The company transferred all its interests in OP Vessel Holdco to Sezali Inc on July 31. Rather than receiving cash, OceanPal secured the cancellation of all 12,185 outstanding shares of its 8% Series C preferred stock and $5m of promissory notes.   The deal covers the 2005-built panamax bulkers Calipso and Melia, the 2009-built MR tanker Zeze Start and OceanPal’s interest in RFSea Infrastructure II, a Norwegian vehicle established to invest in two methanol-ready chemical tanker newbuildings.  Sezali is affiliated with OceanPal’s former chairperson, while certain company directors held Series C shares. OceanPal’s board approved the transaction.      The disposal leaves OceanPal with no ships and no debt for borrowed money. SovereignAI Services is now the company’s sole operating business, with 412 Series D preferred shares remaining as its only outstanding preferred stock carrying economic rights.      OceanPal unveiled the new direction last October after raising $120m to launch SovereignAI, a business focused on commercialising the NEAR blockchain protocol and developing secure AI infrastructure. The company said at the time that it would continue operating its shipping fleet alongside the new venture.      The exit comes less than five years after OceanPal was spun off from Diana Shipping and began trading independently on Nasdaq in November 2021.