Welcome to our dedicated page for Oceanpal news (Ticker: OP), a resource for investors and traders seeking the latest updates and insights on Oceanpal stock.
OceanPal Inc. (historically Nasdaq: OP) generates news across both traditional shipping and newer digital asset and AI-related activities. Company press releases describe OceanPal as a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers for the seaborne transportation of bulk commodities and refined petroleum products. At the same time, recent announcements highlight the launch of its wholly owned subsidiary SovereignAI Services LLC, focused on commercializing the NEAR Protocol and implementing a digital asset treasury strategy.
On this news page, readers can review company-issued updates such as financial results, including time charter revenues, net income or loss, and detailed fleet employment profiles. OceanPal has published data on charter rates, charterers, vessel utilization, and non-GAAP measures like time charter equivalent (TCE) rates and daily vessel operating expenses, offering insight into how its fleet performs under time charter and spot arrangements.
OceanPal’s news flow also covers capital markets transactions and corporate actions. In 2025, the company announced an upsized public offering of units consisting of common shares and warrants, a substantial PIPE transaction involving both cash and NEAR tokens, and the establishment of an at-the-market offering program. Additional releases describe a one-for-twenty-five reverse stock split, Nasdaq compliance updates, and the sale of specific vessels, along with the resulting changes in fleet composition.
Another key theme in recent OceanPal news is the development of SovereignAI and the accumulation of NEAR tokens as part of a digital asset treasury strategy. Press releases detail SovereignAI’s NEAR holdings, targeted share of total token supply, and its role in building blockchain-native AI infrastructure. The company has also reported a ticker symbol change from OP to SVRN on Nasdaq, linking its public market identity to the SovereignAI vision. Investors and observers can use this news feed to follow how OceanPal combines its shipping operations with digital asset and AI initiatives over time.
OceanPal Inc. (NASDAQ: OP) announced a public offering of 15,000,000 units comprising one common share and one Class B warrant to purchase one common share, aiming to raise approximately $15.15 million. The offering is targeted to close by February 10, 2023, subject to customary conditions. Concurrently, a private placement of warrants for an additional 15,000,000 common shares will occur, both warrant types priced at $1.01 and exercisable immediately. Proceeds will fund general corporate purposes, including potential vessel acquisitions. The registration statement was effective on February 8, 2023.
OceanPal Inc. (NASDAQ: OP) announced a new time charter contract with Koch Shipping Pte. Ltd. for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is set at US$13,300 per day, commencing on February 9, 2023, for a duration of 5 to 8 months. This contract is expected to generate approximately US$2.0 million in gross revenue. Currently, the m/v Baltimore is under a different charter at a rate of US$12,900, indicating an increase in earnings. OceanPal's fleet comprises 4 dry bulk vessels, with plans to take delivery of an additional Panamax vessel by the end of February 2023.
OceanPal Inc. (NASDAQ: OP) has appointed Robert Perri as its new Chief Executive Officer, effective February 2, 2023, succeeding Eleftherios Papatrifon, who will remain as a Class II director. Mr. Perri brings over 15 years of experience in the shipping industry, including significant tenure as a Chief Financial Officer for publicly listed companies. He holds a Bachelor’s degree in Accounting and Finance and an MBA focused on finance and banking. Perri expressed optimism about OceanPal's growth potential in the shipping sector.
OceanPal operates by owning vessels that transport dry bulk cargoes globally, focusing on short-term charters.
OceanPal Inc. (NASDAQ: OP) announced on February 1, 2023, its agreement to acquire the m/v Melia from Diana Shipping Inc. for $14 million. The deal involves an upfront cash payment of $4 million, with the remainder to be settled in Series D Preferred Stock upon delivery of the vessel. The m/v Melia, a 2005 Panamax dry bulk carrier with a capacity of 76,225 dwt, will enhance OceanPal's fleet to five vessels. The acquisition follows a previously granted right of first refusal for six vessels and has been approved by independent board members.
OceanPal Inc. (NASDAQ: OP) announced on January 9, 2023, that it has cured its minimum bid price deficiency, regaining compliance with Nasdaq Listing Rule 5550(a)(2). This decision confirms the Company's adherence to necessary regulations, closing this compliance issue. OceanPal specializes in shipping transportation, operating vessels that transport various dry bulk cargoes globally, including iron ore and coal. The Company expects its vessels will primarily be involved in short-term charters following their current contracts.
OceanPal Inc. (NASDAQ: OP) has announced an amendment to the effective date of its reverse stock split, now occurring on December 22, 2022. This change follows a delay in regulatory approval, which has now been secured. The split will consolidate ten shares into one, reducing outstanding shares from approximately 101.8 million to 10.2 million. This move aims to increase the stock price to comply with NASDAQ's minimum bid requirements. Shareholders will be compensated for fractional shares at the market closing price on December 21, 2022.
OceanPal Inc. (NASDAQ: OP) has announced a one-for-ten reverse stock split of its common shares, approved by shareholders on April 5, 2022. The split will take effect on December 21, 2022, reducing the number of outstanding shares from approximately 101.8 million to 10.2 million. The aim is to increase the trading price per share to meet NASDAQ's minimum bid price requirement. No fractional shares will be issued; instead, shareholders will receive cash for any fractional shares. The company specializes in shipping transportation services for dry bulk cargoes.
OceanPal Inc. (NASDAQ: OP) reported a net income of $1.1 million for Q3 2022, compared to a net loss of $8 thousand in Q3 2021. Time charter revenues reached $5.1 million for the quarter and $13.4 million for the nine months ending September 30, 2022. Net income attributed to common stockholders for Q3 2022 was $403 thousand, up from a loss of $8 thousand in 2021. The fleet includes four vessels with an average age of 17.6 years, achieving a fleet utilization rate of 85.2%. The Company continues to expand its operational capacity and revenue-generating activities.
OceanPal (NASDAQ: OP) has announced the delivery of the m/v Baltimore, a 2005-built Capesize dry bulk vessel, through its wholly-owned subsidiary. The company signed a time charter agreement with Hyundai Glovis for approximately 35 days at a gross rate of $15,000 per day, potentially increasing to $18,000 for extended durations. This charter is expected to generate around $600,000 in gross revenue. OceanPal's fleet now includes 4 dry bulk vessels, focusing on transporting various commodities along global shipping routes.
OceanPal Inc. (NASDAQ: OP) reported a net income of $648,000 for Q2 2022, with revenues from time charters totaling $4.6 million. The net income attributed to common stockholders was $157,000. For the first half of 2022, the company recorded a net income of $1.1 million but reported a net loss attributed to common stockholders of $277,000, despite time charter revenues of $8.3 million. A cash dividend of $0.01 per share will be distributed to shareholders on August 31, 2022. The fleet's average utilization was strong at 98% for Q2.
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