Home MarketsChartering OceanPal Inc. Announces Cancellation of Time Charter Contract and New Short Term Contract for m/v Calipso

OceanPal Inc. Announces Cancellation of Time Charter Contract and New Short Term Contract for m/v Calipso

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OceanPal Inc. Announces Cancellation of Time Charter Contract and New Short Term Contract for m/v Calipso

ATHENS, GREECE, February 18, 2022 – OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced the cancellation of the time charter contract with Crystal Sea Shipping Co., Limited for its Panamax dry bulk vessel, the m/v Calipso, as announced on February 11, 2022. Charterers have exercised their right to cancel the time charter contract since the vessel was not delivered, due to unforeseen delays during berthing and discharging operations, unrelated to the condition of the vessel, within the pre-agreed period.

The Company today also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter trip contract with Atlantic Coal And Bulk Pte. Ltd. for the aforementioned vessel, at a gross charter rate of US$17,850 per day, minus a 5% commission paid to third parties, for about twenty-five (25) days. The charter commenced earlier today.

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

OceanPal Inc.’s fleet currently consists of 3 dry bulk vessels (1 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.

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