Greece-based OceanPal through a separate wholly owned subsidiary has entered into a time charter deal with Richland Bulk Pte. Ltd. for one of its capesize dry bulk vessels.

The 177,243 dwt capesize dry bulk vessel Baltimore, built in 2005, will bring to the owner around $2.64m of gross revenue for the scheduled period of the time charter.

The gross charter rate is $22,000 per day minus a 5% commission paid to third parties, for a period until minimum September 15, 2024 up to maximum November 15, 2024.

The charter is expected to commence in mid-May.

The capesize Baltimore is currently chartered to Richland Bulk Pte. Ltd., at a gross charter rate of $13,500 per day, minus a 5% commission paid to third parties.

The Nasdaq-listed company also announced that it has signed, through the same wholly owned subsidiary, a memorandum of agreement to sell to a third party the vessel Baltimore.

The sale price is $18.25m before commissions, with delivery to the undisclosed buyer by November 20, 2024, at the latest.

Upon completion of the aforementioned sale, OceanPal’s fleet will consist of four dry bulk vessels, one of which is capesize and three are panamaxes.