OceanPal Inc. (OP) director discloses Series C preferred and common stock stake

Rhea-AI Filing Summary

OceanPal Inc. director Papatrifon Eleftherios filed an initial ownership report showing his equity position in the company. He holds 2,084 shares of 8.0% Series C cumulative convertible perpetual preferred stock, which are currently convertible into 3,330,669 shares of common stock, and 470,588 common shares directly. The preferred shares are convertible at his option but are subject to ownership limits that prevent him from becoming the beneficial owner of more than 49% of OceanPal’s outstanding shares.

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^*

Papatrifon Eleftherios

(Last) (First) (Middle)

PENDELIS 26

PALAIO FALIRO

(Street)

ATHENS 175 64

(City) (State) (Zip)

UNITED STATES

(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)
Common Stock, $0.01 par value per share	470,588	D

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
8.0% Series C Cum. Con. Perpetual Preferred Shares	(1)	(1)	Common Stock	3,330,669	(1)	D

Explanation of Responses:

1. The Reporting Person owns 2,084 shares of the Series C Preferred Stock granted pursuant to the Issuer's 2021 Equity Incentive Plan, as amended and restated. 2,084 shares of Series C Preferred Stock, convertible into an aggregate of 3,330,669 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/ Eleftherios Papatrifon	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 insider position did Papatrifon Eleftherios report in OceanPal Inc. (OP)?

Papatrifon Eleftherios reported his existing holdings as a director of OceanPal Inc.. He disclosed both preferred and common shares, providing a baseline view of his ownership stake without recording any new purchases or sales in this filing.

How many OceanPal Series C preferred shares does the director hold?

He holds 2,084 shares of OceanPal’s 8.0% Series C cumulative convertible perpetual preferred stock. These preferred shares were granted under the company’s 2021 Equity Incentive Plan, as amended and restated, and form a significant component of his reported equity position.

Into how many OceanPal common shares are the Series C preferred shares currently convertible?

The 2,084 Series C preferred shares are currently convertible into 3,330,669 common shares based on a VWAP calculation as of March 17, 2026. This conversion ratio links the director’s preferred holdings to a substantial potential common stock position.

How many OceanPal common shares does Papatrifon Eleftherios own directly?

He directly owns 470,588 common shares of OceanPal Inc. This common stock position is separate from the common shares underlying his preferred stock and represents his straightforward, non-derivative equity stake in the company.

Are there ownership limits on converting the OceanPal Series C preferred shares?

Yes. The filing states that conversion of the Series C preferred shares is subject to ownership restrictions. These terms prevent him from becoming the beneficial owner of more than 49% of OceanPal’s total issued and outstanding shares after conversion.

Did this OceanPal Form 3 show any insider buying or selling activity?

No. The Form 3 reflects holdings only, not new transactions. It lists the director’s existing preferred and common share positions, without recording purchases, sales, exercises, or other trading activity during the reported period.