OceanPal Completes Sale of Vessel Assets and Retires Debt
On July 31, 2026, OceanPal Inc. (NASDAQ: SVRN) completed the sale of its vessel-owning subsidiary OP Vessel Holdco LLC to Sezali Inc., marking a full exit from the shipping industry. The transaction was settled entirely in securities and debt—no cash or common stock were issued—and resulted in the cancellation of all 12,185 shares of OceanPal's Series C Preferred Stock as well as $5 million in outstanding promissory notes. This move simplifies OceanPal’s capital structure by eliminating its most significant financial obligations. The company now operates solely through SovereignAI Services LLC and holds no operating assets outside the NEAR Protocol digital asset treasury. With all debt retired, only 412 shares of Series D Preferred Stock remain outstanding. Co-CEO Sal Ternullo emphasized that this transaction aligns common stockholders with OceanPal’s focus on blockchain infrastructure for AI.
Tickers: $OP