Nasdaq-listed Greek owner OceanPal has found short-term work at a lower rate for a capesize acquired as part of a spin-off from Diana Shipping.

The company has now taken delivery of the 177,200-dwt Baltimore (built 2005) after buying it for $22m in June.

OceanPal said the ship has been fixed out to South Korean charterer and owner Hyundai Glovis for a trip of about 35 days.

The rate is $15,000 per day, minus a 5% commission paid to third parties, in weaker capesize markets.

If the voyage goes beyond 40 days, OceanPal will bank $18,000 for each additional 24-hour period.

Diana had the ship, which was built by Namura Shipbuilding in Japan, on charter to Solebay Shipping until 22 June at $16,000 per day.

In June, OceanPal said chartering giant Koch Shipping had taken its 172,000-dwt capesize Salt Lake City (built 2005) for between four and seven months at $29,750 per day, showing the stark drop in rates.

The vessel was coming off a similar term deal to John Michael Radziwill-led C Transport Monaco (CTM) this month at $13,000 per day.

The Baltimore deal began on Wednesday.

The contract will generate $600,000 over the first 35 days.

OceanPal now has four older ships bought from Diana: two capesizes and two panamaxes.

The deal to buy the Baltimore consisted of 20% in cash and the rest in stock that will pay a preferred dividend and can be turned into OceanPal shares.

OceanPal was created when Semiramis Paliou-led Diana spun off three bulkers initially in late 2021.

The company is led by Eleftherios Papatrifon.