OP Stock: 13 Things for OceanPal Investors to Know About the Diana Shipping Spinoff as Shares Soar

OceanPal (NASDAQ:OP) stock is riding higher Wednesday on the wave of its public debut yesterday!

a cargo ship in the middle of the ocean representing OP Stock.

Source: VladSV / Shutterstock.com

Let’s dive into everything traders need to know about OP stock today.

  • OceanPal is a spinoff of Diana Shipping (NYSE:DSX).
  • The spinoff was completed on Nov. 29 and shares of the company’s stock started trading on the Nasdaq Exchange on Tuesday under the OP ticker.
  • OceanPal is a “global provider of shipping transportation services through its ownership of vessels.”
  • The company’s shipping currently includes a variety of dry bulk cargoes.
  • Among those are iron ore, coal, grain, and other materials.
  • This has them covering worldwide shipping routes.
  • However, the company intends to focus more on short-term time and voyage charters once current trips are complete.
  • While shares of OP stock are new to the market, investors are wasting no time taking an interest in them.
  • That comes with heavy trading today as more than 37 million shares of the stock have traded as of this writing.
  • For comparison, the company’s daily average trading volume is closer to 4.7 million shares.
  • It’s worth noting that the heavy trading today could be the result of retail traders taking notice of OP stock.
  • The shares were only trading in the $3 range when they went public yesterday.
  • That’s a low price that makes it easy for any trader to jump in on and could help explain some of today’s movement.

OP stock is up 52% as of noon Wednesday.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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