<SEC-DOCUMENT>0000919574-26-002157.txt : 20260409
<SEC-HEADER>0000919574-26-002157.hdr.sgml : 20260409
<ACCEPTANCE-DATETIME>20260409165620
ACCESSION NUMBER:		0000919574-26-002157
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20260430
FILED AS OF DATE:		20260409
DATE AS OF CHANGE:		20260409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OceanPal Inc.
		CENTRAL INDEX KEY:			0001869467
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		26852303

	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>d12139259_6-k.htm
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-weight: bold;">FORM 6-K</div>
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    <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; font-weight: bold;">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>
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    <div style="text-align: center;">For the month of April 2026</div>
    <div style="text-align: center;">Commission File Number: 001-40930</div>
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    <div style="text-align: center; font-weight: bold;">OCEANPAL INC.</div>
    <div style="text-align: center;">(Translation of registrant&#8217;s name into English)</div>
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    <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>
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    <div style="text-align: center;">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 style="text-align: center;">Form 20-F &#9746; Form 40-F &#9744;</div>
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    <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
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    <div style="text-align: justify;">Attached to this Report on Form 6-K as <a href="s12139259_ex99-1.htm">Exhibit 99.1</a> is a press release dated April 9, 2026, of
      OceanPal Inc. (the &#8220;Company&#8221;), announcing that it has repurchased shares under its previously authorized share buyback program and established a target repurchase threshold for future repurchases.</div>
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    <div style="text-align: justify;">The information contained in this report on Form 6-K, excluding the commentary from Co-Chief Executive Officer, Salvatore Ternullo,&#160; is hereby incorporated by reference into the Company&#8217;s registration statements on
      Form F-3 (File Nos. 333-269961, 333-273073 and 333-291831) that were filed with the U.S. Securities and Exchange Commission and became effective on April 18, 2023, July 14, 2023 and December 10, 2025, respectively.</div>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
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    <div style="text-indent: 36pt;">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>
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            <div>&#160;</div>
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            <div style="font-weight: bold;">OCEANPAL INC.</div>
            <div>(registrant)</div>
            <div>&#160;</div>
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            <div>Dated: April 9, 2026</div>
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            <div>By: /s/ Salvatore Ternullo</div>
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            <div>&#160;</div>
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            <div>Salvatore Ternullo</div>
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            <div>&#160;</div>
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          <td style="width: 57.3%; vertical-align: top;">
            <div>Co-Chief Executive Officer</div>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>s12139259_ex99-1.htm
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1 </font><br>
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    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 11pt; font-weight: bold; font-family: Arial,Helvetica,'sans-serif';">OceanPal Inc. Discloses Share Repurchases Under Existing Board-Authorized Program;
      Establishes 0.8x mNAV as a Target Repurchase Threshold</div>
    <font style="font-family: Arial,Helvetica,'sans-serif'; font-size: 11pt;"></font>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; text-align: center; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;" class="prntac"><i style="box-sizing: border-box;">Company has repurchased a total of 345,168</i>&#160;<i style="box-sizing: border-box;">shares prior to the reverse split under its previously announced $10 million program, with $7.3 million
        remaining in authorized capacity; Company targets buybacks under 0.8x mNAV when shares are undervalued</i></p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 16px; line-height: 1.5; color: rgb(55, 55, 55); font-family: proxima-nova, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="box-sizing: border-box; font-size: 11pt; font-family: Arial,Helvetica,'sans-serif';" class="legendSpanClass">ATHENS, Greece</font><font style="font-size: 11pt; font-family: Arial,Helvetica,'sans-serif';">,&#160;<font style="box-sizing: border-box;" class="legendSpanClass">April 9, 2026</font>&#160;/PRNewswire/ -- OceanPal Inc. (the "Company" or "OceanPal",&#160;NASDAQ:&#160;SVRN), today announced that it has
        repurchased a total of 345,168 shares of OceanPal common stock (as adjusted to reflect the reverse stock split) from the initiation of its previously authorized share buyback program through March 27th, 2026. The Company also announced that it will
        target a 0.8x multiple of net asset value ("mNAV") as a target repurchase threshold for future share repurchases, below which the Company will treat repurchases of its common stock as a primary capital allocation priority. As of the date of this
        press release, the Company has deployed $2.7 million under the program, with $7.3 million in authorized capacity remaining.</font></p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">The
      repurchases were executed under the $10 million share repurchase program the Board authorized and announced on December 1, 2025. At the time of those purchases, OceanPal's shares were trading at a discount that the Company's management assessed as
      materially disconnected from the market value of its NEAR holdings. Management made the decision to deploy capital because the market was, in its view, mispricing the stock relative to the underlying business and balance sheet.</p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">The
