OceanPal closes $18 million public offering

OceanPal Inc. (NASDAQ: OP) completed its public offering of 10,975,600 units at $1.64 per unit, generating approximately $18.0 million in gross proceeds before fees and expenses, according to a company statement.

Each unit consists of one common share and one warrant to purchase one common share. The Athens-based shipping company had increased the size of the offering from its original proposal.

Maxim Group LLC served as the sole book-running manager for the transaction. The Securities and Exchange Commission declared the company's registration statement effective on July 21, 2025.

OceanPal operates as a global shipping company that owns and operates dry bulk vessels and product tankers. The company transports bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. Its fleet operates primarily on time charter trips and spot charters.

The company will use the proceeds for general corporate purposes, though specific allocation details were not disclosed in the announcement.

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