Greek Tycoon George Economou Strikes Again with 9.1% Shares in OceanPal

Greek shipping businessman George Economou has taken common shares of OceanPal Inc, a shipowner of five dry bulk vessels (three panamax and two capesize).

The fleet of OceanPal is managed by both Diana Wilhelmsen Management Limited and Steamship Shipbroking Enterprises Inc, whilst OceanPal is led by Semiramis Paliou.

The company said in a regulatory filing to the US Securities and Exchange Commission (SEC) that Sphinx Investment Corp. purchased the 324,350 common shares for a total purchase price of $563,092 including fees and expenses.

It is worth mentioning that the 324,350 common shares represent approximately 9.1% of issuer’s outstanding common shares.

The reported common shares are held by Sphinx Investment Corp. a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled by Mr. Economou, in accordance with the SEC.

In the filing it is said that both Sphinx and Maryport are controlled by Mr. Economou. It is also mentioned that “the reporting persons acquired the common shares over which they exercise beneficial ownership in the belief that the common shares are undervalued and are an attractive investment.”

With this move they may also seek to explore increasing their ownership position in the issuer, including, without limitation, through open market purchases or an acquisition of common shares from other stockholders.

As it is also mentioned in the filing “the reporting persons from time to time expect to enter into discussions with directors and officers of the Issuer, other stockholders of the Issuer or third parties in connection with the reporting persons’ investment in the Issuer.”

This is Economou’s second move to buy shares after his decision to take a major stake in tanker owner Performance Shipping this year.

In August the Nasdaq-listed Performance Shipping, led-by Palios family, said in a regulatory filing to the US Securities and Exchange Commission (SEC), that Sphinx purchased 1,033,859 common shares for a total purchase price of $1,483,268, including fees and expenses.