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OceanPal announces agreement to acquire Panamax dry bulk vessel

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Dry Bulk,

OceanPal Inc. has announced that it has signed, through a separate wholly-owned subsidiary, a memorandum of agreement (MOA), dated 1 February 2023, to acquire the m/v Melia from Diana Shipping Inc. for an aggregate purchase price of US$14.0 million.

Of the purchase price, US$4.0 million was paid in cash upon the signing of the MOA and the remaining amount is expected to be paid upon delivery of the vessel to OceanPal Inc. in the form of shares of the company’s Series D Preferred Stock, the terms of which are set forth in the statement of designation of the Series D Preferred Stock. The aggregate purchase price of the vessel was based on the average of two independent shipbroker valuations, after taking into account the share-based component of the consideration.

The m/v Melia is a 2005-built Panamax dry bulk vessel with a carrying capacity of 76 225 dwt. The company expects to take delivery of the vessel by the end of February 2023. The purchase of this vessel was made pursuant to the company’s exercise of a right of first refusal granted to it by Diana Shipping Inc. on six identified vessels (including the m/v Melia), based on an agreement dated 8 November 2021. The acquisition was approved by a committee of independent members of the company’s Board of Directors.

Upon completion of the aforementioned purchase, OceanPal Inc.’s fleet will consist of five dry bulk vessels (two Capesize and three Panamax).

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Dry cargo shipping news Dry bulk shipping market Panamax news