OceanPal Inc. Announces Entry into Support Agreement with Sphinx Investment Corp.; Sphinx Terminates its Proxy Contest and Enters into Voting Commitment; Mr. Economou Expected to be Made Available to Provide Strategic Advice

Athens, Greece - May 17, 2024

OceanPal Inc. ("OceanPal" or the "Company") (NASDAQ: OP) announced today that it has entered into a Support Agreement (the "Agreement") with Sphinx Investment Corp. ("Sphinx"), an affiliate of George Economou, which owns approximately 14.1% of the Company's outstanding common stock, providing for the future support of the Company and its Board by Sphinx.

Pursuant to the Agreement, Sphinx has agreed to cease its efforts with respect to the election of directors and the passage of shareholder proposals at the 2024 annual meeting of the Company's stockholders, and to commit to voting in favor of the Board's slate of recommended directors and with respect to certain other proposals at each Company shareholder meeting through the 2029 annual meeting of the Company's shareholders. In addition, Sphinx and the Company have agreed on a non-binding basis to a structure for the provision by Mr. Economou of strategic advice to the Board with respect to future opportunities for creating shareholder value.

Mr. Robert Perri, Chief Executive Officer of the Company, said:

"I am pleased that OceanPal and Sphinx have been able to put aside their differences. We value Sphinx's interest in the Company, and I and the rest of the board look forward to further discussing with George his views on opportunities to create value for OceanPal's stockholders."

The Agreement also includes customary standstill provisions, mutual releases and non-disparagement and expense reimbursement terms, among others.

Addition information with respect to the Agreement will be filed with the U.S. Securities and Exchange Commission (the "SEC") on a Current Report on Form 6-K.

About the Company
OceanPal Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company's vessels currently transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes and it is expected that the Company's vessels will be primarily employed on short term time and voyage charters following the completion of their current employments.

OceanPal Inc. press release