The deal involved the transfer of all membership interests in OP Vessel Holdco LLC, which held the firm’s final fleet, including the m/v Calipso, m/v Melia, m/t Zeze Start, and an interest in the RFSea Infrastructure II AS joint venture. In exchange, OceanPal retired 12,185 shares of its 8.0% Series C Cumulative Convertible Perpetual Preferred Stock and cancelled $5.0 million in outstanding promissory notes. No cash was exchanged, and no common stock was issued to finalize the sale.

With this move, OceanPal transitions into a pure-play entity centered on its SovereignAI Services LLC subsidiary. The company now operates without any debt for borrowed money and has cleared its balance sheet of the Series C Preferred Stock, which previously acted as a significant drag on its capital structure. Co-CEO Sal Ternullo described the move as a necessary simplification, noting that the company now maintains a streamlined focus on its NEAR Protocol treasury and AI infrastructure development. The transaction was vetted by independent board members due to Sezali Inc.’s ties to the firm’s former leadership.