- Company reports uninspiring first quarter results as earnings remained impacted by unfavorable legacy charter rates.
- Cash generation should increase going forward as vessels commence new employment at vastly improved charter rates.
- Discussing fairly unusual terms of this week's agreement to acquire an additional Capesize carrier from controlling shareholder Diana Shipping.
- OceanPal has filed for another offering of common stock and warrant sweeteners which has the potential to cut net asset value per share in half.
- Investors should consider selling existing positions and moving on. Even a short sale could yield decent results. That said, elevated borrowing rates are likely to keep even the most speculative investors and traders at the sidelines for now.
For further details see:
OceanPal: Messy Junior Dry Bulk Shipper To Conduct Another Dilutive Offering - Sell