OceanPal Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Five Ocean Corporation. The gross charter rate is USD 14,500 per day minus a 5% commission paid to third parties, for a period of about one hundred twenty (120) days to about one hundred eighty (180) days. The charter is expected to commence on September 24, 2023.

The Salt Lake City" is a 171,810 dwt Capesize dry bulk vessel built in 2005. The employment of Salt Lake City" is anticipated to generate approximately US$1.52 million of gross revenue for the minimum scheduled period of the time charter.