OceanPal (NASDAQ:OP) Shares Up 5.4% – Here’s Why

OceanPal Inc. (NASDAQ:OP)’s stock price was up 5.4% on Thursday . The stock traded as high as $12.20 and last traded at $11.70. 15,928 shares were traded during trading, a decline of 100% from the average daily volume of 12,412,086 shares. The stock had previously closed at $11.10.

OceanPal Price Performance

The company has a fifty day simple moving average of $8.13 and a 200-day simple moving average of $8.61. The company has a market cap of $78.34 million, a P/E ratio of -0.18 and a beta of 1.16.

About OceanPal

OceanPal Inc is a dry bulk shipping company that owns and operates vessels used to transport commodities such as iron ore, grains, and other bulk cargoes. Its business is focused on providing maritime transportation services to customers in international trade.

The company’s vessels operate on global shipping routes and may be employed under time-charter, voyage-charter, or pool arrangements, depending on market conditions and customer requirements. Dry bulk shipping demand is influenced by worldwide industrial production, agricultural trade, and infrastructure activity.

OceanPal was established as an independent shipping company following a spin-off from Diana Shipping Inc The company has been led by Stamatis Tsantanis, who has served as chairman and chief executive officer.