Core Maritime Business and Fleet Strategy

OceanPal?s traditional business model focuses on the seaborne transportation of a wide range of dry bulk commodities and refined petroleum products. The company primarily targets short-term to medium-term time charters, allowing it to remain agile and capitalize on fluctuations in the spot market.

Fleet Composition (As of early 2026)

Following the strategic sale of its older Capesize and Panamax assets in 2025 to optimize its operational profile, OceanPal maintains a focused and specialized fleet:

• Panamax Dry Bulk Carriers: These vessels are designed to carry major bulks such as coal, iron ore, and grains, as well as minor bulks including bauxite, phosphate, and fertilizers. They are specifically sized to navigate the Panama Canal.
• MR2 Product Tanker: This vessel is capable of transporting refined petroleum products, such as gasoline, diesel, and jet fuel, providing the company with exposure to the energy transportation sector.
• Methanol-Ready Chemical Tanker JV: OceanPal has entered into joint venture agreements for the construction of next-generation, methanol-ready chemical tankers. This represents the company?s commitment to future-proofing its fleet against tightening environmental regulations (IMO 2030/2050).

Technical and Commercial Management

To maintain lean operations, OceanPal utilizes high-tier third-party managers: * Technical Management: Handled by Diana Wilhelmsen Management Limited and Anglo-Eastern Ship Management (Singapore), ensuring international safety and environmental compliance. * Commercial Management: Provided by Steamship Shipbroking Enterprises Inc., which manages chartering activity and vessel employment.

Products and Services

1. Seaborne Transportation Services

OceanPal provides critical logistical infrastructure for global trade. Its service offerings include: * Bulk Commodity Transport: Movement of essential materials (iron ore, coal, grain) along key international shipping routes. * Petroleum Product Logistics: Shipping of refined energy products to support global fuel supply chains. * Voyage and Time Charters: Flexible leasing options for global charterers, including major commodity traders and energy companies.

2. SovereignAI: Digital Asset & AI Infrastructure

In late 2025, OceanPal launched its wholly-owned subsidiary, SovereignAI, marking a unique departure from traditional shipping. This division focuses on: * Digital Asset Treasury: Managing a significant corporate treasury of NEAR Protocol tokens (exceeding $130 million as of late 2025). * Confidential AI Infrastructure: Developing blockchain-native, "agentic" AI commerce systems. * GPU Cloud Computing: Leveraging its capital to invest in the intersection of decentralized physical infrastructure (DePIN) and artificial intelligence.

Financial and Operational Strengths

OceanPal distinguishes itself from many peers in the maritime sector through its conservative financial structure: * Debt-Free Balance Sheet: The company has historically maintained a zero-debt position, providing it with immense flexibility during shipping market downturns. * Capital Allocation: Recent initiatives include a $10 million share repurchase program and a tender offer for its Series D Preferred Stock, reflecting a focus on returning capital to shareholders. * Ticker Transformation: Reflecting its AI and digital asset pivot, the company changed its NASDAQ ticker from OP to SVRN (Sovereign) in November 2025.

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Leadership Team

• Robert Perri (Co-CEO): A maritime finance veteran with over 28 years of experience in equity research and senior shipping management.
• Salvatore Ternullo (Co-CEO & Chairman): A specialist in emerging technologies, digital assets, and risk management, leading the SovereignAI transformation.
• Vasiliki Plousaki (CFO): Oversees the financial reporting and accounting for both the maritime and digital divisions.