Oceandriver, a Marshall Islands shipping company focused on dry bulk transport, filed for an initial public offering in the U.S. The company plans to list its common shares and warrants on the Nasdaq Capital Market under the ticker “OYES.” Proceeds are earmarked for general corporate purposes and fleet expansion, including potential secondhand vessel acquisitions.

Business Description

Oceandriver is an international shipping company formed to acquire, own, charter, and operate dry bulk vessels. At or prior to effectiveness, the company will own Panstar Maritime Inc., the owner of the M/V Panstar, a 76,629 dwt Panamax dry bulk carrier built in 2005 in Japan. The vessel is currently employed on a time charter with Panocean Co., Ltd. at a fixed daily rate of $14,500 through March 2026. The company intends to pursue additional vessel acquisitions—primarily in the secondhand market—to scale and diversify its fleet over time.

Oceandriver plans to deploy vessels on time and voyage charters depending on market conditions, with technical management provided by Magna Marine Inc. and commercial management by Chartmobil Shipbrokers Ltd. The company is headquartered in Athens, Greece, is incorporated in the Marshall Islands, and aims to leverage its managers’ operational track record and industry relationships to secure quality employment, maintain high utilization, and expand its fleet.

Market Overview

Total addressable market: Global dry-bulk fleet was about 1,056 million dwt with an orderbook of roughly 116 million dwt (~10.7%) as of September 2025.
Market growth: Tonne‑mile demand projected to grow about 1% in 2025; grain trade expected to rise 1–2% in 2H25; bauxite exports were up ~21.2% year‑to‑date.
Market position: New entrant operating a single Panamax vessel with plans to expand via selective, accretive acquisitions.
Key competitors: Fragmented field of independent and state‑backed dry bulk owners and operators worldwide.
Industry trends: Environmental rules (EEXI/CII, EU ETS), slow steaming, tight shipyard capacity to 2027, aging fleet and potential acceleration of scrapping, and expanding Emission Control Areas.

Operational Metrics

Customers: Current time charterer is Panocean Co., Ltd., at $14,500/day to March 2026.
Locations: Incorporated in the Marshall Islands; principal executive offices in Athens, Greece.
Geographic presence: Provides worldwide seaborne transportation of dry bulk cargoes.
Partnerships: Technical management by Magna Marine Inc.; commercial management by Chartmobil Shipbrokers Ltd.
Fleet: One Panamax vessel (M/V Panstar), 76,629 dwt, built 2005 in Japan.
Other key metrics: FY2024 Daily TCE $13,971; FY2024 Daily OPEX $3,957; FY2024 vessel utilization 100%; 1H2025 Daily TCE $12,107 and utilization 98.1%.

Financials Highlights

Revenue (current): $5,220,922 (FY2024, Panstar Maritime Inc.)
Revenue growth: Up 33% vs. 2023 ($3,939,773)
Operating income: $2,712,422 (FY2024)
Net income: $2,848,760 (FY2024, Panstar Maritime Inc.)

Management

Philippos Tsangrides, Chief Executive Officer and Chairman – Founder with over a decade in shipping; previously Business Development Officer and director at Magna; holds BSc from Menlo College and MSc from Bayes Business School.
Stefanos Papagiannakopoulos, Chief Financial Officer – 10+ years in maritime finance and analysis; led insurance and claims at Magna; MSc from Bayes Business School and BSc in Economics from Swansea University; member of the Institute of Chartered Shipbrokers.
Marianna Griva, Director – 12+ years in financial services; former portfolio manager at BlackRock’s European Private Debt fund; early career at Goldman Sachs; BSc from University of Bath and MSc from Oxford.
Aliki-Marcadia Lampropoulos, Director – Experience across finance and cultural institutions; prior roles at EFG Asset Management/Private Bank and leading Greek cultural organizations; BA from Oxford and MSc from LSE.

IPO Structure

Issuer: OCEANDRIVER INC.
Filing date: December 23, 2025
Proposed ticker: OYES
Exchange: Nasdaq Capital Market
Lead underwriters: Maxim Group LLC (Sole Book-Running Manager)
Use of proceeds: General corporate purposes and future vessel acquisitions; the company intends to allocate at least a portion of proceeds toward acquiring an additional vessel, with any remaining funds available for working capital.
Source: Oceandriver Inc.