OceanPal Inc. - OP STOCK NEWS

OceanPal Inc. (NASDAQ: OP) announced the adjournment of its Annual Meeting of Shareholders to April 5, 2022. This move allows more time for shareholders to vote on Proposal Two, which involves potential reverse stock splits ranging from one-for-two to one-for-40. Shareholders are urged to participate, especially those who previously voted against this proposal, as it aims to help the Company comply with Nasdaq's minimum bid price requirement. The meeting will occur virtually, maintaining the agenda outlined in the proxy statement dated February 24, 2022.

OceanPal Inc. (NASDAQ: OP) reported a net income of $134 thousand for the period from April 15, 2021, to December 31, 2021, with net income attributed to common stockholders at $65 thousand. During this time, the company generated $1.3 million in time charter revenues. Following its spin-off from Diana Shipping on November 29, 2021, OceanPal declared a cash dividend of $0.05 per share payable on April 11, 2022, to shareholders on record by April 1, 2022. The fleet maintained a 100% utilization rate, contributing to a $13,333 average TCE rate.

OceanPal Inc. (NASDAQ: OP) received a notification from Nasdaq indicating it is not in compliance with the minimum bid price requirement of $1.00 per share, as its common stock's closing bid price was below this threshold for 30 consecutive business days. The company has a 180-day grace period, until September 5, 2022, to regain compliance by maintaining a stock price of $1.00 or higher for ten consecutive business days. Despite this, the company's operational aspects remain unaffected during this period.

OceanPal Inc. (NASDAQ: OP) announced a time charter contract with Tongli Shipping Pte. Ltd. for its Panamax dry bulk vessel, the m/v Calipso. The contract is valued at a gross rate of US$24,500 per day, effective from March 9, 2022, for a minimum of 90 days. This new charter is significantly higher than the previous rate of US$17,850 per day. The expected gross revenue from this charter is approximately US$2.21 million. Currently, OceanPal's fleet consists of three dry bulk vessels, which transport various commodities globally.

OceanPal Inc. (NASDAQ: OP) is scheduled to hold its first annual meeting of shareholders virtually on March 31, 2022, at 8:00 AM EST. Shareholders of record as of February 17, 2022 can attend by following the instructions provided in the proxy statement available on the SEC website and the Company's official website. As a global shipping provider, OceanPal specializes in transporting dry bulk cargoes like iron ore, coal, and grain, primarily via short-term charters once current employments conclude.

OceanPal Inc. (NASDAQ: OP) has announced the cancellation of its time charter contract with Crystal Sea Shipping for the m/v Calipso due to delays not related to the vessel's condition. The vessel will now be chartered to Atlantic Coal And Bulk Pte. Ltd. at a gross rate of $17,850 per day, commencing immediately for approximately 25 days. OceanPal's fleet currently consists of three vessels, and the company focuses on shipping dry bulk cargoes across global routes.

OceanPal Inc. (NASDAQ: OP) has secured a three-month time charter contract with Crystal Sea Shipping Co. for its Panamax vessel, m/v Calipso. The new gross charter rate of $22,500 per day, effective February 13, 2022, represents a significant increase from the previous rate of $13,850. This contract is expected to generate approximately $1.69 million in gross revenue. Currently, OceanPal's fleet includes three dry bulk vessels, positioning the company to capitalize on anticipated higher market rates for future charters.

OceanPal Inc. (NASDAQ: OP) announced a public offering of 15,571,429 units at $0.77 each, aiming to raise approximately $11.99 million. Each unit consists of one share of common stock (or a pre-funded warrant) and one Class A warrant. A sale of 628,571 shares by affiliated sellers will also occur. The net proceeds will support general corporate purposes, including potential vessel acquisitions. The offering is expected to close around January 25, 2022.

OceanPal Inc. (NASDAQ: OP) has announced a new time charter for its Panamax dry bulk vessel, the m/v Calipso, securing a gross rate of US$18,750 per day for approximately 15 to 20 days. This rate represents a significant increase from its current charter rate of US$10,400 per day. The m/v Calipso, weighing 73,691 dwt and built in 2005, is part of OceanPal's fleet, which includes three dry bulk vessels. The company provides transportation services for various dry bulk commodities globally.