OceanPal (OP) director reports Series C preferred convertible holdings

Rhea-AI Filing Summary

OceanPal Inc. director Chrysochoidis Alexios has filed an initial ownership report showing holdings of 383 shares of the company’s 8% Series C cumulative convertible perpetual preferred stock. These preferred shares are currently convertible into an aggregate of 612,114 common shares based on a VWAP calculation as of March 17, 2026.

The Series C preferred shares are convertible at the director’s option, but only within specific ownership limits. Conversion is restricted so that it cannot result in him becoming the beneficial owner of more than 49% of OceanPal’s total issued and outstanding common shares, among other stated restrictions.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Chrysochoidis Alexios

Role Director

Type	Security	Shares	Price	Value
holding	8% Series C Cum. Con. Perpetual Preferred Shares	--	--	--

Holdings After Transaction: 8% Series C Cum. Con. Perpetual Preferred Shares — 612,114 shares (Direct)

Footnotes (1)

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Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Chrysochoidis Alexios

(Last) (First) (Middle)

PENDELIS 26

PALAIO FALIRO

(Street)

ATHENS GREECE 175 64

(City) (State) (Zip)

GREECE

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
OceanPal Inc. [ SVRN ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
8% Series C Cum. Con. Perpetual Preferred Shares	(1)	(1)	Common Stock	612,114	(1)	D

Explanation of Responses:

1. The Reporting Person owns 383 shares of the Series C Preferred Stock granted pursuant to the Issuer's 2021 Equity Incentive Plan, as amended and restated. 383 shares of Series C Preferred Stock, convertible into an aggregate of 612,114 shares of common stock based on a VWAP calculation as of March 17, 2026. The shares of Series C Preferred Stock are convertible at the Reporting Person's option, giving effect to certain ownership restrictions contained in the Series C Preferred Stock's statement of designation and a Shareholder's Covenant Agreement, including that the shares of Series C Preferred Stock shall not be convertible into the Issuers' Shares to the extent that such conversion would result in the Reporting Person becoming the beneficial owner of more than 49% of the total issued and outstanding Shares among other restrictions.

	/s/ Alexios Chrysochoidis	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the OceanPal (OP) Form 3 filing by Chrysochoidis Alexios show?

The Form 3 shows director Chrysochoidis Alexios owns 383 shares of OceanPal’s 8% Series C preferred stock. These preferred shares are currently convertible into 612,114 common shares, subject to ownership limits and other restrictions described in the security’s terms.

How many OceanPal (OP) common shares are tied to the director’s Series C preferred stock?

The 383 shares of OceanPal 8% Series C preferred stock are currently convertible into 612,114 common shares. This conversion amount is based on a volume-weighted average price (VWAP) calculation as of March 17, 2026, as described in the filing’s footnote.

What ownership limits apply to the OceanPal (OP) Series C preferred shares held by the director?

The Series C preferred shares include an ownership restriction preventing conversion if it would make the holder beneficially own more than 49% of OceanPal’s total issued and outstanding common shares. This cap is part of the security’s statement of designation and a Shareholder’s Covenant Agreement.

Is the OceanPal (OP) Series C preferred stock held by the director freely convertible into common shares?

Conversion is at the reporting person’s option but subject to specific restrictions. The shares cannot be converted into common stock to the extent conversion would push his beneficial ownership above 49% of OceanPal’s outstanding shares, along with other limitations in the governing documents.

What type of security does the OceanPal (OP) Form 3 highlight for the director?

The Form 3 highlights holdings of OceanPal’s 8% Series C cumulative convertible perpetual preferred stock. This preferred security carries an 8% rate and is convertible into common shares under a VWAP-based formula and subject to defined ownership and covenant restrictions.