While most shipping companies focus on, well, ships, OceanPal has decided to sail into uncharted waters. The maritime company just raised a whopping $120 million through a private placement. Not for new vessels. For crypto tokens. Specifically, NEAR Protocol tokens. They want to grab at least 10% of the total circulating supply. Bold move for a company worth just $14.73 million.
OceanPal isn’t just dipping its toes in the crypto ocean—it’s doing a cannonball. They’ve launched SovereignAI Services, a subsidiary tasked with building AI-cloud infrastructure using NVIDIA tech and NEAR’s blockchain. Talk about a pivot from dry bulk shipping to digital sovereignty. Who needs cargo when you can have tokens? This investment strategy shares similar volatility risks to altcoin investments that typically show sharper price swings than more established cryptocurrencies.
The market reaction? Not great. OceanPal’s stock plummeted more than 20% after the announcement. Investors aren’t exactly thrilled about this maritime-to-metaverse makeover. And can you blame them? The company’s shares have already crashed from $79 highs earlier in 2025 to around $2.20 now. The company’s upcoming one-for-twenty-five reverse split aims to manage its struggling stock structure.
NEAR Protocol itself is a layer-1 blockchain launched in 2020, designed for AI agent interaction. It lets digital assets move around without middlemen. Cool tech, sure, but what does that have to do with ships? Absolutely nothing.
OceanPal claims to be the first publicly traded company taking a strategic stake in NEAR’s ecosystem. They’ve got some big names on board—Kraken, Proximity, Fabric Ventures. Financial advisors include Clear Street LLC and Cohen & Company. The advisory board is chaired by Polosukhin, a co-founder of Near Foundation who brings blockchain expertise to this unusual venture. Impressive lineup for a shipping company’s crypto adventure.
Critics are skeptical, and rightfully so. The fit between maritime logistics and AI-blockchain feels forced. And dumping your treasury into a single crypto asset? Risky business in an already volatile market.
OceanPal’s current ratio sits at 7.05, showing decent short-term financial health. But with $19.43 million in twelve-month revenue and recent operational losses, this crypto gamble better pay off. Otherwise, this ship might sink before reaching its blockchain harbor.
