Oceanpal Inc. Announces Cancellation of Time Charter

ATHENS, Greece, Feb. 18 12, 2022 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in vessel ownership, today announced the termination of the time charter contract with Crystal Sea Shipping Co., Limited for its Panamax dry bulk carrier, the m/v Calipso, as announced on February 11, 2022. The charterers exercised their right to cancel the time charter contract as the vessel was not delivered , due to unforeseen circumstances. delays in docking and unloading operations, unrelated to the state of the ship, within the time agreed in advance.

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

Calipso is a 73,691 dwt Panamax dry bulk carrier built in 2005.

The OceanPal Inc. fleet currently consists of 3 bulk carriers (1 Capesize and 2 Panamax). A chart describing OceanPal Inc.’s current fleet can be found on the company’s website, www.oceanpal.com. Information contained on the Company’s website does not form part of this press release.

About the company

OceanPal Inc. is a global provider of shipping services through its ownership of vessels. The Company’s vessels currently transport a range of dry bulk cargoes including commodities such as iron ore, coal, grain and other materials along global shipping lanes and it is expected that the vessels of the Company will primarily be employed on short term charters and travel after the completion of their current employment.

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 to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements.

The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “may”, “should”, “expect to”, “pending” and similar expressions identify forward-looking statements.

The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, the company’s management’s review of trends historical operating records, data contained in company records and other available data. of 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 does not cannot assure you that it will meet or achieve these expectations. , beliefs or projections.

In addition to these important factors, other important factors that the Company believes 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 the impacts of the pandemic and corporate and government responses to the pandemic on our operations, our people and on demand for bulk product shipping; the strength of global economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in shipping costs, Company’s operations, including bunker prices, dry docking and insurance costs, the market for the Company’s vessels, the availability of financing and refinancing, changes in government rules and regulations or actions taken by regulatory authorities, potential liability arising from pending or future litigation, general national and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and cases of non-hiring and other factors. Please see the Company’s filings with the United States Securities and Exchange Commission for a fuller 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 statement, whether as a result of new information, future events or otherwise.

Corporate Contact:
Ioannis Zafirakis
Director, President, Interim Chief Financial Officer and Secretary
Phone: +30-210-9485-360
E-mail: [email protected]
Website: www.oceanpal.com
Twitter: @OceanPal_Inc

Investor and Media Relations:
Edward Nebb
Comm-Advisors, LLC
Phone: +1-203-972-8350
E-mail: [email protected]

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