OceanPal Inc. Declares Time Constitution Contract for m/v Salt Lake Metropolis With Koch

ATHENS, Greece, June 06, 2022 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ: OP) (the “Firm”), a world delivery firm specializing within the possession of vessels, at present introduced that, it has entered right into a time constitution contract with Koch Delivery Pte. Ltd., Singapore for its Capesize dry bulk vessel, the m/v Salt Lake Metropolis. The gross constitution price is US$29,750 per day minus a 5% fee paid to 3rd events, for a interval of minimal 4 (4) months as much as most seven (7) months. The constitution is predicted to begin on June 8, 2022. The m/v Salt Lake Metropolis is presently chartered to C Transport Maritime Ltd., Bermuda at a gross constitution price of US$13,000 per day, minus a 5% fee paid to 3rd events.

The “Salt Lake Metropolis” is a 171,810 dwt Capesize dry bulk vessel inbuilt 2005.

The employment of “Salt Lake Metropolis” is anticipated to generate roughly US$3.57 million of gross income for the minimal scheduled interval of the time constitution (i.e. about 120 days).

OceanPal Inc.’s fleet presently consists of three dry bulk vessels (1 Capesize and a couple of Panamax). A desk describing the present OceanPal Inc. fleet might be discovered on the Firm’s web site, www.oceanpal.com. Data contained on the Firm’s web site doesn’t represent part of this press launch.

In regards to the Firm

OceanPal Inc. is a world supplier of delivery transportation companies via its possession of vessels. The Firm’s vessels presently transport a spread of dry bulk cargoes, together with such commodities as iron ore, coal, grain and different supplies alongside worldwide delivery routes and it’s anticipated that the Firm’s vessels will likely be primarily employed on brief time period time and voyage charters following the completion of their present employments.

Ahead Trying Statements

Issues mentioned on this press launch could represent forward-looking statements. The Non-public Securities Litigation Reform Act of 1995 gives secure harbor protections for forward-looking statements with a purpose to encourage corporations to supply potential details about their enterprise. Ahead-looking statements embody statements regarding plans, targets, targets, methods, future occasions or efficiency, and underlying assumptions and different statements.

The Firm needs to benefit from the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995 and is together with this cautionary assertion in reference to this secure harbor laws. The phrases “consider,” “anticipate,” “intends,” “estimate,” “forecast,” “venture,” “plan,” “potential,” “could,” “ought to,” “anticipate,” “pending” and related expressions establish forward-looking statements.

The forward-looking statements on this press launch are primarily based upon numerous assumptions, a lot of that are primarily based, in flip, upon additional assumptions, together with with out limitation, Firm administration’s examination of historic working tendencies, information contained within the Firm’s information and different information accessible from third events. Though the Firm believes that these assumptions had been affordable when made, as a result of these assumptions are inherently topic to vital uncertainties and contingencies which might be tough or unattainable to foretell and are past the Firm’s management, the Firm can not guarantee you that it’s going to obtain or accomplish these expectations, beliefs or projections.

Along with these essential elements, different essential elements that, within the Firm’s view, might trigger precise outcomes to vary materially from these mentioned within the forward-looking statements embody the severity, magnitude and period of the COVID-19 pandemic, together with impacts of the pandemic and of companies’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk merchandise; the energy of world economies and currencies, common market circumstances, together with fluctuations in constitution charges and vessel values, adjustments in demand for dry bulk delivery capability, adjustments within the Firm’s working bills, together with bunker costs, drydocking and insurance coverage prices, the marketplace for the Firm’s vessels, availability of financing and refinancing, adjustments in governmental guidelines and rules or actions taken by regulatory authorities, potential legal responsibility from pending or future litigation, common home and worldwide political circumstances, together with dangers related to the persevering with battle between Russia and Ukraine and associated sanctions, potential disruption of delivery routes resulting from accidents or political occasions, vessel breakdowns and cases of off-hires and different elements. Please see the Firm’s filings with the U.S. Securities and Trade Fee for a extra full dialogue of those and different dangers and uncertainties. The Firm undertakes no obligation to revise or replace any forward-looking assertion, or to make another forward-looking statements, whether or not on account of new info, future occasions or in any other case.

        

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