OceanPal Inc. (NASDAQ: OP), a global shipping company specializing in the ownership of vessels, announced on Wednesday (Sep21) that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Baltimore, a 2005 built Capesize dry bulk vessel of 177,243 dwt that the Company entered into an agreement to purchase in June 2022.
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Glovis Co. Ltd, for m/v Baltimore, for a trip of about thirty-five (35) days with agreed gross charter rate of US$15,000 per day, minus a 5% commission paid to third parties. In the event that the trip duration exceeds forty (40) days, the gross charter rate will be US$18,000 per day, minus a 5% commission paid to third parties, for each additional day. The charter commenced on Sep 21.
The employment of “Baltimore” is anticipated to generate approximately US$600,000 of gross revenue for the scheduled period of the time charter.
OceanPal Inc.’s fleet currently consists of 4 dry bulk vessels (2 Capesize and 2 Panamax).