OceanPal Inc. Announces Results of 2024 Annual Meeting of Shareholders

Rhea-AI Summary

OceanPal (NASDAQ: OP), a global shipping company, announced the results of its 2024 Annual Meeting of Shareholders held virtually on May 17, 2024. Two key proposals were approved: the election of two Class III Directors to serve until the 2027 Annual Meeting and the appointment of Ernst & Young (Hellas) Certified Auditors Accountants as the Company’s independent auditors for the fiscal year ending December 31, 2024.

Positive

• Election of two Class III Directors ensures leadership stability until 2027.
• Appointment of Ernst & Young (Hellas) as independent auditors could enhance financial transparency.

Negative

• Virtual-only format of the meeting may limit shareholder engagement.
• Dependence on a single auditing firm may pose a risk if future issues arise.

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.

At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company’s Proxy Statement sent to shareholders on or around April 2, 2024, was approved and adopted:

(1)   The election of two Class III Directors to serve until the 2027 Annual Meeting of Shareholders; and

(2)   The appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2024.

About the Company

OceanPal Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s vessels currently transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes and it is expected that the Company’s vessels will be primarily employed on short term time and voyage charters following the completion of their current employments.

Forward Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 

FAQ

What were the results of OceanPal's 2024 Annual Meeting of Shareholders?

The election of two Class III Directors and the appointment of Ernst & Young (Hellas) as independent auditors were approved.

When was OceanPal's 2024 Annual Meeting held?

OceanPal's 2024 Annual Meeting was held virtually on May 17, 2024.

Who was appointed as the independent auditor for OceanPal in 2024?

Ernst & Young (Hellas) Certified Auditors Accountants were appointed as the independent auditors.

Which directors were elected at OceanPal's 2024 Annual Meeting?

Two Class III Directors were elected to serve until the 2027 Annual Meeting.