OceanPal

OceanPal, Inc. is a holding company, which engages in the provision of shipping transportation services. It also specialize in the ownership of vessels. It transports iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. The company was founded on April 15, 2021 and is headquartered in Athens, Greece.

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OceanPal, Inc. is a holding company, which engages in the provision of shipping transportation services. It also specializes in the ownership of vessels. The firm transports iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. The company was founded on April 15, 2021 and is headquartered in Athens, Greece.

ATHENS, Greece, Sept. 09, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ:OP) (“OceanPal” or the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has taken delivery of the m/t Zeze Start, a 2009-built tanker vessel having a carrying capacity of 49,999 dwt (the “Vessel”), that the Company entered into an agreement to purchase in late July 2024. The acquisition of its first tanker vessel reflects OceanPal's view that it is the right time to diversify the Company's fleet so as to take advantage of opportunities in the product tanker sector.

Oceanpal Inc. Announces Delivery of the MR2 Tanker Vessel Zeze Start

ATHENS, Greece, Aug. 07, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $6.7 million, a net loss of $8.2 million and net loss attributed to common stockholders of $8.6 million for the second quarter of 2024. This compares to time charter revenues of $5.4 million, a net income of $1.3 million and net income attributed to common stockholders of $483 thousand for the second quarter of 2023.

OceanPal Inc. Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2024

ATHENS, Greece, July 16, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ:OP) (“OceanPal” or the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire an MR2 tanker vessel, the m/t Zeze Start (the “Vessel”), for an aggregate purchase price of $27.0 million from an entity controlled by a director of the Company. The transaction was unanimously approved by the Company's Board of Directors and reflects OceanPal's view that it is the right time to diversify the Company's fleet so as to take advantage of opportunities in the product tanker sector.

OceanPal Inc. Announces Agreement to Acquire an MR2 Tanker Vessel

ATHENS, Greece, June 06, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $5.7 million, net loss of $1.3 million and net loss attributed to common stockholders of $1.7 million for the first quarter of 2024. This compares to time charter revenues of $3.9 million, net income of $88 thousand and net loss attributed to common stockholders of $472 thousand for the first quarter of 2023.

OceanPal Inc. Reports Financial Results for the First Quarter Ended March 31, 2024

ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that the Company's Annual Meeting of Shareholders (the “Meeting”) was duly held on May 17, 2024, in virtual format only via the Internet.

OceanPal Inc. Announces Results of 2024 Annual Meeting of Shareholders

ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (“OceanPal” or the “Company”) (NASDAQ: OP) announced today that it has entered into a Support Agreement (the “Agreement”) with Sphinx Investment Corp. (“Sphinx”), an affiliate of George Economou, which owns approximately 14.1% of the Company's outstanding common stock, providing for the future support of the Company and its Board by Sphinx.

OceanPal Inc. Announces Entry Into Support Agreement With Sphinx Investment Corp.; Sphinx Terminates its Proxy Contest and Enters Into Voting Commitment; Mr. Economou Expected to be Made Available to Provide Strategic Advice

ATHENS, Greece, April 30, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Richland Bulk Pte. Ltd., for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is US$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 m/v Baltimore is currently chartered to Richland Bulk Pte. Ltd., at a gross charter rate of US$13,500 per day, minus a 5% commission paid to third parties.

Oceanpal Inc. Announces Time Charter Contract for M/V Baltimore With Richland Bulk and the Sale of M/V Baltimore

ATHENS, Greece, April 16, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has filed its 2023 Annual Report on Form 20-F with the United States Securities and Exchange Commission (the "Commission"). The Annual Report may be accessed through the Company's website, www.oceanpal.com, or on the Commission's website at www.sec.gov. Any shareholder may receive a hard copy of the Company's complete Annual Report free of charge upon request.

OceanPal Inc. Announces the Filing of Its Annual Report on Form 20-F

ATHENS, Greece, April 11, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $5.8 million, net income of $58 thousand and a net loss attributed to common stockholders of $2.8 million for the fourth quarter of 2023. This compares to time charter revenues of $5.7 million, a net loss of $2.5 million and net loss attributed to common stockholders of $3.0 million for the fourth quarter of 2022.

OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2023

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ATHENS, Greece, Dec. 06, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported a net loss of $3.4 million and a net loss attributed to common stockholders of $3.9 million for the third quarter of 2023. Time charter revenues for the same period were $3.9 million. This compares to net income of $1.1 million and net income attributed to common stockholders of $403 thousand for the third quarter of 2022. Time charter revenues for the same period were $5.1 million.

OceanPal inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023

ATHENS, Greece, Sept. 22, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Five Ocean Corporation, for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The gross charter rate is US$14,500 per day minus a 5% commission paid to third parties, for a period of about one hundred twenty (120) days to about one hundred eighty (180) days. The charter is expected to commence on September 24, 2023.

OceanPal Inc. Announces Time Charter Contract for m/v Salt Lake City With Five Ocean Corporation

ATHENS, Greece, Aug. 29, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced that the Company today agreed to become a strategic partner and invest in a Norwegian entity, RFSea Infrastructure II AS, that will construct, at Wuhu Shipyard Co., Ltd. (China), under two separate newbuilding contracts, two 6,600 dwt methanol-ready, stainless steel chemical tankers with expected deliveries during the fourth quarter of 2025 and the first quarter of 2026, respectively. The transaction remains subject to the satisfaction of customary closing conditions.

