OceanPal Business Summary

OceanPal Inc. (SVRN) operates a dual-segment business model following its 2025 strategic pivot, generating revenue through traditional maritime shipping and emerging artificial intelligence (AI) infrastructure. The company’s legacy segment earns income via time and spot charters for its fleet of Panamax dry bulk vessels and MR2 tankers, transporting commodities like iron ore, coal, and refined petroleum. Its high-growth SovereignAI segment, launched in partnership with the NEAR Foundation, focuses on building decentralized AI infrastructure and generating returns through a NEAR-based treasury yield strategy managed by the G-20 Group. Positioned as a micro-cap hybrid, OceanPal competes directly with maritime peers such as United Maritime (USEA), EuroDry Ltd. (EDRY), and Globus Maritime (GLBS), while attempting to differentiate itself through blockchain-integrated technology assets and a debt-free balance sheet. Originally a 2021 spin-off from Diana Shipping Inc., the company is currently led by Co-CEOs Salvatore Ternullo, who also serves as Chairperson, and Robert Perri, a shipping veteran appointed in early 2025 to oversee the fleet's commercial expansion. The executive team includes CFO Vasiliki Plousaki and COO David L. Schwed, the latter bringing significant digital asset and cybersecurity expertise to lead the SovereignAI initiative. The board was recently strengthened by the January 2026 appointment of James Gereghty, Jr., a seasoned investment advisor and Managing Partner of Kips Bay Consulting. Notable institutional support remains anchored by Diana Shipping Inc. and Abra Marinvest, reflecting the company’s deep roots in the Greek maritime sector despite its recent technological transformation.