OceanPal Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Richland Bulk Pte. Ltd., for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is USD 22,000 per day minus a 5% commission paid to third parties, for a period until minimum September 15, 2024 up to maximum November 15, 2024.

The charter is expected to commence in mid-May. The m/v Baltimore is currently chartered to Richland Bulk Pte.Ltd., at a gross charter rate of USD 13,500 per day, minus a 5% commission pay 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 USD 2.64 million of gross revenue for the scheduled period of the time charter. The Company also announced that it has signed, through the same wholly-owned subsidiary, a Memorandum of Agreement to sell to a third party, the 2005-built vessel " Baltimore", with delivery to the buyer latest by November 20, 2024, for a sale price of USD 18.25 million before commissions. Upon completion of the aforementioned sale, OceanPal Inc.'s fleet will consist of 4 dry bulk vessels (1 Capesize and 3 Panamax).