ATHENS, GREECE, November 29, 2022 – OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $1.1 million and net income attributed to common stockholders of $403 thousand for the third quarter of 2022. Time charter revenues for the same period were $5.1 million. This compares to a net loss of $8 thousand and net loss attributed to common stockholders of $8 thousand for the third quarter of 2021. The Company’s operations for the third quarter of 2021 consisted principally of organizational expenses.

Net income for the nine months ended September 30, 2022 amounted to $2.2 million and net income attributed to common stockholders amounted to $216 thousand. Time charter revenues for the same period were $13.4 million.  This compares to a net loss of $9 thousand and net loss attributed to common stockholders of $9 thousand for the period from inception (April 15, 2021) through September 30, 2021. The Company’s operations for the period from inception (April 15, 2021) through September 30, 2021 consisted principally of organizational expenses.