SCHEDULE: OceanPal Inc. Shareholder Exits Stake

OceanPal Inc. reports a significant shareholder's complete divestment of preferred stock, marking an exit filing and reducing beneficial ownership to below 5%.

Summary

• This filing is an amendment to a Schedule 13D, serving as a final exit filing for the reporting person, Eleftherios Papatrifon.
• The reporting person has sold all shares of Series D Preferred Stock to the Issuer and transferred all Series C Preferred Stock to the Issuer for cancellation.
• Following these transactions, the reporting person no longer beneficially owns any Series C or Series D Preferred Stock.
• As of July 31, 2026, the reporting person's beneficial ownership of OceanPal Inc. common stock is 23,529 shares, representing 1.25% of the issued and outstanding shares.
• The reporting person is a member of the Board of Directors and Executive Committee and may influence corporate activities.
• The reporting person reserves the right to acquire or dispose of shares based on ongoing evaluations, market conditions, and other factors.
• The reporting person is in contact with management and other stakeholders regarding alternatives to increase shareholder value.

Sentiment

Score: 2

Explanation: StockSavvy.ai views this as a negative score due to the reporting person exiting their position and no longer holding a significant stake, indicating a lack of continued confidence or strategic alignment.

Positives

• The reporting person remains on the Board of Directors and Executive Committee, potentially continuing to influence corporate activities positively.
• The reporting person is actively discussing strategies with management and other stakeholders to increase shareholder value.

Negatives

• The reporting person has completely divested all Series C and Series D Preferred Stock, indicating a lack of further investment or strategic interest in these convertible instruments.
• The reporting person's beneficial ownership of common stock has decreased to 1.25%, falling below the 5% threshold that typically triggers significant shareholder reporting.

Risks

• The reporting person's decision to exit preferred stock holdings could signal concerns about the company's future performance or strategic direction.
• Future disposition of remaining common stock could negatively impact share price if not managed carefully.

Future Outlook

The reporting person reserves the right to acquire or dispose of shares at any time based on ongoing evaluations, market conditions, and other investment considerations. The reporting person is also engaged in discussions regarding strategies to increase shareholder value.

Management Comments

• The Reporting Person acquired the Shares in connection with the Issuer's equity awards and the Series D Preferred Stock in connection with the Distributions and the Share Purchase Agreement as described herein solely for investment purposes.
• The Reporting Person, at any time and from time to time, may acquire additional Shares, including in connection with the provision of any services or other strategic transactions with the Issuer, or dispose of any or all of the Shares they then own depending upon an ongoing evaluation of their investment in the Shares, prevailing market conditions, other investment opportunities, other investment considerations and/or other factors.
• The Reporting Person further reserves the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should they determine to do so, and/or to recommend courses of action to the Issuer's management, the Issuer's Board of Directors, the Issuer's shareholders and others.
• In addition, the Reporting Person is in contact with members of the Issuer's management, the other members of the Issuer's Board of Directors, other significant shareholders and others regarding alternatives that the Issuer could employ to increase shareholder value.

Industry Context

StockSavvy.ai notes that significant shareholders exiting positions, especially through preferred stock divestment, can be a signal to the market. For shipping companies like OceanPal Inc., such moves can reflect sentiment on global trade, charter rates, and the company's specific operational and financial health.

Related Party Transactions

• The reporting person sold all shares of Series D Preferred Stock to the Issuer on December 1, 2025, pursuant to a promissory note.
• The reporting person transferred all Series C Preferred Stock to the Issuer for cancellation on July 31, 2026.

Stakeholder Impact

• Shareholders may interpret the reporting person's exit from preferred stock as a negative signal, potentially impacting share price.
• The continued involvement of the reporting person on the Board of Directors may provide some stability and continued strategic input.

Next Steps

• The reporting person may acquire or dispose of additional shares.
• Discussions regarding alternatives to increase shareholder value are ongoing.

Key Dates

Recommendation

The reporting person's exit from preferred stock and reduction in common stock ownership below 5% suggests a diminished conviction in significant near-term upside, warranting a hold. However, their continued board membership and engagement in strategic discussions prevent a sell recommendation.

Keywords

OceanPal Inc., Schedule 13D, Preferred Stock, Common Stock, Beneficial Ownership, Exit Filing, Board of Directors