OceanPal Inc.

OceanPal Inc. operates a compact and efficient fleet tailored to the fundamental needs of global trade. As of April 2025, the company owns four oceangoing vessels: three Panamax dry bulk carriers and one MR2 product tanker. While modest in scale, this fleet plays an important role in transporting vital commodities, including grain, coal, and refined petroleum products, across key international shipping lanes. A fifth vessel listed in the table below, The Salt Lake City, a Capesize Bulk Carrier, was sold on February 13, 2025.

Source: Company Documents

The Panamax vessels are designed for flexibility and efficiency, enabling them to navigate the Panama Canal while maximizing cargo capacity. They serve major trade flows supporting food security, energy supply, and raw material needs. The MR2 tanker, which transports refined oil products, provides strategic diversification by giving OceanPal exposure to the liquid cargo segment.

Rather than investing in newbuilds, OceanPal has focused on acquiring secondhand vessels to maintain capital efficiency and operational flexibility. The company prioritizes regulatory compliance and preventive maintenance, ensuring its vessels are in compliance with environmental and maritime regulations.

Specialized third-party partners manage day-to-day operations. Diana Wilhelmsen Management Limited and Anglo-Eastern Ship Management (Singapore) Pte. Ltd. provide technical oversight. Commercial and administrative services are handled by Steamship Shipbroking Enterprises Inc. and Sea Transportation Inc. This structure allows OceanPal to benefit from deep industry expertise without the cost of maintaining an internal operations platform.

The company’s chartering strategy is centered on short- to medium-term time charters. This approach enables OceanPal to adapt to fluctuating rate cycles and market conditions while maintaining consistent cash flow. Supported by a debt-free balance sheet and a lean cost structure, OceanPal is well-positioned to manage through volatility and capitalize on emerging opportunities.

OceanPal’s strategy is centered on disciplined capital allocation, asset flexibility, and the creation of long-term value. Rather than pursuing rapid fleet expansion, the company focuses on maintaining a lean, debt-free operating structure while selectively deploying capital to take advantage of market-driven opportunities.

A key element of this strategy is OceanPal’s preference for acquiring secondhand vessels rather than commissioning newbuilds. This approach allows the company to avoid extended delivery timelines, reduce upfront capital expenditures, and maintain greater adaptability across volatile shipping cycles. It also enables the company to respond quickly to favorable market conditions without being burdened by long-term construction commitments.

OceanPal’s chartering model focuses on short- to medium-term time charters, offering flexibility in pricing and fleet allocation. This strategy allows the company to adjust to rate shifts in the dry bulk and product tanker markets, generating revenues without locking in vessels at potentially disadvantageous rates for extended periods.

Notably, OceanPal’s recent minority investment in two methanol-ready stainless steel chemical tanker newbuildings through a Norwegian joint venture reflects a targeted and capital-efficient approach to sector diversification. Although the company will not take delivery of the vessels directly, the investment broadens OceanPal’s exposure to the chemical shipping market and next-generation fuel technologies without incurring the full operational risk of ownership. The $4.13 million commitment has already been fully funded, and the vessels are scheduled for delivery between late 2025 and early 2026.

OceanPal operates within a dynamic segment of the maritime industry that serves as a backbone for global commodity flows. Dry bulk shipping, which includes cargoes such as coal, grain, iron ore, and fertilizers, is directly influenced by industrial production, agricultural cycles, and energy consumption patterns around the world. Demand for these commodities tends to fluctuate with macroeconomic activity and government policy, including infrastructure spending and export restrictions. In recent years, the global dry bulk market has experienced volatility driven by weather events, geopolitical tensions, and shifting supply chain strategies. For OceanPal, whose Panamax vessels can operate on key trade lanes connecting the Americas, Asia, and Europe, these shifts require constant monitoring and tactical flexibility in vessel deployment.

The dry bulk market has been increasingly shaped by short-term volatility and longer-term structural shifts. Disruptions such as the Russia-Ukraine conflict have impacted grain exports and energy shipments, while drought-related constraints at the Panama Canal have affected vessel routing and availability. OceanPal’s emphasis on Panamax vessels, which are sized to navigate the Panama Canal when water levels permit, provides a degree of routing flexibility not available to larger ship classes. At the same time, the ongoing rebalancing of trade between China and other developing economies has created new opportunities and risks for dry bulk carriers. OceanPal’s chartering strategy, which favors short- to medium-term contracts, is specifically designed to capture these rate fluctuations.

