OceanPal branches out into product tanker sector

Greek Nasdaq-listed bulker owner OceanPal is diversifying its fleet with a $27m move into the product tanker sector.

The company said it had struck a deal with an entity controlled by one of its directors for the 2009 Hyundai Mipo-built MR2 Zeze Start.

The deal was unanimously approved by the board, with OceanPal adding that it reflects the company’s view of a timely branch out to take advantage of opportunities in the product tanker sector.

“The board’s decision to enter the product tanker space at this time marks an exciting development in the company’s corporate strategy to operate a diversified fleet amid continued optimism in the product tanker sector,” said Robert Perri, chief executive at OceanPal.

The vessel should be delivered to OceanPal in the third quarter of 2024. Of the purchase price, $18.9m will be paid in cash, and the remaining amount in the form of shares.

OceanPal was formed in late 2021 when Semiramis Paliou-led Diana Shipping spun off three of its older bulkers into a newly formed vehicle. In August last year, the company also moved into the chemical tanker segment with an investment in Norwegian entity, RFSea Infrastructure II, which has a pair of 6,600 dwt methanol-ready stainless steel vessels contracted at Wuhu Shipyard in China. OceanPal currently has five bulkers, with one capesize set to exit the fleet.