OceanPal Inc. Reports Financial Results for the Period from Commencement of Operations (November 30, 2021) to December 31, 2021 and for Period from Inception Date (April 15, 2021) to December 31, 2021;Declares Cash Dividend of 5 Cents per Common Share for the Fourth Quarter of 2021

ATHENS, GREECE, March 22, 2022 – OceanPal Inc. (NASDAQ: OP), (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $134 thousand and net income attributed to common stockholders of $65 thousand for the period from inception date April 15, 2021 to December 31, 2021. Time charter revenues for the same period were $1.3 million. The condensed financial data of the Company for the period from April 15, 2021 (inception) to December 31, 2021 reflect the operation of the vessels starting from November 30, 2021. Operations prior to the November 30, 2021 consisted principally of organizational expenses.

On November 29, 2021 (the “Distribution Date”), the Company became an independent, publicly-traded company as a result of the distribution by Diana Shipping Inc. (“Diana Shipping”) of 100 percent of the outstanding common stock of the Company to the shareholders of Diana Shipping (the “Spin-Off”). Each Diana Shipping shareholder received one share of OceanPal common stock for every ten shares of Diana Shipping common stock.  

Dividend Declaration

The Company declared a cash dividend on its common stock of $0.05 per share for the fourth quarter ended December 31, 2021. The cash dividend will be payable on or about April 11, 2022 to all common shareholders of record as of April 1, 2022. The Company has 29.83 million shares of common stock issued and outstanding.