The product tanker segment, which includes OceanPal’s MR2 vessel, has also experienced structural changes in recent years. Shifts in refinery distribution, changes in environmental regulations, and the rise of regional imbalances in fuel supply and demand have contributed to more active trade routes and longer average voyage distances. The demand for refined petroleum products has remained relatively stable, even amid broader energy transitions, as developing economies continue to expand road transportation and industrial usage. OceanPal’s participation in this segment through its MR2 tanker offers portfolio diversification and exposure to a different set of trade drivers than dry bulk, providing a natural hedge against fluctuations in one market or the other.

Looking ahead, environmental regulation and decarbonization pressures are expected to play a larger role in shaping shipping industry trends. Compliance with the International Maritime Organization’s (IMO) carbon intensity and energy efficiency regulations is pushing many vessel operators to upgrade equipment or slow down fleets to reduce emissions. OceanPal continues to prioritize compliance and maintenance as part of its operational strategy. While the company does not currently operate dual-fuel or alternative-fuel vessels, its recent investment in two methanol-ready stainless steel chemical tankers through a Norwegian joint venture signals a growing interest in low-carbon technologies and transitional fleet exposure.

Supply-side dynamics also influence the market outlook, particularly in terms of vessel availability. Orderbooks for newbuild dry bulk and tanker vessels remain relatively modest by historical standards, partly due to regulatory uncertainty and high construction costs. This limited supply growth may provide a tailwind for vessel owners like OceanPal in the coming years. With no long-term debt obligations and a relatively young fleet, the company is positioned to capitalize on rate spikes without the capital intensity or financing pressure faced by more heavily leveraged competitors.

While the shipping industry remains subject to global trade disruptions, shifting regulatory frameworks, and cyclical demand, OceanPal’s lean structure, asset strategy, and selective market participation provide a measure of resilience and adaptability. By operating within targeted segments of the dry bulk and product tanker markets, the company can navigate volatility while remaining alert to potential growth windows shaped by regulation, supply chain evolution, and global commodity demand.

OceanPal Inc. entered 2025 with a lean balance sheet, a disciplined operating structure, and a clear emphasis on preserving financial flexibility. For the full year ended December 31, 2024, the company reported vessel revenues of $25.7 million, a 35% increase from $19.0 million in 2023. The improvement was driven by higher fleet utilization, strategic chartering activity, and the addition of the MR2 tanker Zeze Start, which broadened revenue exposure to the product tanker segment. Importantly, OceanPal ended the year with $7.16 million in cash and no outstanding debt, providing a solid foundation to manage ongoing operations.

Time Charter Equivalent (TCE) rates averaged $11,133 per day for the year. TCE is a key industry metric used to assess vessel performance by standardizing revenues across charter types and eliminating voyage-specific costs such as fuel and port fees. While this figure is lower than the peak levels seen during the post-pandemic shipping surge of 2021–2022, it is consistent with normalized dry bulk and MR tanker market conditions over the past twelve months. In context, TCE rates in the dry bulk sector ranged from $7,000 to $15,000 per day during 2024, depending on vessel size and geography. OceanPal’s ability to maintain a steady TCE despite macroeconomic headwinds demonstrates the effectiveness of its short- to medium-term chartering strategy and the commercial relationships it has cultivated with global charterers.

Gross profit also rose to $8.3 million in 2024 from $4.7 million the prior year, reflecting both top-line growth and careful cost control. Fleet utilization reached 95.2% in the fourth quarter, demonstrating high operational efficiency and minimal downtime. This level of utilization is notable for a company operating older, secondhand vessels and reflects the proactive maintenance and scheduling practices implemented across the fleet.

While the company experienced some one-time non-operational impacts related to vessel sale transactions and restructuring, these events were absorbed without compromising the company’s liquidity or financial footing. OceanPal’s debt-free status continues to distinguish it from many of its peers in the shipping industry, where leverage is commonly used to finance fleet expansion. By avoiding such leverage, OceanPal preserves the ability to reinvest internally generated cash and retain strategic optionality.

The company’s ongoing investment in vessel maintenance and regulatory compliance has helped ensure the fleet remains commercially viable and in compliance with international shipping standards. Additionally, OceanPal’s decision to fully fund its $4.13 million minority investment in two chemical tankers through a Norwegian joint venture reflects its intent to pursue capital-efficient exposure to new markets while maintaining control over its balance sheet.

Taken together, these financial highlights support OceanPal’s long-term strategy of sustainable, measured growth without sacrificing operational discipline. The company’s cash-generating capabilities, strong utilization, and prudent capital deployment position it to continue weathering market volatility while remaining opportunistic in the quarters ahead.

OceanPal Inc. is guided by a team of seasoned professionals with deep expertise in maritime operations, financial strategy, and corporate governance. Their combined experience spans public and private shipping companies, regulatory compliance, and global capital markets.

