Paliou affiliate acquires OceanPal’s remaining fleet

Athens, Greece. Greek shipowner Semiramis Paliou has regained OceanPal’s remaining fleet through affiliated company Sezali Inc, ending the shipping operations of a business spun off from Diana Shipping less than five years ago.

Transaction details

Nasdaq-listed OceanPal said it sold its entire interest in shipowning subsidiary OP Vessel Holdco to Sezali Inc on July 31. Sezali is affiliated with Paliou, OceanPal’s former chairwoman and the current chief executive of Diana Shipping.

Diana Shipping was not the buyer.

The transaction included the 2005-built Panamax bulk carriers Calipso and Melia, the 2009-built MR2 tanker Zeze Start, and OceanPal’s stake in Norwegian joint venture RFSea Infrastructure II.

RFSea Infrastructure II is involved in two 6,600-deadweight-tonne methanol-ready stainless-steel chemical tanker newbuildings.

Consideration and accounting

No cash changed hands in the transaction. OceanPal received all 12,185 outstanding shares of its 8 per cent Series C preferred stock for cancellation, while $5 million in promissory notes were also cancelled.

No common shares were issued and none of OceanPal’s NEAR cryptocurrency holdings were sold.

The preferred shares had an aggregate liquidation preference of $12.19 million and annual dividend obligations of almost $975,000. Together with the cancelled notes, the instruments had a combined face value of about $17.19 million.

OceanPal said the amount should not be considered a conventional sale price, as it has not disclosed a current fleet valuation, the liabilities within the subsidiary or the final accounting treatment.

Valuation and approval

OceanPal’s unaudited results valued its vessels at about $40.8 million at the end of 2025. The company said the accounting measurement of the transaction could differ from initial expectations and that indemnification or contingent liabilities may remain.

Given Sezali’s connection to Paliou and the fact that certain OceanPal directors held Series C shares, the transaction was approved by the company’s independent and disinterested directors.