ATHENS, GREECE, June 2, 2025 – 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.
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