Here are 1-2 brief analogies for OceanPal (OP):

1. It's like Union Pacific, but for shipping raw materials across oceans.
2. Think of it as a Kinder Morgan, but transporting solid bulk commodities by sea instead of piping liquids and gases on land.

Major Services of OceanPal (OP) - Category: Maritime Transportation Services

• Time Charter Services: Leasing dry bulk vessels to clients for a specified period, where the client manages the operational costs and routes.
• Voyage Charter Services: Transporting specific bulk cargo for a single journey between designated ports, with OceanPal covering all voyage-related expenses.

OceanPal Inc. (symbol: OP) primarily sells its services to other companies.

Due to the nature of the dry bulk shipping industry and OceanPal's operating model, which often involves short-term charter agreements in the spot market, the company does not publicly disclose the names of its specific major customers in its SEC filings. While their filings may indicate that certain charterers account for more than 10% of revenue in a given year, these relationships are typically not long-term, and the customer base can vary from year to year. The company explicitly states it does not have long-term contracts of affreightment with its customers.

Based on their business description in public filings, OceanPal's customers are typically companies involved in the trade and transport of dry bulk commodities. These include, but are not limited to, the following categories of companies:

• Mining companies
• Major producers of steel
• Energy companies
• Industrial companies
• Agricultural traders

As the specific names of these customer companies are not publicly disclosed by OceanPal, their public symbols cannot be provided.

• Diana Shipping Services S.A. (subsidiary of Diana Shipping Inc. - Symbol: DSX)

Salvatore Ternullo, Co-Chief Executive Officer and Chairman

Salvatore Ternullo was appointed Co-Chief Executive Officer and Chairman of OceanPal Inc. on October 28, 2025. He brings extensive experience in early-stage investing, asset management, and working with frontier technologies. Mr. Ternullo previously served as General Partner at A100x, suggesting a background in firms involved with private equity or venture capital.

Robert Perri, Co-Chief Executive Officer

Robert Perri was appointed Co-Chief Executive Officer of OceanPal Inc. on February 2, 2023. He possesses over fifteen years of experience in the shipping industry, including five years as the Chief Financial Officer for two US-listed companies and five years as the Chief Financial Officer for a private shipping company. Prior to his executive roles, Mr. Perri spent a decade in equity research at several investment banks, covering various sectors such as shipping, technology, and IT services. He holds a Bachelor of Science degree in Accounting and Finance from Drexel University and an MBA with a focus on finance and banking from SDA Bocconi. He is also a Chartered Financial Analyst (CFA) charterholder.

Vasiliki Plousaki, Chief Financial Officer

Vasiliki Plousaki has served as the Chief Financial Officer of OceanPal Inc. since April 2023. Before this appointment, she was the Chief Accounting Officer of the company from June 2021 to April 2023, overseeing all financial reporting requirements. From 2020 to June 2021, Mrs. Plousaki worked as the EMEA Regional Controller for Drew Marine, a global maritime company. Her career also includes nearly a decade at Ernst and Young (Hellas), where she advanced to Senior Manager from 2011 to 2020, specializing as an external auditor for US-listed shipping companies. Mrs. Plousaki is a member of the Association of Chartered Certified Accountants (ACCA) and holds both a Bachelor's and a Master's degree in Finance and Auditing/Accounting from the University of Athens and the Greek Institute of Chartered Accountants, respectively.

Margarita Veniou, Chief Corporate Development & Governance Officer and Secretary

Margarita Veniou has held the position of Chief Corporate Development & Governance Officer and Secretary at OceanPal Inc. since November 2021. In this role, she is responsible for the implementation and supervision of general corporate matters, including the development of the company's strategic plans.

David L. Schwed, Chief Operating Officer

David L. Schwed was appointed Chief Operating Officer of OceanPal Inc., effective October 31, 2025. He brings extensive experience in cybersecurity and information technology. Mr. Schwed previously held senior positions at companies such as Robinhood, where he served as the Chief Information Security Officer for Brokerage & Money, BNY, and Galaxy.

The increasing stringency of global environmental regulations (such as the International Maritime Organization's EEXI and CII) combined with growing charterer preference for eco-friendly and fuel-efficient vessels poses a clear emerging threat. Companies operating older, less fuel-efficient fleets, like OceanPal, face potential challenges including reduced charter rates, decreased competitiveness, higher compliance costs, and accelerated asset devaluation as the shipping industry shifts decisively towards decarbonization.

