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, 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.

OceanPal Inc. Announces Closing of Approximately US$15.2 Million Public Offering

ATHENS, Greece, Feb. 09, 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 taken delivery of the m/v Melia, a 2005 built Panamax dry bulk vessel of 76,225 dwt that the Company entered into an agreement to purchase in early February 2023.

OceanPal Inc. Announces Delivery of the Panamax Dry Bulk Vessel m/v Melia

ATHENS, Greece, Feb. 08, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced today the pricing of a 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, is conducting 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, are exercisable immediately, and expire five years after the issuance date. Alternatively, each privately placed warrant will become 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 expects to receive 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.

OceanPal Inc. Announces Pricing of Approximately US$15.2 Million Public Offering

ATHENS, Greece, Feb. 06, 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 Koch Shipping Pte. Ltd., Singapore, for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is US$13,300 per day minus a 5% commission paid to third parties, for a period of minimum five (5) months to about eight (8) months. The charter is expected to commence on February 9, 2023. The m/v Baltimore is currently chartered to Enesel Bulk Logistics DMCC at a gross charter rate of US$12,900 per day, minus a 5% commission paid to third parties.

OceanPal Inc. Announces Time Charter Contract for m/v Baltimore With Koch

ATHENS, Greece, Feb. 02, 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 Robert Perri as the Company's new Chief Executive Officer, effective as of February 2, 2023. Mr. Perri replaces Mr. Eleftherios Papatrifon, who has served as the Company's Chief Executive Officer since November 2021 and who will continue to serve as a Class II director.

OceanPal Inc. Announces Appointment of Chief Executive Officer

ATHENS, Greece, Feb. 01, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (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 dated February 1, 2023, to acquire the m/v Melia from Diana Shipping Inc., a related party of the Company, for an aggregate purchase price of US$14.0 million. Of the purchase price, US$4.0 million was paid in cash upon the signing of the Memorandum of Agreement and the remaining amount is expected to be paid upon delivery of the vessel to OceanPal Inc. in the form of shares of the Company's Series D Preferred Stock, the terms of which are set forth in the statement of designation of the Series D Preferred Stock. The aggregate purchase price of the vessel was based on the average of two independent shipbroker valuations, after taking into account the share-based component of the consideration.

OceanPal Inc. Announces Entry Into Agreement to Acquire a Panamax Dry Bulk Vessel

ATHENS, Greece, Jan. 11, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced that on January 9, 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

OceanPal (NASDAQ: OP ) stock is trending on social media today and appears to be up 600% in premarket trading, However, the shares are only soaring because the stock's 1-for-10 reverse stock split became effective today. OceanPal is a small shipping company based in Athens, Greece.

Did OceanPal (OP) Stock Really Gain 600% Today?

ATHENS, Greece, Dec. 21, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced today that the Company is amending the date for its previously announced reverse stock split, which was to be effective as of the opening of trading on December 21, 2022, due to the delay in a necessary regulatory approval outside of the Company's control, and which approval has now been obtained. The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis on NASDAQ, as of the opening of trading on December 22, 2022, under the existing trading symbol “OP”. The CUSIP number of Y6430L 160 will be assigned to the Company's common shares when the reverse stock split becomes effective. The CUSIP number of Y6430L 152 will be assigned to the Company's Class A Warrants when the reverse stock split becomes effective.

OceanPal Inc. Announces Revised Effective Date of Reverse Stock Split

ATHENS, Greece, Dec. 20, 2022 (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-ten 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 April 5, 2022.

Oceanpal Inc. Announces Reverse Stock Split to Be Effective December 21, 2022

ATHENS, Greece, Nov. 29, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported 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. This compares to a net loss of $8 thousand and net loss attributed to common stockholders of $8 thousand for the third quarter of 2021. The Company's operations for the third quarter of 2021 consisted principally of organizational expenses.

OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2022

ATHENS, Greece, Sept. 21, 2022 (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 taken delivery of the m/v Baltimore, a 2005 built Capesize dry bulk vessel of 177,243 dwt that the Company entered into an agreement to purchase in June 2022.

OceanPal Inc. Announces Delivery of the Capesize Dry Bulk Vessel m/v Baltimore and Time Charter Contract With Hyundai Glovis

ATHENS, Greece, Aug. 02, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported 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, 2022; Declares a Cash Dividend of $0.01 Per Share

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ATHENS, Greece, July 05, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has entered into a time charter contract with ETG Commodities Ltd for its Panamax dry bulk vessel, the m/v Calipso. The gross charter rate is US$19,600 per day minus a 5% commission paid to third parties, for a period of about ninety (90) days. The charter commenced on July 2, 2022.

OceanPal Inc. Announces Time Charter Contract for m/v Calipso

ATHENS, Greece, June 15, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (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 dated June 13, 2022, to acquire the m/v Baltimore from Diana Shipping Inc., a related party of the Company, for an aggregate purchase price of $22.0 million. Of the purchase price, 20% was paid in cash upon the signing of the Memorandum of Agreement and the remaining 80% is expected to be paid upon delivery of the vessel to OceanPal in the form of shares of a new series of the Company's preferred stock, the terms of which will be mutually agreed upon between the Company and Diana Shipping Inc., and are expected to include, among other terms, a preferred dividend and the right to convert the newly issued preferred shares into OceanPal common shares at any time after the issue date. The aggregate purchase price of the vessel was based on the average of two independent broker valuations, after adjusting for expected drydock expenses and taking into account the share-based component of the consideration.

OceanPal Inc. Announces Entry Into Agreement to Acquire Capesize Dry Bulk Vessel

ATHENS, Greece, June 06, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore for its Capesize dry bulk vessel, the m/v Salt Lake City. The gross charter rate is US$29,750 per day minus a 5% commission paid to third parties, for a period of minimum four (4) months up to maximum seven (7) months. The charter is expected to commence on June 8, 2022. The m/v Salt Lake City is currently chartered to C Transport Maritime Ltd., Bermuda at a gross charter rate of US$13,000 per day, minus a 5% commission paid to third parties.

OceanPal Inc. Announces Time Charter Contract for m/v Salt Lake City With Koch

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ATHENS, Greece, June 03, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported 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, 2022; Declares a Cash Dividend of 1 Cent Per Share

ATHENS, Greece, April 07, 2022 (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 April 5, 2022, in a virtual format only via the Internet.

OceanPal Inc. Announces Results of 2022 Annual Meeting of Shareholders

ATHENS, Greece, April 01, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that the Annual Meeting of Shareholders of the Company (the “Meeting”) held in virtual format on March 31, 2022 has been adjourned until April 5, 2022 at 9:00 a.m. Eastern Time. The Company adjourned the Meeting for the purpose of allowing additional time for shareholders to vote on Proposal Two, described below and as set forth in the Company's proxy statement for the Meeting, dated February 24, 2022 (the “Proxy”). The business scheduled for the re-convened Meeting remains the same as set forth in the Proxy.

OceanPal Inc. Announces Adjournment of Annual Meeting of Shareholders

ATHENS, Greece, March 22, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP), (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $134 thousand and net income attributed to common stockholders of $65 thousand for the period from inception date April 15, 2021 to December 31, 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 principally of organizational expenses

OceanPal Inc. Reports Financial Results for the Period From Commencement of Operations (November 30, 2021) to December 31, 2021 and for Period From Inception Date (April 15, 2021) to December 31, 2021; Declares Cash Dividend of 5 Cents per Common Share fo

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ATHENS, Greece, March 01, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, will hold its first annual meeting of shareholders (the “Annual Meeting”) at 8:00 a.m. Eastern Standard Time on March 31, 2022. The Annual Meeting will be held in a virtual format. All shareholders of record as of February 17, 2022, 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.

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