OceanPal Inc. Completes Tender Offer for Preferred Shares at $1,400 Each, Totaling $26.9 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 13 2026
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Source: Newsfilter
- Tender Offer Results: OceanPal Inc. announced that 18,996 shares were validly tendered in its tender offer that expired on January 8, 2026, with an expected purchase price of $1,400 per share, totaling approximately $26.9 million, reflecting the company's commitment to optimizing its capital structure.
- Enhancing Shareholder Value: The preferred shares involved in this acquisition feature a 7.0% cumulative convertible perpetual characteristic, aimed at reducing capital costs and enhancing long-term shareholder value, thereby boosting market confidence.
- Clear Use of Funds: OceanPal plans to utilize the funds generated from this acquisition to advance its digital asset strategy, particularly through its wholly-owned subsidiary SovereignAI, which focuses on developing blockchain and AI infrastructure, indicating a strategic positioning in emerging technologies.
- Positive Market Reaction: Following the completion of this acquisition, shareholders of OceanPal will receive corresponding dividends, which is expected to enhance the company's attractiveness among investors and further solidify its market position in the shipping industry.
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About SVRN
Oceanpal Inc is a Marshall Islands-based provider of ocean-going transportation services. The Company is engaged in the ownership, operation, and chartering of dry bulk vessels. The Company's fleet consists of 3 dry bulk vessels, including one Capesize and two Panamax vessels.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
OceanPal Appoints CBIZ as New Auditor
- Auditor Change: OceanPal Inc. has appointed CBIZ CPAs P.C. as its new independent registered public accounting firm effective immediately, following a comprehensive evaluation by the Audit Committee aimed at enhancing financial transparency and compliance.
- Predecessor Resignation: CBIZ CPAs replaces Ernst & Young (Hellas) Certified Auditors Accountants S.A., which resigned on October 28, 2025; the Board confirmed that this change was not due to any disagreements on accounting principles or auditing procedures, ensuring stability in corporate governance.
- Company Overview: OceanPal Inc. specializes in the ownership and operation of dry bulk vessels and product tankers, focusing on the seaborne transportation of commodities like iron ore, coal, and grain, with a strategic emphasis on maximizing long-term shareholder value.
- SVRN Subsidiary Performance: As a subsidiary of OceanPal, SVRN has raised $120 million and disclosed NEAR holdings exceeding $133 million, driving the growth of AI infrastructure and enhancing the company's market competitiveness and financial stability.
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OceanPal Appoints New Auditor CBIZ CPAs
- Auditor Change: OceanPal Inc. announced the appointment of CBIZ CPAs as its new independent registered public accounting firm, replacing Ernst & Young (Hellas), which resigned on October 28, 2025, reflecting the company's ongoing commitment to audit compliance.
- Board Decision: The auditor change was approved by the Board of Directors following a comprehensive evaluation by the Audit Committee, indicating a transparent and responsible decision-making process regarding audit matters.
- Business Context: OceanPal specializes in the ownership and operation of dry bulk vessels and product tankers, focusing on the seaborne transportation of bulk commodities such as iron ore, coal, and grain, ensuring its competitiveness in the global shipping market.
- Subsidiary Development: OceanPal's subsidiary SVRN focuses on the growth of AI infrastructure, having raised $120 million and holding over $133 million in NEAR assets, showcasing the company's strategic positioning in technology innovation and market expansion.
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