OceanPal enters time charter contract with Pacbulk Shipping

The company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Pacbulk Shipping Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The gross charter rate is $15,400 per day minus a 5% commission paid to third parties, for a period of minimum sixty days up to maximum July 29. The charter commenced yesterday. The m/v Salt Lake City was previously chartered to Richland Bulk Pte. Ltd., at a gross charter rate of $5,100 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 $924,000 of gross revenue for the minimum scheduled period of the time charter.