Economou Expands Influence in OceanPal Holdings

Renowned Greek shipping tycoon George Economou has recently increased his shareholding in OceanPal, a dry bulk company with connections to the Palios family, in anticipation of a forthcoming showdown in the company's boardroom.

According to a recent filing with the US Securities and Exchange Commission, Economou, through his investment entity Sphinx, has acquired an additional 1% of OceanPal, a spinoff from Diana Shipping. This acquisition raises his total ownership to 11.1% in the company, which is under the chairmanship of Semiramis Paliou, the daughter of esteemed shipping figure Simeon Palios.

Earlier in the year, Economou announced his intention to replace the majority of OceanPal’s board members. He suggested to the shareholders that they should seek the resignation of the current directors. In their place, he nominated John Liveris, former chairman of OceanFreight, and Georgios Kokkodis, a previous board member of Ocean Rig, to be elected at the company's forthcoming annual stockholder meeting.

Economou's initial investment in OceanPal was in September 2023, and he has invested nearly $1 million to date for his stake in this Nasdaq-listed entity, which owns three panamaxes and two capes, collectively valued at approximately $60 million.

OceanPal's board consists of seven members, and Economou is aiming to remove five of them from their positions.

In response, Chair Semiramis Paliou has been strengthening her own hold in OceanPal, increasing her share to 27.34%. Meanwhile, Ioannis Zafirakis, one of the directors not targeted by Economou, has also expanded his ownership, now holding around 4.1% of the company.

Additionally, Anastasios Margaronis, who is both the president and a board member of Diana Shipping, has acquired a stake in OceanPal, amounting to 6.39%.