<SEC-DOCUMENT>0000919574-22-002364.txt : 20220322
<SEC-HEADER>0000919574-22-002364.hdr.sgml : 20220322
<ACCEPTANCE-DATETIME>20220322172101
ACCESSION NUMBER:		0000919574-22-002364
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220322
FILED AS OF DATE:		20220322
DATE AS OF CHANGE:		20220322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OceanPal Inc.
		CENTRAL INDEX KEY:			0001869467
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40930
		FILM NUMBER:		22760733

	BUSINESS ADDRESS:	
		STREET 1:		PENDELIS 26
		STREET 2:		PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			175 64
		BUSINESS PHONE:		30-210-9485-360

	MAIL ADDRESS:	
		STREET 1:		PENDELIS 26
		STREET 2:		PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			175 64
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d9433234_6-k.htm
<TEXT>
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  <div style="text-align: center; font-weight: bold;">FORM 6-K</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16</div>
  <div style="text-align: center; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
  <div><br>
  </div>
  <div style="text-align: center;">For the month of March 2022</div>
  <div style="text-align: center;">Commission File Number:&#160; 001-40930</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">OCEANPAL INC.</div>
  <div style="text-align: center;">(Translation of registrant's name into English)</div>
  <div style="text-align: center;">Pendelis 26, 175 64 Palaio Faliro, Athens, Greece</div>
  <div style="text-align: center;">(Address of principal executive office)</div>
  <div><br>
  </div>
  <div>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
  <div><br>
  </div>
  <div>Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>
  <div><br>
  </div>
  <div>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160; ].</div>
  <div><br>
  </div>
  <div><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>
  <div><br>
  </div>
  <div>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160; ].</div>
  <div><br>
  </div>
  <div><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public
    under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as
    the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission
    filing on EDGAR.</div>
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  <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
  <div><br>
  </div>
  <div style="margin-top: 12pt; margin-bottom: 12pt;">Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated March 22, 2022 of OceanPal Inc. (the "Company") announcing the Company&#8217;s financial results from the commencement of
    operations through December 31, 2021 and from inception to December 31, 2021, and the declaration of a cash dividend.</div>
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  <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
  <div><br>
  </div>
  <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
  <div><br>
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  <table cellspacing="0" cellpadding="0" id="zef30b29a684243b6b8be3ebf9b2dc82e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;" colspan="2">
          <div style="font-weight: bold;">OCEANPAL INC.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;" colspan="2">
          <div style="margin-left: 21.6pt;">(registrant)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;" colspan="2">&#160;</td>
      </tr>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;" colspan="2">&#160;</td>
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        <td style="width: 50%; vertical-align: top;">
          <div>&#160;</div>
          <div>Dated: March 22, 2022</div>
        </td>
        <td style="width: 6.09%; vertical-align: top;">&#160;</td>
        <td style="width: 43.91%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 6.09%; vertical-align: top;">
          <div>By:</div>
        </td>
        <td style="width: 43.91%; vertical-align: top; border-bottom: 2px solid black;">
          <div>/s/ Ioannis Zafirakis</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 6.09%; vertical-align: top;">&#160;</td>
        <td style="width: 43.91%; vertical-align: top;">
          <div>Ioannis Zafirakis</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 6.09%; vertical-align: top;">&#160;</td>
        <td style="width: 43.91%; vertical-align: top;">
          <div>Chief Financial Officer</div>
        </td>
      </tr>

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  <div style="text-align: right; font-weight: bold;">Exhibit 99.1</div>
  <div><br>
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        <td style="width: 47.91%; vertical-align: top;">&#160;</td>
        <td style="width: 52.09%; vertical-align: top;">
          <div style="font-style: italic; font-weight: bold;">Corporate Contact:</div>
          <div>Ioannis Zafirakis</div>
          <div style="text-align: justify;">Director, President, Interim Chief Financial Officer</div>
          <div style="text-align: justify;">and Secretary</div>
          <div>Telephone: +30-210-9485-360</div>
          <div>Email: <u>izafirakis@oceanpal.com</u></div>
          <div>Website: www.oceanpal.com</div>
          <div style="text-align: justify;">Twitter: @OceanPal_Inc</div>
          <div>&#160;</div>
          <div>For Immediate Release</div>
          <div style="font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
          <div>Edward Nebb</div>
          <div>Comm-Counsellors, LLC</div>
          <div>Telephone: + 1-203-972-8350</div>
          <div>Email: <u>enebb@optonline.net</u></div>
        </td>
      </tr>

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    <div><br>
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  <div>
    <div style="text-align: center; font-weight: bold;">OCEANPAL INC. REPORTS FINANCIAL RESULTS</div>
    <div style="text-align: center; font-weight: bold;">FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS (NOVEMBER 30, 2021) TO DECEMBER 31, 2021 AND FOR PERIOD FROM INCEPTION DATE (APRIL 15, 2021) TO DECEMBER 31, 2021; DECLARES CASH DIVIDEND OF 5 CENTS PER
      COMMON SHARE FOR THE FOURTH QUARTER OF 2021</div>
    <div><br>
    </div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify;">ATHENS, GREECE, March 22, 2022 &#8211; OceanPal Inc. (NASDAQ: OP), (the &#8220;Company&#8221;), a global shipping company specializing in the ownership of vessels, today reported net income of $134 thousand and net income attributed to
      common stockholders of $65 thousand for the period from inception date April 15, 2021 to December 31, 2021. Time charter revenues for the same period were $1.3 million. The condensed financial data of the Company for the period from April 15, 2021
      (inception) to December 31, 2021 reflect the operation of the vessels starting from November 30, 2021. Operations prior to the November 30, 2021 consisted principally of organizational expenses.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On November 29, 2021 (the &#8220;Distribution Date&#8221;), the Company became an independent, publicly-traded company as a result of the distribution by Diana Shipping Inc. (&#8220;Diana Shipping&#8221;) of&#160;100 percent&#160;of the outstanding
      common stock of the Company to the shareholders of Diana Shipping (the &#8220;Spin-Off&#8221;). Each Diana Shipping shareholder received&#160;one&#160;share of OceanPal common stock for every&#160;ten shares of Diana Shipping common stock. &#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Dividend Declaration</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company declared a cash dividend on its common stock of $0.05 per share for the fourth quarter ended December 31, 2021. The cash dividend will be payable on or about April 11, 2022 to all common shareholders of
      record as of April 1, 2022. The Company has 29.83 million shares of common stock issued and outstanding.</div>
    <div><br>
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        <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
