OceanPal: Time Charter Contract for m/v Salt Lake City

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OceanPal, a global shipping company specializing in the ownership of vessels, announced that, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore for its Capesize dry bulk vessel, the m/v Salt Lake City.

The gross charter rate is US$29,750 per day minus a 5% commission paid to third parties, for a period of minimum four (4) months up to maximum seven (7) months. The charter is expected to commence on June 8, 2022. The m/v Salt Lake City is currently chartered to C Transport Maritime Ltd., Bermuda at a gross charter rate of US$13,000 per day, minus a 5% commission paid to third parties.

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$3.57 million of gross revenue for the minimum scheduled period of the time charter (i.e. about 120 days).

OceanPal Inc.’s fleet currently consists of 3 dry bulk vessels (1 Capesize and 2 Panamax).