OceanPal Sells Dry Bulk Vessel ‘Protefs’ for $7M, Streamlines Fleet

On Monday, OceanPal Inc. (NASDAQ:OP) announced the sale of its 2004-built dry bulk vessel, under the name of Protefs. The company, through a wholly-owned subsidiary, signed a Memorandum of Agreement to sell the vessel to a third party for $7 million before commissions. The delivery of the vessel to the buyer is scheduled for June 17.

An aerial shot of a grain shipment moving across the ocean on a drybulk carrier vessel.

This divestment will result in a streamlined fleet for OceanPal, which will then comprise 2 Panamax dry bulk vessels and one MR2 tanker vessel. The company’s focus is on the seaborne transportation of bulk commodities, which includes iron ore, coal, and grain, as well as refined petroleum products. OceanPal’s vessels are primarily utilized on time charter trips of short to medium duration and spot charters, with a broader objective of maximizing long-term shareholder value.

OceanPal Inc. (NASDAQ:OP) provides ocean-going transportation services worldwide. It owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal, and grains, as well as minor bulks, such as steel products, cement, and fertilizers.

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Disclosure: None. This article is originally published at Insider Monkey.