Oceanpal Inc. Announces Time Charter Contract For M/V Baltimore With Richland Bulk And The Sale Of M/V Baltimore; Gross Charter Rate Is $22,000 Per Day Minus A 5% Commission Paid To Third Parties
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OceanPal Inc. (NASDAQ:OP) announced a new time charter contract for its Capesize dry bulk vessel, the m/v Baltimore, with Richland Bulk Pte. Ltd., at a rate of $22,000 per day until between September 15, 2024, and November 15, 2024. The current charter rate is $13,500 per day. Additionally, OceanPal Inc. has agreed to sell the m/v Baltimore for $18.25 million, with delivery by November 20, 2024. This sale will leave OceanPal with a fleet of 4 dry bulk vessels.
April 30, 2024 | 1:25 pm
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OceanPal Inc. has entered a profitable charter contract and agreed to sell the m/v Baltimore, which is expected to positively impact its revenue and fleet composition.
The new charter contract at a significantly higher rate than the current one and the sale of the m/v Baltimore at $18.25 million are likely to have a positive short-term impact on OceanPal Inc.'s financials. The increase in charter rate represents a substantial revenue boost, and the sale of the vessel will positively affect the company's cash position and potentially its stock price. The strategic reshaping of its fleet indicates a focus on optimizing asset utilization and profitability.
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