Accessibility StatementSkip Navigation ATHENS, Greece and NEW YORK, Nov. 17, 2025 /PRNewswire/ -- OceanPal Inc. ("OceanPal", or "OP", NASDAQ: OP), today announced that its wholly owned subsidiary, SovereignAI Services LLC ("SovereignAI"), which is focused on commercializing the NEAR Protocol, disclosed its initial treasury update as part of its commitment to OP's recently announced NEAR treasury strategy. As of November 13, 2025, at 12PM EST, SovereignAI treasury holdings totaled 53.9 million NEAR. Fo ...

Core Points - OceanPal Inc. plans to change its stock ticker symbol from "OP" to "SVRN" effective November 17, 2025 [1][2] - The change will not affect the rights of outstanding common stock, and no action is required from shareholders [2] - OceanPal Inc. specializes in shipping transportation services, focusing on dry bulk vessels and product tankers [3] Company Overview - OceanPal Inc. is engaged in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [3] - The company's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [3] Subsidiary Information - SovereignAI is a wholly owned subsidiary of OceanPal, formed to implement a digital asset treasury strategy [4] - SovereignAI focuses on developing confidential AI infrastructure that intersects AI and blockchain in public markets [4] - The subsidiary will utilize NEAR Protocol's technology to establish private, user-owned commerce, with funds generated from NEAR tokens supporting the company's blockchain-native AI infrastructure goals [4]

Core Insights - OceanPal Inc. plans to pivot into artificial intelligence infrastructure by building confidential AI cloud services on the Near Protocol blockchain [1] - The company has closed a $120 million private investment in public equity (PIPE) deal to launch SovereignAI, a wholly owned subsidiary focused on NEAR tokens [2] - SovereignAI aims to acquire 10% of the NEAR token's supply over time, marking a unique approach compared to other companies focusing on well-known cryptocurrencies [3] Company Developments - OceanPal will continue its shipping operations, which reported a net loss of $10.4 million in the first half of the year [2] - The company's shares fell over 20% recently, trading at $1.73, down from a high of $79 in June [3] Strategic Vision - SovereignAI aims to enable user-owned AI and autonomous agent commerce, leveraging its infrastructure for privacy-preserving AI at scale [4][5] - The advisory board for SovereignAI includes industry figures from OpenAI, Quicknode, and Fabric Ventures, chaired by Near Foundation co-founder Illia Polosukhin [5]

Core Viewpoint - OceanPal Inc. has successfully closed a $120 million private investment in public equity transaction to fund a digital asset treasury strategy through its new subsidiary, SovereignAI Services LLC, aimed at commercializing the NEAR Protocol for AI use cases [1][2][3] Group 1: Investment and Strategy - The net proceeds from the transaction will be utilized to implement a digital asset treasury strategy focused on the NEAR Protocol, which is designed for AI applications [1][2] - SovereignAI aims to acquire at least 10% of the NEAR token supply over time, transitioning from passive accumulation to active infrastructure development [2][4] - The strategy is supported by a world-class advisory board and strategic partners, including the NEAR Foundation, to enhance the execution of its goals [4][6] Group 2: Leadership and Expertise - OceanPal's newly appointed Co-CEO, Sal Ternullo, emphasizes the potential of NEAR as a leading project in the digital asset market, aiming to leverage its AI capabilities for various enterprise sectors [3][4] - The executive team includes COO David Schwed, who has extensive experience in information security and privacy, enhancing the company's operational capabilities [3][4] Group 3: Market Position and Future Outlook - SovereignAI is positioned at the intersection of AI and digital ownership, focusing on building a blockchain-native, confidential AI infrastructure [4][5] - The company plans to capitalize on the growing demand for privacy-first, regulatory-compliant AI solutions across industries such as finance, healthcare, and media [3][4] - OceanPal will continue its core operations in shipping transportation while expanding into the digital asset space through SovereignAI [8][14]

