Company DescriptionOceanPal Inc (OP) is a maritime transportation company primarily engaged in the ownership and operation of dry bulk vessels. The company provides global shipping services for a variety of dry bulk cargoes, including commodities such as grain, coal, and iron ore. OceanPal Inc operates within the maritime logistics sector, focusing on efficient and reliable transport solutions to meet the needs of international trade.
How the Company Makes MoneyOceanPal Inc generates revenue through the leasing of its dry bulk vessels to customers under time and voyage charters. Time charters involve leasing the vessel for a fixed period at a set daily rate, with the charterer responsible for the vessel's fuel and port charges, while voyage charters are agreements to transport a specific cargo from one port to another for a fixed price per ton. The company's revenue is largely influenced by factors such as charter rates, demand for dry bulk shipping, and global economic conditions. Significant partnerships with commodity producers, traders, and shipping brokers also play a crucial role in ensuring a steady stream of business opportunities and revenue for OceanPal Inc.