        <td style="width: 96.5%; vertical-align: top;" colspan="8">
          <div style="font-weight: bold;">Fleet Employment Profile (As of March 22, 2022)</div>
        </td>
      </tr>
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        <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
        <td style="width: 96.5%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="8">
          <div>OceanPal Inc.&#8217;s fleet is employed as follows:</div>
        </td>
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        <td style="width: 3.5%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.3%; vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;">Vessel</div>
        </td>
        <td style="width: 7.65%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-weight: bold;">Sister Ships*</div>
        </td>
        <td style="width: 7.79%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-weight: bold;">Gross Rate (USD Per Day)</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-weight: bold;">Com**</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-weight: bold;">Charterers</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; margin-right: 9.05pt; font-weight: bold;">Delivery Date to Charterers***</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-weight: bold;">Redelivery Date to Owners****</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-weight: bold;">Notes</div>
        </td>
      </tr>
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        <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.3%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">BUILT&#160; &#160; DWT</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.99%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 21.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 10.07%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 22.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.71%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
        <td style="width: 96.5%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="8">
          <div style="text-align: center; font-weight: bold;">2 Panamax Bulk Carriers</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">
          <div>1</div>
        </td>
        <td style="width: 13.3%; vertical-align: top;">
          <div>PROTEFS</div>
        </td>
        <td style="width: 7.65%; vertical-align: middle;">
          <div style="text-align: center;">A</div>
        </td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$10,650</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Reachy International (HK) Co., Limited</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">08-Feb-21</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">27-Mar-2022 &#8211; 20-May-2022</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">
          <div style="text-align: center;">1</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>2004&#160; &#160; 73,630</div>
        </td>
        <td style="width: 7.65%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.99%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 21.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 10.07%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 22.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.71%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">
          <div>2</div>
        </td>
        <td style="width: 13.3%; vertical-align: top;">
          <div>CALIPSO</div>
          <div>&#160;</div>
          <div>2005&#160; &#160; 73,691</div>
        </td>
        <td style="width: 7.65%; vertical-align: middle;">
          <div style="text-align: center;">A</div>
        </td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$10,400</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Viterra Chartering B.V., Rotterdam</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">22-Jan-21</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">03-Dec-21</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$18,750</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Winking Shipping Limited</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">03-Dec-21</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">28-Dec-21</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$17,100</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Contango Shipping Pte Ltd.</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">28-Dec-21</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">21-Jan-22</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$13,850</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Hengdeli Deyesion International Shipping Limited</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">24-Jan-22</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">16-Feb-22</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$17,850</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Atlantic Coal And Bulk Pte. Ltd.</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">18-Feb-22</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">10-Mar-2022</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$24,500</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">Tongli Shipping Pte. Ltd.</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">10-Mar-2022</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">08-Jun-22 - 05-Aug-22</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.65%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.99%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 21.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 10.07%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 22.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.71%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 96.5%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="8">
          <div style="text-align: center; font-weight: bold;">1 Capesize Bulk Carrier</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">
          <div>3</div>
        </td>
        <td style="width: 13.3%; vertical-align: top;">
          <div>SALT LAKE CITY</div>
        </td>
        <td style="width: 7.65%; vertical-align: middle;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle;">
          <div style="text-align: center;">$13,000</div>
        </td>
        <td style="width: 6.99%; vertical-align: middle;">
          <div style="text-align: center;">5.00%</div>
        </td>
        <td style="width: 21.84%; vertical-align: middle;">
          <div style="text-align: center;">C Transport Maritime Ltd., Bermuda</div>
        </td>
        <td style="width: 10.07%; vertical-align: middle;">
          <div style="text-align: center;">09-Jan-21</div>
        </td>
        <td style="width: 22.14%; vertical-align: middle;">
          <div style="text-align: center;">1-Apr-2022 &#8211; 30-Jun-2022</div>
        </td>
        <td style="width: 6.71%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3.5%; vertical-align: top;">&#160;</td>
        <td style="width: 13.3%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>2005&#160; &#160; 171,810</div>
        </td>
        <td style="width: 7.65%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.79%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.99%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 21.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 10.07%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 22.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 6.71%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;" colspan="9">
          <div>* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;" colspan="9">
          <div>** Total commission percentage paid to third parties.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;" colspan="9">
          <div>*** The vessels were contributed to the Company following a spin-off transaction effected on November 29, 2021.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;" colspan="9">
          <div style="text-align: justify; margin-right: 5.25pt;">**** Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty.</div>