Core Points - OceanPal Inc. announced a one-for-twenty-five reverse stock split of its common shares, which was approved by shareholders on May 20, 2025 [1][3] - The reverse stock split will take effect on August 25, 2025, with shares trading on a split-adjusted basis under the existing symbol "OP" [2] - The number of outstanding common shares will decrease from approximately 167,402,561 to about 6,696,102 shares [3] Company Overview - OceanPal Inc. is a global shipping company that specializes in the ownership and operation of dry bulk vessels and product tankers, focusing on the transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [6] - The company's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [6]

Financial Performance - OceanPal Inc. reported time charter revenues of $6.2 million for the six months ended June 30, 2025, a decrease from $12.4 million in the same period of 2024, representing a decline of approximately 50% [1][6][14] - The company experienced a net loss of $10.4 million for the first half of 2025, compared to a net loss of $9.5 million for the same period in 2024, indicating a worsening financial position [1][6][14] - The net loss attributed to common stockholders was $11.9 million for the six months ended June 30, 2025, compared to $10.3 million in 2024, reflecting an increase in losses [1][6][14] Fleet and Operational Data - The average number of vessels operated by OceanPal was 4.1 in the first half of 2025, down from 5 in the same period of 2024 [6][14] - The fleet utilization rate decreased to 92.4% in 2025 from 97.9% in 2024, indicating reduced operational efficiency [6][14] - The weighted average age of the vessels was 19.4 years as of June 30, 2025, compared to 19.3 years in the previous year [6][14] Cash Flow and Balance Sheet - OceanPal reported net cash used in operating activities of $1.1 million for the first half of 2025, an improvement from $3.3 million used in the same period of 2024 [17] - The company generated $20.99 million from investing activities in 2025, compared to no cash generated in 2024 [17] - As of June 30, 2025, total assets were $78.17 million, down from $89.46 million at the end of 2024, primarily due to a decrease in the value of vessels [16][14] Industry Context - OceanPal operates in the global shipping industry, focusing on the ownership and operation of dry bulk vessels and product tankers, transporting commodities such as iron ore, coal, grain, and refined petroleum products [9] - The company primarily employs its fleet on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [9]

Company Overview - 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, focusing on maximizing long-term shareholder value [5]. Recent Offering - OceanPal Inc. announced the closing of its upsized public offering of 10,975,600 units at a public offering price of US$1.64 per unit. Each unit consists of one common share and one warrant to purchase one common share. Gross proceeds to the company, before deducting placement agent's fees and other offering expenses, were approximately US$18.0 million [1]. Underwriting and Regulatory Filings - Maxim Group LLC acted as the sole book-running manager in connection with the offering [2]. A registration statement on Form F-1 was filed with the U.S. Securities and Exchange Commission (SEC) and was declared effective on July 21, 2025 [3]. A final prospectus relating to the offering was also filed with the SEC and is available on the SEC's website [3].

Core Viewpoint - OceanPal Inc. has announced the pricing of its upsized public offering of 10,975,600 units at a price of US$1.64 per unit, aiming to raise approximately US$18.0 million before expenses [1][3]. Group 1: Offering Details - Each unit in the offering consists of one common share and one warrant to purchase one common share [1]. - The warrants will expire three years from issuance and are immediately exercisable at an initial price equal to 225% of the public offering price, with adjustments on specified reset dates [2]. - The offering is expected to close on July 22, 2025, pending customary closing conditions [3]. Group 2: Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [6]. - The company specializes in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [6]. - OceanPal's fleet primarily operates on time charter trips with short to medium durations and spot charters, aiming to maximize long-term shareholder value [6].

Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [2] - The company engages in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [2] - OceanPal's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [2] Compliance Update - OceanPal has received notification from Nasdaq indicating that the company has regained compliance with Nasdaq Listing Rule 5550(a)(2) [1] - The compliance was achieved as the closing bid price of the company's common shares was at or greater than US$1.00 per share for 10 consecutive trading days, from June 13 to June 27, 2025 [1]

Core Viewpoint - OceanPal Inc. has signed a Memorandum of Agreement to sell the dry bulk vessel "Protefs" for a price of US$7 million, with delivery scheduled by June 17, 2025 [1] Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [3] - The company engages in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [3] - OceanPal's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [3] Fleet Composition - Following the sale of "Protefs," OceanPal's fleet will consist of 2 Panamax dry bulk vessels and 1 MR2 tanker vessel [2]