OceanPal Inc. operates as an independent provider of worldwide ocean-going transportation services.
As of December 31, 2023, the company owned and operated five dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers with a total cargo carrying capacity of approximately 572,599 dwt. The company intends to expand its fleet in the future and may acquire additional dry bulk carriers, as well as vessels in other se...
OceanPal Inc. operates as an independent provider of worldwide ocean-going transportation services.
As of December 31, 2023, the company owned and operated five dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers with a total cargo carrying capacity of approximately 572,599 dwt. The company intends to expand its fleet in the future and may acquire additional dry bulk carriers, as well as vessels in other sectors based on its assessment of market conditions. The company intends to acquire additional vessels principally in the secondhand market, including acquisitions from unrelated third parties, and it may also acquire additional vessels from Diana Shipping or other related parties, provided that such related party acquisitions are negotiated and conducted on an arms-length basis. Diana Shipping has granted the company a right of first refusal over six identified dry bulk carriers owned by Diana Shipping on the Spin-Off date. As of December 31, 2023, one of the six identified vessels from Diana Shipping remains available for the company’s purchase. Pursuant to this right of first refusal, the company has the right, but not the obligation, to purchase this identified vessel when and if Diana Shipping determines to sell the vessel at fair market value at the time of sale.
The company is a global provider of shipping transportation services. The company specializes in the ownership of vessels. Each of the company’s vessels is owned through a separate wholly-owned subsidiary. As of December 31, 2023, the company’s operating fleet consists of five dry bulk carriers, of which three are Panamaxes and two are Capesize vessels, having a combined carrying capacity of 572,599 dwt and a weighted average age of 19.0 years.
Management of Fleet
The company’s business is the ownership of vessels. The company is a holding company that wholly owns the subsidiaries which own the vessels that comprise its fleet. The holding company sets general overall direction for the company and interfaces with various financial markets. The commercial and technical management, except for insurance services, of the company’s fleet is carried out by Diana Wilhelmsen Management Limited, which it refers to as DWM, a 50/50 joint venture between Wilhelmsen Ship Management and Diana Shipping. In exchange for providing the company with commercial and technical services, it pays DWM a monthly fee per vessel and a percentage of the vessels’ gross revenues. Insurance and handling of claims services, brokerage services, and the provision of certain administrative management services are carried out by Steamship, an affiliated company of the company and Diana Shipping. Brokerage services relate to the purchase, sale or chartering of the company’s vessels, brokerage services relating to the repairs and other maintenance of its vessels, and any relevant consulting services. Administrative management services may include budgeting, reporting, monitoring of bank accounts, compliance with banks, payroll services, legal and securities compliance services, and any other possible administrative management services that the company require to perform its business activities.
Customers
The company’s customers include regional and international companies.
Environmental and Other Regulations in the Shipping Industry
A variety of government and private entities subject the company’s vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard (USCG), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators.
In September of 1997, the International Maritime Organization (IMO) adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits ‘deliberate emissions’ of ozone depleting substances (such as halons and chlorofluorocarbons), emissions from shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions. The company ensures that all its vessels are compliant in all material respects with these regulations.
The company’s vessels are in substantial compliance with SOLAS and the Convention of Limitation of Liability for Maritime Claims standards.
The company relies upon the safety management system that the company and its technical management team have developed for compliance with the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention.
The company has obtained Anti-fouling System Certificates for all of its vessels that are subject to the Anti-fouling Convention.
Both the U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act impact the company’s operations.
All the company’s vessels are in substantial compliance with and are certified to meet MLC 2006.
History
OceanPal Inc. was founded in 2021. The company was incorporated in 2021 under the laws of the Republic of the Marshall Islands.
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