OceanPal  a global shipping company specializing in the ownership of vessels, announced the cancellation of the time charter contract with Crystal Sea Shipping Co., Limited for its Panamax dry bulk vessel, the m/v Calipso, as announced on February 11, 2022. Charterers have exercised their right to cancel the time charter contract since the vessel was not delivered, due to unforeseen delays during berthing and discharging operations, unrelated to the condition of the vessel, within the pre-agreed period.

The Company today also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter trip contract with Atlantic Coal And Bulk Pte. Ltd. for the aforementioned vessel, at a gross charter rate of US$17,850 per day, minus a 5% commission paid to third parties, for about twenty-five (25) days. The charter commenced earlier today.

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

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.