OceanPal Inc. is a provider of worldwide ocean going transportation services that owns and operates a fleet of dry bulk and product tanker vessels. The company was incorporated under the laws of the Republic of the Marshall Islands on April 15 2021 as a holding company for three former vessel owning subsidiaries contributed by Diana Shipping and was spun off to Diana Shipping’s shareholders on November 29 2021. As of the date of the annual report OceanPal Inc. owns and…
OceanPal Inc. is a provider of worldwide ocean going transportation services that owns and operates a fleet of dry bulk and product tanker vessels. The company was incorporated under the laws of the Republic of the Marshall Islands on April 15 2021 as a holding company for three former vessel owning subsidiaries contributed by Diana Shipping and was spun off to Diana Shipping’s shareholders on November 29 2021. As of the date of the annual report OceanPal Inc. owns and operates three Panamax dry bulk carriers with a combined deadweight of approximately 223 546 tonnes and one MR2 product tanker with a deadweight of 49 999 tonnes. The company’s executive offices are located in Palaio Faliro Athens Greece.
OceanPal Inc. generates revenue primarily by chartering its vessels to third party customers under time charter agreements. Under these arrangements the charterer pays a fixed daily hire rate and assumes responsibility for voyage expenses such as fuel port charges and canal fees while OceanPal remains responsible for the vessel’s operating costs including crew insurance maintenance and repairs. The company also may employ its vessels on voyage charters or in the spot market depending on market conditions which can affect the daily rate earned. Revenue is reflected in the consolidated statements as vessel hire income.
OceanPal Inc. operates in the highly competitive global shipping industry where success depends on vessel price age size and operational reliability. The company faces competition from large international owners state controlled entities and independent shipowners many of whom have greater financial resources. Despite this OceanPal believes its competitive position is supported by its affiliation with Diana Shipping which provides a right of first refusal on six dry bulk vessels and access to experienced technical and commercial managers through joint venture arrangements. The company’s focus on maintaining a modern fleet and its ability to source vessels from the secondhand market also help it to respond to changes in supply and demand.
OceanPal Inc. serves a mix of regional and international shipping companies that charter its vessels for the transport of bulk commodities and refined products. Specific charterers identified in the filing include Tongli Shipping Pte. Ltd. Passpartout Shipping Limited Fullinks Marine Company Limited ITG Shipping Pte. Ltd. ASL Bulk Shipping Limited Cargill International S. A. China Resource Chartering Limited Vitol International Shipping Pte Ltd and Abu Dhabi Marine International Chartering Holdings Limited. The company’s revenue is diversified across these clients with a handful of charterers contributing a majority of earnings in recent years.