SCHEDULE: OceanPal Investor Exits Significant Stake

Anastasios Margaronis and Anamar Investments Inc. have filed an exit amendment to their Schedule 13D, indicating they no longer beneficially own more than 5% of OceanPal Inc.'s common stock.

Summary

• Anastasios Margaronis and Anamar Investments Inc. (Reporting Persons) filed Amendment No. 20 to their Schedule 13D, which serves as their final amendment and exit filing.
• As of October 28, 2025, the Reporting Persons ceased to be beneficial owners of more than 5% of OceanPal Inc.'s outstanding common stock.
• They beneficially owned 999,595 shares, representing 3.11% of the Issuer's 31,121,477 outstanding common shares.
• The ownership was primarily through 1,977 shares of 7.0% Series D Cumulative Convertible Perpetual Preferred stock, convertible into common shares.
• Shares were acquired through distributions from Diana Shipping Inc. and a share purchase agreement dated October 15, 2024, with Abra Marinvest Inc.
• The stated purpose of their investment was for investment purposes, with the flexibility to acquire or dispose of shares and engage with management.

Sentiment

Score: 4

Explanation: The filing indicates an exit of a significant investor, which is generally a negative signal, though the reasons for the exit are not detailed beyond 'investment purposes' and 'ongoing evaluation'. It is not a catastrophic event but certainly not positive.

Negatives

• The Reporting Persons, who were previously significant shareholders, have reduced their stake below the 5% threshold, culminating in an exit filing, which can be interpreted as a negative signal by the market.

Future Outlook

The Reporting Persons previously reserved the right to acquire additional shares or dispose of their holdings based on ongoing evaluation and market conditions. However, this filing marks their exit as a significant shareholder (below 5% threshold), indicating no further active engagement as a 5%+ beneficial owner.

Industry Context

This filing is a standard regulatory disclosure for a change in beneficial ownership. The exit of a significant shareholder (below 5%) in the shipping industry, represented by OceanPal Inc., could be interpreted in various ways, from a strategic portfolio rebalancing by the investor to a potential signal about the investor's outlook on the company or sector. Without further context on the investor's broader portfolio or the specific reasons for reducing their stake, it is difficult to draw definitive industry-wide conclusions.

Stakeholder Impact

• Shareholders: May perceive the reduction in a significant investor's stake as a negative signal, potentially influencing share price.

Next Steps

• No specific future actions or milestones are mentioned by the Issuer. This filing represents the final amendment and exit for the Reporting Persons.

Key Dates

Recommendation

While the exit of a significant investor is generally a negative signal, the filing itself provides no new fundamental information about OceanPal Inc.'s operations or financial health. The investor's decision could be due to portfolio rebalancing or other factors unrelated to the company's core business. Without further context or company-specific news, a 'hold' recommendation is appropriate, advising investors to monitor future company performance and market reactions.

Keywords

OceanPal Inc., OP, Schedule 13D, beneficial ownership, investor exit, common stock, Series D Preferred Stock, Anastasios Margaronis, Anamar Investments Inc.