OceanPal Inc. Announces Agreement to Acquire an MR2 Tanker Vessel

Core Viewpoint - OceanPal Inc. has signed a Memorandum of Agreement to acquire an MR2 tanker vessel, the m/t Zeze Start, for an aggregate purchase price of $27.0 million, reflecting the company's strategy to diversify its fleet in the product tanker sector [2][5]. Group 1: Acquisition Details - The m/t Zeze Start is a 2009-built tanker vessel with a carrying capacity of 49,999 deadweight tons (dwt) [3]. - The purchase price will be paid with$18.9 million in cash and the remainder in shares of the Company's Series D Preferred Stock, with $10.9 million of the cash to be paid after delivery, bearing interest at 5.0% per annum [1][2]. Group 2: Company Strategy - The acquisition was unanimously approved by the Board of Directors and is seen as a timely move to capitalize on opportunities in the product tanker sector [2][5]. - Following the completion of the previously announced sale of m/v Baltimore, OceanPal's fleet will consist of 4 dry bulk vessels, excluding the m/t Zeze Start [6]. Group 3: Company Overview - OceanPal Inc. is a global shipping company specializing in the ownership of vessels, currently transporting a range of dry bulk cargoes including iron ore, coal, and grain [7]. - The company's vessels are expected to be primarily employed on short-term time and voyage charters after their current employments [7].