          <div style="text-align: justify; margin-right: 5.25pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Based on latest information.</div>
          <div>&#160;</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;" colspan="9">&#160;</td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z9c89a476100c48a59b40cb270ddaf962" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td nowrap="nowrap" style="width: 96.36%; vertical-align: middle;" colspan="4">
          <div style="font-weight: bold;">Summary of Selected Financial &amp; Other Data (unaudited)</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div style="font-weight: bold;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div style="font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 30.55%; vertical-align: middle;" colspan="2">
          <div style="text-align: center; font-weight: bold;">From April 15, 2021 to December 31,</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div style="font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 30.55%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">2021</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: center;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="font-weight: bold;">INCOME STATEMENT DATA (in thousands of US Dollars)</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Time charter revenues</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">1,334</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Voyage expenses</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">54</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Vessel operating expenses</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">360</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Net income</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">134</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Net income attributed to common stockholders</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">65</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="font-weight: bold;">FLEET DATA</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>Average number of vessels</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">3</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>Number of vessels</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">3</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Weighted average age of vessels</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">16.7</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>Ownership days</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">96</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>Available days</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">96</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>Operating days</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">96</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 50.72%; vertical-align: middle;">
          <div>Fleet utilization</div>
        </td>
        <td nowrap="nowrap" style="width: 4.01%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">100%</div>
        </td>
        <td nowrap="nowrap" style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="font-weight: bold;">AVERAGE DAILY RESULTS</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Time charter equivalent (TCE) rate (1)</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">13,333</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.71%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 50.72%; vertical-align: middle;">
          <div>Daily vessel operating expenses (2)</div>
        </td>
        <td style="width: 4.01%; vertical-align: middle;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 26.91%; vertical-align: middle;">
          <div style="text-align: right;">3,750</div>
        </td>
        <td style="width: 3.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="font-weight: bold;">Non-GAAP Measures</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf2e3c28cce0c47c48dd79de703b3d3b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards.&#160; Voyage
              expenses include port charges, bunker (fuel) expenses, canal charges and commissions.&#160; TCE is a non-GAAP measure.&#160; TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on
              time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are
              generally expressed in such amounts.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <div style="text-align: justify;"><br>
    </div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z7cc1c73fb84447558294e7c3c533c4c9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses,
              are calculated by dividing vessel operating expenses by ownership days for the relevant period.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">About the Company</div>
  <div style="text-align: justify; margin-bottom: 12pt;">OceanPal Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company&#8217;s vessels currently transport a range of dry bulk cargoes, including such
    commodities as iron ore, coal, grain and other materials along worldwide shipping routes and it is expected that the Company&#8217;s vessels will be primarily employed on short term time and voyage charters following the completion of their current
    employments.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Forward Looking Statements</div>
  <div style="text-align: justify; margin-bottom: 12pt;">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements
    in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other
    statements.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe
    harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and similar expressions identify forward-looking statements.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management&#8217;s
    examination of historical operating trends, data contained in the Company&#8217;s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently
    subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company&#8217;s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">In addition to these important factors, other important factors that, in the Company&#8217;s view, could cause actual results to differ materially from those discussed in the forward-looking statements
    include the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses&#8217; and governments&#8217; responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk
    products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company&#8217;s operating expenses, including
    bunker prices, drydocking and insurance costs, the market for the Company&#8217;s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending
    or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company&#8217;s
    filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other
    forward-looking statements, whether as a result of new information, future events or otherwise.</div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center;">(See financial tables attached)</div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z1371a166fe2348349a017d37e9233410" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td nowrap="nowrap" style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="text-align: center; font-weight: bold;">OCEANPAL INC.</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="text-align: center; font-weight: bold;">FINANCIAL TABLES</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="text-align: center;">Expressed in thousands of U.S. Dollars, except share and per share data</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 100%; vertical-align: middle;" colspan="5">
          <div style="text-align: center; font-weight: bold;">UNAUDITED CONSOLIDATED STATEMENT OF INCOME</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 24.69%; vertical-align: middle;" colspan="2">
