OceanPal Inc. - OP STOCK NEWS

On March 30, 2023, OceanPal Inc. (NASDAQ: OP) announced it received notice from Nasdaq regarding non-compliance with its listing rules, as the company's common stock bid price was below $1.00 for 30 consecutive business days. The notification, dated March 27, 2023, allows a grace period of 180 days until September 25, 2023, to regain compliance by maintaining a price of $1.00 or higher for at least ten consecutive days. Meanwhile, the company's operations remain unaffected, and it intends to monitor its stock price closely during this period.

OceanPal Inc. (NASDAQ: OP) reported a net loss of $2.5 million for Q4 2022, with a loss attributed to common stockholders of $3.0 million. This contrasts sharply with a net income of $143 thousand in Q4 2021. Time charter revenues for Q4 2022 were $5.7 million, up from $1.3 million in the same period last year. For the full year 2022, net loss reached $326 thousand, compared to $134 thousand in 2021. Time charter revenues for the year totaled $19.1 million, reflecting significant growth despite the losses. As of March 30, 2023, the fleet consists of 4 vessels with a fleet utilization rate of 97.0%.

OceanPal Inc. (NASDAQ: OP) has announced its upcoming annual meeting of shareholders scheduled for May 3, 2023, at 8:00 a.m. EST. This virtual meeting will include shareholders of record as of March 21, 2023, who can access details via the SEC website or the Company’s official site. OceanPal specializes in shipping transportation services, owning vessels that transport dry bulk cargoes such as iron ore, coal, and grain across global routes. The Company anticipates that its vessels will be employed on short-term charters after their current contracts finish.

OceanPal Inc. (NASDAQ: OP) has successfully closed a public offering of 15,000,000 units, generating gross proceeds of approximately US$15.15 million. Each unit comprises one common share (or a pre-funded warrant) and one Class B warrant to purchase one common share. Additionally, the company initiated a private placement for 15,000,000 unregistered warrants at an exercise price of US$1.01, which are immediately exercisable for five years. The net proceeds will support general corporate purposes, particularly the potential acquisition of vessels. The offering was registered with the SEC on February 8, 2023.

OceanPal Inc. (NASDAQ: OP) has announced the delivery of the m/v Melia, a 2005-built Panamax dry bulk vessel with a deadweight tonnage of 76,225. The transaction was finalized in early February 2023 through a wholly-owned subsidiary. This acquisition expands OceanPal’s fleet, which now comprises 5 dry bulk vessels, including 2 Capesize and 3 Panamax ships. The company focuses on transporting various dry bulk commodities like iron ore and coal via global shipping routes. OceanPal expects its vessels to operate on short-term time and voyage charters after completing their current assignments.

OceanPal Inc. (NASDAQ: OP) announced a public offering of 15,000,000 units comprising one common share and one Class B warrant to purchase one common share, aiming to raise approximately $15.15 million. The offering is targeted to close by February 10, 2023, subject to customary conditions. Concurrently, a private placement of warrants for an additional 15,000,000 common shares will occur, both warrant types priced at $1.01 and exercisable immediately. Proceeds will fund general corporate purposes, including potential vessel acquisitions. The registration statement was effective on February 8, 2023.

OceanPal Inc. (NASDAQ: OP) announced a new time charter contract with Koch Shipping Pte. Ltd. for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is set at US$13,300 per day, commencing on February 9, 2023, for a duration of 5 to 8 months. This contract is expected to generate approximately US$2.0 million in gross revenue. Currently, the m/v Baltimore is under a different charter at a rate of US$12,900, indicating an increase in earnings. OceanPal's fleet comprises 4 dry bulk vessels, with plans to take delivery of an additional Panamax vessel by the end of February 2023.

OceanPal Inc. (NASDAQ: OP) has appointed Robert Perri as its new Chief Executive Officer, effective February 2, 2023, succeeding Eleftherios Papatrifon, who will remain as a Class II director. Mr. Perri brings over 15 years of experience in the shipping industry, including significant tenure as a Chief Financial Officer for publicly listed companies. He holds a Bachelor’s degree in Accounting and Finance and an MBA focused on finance and banking. Perri expressed optimism about OceanPal's growth potential in the shipping sector.

OceanPal operates by owning vessels that transport dry bulk cargoes globally, focusing on short-term charters.

OceanPal Inc. (NASDAQ: OP) announced on February 1, 2023, its agreement to acquire the m/v Melia from Diana Shipping Inc. for $14 million. The deal involves an upfront cash payment of $4 million, with the remainder to be settled in Series D Preferred Stock upon delivery of the vessel. The m/v Melia, a 2005 Panamax dry bulk carrier with a capacity of 76,225 dwt, will enhance OceanPal's fleet to five vessels. The acquisition follows a previously granted right of first refusal for six vessels and has been approved by independent board members.