OceanPal Exits Shipping, Retiring All Series C Preferred Stock and Eliminating All Outstanding Debt
OceanPal Inc. completed the sale of 100% of the membership interests in OP Vessel Holdco LLC, its subsidiary holding its remaining vessels, to Sezali Inc. on July 31, 2026. The consideration was settled entirely in OceanPal securities and debt: all 12,185 outstanding shares of Series C Preferred Stock were cancelled along with $5.0 million of outstanding promissory notes, with no cash changing hands, no common stock issued, and no NEAR sold.
Why it matters — The transaction removes all outstanding Series C Preferred Stock and promissory notes from the balance sheet as OceanPal exits the shipping business, which changes the company's capital structure and ongoing business scope.