OceanPal announces time charter contract for m/v Baltimore with Richland Bulk and the sale of m/v Baltimore

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OceanPal, a global shipping company specializing in the ownership of vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Richland Bulk, for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is US$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 US$13,500 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$2.64 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 US$18.25 million before commissions.