OceanPal contracts dry bulk ship at daily rate that is 80% above current rate

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OceanPal Inc. OP, +2.04% said Friday that it contracted out its dry bulk vessel, m/v Calipso, at a daily rate that is 80% higher than current rates. OceanPal’s stock, which started trading on the Nasdaq on Nov. 30 after the Greece-based company’s spinoff from Diana Shipping Inc. DSX, -1.27% was completed, dropped 14.4% in morning trading; after closing at $5.22 on Tuesday, it rose 25.3% on Wednesday then fell 16.7% on Thursday. OceanPal said Friday that it entered into a time charter trip contract for m/v Calipso, which is a Panamax carrier with 73,691 deadweight tonnage (DWT), at a gross charter rate of $18,750 per day for about 15 to 20 days. The m/v Calipso is currently chartered at a gross charter rate of $10,400 per day.

This article was originally published by Marketwatch.com. Read the original article here.

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