OceanPal Inc. (OP) primarily provides global ocean-going transportation services through the ownership and operation of dry bulk carriers and product tankers.

Addressable Markets:

Dry Bulk Shipping:

The global addressable market for dry bulk shipping exhibits varying estimates. Some reports indicate the global dry bulk shipping industry was valued at approximately US$66.7 billion in 2024, with projections to reach US$100.1 billion by the end of 2035. Another estimate values the global dry bulk shipping market at USD 162.6 billion in 2023, with an expected compound annual growth rate (CAGR) of over 4% between 2024 and 2032.

Product Tanker Shipping:

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OceanPal Inc. (OP) is a global shipping company specializing in the ownership of vessels. Based on recent financial reports and industry dynamics, several factors could drive future revenue growth over the next two to three years:

1. Improvement in Time Charter Equivalent (TCE) Rates: OceanPal's vessel revenues are directly tied to the rates achieved for chartering its fleet. An increase in the Time Charter Equivalent (TCE) rate, which reflects the average daily revenue performance of a vessel, would significantly boost overall revenue. For instance, the company reported a 36% improvement in its average TCE rate to $13,089 in Q3 2024 compared to $9,622 in Q3 2023, contributing to increased vessel revenues. A sustained or further improvement in these rates would be a key driver.
2. Increased Fleet Utilization: Maximizing the operational time of its vessels directly translates to higher revenue generation. A higher fleet utilization rate means that more of OceanPal's vessels are actively chartered and earning revenue rather than being idle. In Q3 2024, OceanPal achieved a 96.1% fleet utilization rate. Sustaining or improving this high utilization rate ensures that the company capitalizes on available market opportunities.
3. Strategic Fleet Management and Potential Expansion: While recent periods have seen fleet reduction, strategic decisions regarding fleet management could drive future revenue. This might involve acquiring new vessels or larger capacity vessels during favorable market conditions to expand revenue-generating capacity. The company's fleet currently includes Panamax and Capesize bulk carriers, and an MR2 tanker. Any future expansion or optimization of this fleet could lead to increased earnings.
4. Recovery in the Dry Bulk Shipping Market: The dry bulk shipping industry is cyclical, and a broad recovery in global trade and demand for dry bulk commodities (such as iron ore, coal, and grain) would lead to higher charter rates and increased demand for shipping services. This favorable market environment would naturally support higher vessel revenues for OceanPal.
5. Development of New Ventures, such as SovereignAI: OceanPal Inc. announced a partnership with the NEAR Foundation and a $120 million PIPE investment to launch SovereignAI, aimed at building NEAR-powered AI infrastructure. This represents a potential diversification beyond its core shipping business into a new technology sector, which could introduce a new stream of revenue growth for the company over the next 2-3 years.

Share Repurchases

• OceanPal had net common equity repurchases of approximately $17.86 million in 2024.
• Net common equity repurchases were approximately $1.98 million in 2023.
• Net common equity repurchases were approximately $0.33 million in 2022.

Share Issuance

• In October 2025, OceanPal completed a private PIPE financing, raising approximately $122.5 million in gross proceeds through a combination of common shares and pre-funded warrants.
• In July 2025, OceanPal completed an upsized public offering of 10,975,600 units at US$1.64 per unit, generating approximately US$18.0 million in gross proceeds.
• OceanPal effected a 1-for-25 reverse stock split in August 2025, reducing outstanding shares from approximately 167.4 million to 6.7 million.

Inbound Investments

• In October 2025, OceanPal closed a $120 million private investment in public equity (PIPE) transaction in partnership with the NEAR Foundation to launch SovereignAI.

Outbound Investments

• In October 2025, OceanPal announced its intention to use net proceeds from its $122.5 million PIPE financing to acquire native tokens of the NEAR Protocol and establish NEAR treasury operations, with a target of acquiring at least 10% of the NEAR token supply.
• As reported in its Q1 2025 financial results, OceanPal invested $4.13 million in methanol-ready chemical tankers via a Norwegian joint venture.

Capital Expenditures

• OceanPal reported capital expenditures of approximately $18.91 million in the last 12 months (prior to November 2025).
• In July 2024, OceanPal acquired the MR2 tanker vessel m/t Zeze Start for $27.0 million, with $18.9 million paid in cash and the remainder in Series D Preferred Stock, marking its entry into the product tanker sector.
• In September 2024, OceanPal signed a Memorandum of Agreement for the sale of the m/v Baltimore for $18.25 million.