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OceanPal Inc. Enhances Shareholder Value through Strategic Share Repurchase Program

In a recent announcement, OceanPal Inc. (NASDAQ: SVRN) highlighted its commitment to enhancing shareholder value through a targeted share repurchase strategy. The company disclosed that it has successfully repurchased a total of 345,168 shares of its common stock as part of its previously authorized $10 million share repurchase program, which was initially unveiled in December 2025. With $7.3 million remaining in authorized capacity, OceanPal is strategically positioning itself to capitalize on its undervalued stock.

The company intends to set a threshold of 0.8x market net asset value (mNAV) for future share repurchases. This strategic approach emphasizes the company’s confidence in its underlying business and the strengths of its NEAR treasury holdings. According to OceanPal, the decision to repurchase shares came after recognizing that the market had materially undervalued them compared to the intrinsic value of their NEAR assets.

Share Repurchase Details

As of March 27, 2026, OceanPal's management has deployed $2.7 million under the share repurchase program, taking advantage of the favorable market conditions. The Board asserts that buying back shares when the market capitalization is below 0.8x mNAV reflects a disciplined capital allocation strategy. This initiative aims not only to stabilize the share price but also to reaffirm the inherent value derived from their expansive NEAR treasury, which currently holds over 55 million NEAR tokens.

Sal Ternullo, Co-CEO of OceanPal and CEO of its subsidiary SVRN, commented, "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."

Market Dynamics and Performance

Since the reverse stock split took effect on March 30, 2026, OceanPal's common stock has seen a remarkable appreciation of over 50% as of April 8, reflecting investor confidence in the company’s growth trajectory. The company's stock was trading at a 0.9x mNAV, indicating that the market is beginning to recognize the significant value behind its NEAR treasury holdings.

OceanPal’s NEAR treasury is strategically generating a 5% gross annualized yield through institutional staking and options, which further underpins the company's financial stability. The operational foundation, supported by potential EBITDA-positive growth in their shipping segment in 2026, showcases a balanced and promising future for OceanPal despite market fluctuations.

The Future Outlook

OceanPal's proactive measures in share repurchases and strong treasury management highlight its focused direction in a competitive industry. With a clear policy in place, the company is poised to execute repurchases at management's discretion, promoting shareholder interests while ensuring compliance with applicable securities regulations.

As OceanPal continues to navigate the waters of the global shipping market combined with its digital asset strategy anchored in NEAR Protocol, investors can anticipate a dynamic and growth-oriented journey ahead.

About OceanPal Inc.

OceanPal Inc. is not just a shipping company; its operations are bolstered by a robust digital asset treasury strategy centered on the NEAR Protocol blockchain. With a focus on continuous value creation for its shareholders, OceanPal exemplifies the synergy between traditional and digital asset-based business models. The robust management of both shipping services and digital assets positions the company favorably for the future.