OceanPal  a global shipping company specializing in the ownership of vessels, today announced that, it has entered into a time charter contract with Crystal Sea Shipping , Limited for its Panamax dry bulk vessel, the m/v Calipso. The gross charter rate is US$22,500 per day minus a 5% commission paid to third parties, for a period of about three months up to maximum July 10, 2022. The charter is expected to commence on February 13, 2022. The m/v Calipso is currently chartered at a gross charter rate of US$13,850 per day, minus a 5% commission paid to third parties.

The “Calipso” is a 73,691 dwt Panamax dry bulk vessel built in 2005.

The employment of “Calipso” is anticipated to generate approximately US$1.69 million of gross revenue for the minimum scheduled period of the time charter.

Mr Eleftherios Papatrifon, Director and Chief Executive Officer of the Company, commented:

“We are pleased that we have been able to secure this attractive time charter for the m/v Calipso. The new rate of US$22,500 gross, that will run for a minimum of 75 days and a maximum of 150 days, is considerably higher than the current rate of US$13,850 gross that we fixed at the end of January 2022. We view this as a significant sign of the market upturn and our Company is ready to take advantage of the anticipated higher rates when fixing the next employments for our vessels that will be opening up.”

OceanPal Inc.’s fleet currently consists of 3 dry bulk vessels (1 Capesize and 2 Panamax). A table describing the current OceanPal Inc. fleet can be found on the Company’s website, www.oceanpal.com. Information contained on the Company’s website does not constitute a part of this press release.