      0.8x mNAV threshold announced today formalizes that logic as a standing target. When OceanPal's market capitalization falls below 0.8 times the market value of its NEAR treasury holdings, the Board and management expect share repurchases to
      constitute&#160; the most efficient capital action available to the Company&#8212;equivalent, in economic terms, to acquiring NEAR at a discount to its market price. The policy does not obligate the Company to repurchase any specific number of shares, and
      repurchases will be executed at management's sole discretion in accordance with applicable securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934. The $7.3 million in remaining authorized capacity under the existing program
      will be the primary vehicle for executing repurchases under this policy.</p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">As of
      market close April 8, 2026, OceanPal's common stock has appreciated 50+% since the reverse stock split took effect on March 30, 2026, which management believes reflects the underlying strength of the Company's NEAR treasury position and growth
      trajectory, and occurred without any additional share repurchase activity following the split. As of that time, OceanPal traded at a 0.9x mNAV, holding more than 55 million NEAR tokens (including collateral pledged to counterparties), representing
      approximately $73.5 million in treasury value at a NEAR price of $1.34 and approximately 4.3% of the total NEAR token supply.</p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">"The
      market priced our shares at a significant discount to the value of our NEAR treasury in the days before the reverse split, so we acted on it. The repurchases were a straightforward application of the same capital discipline we intend to maintain
      going forward," said Sal Ternullo, Co-CEO of OceanPal, and CEO of its subsidiary SVRN. "We've established 0.8x mNAV as the target. Below that threshold, we are buyers. It reflects our conviction in the quality of our treasury, the strength of NEAR
      Protocol, and the direction our business is heading."</p>
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      </font></div>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">OceanPal's
      NEAR treasury currently generates approximately 5% gross annualized yield through institutional staking and options. This yield compounds the Company's NEAR holdings independent of price appreciation, and, along with the Company's shipping segment,
      which is projected to be EBITDA-positive in 2026, provides an operational foundation that management believes is not yet reflected in the Company's market valuation. The appreciation in OceanPal's common stock since the reverse split is, in
      management's view, an early indication that the market is beginning to close this gap.</p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><b style="box-sizing: border-box; font-weight: bold;">About SVRN</b></p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">SVRN,
      a wholly-owned subsidiary of OceanPal, fuels the growth of AI infrastructure that enables agents to act autonomously and securely. SVRN actively manages a treasury of NEAR&#8212;the network powering this infrastructure&#8212;generating returns that fund
      universal liquidity and AI privacy technologies. SVRN bridges these innovations to the enterprise, driving commercial adoption so businesses can deploy AI solutions that protect sensitive data and execute complex actions across any network. For more
      information, visit&#160;<u>www.svrn.net</u>.</p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><b style="box-sizing: border-box; font-weight: bold;">About OceanPal Inc.</b></p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">OceanPal
      Inc. (NASDAQ:&#160;SVRN) is a diversified operating company that combines global shipping transportation services with a&#160;<font style="box-sizing: border-box;" title="" class="">digital asset</font>&#160;treasury strategy anchored in the NEAR Protocol
      blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors
      regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels - two Panamax dry bulk carriers and one MR2 product tanker - engaged in the seaborne transportation of bulk commodities
      including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.</p>
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    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><b style="box-sizing: border-box; font-weight: bold;"> <br>
      </b></p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><b style="box-sizing: border-box; font-weight: bold;">Forward-Looking Statements</b></p>
    <p style="box-sizing: border-box; margin: 0px 0px 32px; font-size: 11pt; line-height: 1.5; color: rgb(55, 55, 55); font-family: Arial,Helvetica,'sans-serif'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">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. 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. Forward-looking statements may be identified by the use of words such as
      "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intention to repurchase shares of its common stock at or below 0.8x mNAV; the
      Company's expectation that its NEAR treasury will continue to generate yield at or near current target rates; and the Company's projection that both its&#160;<font style="box-sizing: border-box;" title="" class="">digital asset</font>&#160;and shipping
      segments will be EBITDA-positive during 2026. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors&#8212;many of which are beyond
      OceanPal's and SVRN's control&#8212;that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability
      to execute its growth strategy; its ability to raise and deploy capital effectively; the outcome of the Nasdaq Hearings Panel process; developments in technology and the competitive landscape; the market performance of NEAR;changes in governmental
      rules and regulations or actions taken by regulatory authorities with respect to both maritime and&#160;<font style="box-sizing: border-box;" title="" class="">digital asset</font>&#160;activities; general domestic and international political conditions and
      related sanctions; potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East; vessel breakdowns and instances of off-hires; and other risks and uncertainties described
      under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at&#160;<u>www.sec.gov</u>. OceanPal and SVRN undertake no obligation to update or revise
      any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.</p>
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