OceanPal has struck a deal to invest in an RFOcean-backed project that is ordering a pair of chemical tankers in China.

The move represents a departure from the New York-listed shipowner’s focus on bulkers since it spun off from Diana Shipping in 2021.

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The company, led by chief executive Robert Perri and chairperson Semiramis Paliou, said the deal will see it invest in RFSea Infrastructure II and become a strategic partner with the Norwegian entity.

OceanPal is partnering with London-based RFOcean, a private alternative investment and commercial management firm focused on the maritime sector.

TradeWinds reported in July that RFOcean had ordered four 6,600-dwt newbuildings at Wuhu Shipyard in China.

RFSea Infrastructure II, an entity set up by Fearnley Securities Project Finance that involves other investors alongside OceanPal, will own two of those vessels.

The stainless-steel vessels will be “methanol-ready” and are slated for delivery in the fourth quarter of 2025 and the first quarter of 2026.

“We are pleased to invest in these state-of-the-art, methanol-ready chemical tankers, in a chemical tanker market where we believe the fundamentals will improve in the next several years,” said Perri.

“In addition, this investment will improve our environmental footprint, as these newbuildings are expected to be 20% to 25% more fuel efficient than conventional chemical tankers.”

The deal is subject to closing conditions. Fearnley Securities Project Finance acted as sole arranger.

The website for Astrup Fearnley division says an extended subscription period for a capital raise for the project lasted until 7 July.

A Fearnleys source said the firm also set up an entity called RFSea Infrastructure I to own the other two newbuildings ordered at Wuhu.

OceanPal currently owns a fleet of three panamax bulkers and two capesizes.

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