OceanPal Takes Delivery of m/t Zeze Start Tanker

TL;DR

OceanPal just got a new tanker, m/t Zeze Start, funded partly by preferred stock.

AI Summary

On September 9, 2024, OceanPal Inc. announced the delivery of the m/t Zeze Start, a 2009-built tanker vessel with a carrying capacity of 49,999 dwt. The company had agreed to purchase this vessel in late July 2024, with the acquisition being partially funded by shares of the Company's Series D Preferred Stock.

Why It Matters

This acquisition expands OceanPal's fleet, potentially increasing its revenue-generating capacity in the tanker market.

Risk Assessment

Risk Level: medium — The acquisition of a single vessel and its funding structure introduce specific risks related to market conditions and financing.

Key Numbers

• 49,999 dwt — Carrying Capacity (Capacity of the newly delivered m/t Zeze Start tanker)

Key Players & Entities

• OceanPal Inc. (company) — Registrant
• m/t Zeze Start (company) — Vessel acquired
• September 9, 2024 (date) — Announcement date
• late July 2024 (date) — Agreement to purchase date
• July 16, 2024 (date) — Previous announcement date
• Series D Preferred Stock (company) — Funding instrument

FAQ

Filing Documents

• d11471959_6k.htm (6-K) — 24KB
• d11471959_ex4-1.htm (EX-4.1) — 85KB
• d11471959_ex4-2.htm (EX-4.2) — 283KB
• image00002.jpg (GRAPHIC) — 1KB
• image00005.jpg (GRAPHIC) — 74KB
• 0000919574-24-005440.txt ( ) — 495KB

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: September 9, 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 DELIVERY OF THE MR2 TANKER VESSEL ZEZE START ATHENS, GREECE, September 9, 2024 – OceanPal Inc. (NASDAQ:OP) ("OceanPal" or the "Company"), a global shipping company specializing in the ownership of vessels, today announced that it has taken delivery of the m/t Zeze Start, a 2009-built tanker vessel having a carrying capacity of 49,999 dwt (the "Vessel"), that the Company entered into an agreement to purchase in late July 2024. The acquisition of its first tanker vessel reflects OceanPal's view that it is the right time to diversify the Company's fleet so as to take advantage of opportunities in the product tanker sector. Upon completion of the previously announced sale of the m/v Baltimore, OceanPal Inc.'s fleet will consist of 4 dry bulk vessels (1 Capesize and 3 Panamax) and an MR2 tanker vessel. A table describing the current OceanPal Inc. fleet can be found on the Company's website, www.oceanpal.com. Information contained on the Company's website does not constitute a part of this press release. About the Company OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore,

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

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 and petroleum products 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

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View this 6-K filing on SEC EDGAR