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OceanPal Inc. Announces Time Charter Contract for m/v Baltimore with Koch

Posted on February 8, 2023

OceanPal Inc., a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is US$13,300 per day minus a 5% commission paid to third parties, for a period of minimum five (5) months to about eight (8) months. The charter is expected to commence on February 9, 2023. The m/v Baltimore is currently chartered to Enesel Bulk Logistics DMCC at a gross charter rate of US$12,900 per day, minus a 5% commission paid to third parties.

The “Baltimore” is a 177,243 dwt Capesize dry bulk vessel built in 2005.

The employment of “Baltimore” is anticipated to generate approximately US$2.0 million 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). As previously disclosed, the Company also expects to take delivery of one Panamax dry bulk vessel by the end of February 2023.


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