OceanPal Exits Shipping Industry, Simplifies Capital Structure
OceanPal Inc., a publicly traded company focused on the commercialization of the NEAR Protocol blockchain, has completed its exit from the shipping industry. On July 31, 2026, the company sold 100% of the membership interests in OP Vessel Holdco LLC to Sezali Inc. in exchange for all outstanding shares of OceanPal's 8.0% Series C Cumulative Convertible Perpetual Preferred Stock and the cancellation of $5 million in promissory notes.
The Series C Preferred Stock, which had a cumulative dividend of 8.0%, was retired in full as part of the transaction. All accrued dividends on the stock were paid in full by July 2026. This move simplifies OceanPal's capital structure and eliminates its debt for borrowed money.
'A capital structure is the first thing a serious investor considers, and now ours is very simple: common stock, minimal preferred shares, no debt, no ships, and a treasury of NEAR,' said Sal Ternullo, Co-CEO and Chairperson of OceanPal Inc. The company has retained its focus on the digital asset industry and will continue to accumulate NEAR tokens through institutional staking.