OceanPal Exits Shipping Industry to Focus Entirely on NEAR Protocol

The deal involved the transfer of all membership interests in OP Vessel Holdco LLC, which held the firm’s final fleet, including the m/v Calipso, m/v Melia, m/t Zeze Start, and an interest in the RFSea Infrastructure II AS joint venture. In exchange, OceanPal retired 12,185 shares of its 8.0% Series C Cumulative Convertible Perpetual Preferred Stock and cancelled $5.0 million in outstanding promissory notes. No cash was exchanged, and no common stock was issued to finalize the sale.

With this move, OceanPal transitions into a pure-play entity centered on its SovereignAI Services LLC subsidiary. The company now operates without any debt for borrowed money and has cleared its balance sheet of the Series C Preferred Stock, which previously acted as a significant drag on its capital structure. Co-CEO Sal Ternullo described the move as a necessary simplification, noting that the company now maintains a streamlined focus on its NEAR Protocol treasury and AI infrastructure development. The transaction was vetted by independent board members due to Sezali Inc.’s ties to the firm’s former leadership.