OceanPal is a small Marshall Islands-incorporated shipping company that owns and operates ocean-going vessels for hire. The company's fleet consists of three Panamax dry bulk carriers (carrying iron ore, coal, grain, and fertilizers) and one MR2 product tanker (carrying refined petroleum products). OceanPal earns revenue by chartering vessels to commodity traders, commodity producers, and oil trading companies, primarily through ship brokers. The company uses both time charters, where the charterer pays a fixed daily rate and bears voyage costs while OceanPal covers operating costs, and spot/voyage charters, where OceanPal bears all costs but captures prevailing market rates. Key earnings drivers are daily charter hire rates, fleet utilization, and vessel operating costs. Charter rates are highly cyclical, and because OceanPal focuses on short-duration time charters and spot employment, revenues are directly exposed to market rate fluctuations. OceanPal outsources commercial and technical fleet management to third-party managers for a fixed monthly fee per vessel plus a percentage of gross revenues. The company was spun off from Diana Shipping in 2021 and has been reshaping its fleet through selective vessel sales and acquisitions. OceanPal also holds a minority investment in a Norwegian entity building two small methanol-ready chemical tanker newbuildings. Given its very small fleet size, individual vessel performance has an outsized impact on total results.