OceanPal Inc. Announces New Short Term Contract for m/v Calipso

Rhea-AI Summary

OceanPal Inc. (NASDAQ: OP) has announced a new time charter for its Panamax dry bulk vessel, the m/v Calipso, securing a gross rate of US$18,750 per day for approximately 15 to 20 days. This rate represents a significant increase from its current charter rate of US$10,400 per day. The m/v Calipso, weighing 73,691 dwt and built in 2005, is part of OceanPal's fleet, which includes three dry bulk vessels. The company provides transportation services for various dry bulk commodities globally.

Positive

• Increased charter rate for m/v Calipso from US$10,400/day to US$18,750/day.
• Short-term charter duration of 15 to 20 days allows for quick revenue generation.
• Diversified fleet with capabilities to transport major dry bulk commodities.

Negative

• None

ATHENS, Greece, Dec. 03, 2021 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, it has entered into a time charter trip contract for its Panamax dry bulk vessel, the m/v Calipso, at a gross charter rate of US$18,750 per day, for about fifteen (15) to twenty (20) days. The m/v Calipso is currently chartered at a gross charter rate of US$10,400 per day.

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.

Forward Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What is the new charter rate for the m/v Calipso by OceanPal Inc.?

The new charter rate for the m/v Calipso is US$18,750 per day.

How long is the time charter for the m/v Calipso?

The time charter for the m/v Calipso is approximately 15 to 20 days.

What is the current charter rate of the m/v Calipso before the new contract?

Before the new contract, the m/v Calipso was chartered at US$10,400 per day.

What types of vessels does OceanPal Inc. operate?

OceanPal Inc. operates three dry bulk vessels, including one Capesize and two Panamax.

What kind of cargo does OceanPal Inc. transport?

OceanPal Inc. transports a range of dry bulk cargoes, including iron ore, coal, and grain.