          <div style="text-align: center; font-weight: bold;">From April 15, 2021 to December 31,</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 24.69%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">2021</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">REVENUES:</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>Time charter revenues</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: right;">1,334</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">EXPENSES:</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>Voyage expenses</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: right;">54</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>Vessel operating expenses</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: right;">360</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>Depreciation</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: right;">354</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>General and administrative expenses</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: right;">358</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>Management fees to related parties</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">74</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div style="font-weight: bold;">Operating income</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">134</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 3.39%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 67.8%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Net income</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle;">
          <div style="text-align: right;">134</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div>Dividends on series C preferred shares</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(69)</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Net income attributed to common stockholders</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">65</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Earnings per common share, basic</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.01</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Earnings per common share, diluted</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: right;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.01</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Weighted average number of common shares, basic</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: center;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">8,820,240</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 71.19%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Weighted average number of common shares, diluted</div>
        </td>
        <td nowrap="nowrap" style="width: 4.12%; vertical-align: middle;">
          <div style="text-align: center;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 21.25%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">12,275,691</div>
        </td>
        <td nowrap="nowrap" style="width: 3.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>&#160;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z246dc92544204877aabe8bd92e070264" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: middle;" colspan="4">
          <div style="text-align: justify; font-weight: bold;">UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: middle;" colspan="4">
          <div>(in thousands of U.S. Dollars)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 14.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 57.59%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="font-weight: bold;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 14.64%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 57.59%; vertical-align: middle;">
          <div style="text-align: center;">&#160;</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: center;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">December 31, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle; border-bottom: 2px solid black;" colspan="2">
          <div style="text-align: justify; font-weight: bold;">ASSETS</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: center;">&#160;(unaudited)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 14.64%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 57.59%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="text-align: justify;">Cash and cash equivalents</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">1,673</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="text-align: justify;">Other current assets</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">1,527</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="text-align: justify;">Vessels, net</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">45,728</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="text-align: justify;">Other non-current assets</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">152</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Total assets</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">49,080</div>
        </td>
      </tr>
      <tr>
        <td style="width: 14.64%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 57.59%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle; border-bottom: 2px solid black;" colspan="2">
          <div style="text-align: justify; font-weight: bold;">LIABILITIES AND STOCKHOLDERS' EQUITY</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 14.64%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td nowrap="nowrap" style="width: 57.59%; vertical-align: middle;">
          <div>&#160;</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="text-align: justify;">Current liabilities</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">931</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="text-align: justify;">Total stockholders' equity</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">&#160;</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">48,149</div>
        </td>
      </tr>
      <tr>
        <td nowrap="nowrap" style="width: 72.22%; vertical-align: middle;" colspan="2">
          <div style="font-weight: bold;">Total liabilities and stockholders' equity</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle; border-bottom: #000000 4px double;">
          <div style="text-align: right;">49,080</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zea2cc1faa3124f2592fa331e693258ed" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 72.22%; vertical-align: middle;">
          <div style="text-align: justify; font-weight: bold;">OTHER FINANCIAL DATA (unaudited)</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">&#160;</td>
        <td style="width: 22.93%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;">&#160;</td>
        <td style="width: 4.85%; vertical-align: middle;">&#160;</td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: center; font-weight: bold;">From April 15, 2021 to December 31,</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;">&#160;</td>
        <td style="width: 4.85%; vertical-align: middle;">&#160;</td>
        <td style="width: 22.93%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;">&#160;</td>
        <td style="width: 4.85%; vertical-align: middle;">&#160;</td>
        <td style="width: 22.93%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;">
          <div style="text-align: justify;">Net cash provided by operating activities</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">715</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;">
          <div style="text-align: justify;">Net cash provided used in investing activities</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">(42)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.22%; vertical-align: middle;">
          <div style="text-align: justify;">Net cash provided by financing activities</div>
        </td>
        <td style="width: 4.85%; vertical-align: middle;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 22.93%; vertical-align: middle;">
          <div style="text-align: right;">1,000</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
