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Athens, Greece - March 26, 2026
Key Fundamentals: • Total assets of $165.5 million, including $77.5 million in NEAR Protocol digital assets and $33.2 million in cash and cash equivalents. • Approximately 51.3 million NEAR tokens are held on the balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions), generating a 5.0% target annualized yield-producing approximately 2.75 million NEAR tokens per year in protocol rewards. • Both operating segments are projected to be EBITDA-positive during 2026: shipping segment generating $1.5-$2.5 million in EBITDA, and SovereignAI is self-funding with staking income exceeding subsidiary operating costs across all guidance scenarios. • Approximately three years of operating capital on hand; ability to fund operations from revenue without liquidating digital asset holdings. • First publicly traded NEAR Protocol treasury company, providing institutional-grade exposure to the NEAR ecosystem through a regulated public vehicle. • Three-vessel fleet operating with no scheduled drydockings in 2026, materially lower vessel operating expenses versus FY 2025. • Total stockholders' equity of $156.6 million. Management Commentary "2025 was the most consequential year in our Company's history," said Sal Ternullo, Co-CEO. "We executed a strategic transformation that fundamentally repositioned the business from a pure-play shipping company into a diversified operating platform with two distinct, complementary revenue engines. The formation of SovereignAI Services LLC together with the completion of our PIPE transaction in the fourth quarter, marked our emergence as the first publicly traded company with exposure to NEAR Protocol, with holdings of approximately 51.3 million NEAR tokens held on balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions) alongside our maritime fleet. Our reported net loss of $65.2 million reflects non-cash, unrealized fair value adjustments on our digital asset holdings and one-time transaction costs and legal fees associated with the PIPE financing, rather than a deterioration in our core operations. Across both business segments, the underlying business generated meaningful operational progress. We streamlined our fleet from five vessels to three, divesting one older Capesize vessel and one Panamax vessel, reducing the average age of our fleet while eliminating near-term drydocking obligations", said Robert Perri, Co-CEO. "The remaining three-vessel fleet-two Panamax drybulk carriers and one MR2 product tanker-are well positioned to take advantage of the current disruptions in the shipping market. Our strategy for growing enterprise value is clear: to compound long-term value through NEAR token accumulation and staking yield, while sustaining a stable, cash-generative maritime operation. With total stockholders' equity of $156.6 million, we believe our balance sheet reflects a material disconnect relative to our current market capitalization - one that we do not believe the market has fully recognized. We are firmly committed to closing that gap through disciplined execution and transparent, ongoing communication with our shareholders", Mr. Ternullo continued. Recent Developments On October 29, 2025, the Company entered into a Sales Agreement (the "Sales Agreement") with Clear Street LLC ("Clear Street") and Cohen & Company Capital Markets, a division of Cohen & Company ("Cohen & Co.) (each, an "Agent," and, together, the "Agents"), as co-sales agents, pursuant to which the Company may offer and sell shares of the Company's common shares, from time to time having an aggregate sales price of up to $20,127,131 (the "ATM Program"). During the fourth quarter of 2025, no sales were made under the Sales Agreement. Subsequent to December 31, 2025, the Company sold an aggregate of 3,216,819 shares under the ATM Program for gross proceeds of approximately $2,166,058.22. As of March 26, 2026, approximately $17.9 million remains available for sale under the ATM Program. On December 1, 2025, the Board of Directors authorized a share buy-back program (the "Share Buy-Back Program"), with Clear Street LLC ("Clear Street") acting as Agent, for up to $10 million of SVRN's outstanding common shares. During the fourth quarter of 2025, a total of 316,717 shares were repurchased and in the first quarter of 2026 a total of 385,862 shares were repurchased. As of March 26, 2026, approximately $9.2 million remains available for repurchase under the share repurchase program. Strategic Overview Maritime Operations - Fleet Optimization During 2025, the Company executed a targeted fleet rationalization program, divesting two vessels: the M/V Salt Lake City, a 2005-built Capesize bulk carrier, and the M/V Protefs, a 2004-built Panamax bulk carrier sold and delivered to their new owners in the first and second quarter of 2025, respectively. Combined, these transactions generated net proceeds of approximately $22.4 million, while reducing the average age of the fleet and lowering future capital expenditure. The Company's current fleet comprises of two Panamax bulk carriers - the M/V Calipso and M/V Melia - and one MR2 product tanker, the M/V Zeze Start, providing diversified commercial exposure across the dry bulk and product tanker markets. Vessel revenues for fiscal year 2025 totaled $13.4 million, compared to $25.7 million in the prior year, reflecting the reduced fleet size following the dispositions and a mixed rate environment across the dry and tanker segments. Looking ahead to 2026, the Company projects the three-vessel fleet to generate approximately $13.0 million to $14.0 million in gross vessel revenues, with total shipping operating costs in the range of $11.5 million to $12.5 million, excluding depreciation, yielding positive shipping EBITDA of between $1.5 million and $2.5 million. Average daily vessel operating expenses are budgeted at approximately $6,400, materially below 2025 levels. Notably, no drydockings are scheduled for 2026, eliminating significant costs and off-hire exposure that weighed on the prior year's results. SovereignAI Services LLC - NEAR Protocol Treasury In October 2025, the Company established SovereignAI Services LLC as a wholly-owned subsidiary to implement its NEAR Protocol digital asset treasury strategy. As of December 31, 2025, SovereignAI held total assets of approximately $85.5 million, including $77.5 million in digital assets at fair value, $3.7 million in collateral receivable (net of a $0.6 million allowance for credit losses), and $3.0 million in cash. During its initial two-month operating period, the subsidiary generated $0.7 million in staking reward income, demonstrating the yield-generating capacity of the NEAR treasury model. The Company's holdings of approximately 51.3 million NEAR tokens held on balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions) generate a target of 5.0% annualized yield, which translates to approximately $3.6 million in annualized revenue at current NEAR token prices, with direct upside exposure to NEAR token price appreciation. SovereignAI is expected to operate at a target burn rate of $3.1million annualized), encompassing compensation, custody fees, technology infrastructure, and general administrative costs. Under all current guidance scenarios, subsidiary revenues are projected to exceed operating costs. Full report About the Company OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels - two Panamax dry bulk carriers and one MR2 product tanker - engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments. OceanPal Inc. press release 
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