OceanPal Inc. Secures Time Charter for M/V Baltimore and Announces Vessel Sale

ATHENS, Greece, April 30, 2024 -- OceanPal Inc. OP, a prominent player in the global shipping industry with a focus on ocean freight services, has made a significant announcement today in relation to its fleet management. The Company has reported, through one of its entirely owned subsidiaries, the initiation of a time charter agreement with the esteemed Richland Bulk. This strategic move aligns with their aim to leverage the dynamics of the shipping market and optimize their operational efficiency.

Time Charter Agreement Details

The contract in question concerns the M/V Baltimore, a vessel that has been an integral part of OceanPal Inc.'s fleet. The time charter agreement outlines the terms and conditions under which Richland Bulk will operate the vessel. Financial details of the deal, although not disclosed in detail, are expected to provide revenue that will contribute positively to OceanPal Inc.'s earnings and overall financial health.

Sale of M/V Baltimore

In a concurrent move, OceanPal Inc. has also announced the sale of the M/V Baltimore. The divestment of assets such as vessels is a common practice in the maritime industry, aimed at rejuvenating fleets and optimizing asset portfolios. The sale is anticipated to further impact the company's capital allocation strategy and fleet optimization plan.

Maintaining a progressively efficient and modern fleet is crucial for companies like OceanPal Inc. The decisions to enter a time charter and to sell the vessel are indicative of their ongoing commitment to strategic fleet management and operational excellence. These maneuvers within the shipping industry are expected to fortify OceanPal Inc.'s market position in an increasingly competitive sector.

OceanPal, Shipping, Charter