OceanPal Exits Shipping Business With Simplified Capital Structure

OceanPal Inc. has completed its exit from shipping by selling all of its vessel-owning subsidiaries to Sezali Inc., a company affiliated with OceanPal's former Chairperson.

The sale, which was finalized on July 31, 2026, consisted entirely of OceanPal securities and debt, with no cash exchanged or common stock issued. As part of the deal, all 12,185 outstanding shares of OceanPal's 8.0% Series C Cumulative Convertible Perpetual Preferred Stock were cancelled, as well as $5.0 million in outstanding promissory notes.

This move simplifies OceanPal's capital structure, eliminating its most senior instrument and retiring all debt for borrowed money. The company now holds a treasury of NEAR tokens and focuses on the commercialization of the NEAR Protocol blockchain and development of infrastructure for secure autonomous AI.