OceanPal Inc. Announces Entry Into Agreement to Acquire a Panamax Dry Bulk Vessel

OceanPal Inc., a global shipping company specializing in the ownership of vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement dated February 1, 2023, to acquire the m/v Melia from Diana Shipping Inc., a related party of the Company, for an aggregate purchase price of US$14.0 million. Of the purchase price, US$4.0 million was paid in cash upon the signing of the Memorandum of Agreement and the remaining amount is expected to be paid upon delivery of the vessel to OceanPal Inc. in the form of shares of the Company’s Series D Preferred Stock, the terms of which are set forth in the statement of designation of the Series D Preferred Stock. The aggregate purchase price of the vessel was based on the average of two independent shipbroker valuations, after taking into account the share-based component of the consideration.

The m/v Melia is a 2005-built Panamax dry bulk vessel with a carrying capacity of 76,225 dwt. The Company expects to take delivery of the vessel by the end of February 2023. The purchase of this vessel was made pursuant to the Company’s exercise of a right of first refusal granted to it by Diana Shipping Inc. on six identified vessels (including the m/v Melia) based on an agreement dated November 8, 2021. The acquisition was approved by a committee of independent members of the Company’s Board of Directors.