OceanPal Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Louis Dreyfus Company Freight Asia Pte Ltd, for one of its Panamax dry bulk vessels, the m/v Melia. The gross charter rate is USD 14,000 per day minus a 5% commission paid to third parties, for a period of minimum one hundred twenty (120) days to about one hundred eighty (180) days. The charter commenced on April 9, 2023.

The “Melia” is a 76,225 dwt Panamax dry bulk vessel built in 2005. The employment of “Melia” is anticipated to generate approximately USD 1.68 million of gross revenue for the minimum scheduled period of the time charter.