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Sunday, July 3, 2022

OceanPal Inc. (OP) Stock Making Moves Premarket, What’s Going on.

OceanPal Inc. (OP) is one of the leading international shipping businesses focusing on the ownership of vessels. The company’s shares slid by 2.59% to remain at $0.56 after Monday’s regular trading session. Its price rose by 8.02% in Tuesday’s premarket session. The current stock price as of the writing stands at $0.60.


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OP: Recent Developments

On April 07, OP updated that the Annual Meeting of its stockholders was virtually held on April 5. The following proposals were approved and adopted after the meeting

  • Three Class I Directors were elected to serve until the annual meeting of 2025.
  • The filing of the amendments to its amended and restated articles of incorporation to impact the company’s one or more reverse stock splits of its issued common shares, each at an aggregate ratio of one-for-40.
  • Appointing Ernst & Young Certified Auditors Accountants as OP’s independent auditors for FY22.

OP: Industry Outlook

The marine industry is gaining pace with the escalating tensions between Russia and Ukraine. As both the countries are major suppliers of certain raw materials, the mounting tensions have put pressure on the shipping sector. Although the US, UK, and China have come forward to tackle the growing problem, there is a need for a permanent solution to this conflict as it had adversely impacted the global economy. At a time when global markets are turning red, shipping business stocks are announcing record incomes.

OP: Company Outlook

The company has entered into a time charter contract for its Panamax dry bulk vessel, the Calipso, with Tongli Shipping Pte. Ltd. The net charter rate of the vessel per day was $24,500 with the deduction of a 5% commission paid to the meditators. The time charter revenues recorded by the company for FY21 were $1.33 million against $0.01 EPS.

Conclusion

OP stock is 19% down the last month and rose by 8% in today’s premarket. The current rise in the stock price can be attributed to the growing Russia Ukraine tensions as the fuel and shipping businesses are mostly affected by this war.

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