OceanPal Inc. (NASDAQ: OP) is a global provider of shipping transportation services. We specialize in the ownership of vessels.
As of February 9, 2023 our fleet consists of 5 dry bulk vessels (3 Panamax and 2 Capesize).
Our fleet is managed by both Diana Wilhelmsen Management Limited and Steamship Shipbroking Enterprises Inc.
We believe that we possess a number of strengths that provide us with a competitive advantage in the dry bulk shipping industry:
We own a high quality fleet of dry bulk carriers. We believe that owning a high quality fleet reduces operating costs, improves safety and provides us with a competitive advantage in securing favorable charters.
We maintain the quality of our vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel.
We have an experienced management team. Our management team consists of experienced executives who have, on average, more than 20 years of operating experience in the shipping industry and has demonstrated ability in managing the commercial, technical and financial areas of our business.
We benefit from the relationship with Wilhelmsen Ship Management through Diana Wilhelmsen Management Limited.
We benefit from strong relationships with members of the shipping and financial industries. We have developed strong relationships with major international charterers, shipbuilders and financial institutions that we believe are the result of the quality of our operations, the strength of our management team and our reputation for dependability.
We have a strong balance sheet and no current indebtedness. We believe that our strong balance sheet and no current indebtedness enable us to use cash flow that would otherwise be dedicated to debt service for fleet growth and other purposes.
The Board of Directors of OceanPal Inc. (the “Company”) has adopted this Code of Ethics (the “Code”) for all of the Company’s employees, directors, officers and agents (“Employees”). All Employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in the section entitled “Internal Reporting”.
Our Board of Directors consists of 7 members and will be elected annually on a staggered basis.
As of February 9, 2023 our fleet consists of five dry bulk carriers, of which three are Panamaxes and two are Capesize vessels.
The Company will hold its 2023 Annual Meeting of Shareholders in a virtual format on May 3, 2023 at 8:00 a.m., Eastern Standard Time. Copies of the Annual Meeting Proxy Statement were filed with the SEC on March 28, 2023 and can be accessed here https://www.sec.gov/edgar/browse/?CIK=1869467&owner=exclude.
Shareholders of the Company as of March 21, 2023, are invited to attend the virtual Annual Meeting which may be accessed at https://www.virtualshareholdermeeting.com/OP2023 fifteen minutes prior to the commencement of the Annual Meeting and may vote their shares at the Annual Meeting. In order to vote at the Annual Meeting, shareholders must have their individual shareholder control number which will be separately mailed to them. Shareholders who have not received their control number by April 24, 2023 should contact their bank, broker or other nominee in whose name their shares are held to request their individual control number.