Oceanpal Inc. Announces Cancellation of Time Charter Contract and New Short Term Contract for M/V Calipso

Rhea-AI Summary

OceanPal Inc. (NASDAQ: OP) has announced the cancellation of its time charter contract with Crystal Sea Shipping for the m/v Calipso due to delays not related to the vessel's condition. The vessel will now be chartered to Atlantic Coal And Bulk Pte. Ltd. at a gross rate of $17,850 per day, commencing immediately for approximately 25 days. OceanPal's fleet currently consists of three vessels, and the company focuses on shipping dry bulk cargoes across global routes.

Positive

• Entered a new time charter trip contract for the m/v Calipso at $17,850 per day.
• Active management of fleet operations reduces idle time for vessels.

Negative

• Cancellation of the previous charter indicates operational challenges.
• Delays in vessel delivery could signal potential future disruptions.

ATHENS, Greece, Feb. 18, 2022 (GLOBE NEWSWIRE) -- 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.

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.

Corporate Contact:
Ioannis Zafirakis
Director, President, Interim Chief Financial Officer and Secretary
Telephone: +30-210-9485-360
Email: izafirakis@oceanpal.com
Website: www.oceanpal.com
Twitter: @OceanPal_Inc

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net

FAQ

What is the recent charter contract news for OceanPal Inc. (OP)?

OceanPal has canceled its time charter with Crystal Sea Shipping for the m/v Calipso and signed a new contract with Atlantic Coal And Bulk Pte. Ltd.

What is the daily charter rate for the m/v Calipso after the new contract?

The m/v Calipso will be chartered at a gross rate of $17,850 per day.

How many vessels are in OceanPal Inc.'s fleet?

OceanPal's fleet currently consists of three dry bulk vessels.

When did the new charter for the m/v Calipso commence?

The new charter for the m/v Calipso commenced on February 18, 2022.