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SEC filingOceanPal Inc. disclosed it has repurchased 345,168 shares under its $10 million board-authorized buyback program, with $7.3 million remaining, and established a formal 0.8x multiple of market NAV (mNAV) as the target threshold for future repurchases, driven by management's assessment of undervaluation relative to its NEAR treasury.
This disclosure represents a material shift from ad hoc capital deployment to a formal, rules-based buyback policy anchored to mNAV—a metric directly tied to OceanPal’s core strategic asset: its NEAR treasury. Management explicitly links the 0.8x mNAV threshold to economic equivalence with acquiring NEAR at a discount to market, framing repurchases as an arbitrage-like capital action rather than a generic return-of-capital gesture. The policy is operationally grounded: the $7.3 million remaining under the existing authorization serves as the primary execution vehicle, and repurchases will be conducted at management’s discretion within Rule 10b-18 parameters. Critically, the rationale rests on two pillars—the size and yield-generating capacity of the NEAR position (>55M tokens, ~5% gross annualized yield) and the emerging profitability of the shipping segment (projected EBITDA-positive in 2026)—both of which management asserts remain unpriced by the market. The 50+% post-reverse-split stock appreciation through April 8—occurring without further repurchases—suggests early market recognition of this dual-asset value proposition. Forward-looking statements about continued yield generation and 2026 EBITDA positivity are qualified by risks including NEAR price volatility, regulatory developments, geopolitical disruption to shipping, and Nasdaq listing status, all of which could materially affect execution of the policy or realization of projected fundamentals.