Robert Perri, Chief Executive Officer

Robert Perri was appointed Chief Executive Officer of OceanPal in February 2023. He brings more than 28 years of experience in maritime transportation, shipping finance, and investment research. Before joining OceanPal, he served as CFO of TMS Cardiff Gas, Ltd. from 2016 to 2021, and worked in the finance department of Costamare Inc. from 2021 to 2022. Earlier in his career, Mr. Perri spent a decade as an equity research analyst for several investment banks, covering sectors including shipping, technology, and IT services. He holds a Bachelor of Science in Accounting and Finance from Drexel University and an MBA with a focus in finance and banking from SDA Bocconi. Mr. Perri is a CFA charterholder and currently serves as a Director of Kalon Acquisition Group.

Vasiliki Plousaki, Chief Financial Officer

Appointed CFO in April 2023, Vasiliki Plousaki previously served as OceanPal’s Chief Accounting Officer from 2021 to 2023. She oversees the company’s financial reporting, internal controls, and audit processes. Before joining OceanPal, she served as the EMEA Regional Controller for Drew Marine, a global maritime service provider. Her career began at Ernst & Young (Hellas) in 2011, where she advanced to Senior Manager, specializing in audits of U.S.-listed shipping companies. Mrs. Plousaki holds a Bachelor’s degree in Finance and a Master’s in Auditing and Accounting from the University of Athens and the Greek Institute of Chartered Accountants. She is also a member of the Association of Chartered Certified Accountants (ACCA).

Margarita Veniou, Chief Corporate Development and Governance Officer, Secretary

Margarita Veniou has served as Chief Corporate Development and Governance Officer since November 2021 and as Corporate Secretary since April 2023. She plays a key role in strategic planning, corporate governance, and regulatory oversight. Ms. Veniou has over 20 years of experience in the maritime sector, having held senior positions at Diana Shipping Inc. and Diana Shipping Services S.A. from 2004 to 2022. She also served as Corporate Planning & Governance Officer at Performance Shipping Inc. (NASDAQ: PSHG). She holds a bachelor’s degree in Maritime Studies and a master’s degree in Maritime Economics & Policy from the University of Piraeus. Ms. Veniou has completed executive programs at the London Business School and is certified in shipping derivatives and ISO 14001 standards. She also serves as General Manager of Steamship Shipbroking Enterprises Inc.

Each member of OceanPal’s leadership team brings a unique combination of technical skill and strategic insight, contributing to the company’s disciplined approach to fleet management and capital allocation. Their combined experience supports OceanPal’s commitment to lean operations, regulatory compliance, and market responsiveness in an evolving global shipping environment.

This communication is neither an offer to sell nor a solicitation of an offer to buy, nor a recommendation of any securities of the company mentioned herein.

OceanPal Inc. (the “Company”) and its counsel have reviewed the content of this page as well as the accompanying presentation (“Company Presentation”) displayed on this page. To the best of its knowledge, the Company does not believe this content to be misleading or inaccurate in any material respect, nor does it believe there are any material omissions with respect to such content. The Company does not believe the contents of the page or the Company Presentation to contain any non-public material information.

Information and opinions presented in the Company Presentation are provided by the Company, and b2i Digital makes no representation as to their accuracy or completeness. The information contained on this page is not intended to constitute any form of advice, and the information provided is not intended to provide a sufficient basis on which to make an investment decision. It is not investment research, nor does it constitute a research recommendation, as it does not constitute substantive research or analysis. This information is not to be relied upon in substitution for the exercise of independent judgment. 

Information, opinions and estimates contained on this page or in the Company Presentation reflect judgments by the Company as of the original date of publication by the Company and are subject to change without notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made regarding future performance.

A complete description of the risks and uncertainties relating to the Company and its securities can be found in the company's filings with the U.S. Securities and Exchange Commission available for free at www.sec.gov.

Information on this page may relate to penny stocks, which may also be referred to as low-priced stocks. Penny stocks are low-priced shares typically issued by small companies. Penny stocks involve greater than normal risk, they may be less liquid than other stocks (i.e., more difficult to sell), and there may be less reliable information available regarding such stocks. Investors in penny stocks should be prepared for the possibility that they may lose their entire investment.

B2i Digital or its related entities may own securities of the Company. 

To comply with Rule 17(b) of the Securities Act of 1933, as amended, B2i Digital must provide full disclosure of all compensation received for investor awareness services provided by the Company.

The Company is a client of B2i Digital. The Company agreed to pay B2i Digital no greater than $100,000 in cash for 12 months of digital marketing consulting and investor awareness services.