OceanPal (OP) is the spin-off entity created by Diana Shipping (DSX), backed by the Paliou family. Recently, the company got a 9% shareholder in the form of George Economou
Economou-led DryShips is a fascinating tale of capital destruction and financial manipulation by Economou. He took the company private after multiple reverse stock splits. OceanPal has already completed two reverse splits of its shares - both in the past 10 months.
AFAIK, Economu’s net worth is the multiple billions. Half-a-million seems like chump change to him. I wonder about the reason for this OP investment.