OceanPal to Buy Tanker for $27M from Director-Controlled Entity

TL;DR

OceanPal buying a $27M tanker from a director's related party. Big move for the company.

AI Summary

OceanPal Inc. announced on July 16, 2024, that it has agreed to acquire the MR2 tanker vessel, m/t Zeze Start, for $27.0 million. The acquisition is being made through a wholly-owned subsidiary from an entity controlled by a director of the Company.

Why It Matters

This acquisition could expand OceanPal's fleet and potentially increase its revenue-generating capacity in the tanker market.

Risk Assessment

Risk Level: medium — Acquiring a vessel from a related party at a significant price introduces potential conflicts of interest and valuation risks.

Key Numbers

• $27.0M — Vessel Acquisition Price (The total cost for the m/t Zeze Start tanker.)

Key Players & Entities

• OceanPal Inc. (company) — Registrant
• m/t Zeze Start (company) — Vessel being acquired
• $27.0 million (dollar_amount) — Purchase price of the vessel
• July 16, 2024 (date) — Date of announcement and agreement
• Robert Perri (person) — Mentioned in the filing

FAQ

Key Financial Figures

• $27.0 million — art, for an aggregate purchase price of $27.0 million from an entity controlled by a director
• $18.9 million — quarter of 2024. Of the purchase price, $18.9 million will be paid in cash and the remaining
• $10.9 million — h position. Of the cash purchase price, $10.9 million will be paid to the seller after the de

Filing Documents

• d11415952_6-k.htm (6-K) — 23KB
• 0000919574-24-004039.txt ( ) — 24KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. OCEANPAL INC. (registrant) Dated: July 16, 2024 By: /s/ Robert Perri Robert Perri Chief Executive Officer Exhibit 99.1 Corporate Contact: Margarita Veniou Chief Corporate Development and Governance Officer and Secretary Telephone: +30-210-9485-360 Email: mveniou@oceanpal.com Website: www.oceanpal.com X: @OceanPal_Inc For Immediate Release Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net OCEANPAL INC. ANNOUNCES AGREEMENT TO ACQUIRE AN MR2 TANKER VESSEL ATHENS, GREECE, July 16, 2024 – OceanPal Inc. (NASDAQ:OP) ("OceanPal" or the "Company"), a global shipping company specializing in the that it is the right time to diversify the Company's fleet so as to take advantage of opportunities in the product tanker sector. Commenting on the transaction, Mr. Robert Perri, the Company's Chief Executive Officer, stated that, "The Board's decision to enter the product tanker space at this time marks an exciting development in the Company's corporate strategy to operate a diversified fleet amid continued optimism in the product tanker sector." The Vessel is expected to be delivered to the Company during the third quarter of 2024. Of the purchase price, $18.9 million will be paid in cash and the remaining amount will be paid in the form of shares of the Company's Series D Preferred Stock, the

Forward Looking Statements

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, change

forward-looking statements, whether as a result of new information, future events or otherwise

forward-looking statements, whether as a result of new information, future events or otherwise.

View Full Filing

View this 6-K filing on SEC EDGAR