OceanPal Inc. Announces the Sale of M/V Protefs

Rhea-AI Summary

OceanPal Inc. (NASDAQ: OP) has announced the sale of its 2004-built dry bulk vessel M/V Protefs for US$7 million before commissions. The sale is expected to be completed by June 17, 2025, with delivery to an undisclosed third-party buyer. Following this divestment, OceanPal's fleet will be reduced to just three vessels: 2 Panamax dry bulk vessels and one MR2 tanker vessel. This transaction represents a significant fleet reduction for the global shipping company.

Positive

• Sale price of US$7 million improves company's cash position
• Strategic fleet optimization by divesting an older vessel built in 2004

Negative

• Significant fleet reduction from 4 to 3 vessels, potentially impacting revenue generation capacity
• Loss of operational capacity in dry bulk segment

ATHENS, Greece, June 02, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell the 2004-built dry bulk vessel “Protefs” to a third party, for a sale price of US$7 million before commissions with delivery to the buyer no later than June 17, 2025.

Upon completion of the aforementioned sale, OceanPal Inc.’s fleet will consist of 2 Panamax dry bulk vessels 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, coal, and grain, as well as refined petroleum products. OceanPal’s fleet is primarily employed on time charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.

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, 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, tariff policies and other trade restrictions, 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 undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net

FAQ

What is the sale price of OceanPal's M/V Protefs vessel?

OceanPal Inc. is selling the M/V Protefs for US$7 million before commissions.

When will the sale of OceanPal's (OP) M/V Protefs be completed?

The sale is expected to be completed with delivery to the buyer no later than June 17, 2025.

How many vessels will OceanPal (OP) own after selling M/V Protefs?

After the sale, OceanPal's fleet will consist of 3 vessels: 2 Panamax dry bulk vessels and one MR2 tanker vessel.

What type of vessel is M/V Protefs and when was it built?

M/V Protefs is a dry bulk vessel built in 2004.