Economou Amends OceanPal 13D Filing, Signals Continued Influence

TL;DR

**Economou just updated his OceanPal stake, still a major player.**

AI Summary

George Economou, through Sphinx Investment Corp. and Maryport Navigation Corp., filed an Amendment No. 7 to their Schedule 13D on January 3, 2024, indicating a change in their beneficial ownership of OceanPal Inc. Common Shares. This amendment updates previous disclosures, signaling that Economou continues to be a significant insider with substantial influence over the company. For investors, this matters because Economou's actions, as a major shareholder, can significantly impact OceanPal's strategic direction and stock performance.

Why It Matters

This filing confirms George Economou's ongoing significant beneficial ownership in OceanPal Inc., which means his strategic decisions and voting power can heavily influence the company's future operations and stock value.

Risk Assessment

Risk Level: medium — The risk is medium because significant insider ownership can lead to concentrated control, potentially benefiting the insider over minority shareholders, but also aligns their interests with the company's success.

Analyst Insight

Investors should monitor future filings by George Economou for OceanPal Inc. to understand potential shifts in company strategy or ownership structure, as his significant stake gives him considerable sway.

Key Numbers

• $0.01 — Par Value per Share (The par value of OceanPal Inc. Common Shares, as stated in the filing.)

Key Players & Entities

• George Economou (person) — the reporting person and beneficial owner of OceanPal Inc. shares
• OceanPal Inc. (company) — the subject company whose common shares are being reported
• Sphinx Investment Corp. (company) — one of the group members reporting beneficial ownership
• Maryport Navigation Corp. (company) — one of the group members reporting beneficial ownership
• $0.01 (dollar_amount) — par value per share of OceanPal Inc. Common Shares
• January 3, 2024 (date) — date of the event requiring the filing of this statement

Forward-Looking Statements

• George Economou will continue to exert significant influence over OceanPal Inc.'s strategic decisions. (George Economou) — high confidence, target: Ongoing
• OceanPal Inc.'s stock performance will likely be sensitive to any future actions or disclosures by George Economou. (OceanPal Inc.) — medium confidence, target: Next 12 months

FAQ

Key Financial Figures

• $0.01 — e of Issuer) Common Shares, par value $0.01 per share (Title of Class of Securiti
• $176,217 — on Shares for a total purchase price of $176,217 including fees and expenses. The source

Filing Documents

• tm242102d1_sc13da.htm (SC 13D/A) — 57KB
• tm242102d1_ex99-2.htm (EX-99.2) — 37KB
• 0001104659-24-001595.txt ( ) — 95KB

of the Initial 13D is hereby supplemented

Item 3 of the Initial 13D is hereby supplemented by adding the following paragraph to the end thereof: “From and including December 15, 2023, through and including January 3, 2024, Sphinx purchased an additional 76,882 Common Shares for a total purchase price of $176,217 including fees and expenses. The source of funds used by Sphinx to purchase the Common Shares is its working capital. Unless noted above, no part of the purchase price for such Common Shares was borrowed by any Reporting Person for the purpose of acquiring, holding, trading or voting any securities discussed in this Item 3.” Item 4. Purpose of Transaction.

of the Initial 13D is hereby supplemented

Item 4 of the Initial 13D is hereby supplemented by adding the following paragraphs to the end thereof: “On January 5, 2024, Sphinx, in accordance with the Amended and Restated Bylaws of the Issuer (the “ Bylaws ”), submitted to the Issuer a further formal notice of its decision (the “ Supplemental Notice ”, and such proposal, the “ Nomination Proposal ”) to propose the nominations of, and to nominate, Mr. John Liveris and Mr. Georgios Kokkodis (each a “ Nominee ” and collectively, the “ Nominees ”) for election to the board of directors (the “ Board ”) of the Issuer as Class III directors at the Issuer’s first annual meeting of stockholders of the Issuer to occur after the date of the Supplemental Notice (including any adjournments or postponements of such annual meeting or any special meeting that may be called in lieu of such annual meeting, the “ 2024 Annual Meeting ”). John Liveris is a citizen of Greece and for the last approximately thirty years has been an international consultant in the energy and technology industries. Mr. Liveris was from 2014 to 2018 a member of the board of directors of Ocean Rig UDW Inc. (“ Ocean Rig ”), an international contractor of offshore deep water drilling services that was then-listed on the NASDAQ. While a member of the board of directors of Ocean Rig, Mr. Liveris also served as the Chairman of the Audit Committee (from 2015-2018) and Chairman of the Compensation Committee (from 2014-2017) and had been determined by the Ocean Rig board of directors to be an “audit committee financial expert” (from 2015-2018). Prior to that from 2007 to 2011, he was the Chairman of the board of directors of OceanFreight Inc., a shipping company that was then-listed on the NASDAQ, and before then, he was the Group Senior Advisor at Intracom, a leading Greek telecommunications and electronics manufacturer. Mr. Liveris studied

of the Initial 13D is hereby amended and restated

Item 5 of the Initial 13D is hereby amended and restated as set forth below: “(a), (b) The Reporting Persons each may be deemed to beneficially own all of the 754,713 Common Shares (the “ Subject Shares ”) reported herein, which represent approximately 10.1% of Issuer’s outstanding Common Shares, based on the 7,448,216 Common Shares stated by Issuer as being outstanding as of October 17, 2023 in the Issuer’s October 2023 6-K. Sphinx has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 754,713 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 754,713 Common Shares. Maryport has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 754,713 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 754,713 Common Shares. Mr. Economou has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 754,713 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 754,713 Common Shares. (c) Other than as described herein or on Exhibit 99.2 (as amended and restated and filed herewith), which is incorporated herein by reference, no transactions of Common Shares were effected by the Reporting Persons during the past 60 days. (d) Except as set forth above in this Item 5, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares. (e) Not applicable.” Item 7. Material to be Filed as Exhibits. Exhibit 99.1 Joint Filing Agreement, dated September 28, 2023, by and a

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: January 5, 2024 SPHINX INVESTMENT CORP. By: Levante Services Limited By: /s/ Costas Ioannou Costas Ioannou Director Date: January 5, 2024 MARYPORT NAVIGATION CORP. By: Levante Services Limited By: /s/ Costas Ioannou Costas Ioannou Director Date: January 5, 2024 GEORGE ECONOMOU By: /s/ George Economou George Economou

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View this SC 13D/A filing on SEC EDGAR