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Here’s the Reason Why OceanPal Inc. (OP) Stock is Burgeoning Consistently

OceanPal Inc. (OP), a company focused on providing ocean-going transportation, has soared 29.37% in aftermarket trading session. Consequently, the stock was trading at $1.63 when last checked. The stock is continuing upon the momentum it picked during Monday’s regular trading session when it rocketed by 101.60% to close the day at $1.26. The stock is on a roll owing to the recent announcement from the company regarding the time charter contract.

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OP Contract with Tongil Shipping Pte.Ltd

On 2nd March, OP announced that it had entered into the time charter contract with Tongli Shipping Pte. Ltd. The contract deals with its Panamax dry bulk vessel, the m/v Calipso. The company said that the gross charter rate was placed at $24,500 per day. This did not include the 5% commission that was paid to third parties. It is expected that the charter would commence on the 9th of March 2022.  

Announcement of Underwritten Public Offering

On 21st January 2022, OP announced the pricing of an underwritten public offering of 15,571,429 units. The price for each of the units was placed at $0.77 per unit. Each of the units consists of one share of common stock as well as a Class A warrant for the purchase of one share of common stock. The gross proceeds from the offering are expected to be approximately $11,990,000. The company intended to use the gross proceeds for general corporate purposes.

Commencement of Trading on NASDAQ

On 30th November 2021, OP announced that effective from 9th of November 2021, the company has completed its spin-off from Diana Shipping Inc. The company said that its shares would commence trading from 30th November 2021 on the NASDAQ capital market under the ticker symbol of OP.

What’s Ahead for OP Stock?

Looking towards what’s coming ahead, analysts are of the view that even though OP stock holds several positive signals at this point, they are not enough for it to be considered for buying. Hence, at the current level, the stock should be considered a hold candidate while waiting for any further developments.

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