023

OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that it has appointed Vasiliki Plousaki as the Company's new Chief Financial Officer, and appointed Margarita Veniou as the Company's Secretary in addition to her current position of Chief Corporate Development & Governance Officer, effective as of April 25, 2023. In their new roles, Ms. Plousaki and Ms. Veniou succeed Ioannis Zafirakis, who is resigning from his positions as the Company's Interim Chief Financial Officer, President and Secretary, offices he has held since November 2021. Mr. Zafirakis will continue to serve as a Class III director of the Company.

Ms. Plousaki has served as the Chief Accounting Officer of the Company since June 2021, during which time she has been responsible for all financial reporting requirements.

Ms. Veniou has served as Chief Corporate Development and Governance Officer of the Company since November 2021 and has been responsible for the implementation and supervision of general corporate matters, including the development of the Company's strategic plans.

Time Charter Contract
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Pacbulk Shipping Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The gross charter rate is US$15,400 per day minus a 5% commission paid to third parties, for a period of minimum sixty (60) days up to maximum July 29, 2023. The charter commenced yesterday. The m/v Salt Lake City was previously chartered to Richland Bulk Pte. Ltd., at a gross charter rate of US$5,100 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$924,000 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