OceanPal Surges 104% in Debut After Spin-Off From Diana Shipping

OceanPal Inc. shares skyrocketed 104%, to $7.26, in their Nasdaq debut following a spin-off from Diana Shipping Inc.

Stockholders of dry bulk vessel owner Diana Shipping received one OceanPal share for every 10 shares of Diana Shipping held on the Nov. 3 record date.

Diana Shipping previously said “the distribution of a separate, publicly traded dry bulk company focusing on older vessels with shorter duration charters will further enhance shareholder value by providing greater exposure to the shorter-term charter market.”

Diana Shipping shares were recently down 6%, to $4.18.
Source: Dow Jones