The company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Glovis Co. Ltd, for m/v Baltimore, for a trip of about 35 days, with an agreed gross charter rate of US$15 000 per day, minus a 5% commission paid to third parties. In the event that the trip duration exceeds 40 days, the gross charter rate will be US$18 000 per day, minus a 5% commission paid to third parties, for each additional day. The charter commenced on 21 September 2022.
The employment of 'Baltimore' is anticipated to generate approximately US$600 000 of gross revenue for the scheduled period of the time charter. OceanPal Inc.’s fleet currently consists of four dry bulk vessels (two capesize and two panamax).