Greece’s OceanPal has extended a charter agreement for an older capesize at a better rate and then signed a deal to sell the ship.
The Nasdaq-listed owner said it had stretched a contract for the 177,200-dwt Baltimore (built 2005) with Richland Bulk of Singapore.
The Palios family-controlled company said the gross charter rate is $22,000 per day, minus a 5% commission paid to third parties.
The time charter will expire on 15 September, unless options are declared before 15 November.
The new deal starts this month.
Richland currently has the ship at $13,500 per day.
The Baltic Exchange’s capesize index was up $162 at $17,415 per day on Tuesday.
The minimum term under the new Baltimore charter will be worth $2.64m in revenue.
At the same time, OceanPal said it had found a buyer for the ship at a price of $18.25m, although it did not name the buyer.
Delivery will be by 20 November at the latest.
OceanPal was spun off from Diana Shipping in 2021.
The parent company sold the Baltimore to OceanPal the following year for $22m.
VesselsValue assesses it as now worth $20.7m, up from $16.5m a year ago.
OceanPal will retain another capesize and three panamaxes following the sale.
