OceanPal to Acquire an MR2 Tanker Vessel

OceanPal on Tuesday announced it has signed a memorandum of understanding to acquire a 2009-built MR2 tanker vessel for $27 million, marking the Greek dry bulk shipowner's entry into the tanker market.

The 49,999 dwt vessel, Zeze Start, is being purchased from an entity controlled by a director of the company and is scheduled to be delivered to OceanPal in the third quarter of this year.

OceanPal—which currently owns a fleet of five bulk carriers—said the move to diversify its fleet is part of an effort to take advantage of opportunities in the product tanker sector.

Robert Perri, OceanPal’s CEO, said, “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.”

Of the purchase price, $18.9 million will be paid in cash and the remaining amount will be paid in the form of shares of the company’s Series D Preferred Stock.