OceanPal Inc. Becomes Strategic Partner In Two 6,600dwt Methanol-Ready Chemical Tanker Newbuildings

ATHENS, Greece, Aug. 08, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $1.26 million and net income attributed to common stockholders of $483 thousand for the second quarter of 2023. Time charter revenues for the same period were $5.4 million. This compares to net income of $648 thousand and net income attributed to common stockholders of $157 thousand for the second quarter of 2022. Time charter revenues for the same period were $4.6 million.

OceanPal Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023

ATHENS, Greece, June 27, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced that on June 23, 2023, the Company received notification from the Nasdaq Listing Qualifications department of The Nasdaq Stock Market confirming it has cured the minimum bid price deficiency regaining compliance with Listing Rule 5550(a)(2) and this matter is now closed.

OceanPal Inc. Regains Compliance With NASDAQ Minimum Bid Price Requirement

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ATHENS, Greece, June 13, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $88 thousand and net loss attributed to common stockholders of $472 thousand for the first quarter of 2023. Time charter revenues for the same period were $3.9 million. This compares to net income of $414 thousand and net loss attributed to common stockholders of $510 thousand for the first quarter of 2022. Time charter revenues for the same period were $3.7 million.

OceanPal Inc. Reports Financial Results for the First Quarter Ended March 31, 2023

ATHENS, Greece, June 07, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced today that its board of directors has determined to effect a one-for-twenty reverse stock split of the Company's common shares, par value $0.01 per share. The Company's shareholders approved the reverse stock split at the Company's annual meeting of shareholders held on May 3, 2023.

OceanPal Inc. Announces Reverse Stock Split to be Effective June 8, 2023

ATHENS, Greece, May 04, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that the Company's Annual Meeting of Shareholders (the “Meeting”) was duly held on May 3, 2023, in virtual format only via the Internet.

OceanPal Inc. Announces Results of 2023 Annual Meeting of Shareholders

ATHENS, Greece, April 25, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has appointed Vasiliki Plousaki as the Company's new Chief Financial Officer, and appointed Margarita Veniou as the Company's Secretary in addition to her current position of Chief Corporate Development & Governance Officer, effective as of April 25, 2023. In their new roles, Ms. Plousaki and Ms. Veniou succeed Ioannis Zafirakis, who is resigning from his positions as the Company's Interim Chief Financial Officer, President and Secretary, offices he has held since November 2021. Mr. Zafirakis will continue to serve as a Class III director of the Company.

OceanPal Inc. Announces Appointments of Executive Officers and Time Charter Contract for m/v Salt Lake City

ATHENS, Greece, April 12, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Louis Dreyfus Company Freight Asia Pte Ltd, for one of its Panamax dry bulk vessels, the m/v Melia. The gross charter rate is US$14,000 per day minus a 5% commission paid to third parties, for a period of minimum one hundred twenty (120) days to about one hundred eighty (180) days. The charter commenced on April 9, 2023.

OceanPal Inc. Announces Time Charter Contract for M/V Melia With Louis Dreyfus

ATHENS, Greece, March 30, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated March 27, 2023, indicating that because the closing bid price of the Company's common stock for 30 consecutive business days was below the minimum US$1.00 per share bid price requirement for continued listing on The Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until September 25, 2023.

OceanPal Inc. Announces Receipt of Nasdaq Notice

ATHENS, Greece, March 30, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported a net loss of $2.5 million and a net loss attributed to common stockholders of $3.0 million for the fourth quarter of 2022. Time charter revenues for the same period were $5.7 million. This compares to net income of $143 thousand and net income attributed to common stockholders of $74 thousand for the fourth quarter of 2021. Time charter revenues for the same period were $1.3 million. The condensed financial data of the Company for the period from April 15, 2021 (inception) to December 31, 2021 reflect the operation of the vessels starting from November 30, 2021. Operations prior to the November 30, 2021, consisted primarily of organizational expenses.

OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2022

ATHENS, Greece, March 28, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, will hold its annual meeting of shareholders (the “Annual Meeting”) at 8:00 a.m. Eastern Standard Time on May 3, 2023. The Annual Meeting will be held in a virtual format. All shareholders of record as of March 21, 2023, who wish to attend may do so by following the instructions included in the Notice of Annual Meeting of Shareholders and accompanying proxy statement which is available on the SEC website at https://www.sec.gov/edgar/browse/?CIK=1869467&owner=exclude or by referring to the Company's website at www.oceanpal.com.

OceanPal Inc. Announces Date for Its 2023 Annual Meeting of Shareholders

ATHENS, Greece, Feb. 10, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced today the closing of its public offering of 15,000,000 units with each unit consisting of one common share (or one pre-funded warrant in lieu of one common share) and one Class B warrant to purchase one common share (the “Offering”). The Company, concurrently with the Offering, conducted a private placement with the placement agent for additional unregistered warrants to purchase 15,000,000 common shares. The Class B warrants and the privately placed warrants have an exercise price of US$1.01 per common share, were exercisable immediately, and expire five years after the issuance date. Alternatively, each privately placed warrant is exercisable for 0.75 common shares under the cashless exercise provision included in the privately placed warrants rather than one common share under the cash exercise provision. The Company received gross proceeds of approximately US$15.15 million from the Offering, before deducting placement agent fees and commissions and other estimated Offering expenses. The Company intends to use the net proceeds of the Offering for general corporate purposes, including for the potential future acquisition of vessels.

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