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 a total price of $27.0 million, reflecting the company's strategy to diversify its fleet in the product tanker sector [1][2]. Group 1: Acquisition Details - The acquisition price of$27.0 million will be paid with $18.9 million in cash and the remainder in Series D Preferred Stock [2]. - A portion of the cash payment,$10.9 million, will be deferred until after the vessel's delivery, bearing an interest rate of 5.0% per annum [2]. - The purchase price was based on independent third-party broker valuations, considering the share-based component of the payment [2]. Group 2: Vessel Specifications - The m/t Zeze Start is a 2009-built tanker with a carrying capacity of 49,999 deadweight tons (dwt) [3]. - Following the acquisition and the sale of the m/v Baltimore, OceanPal's fleet will consist of 4 dry bulk vessels, including 1 Capesize and 3 Panamax [3]. Group 3: Company Overview - OceanPal Inc. is a global shipping company that provides transportation services through its vessel ownership, primarily focusing on dry bulk cargoes such as iron ore, coal, and grain [4]. - The company's vessels are expected to be employed on short-term time and voyage charters after their current contracts [4].