ATHENS, Greece, April 16, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ:OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that it has filed its 2024 Annual Report on Form 20-F with the United States Securities and Exchange Commission (the "Commission"). The Annual Report may be accessed through the Company's website, www.oceanpal.com, or on the Commission's website at www.sec.gov. Any shareholder may receive a hard copy of the Company's complete Annual ...

Revenue and Expenses - Vessel revenues increased by $6.74 million, reaching $25.70 million for the year ended December 31, 2024, compared to $18.96 million in 2023, driven by higher average time charter rates and an increase in operating days to 1,747 [360]. - Voyage expenses rose by $1.77 million to $3.71 million in 2024, primarily due to increased commissions and bunker losses from newly acquired vessels [361]. - Vessel operating expenses increased by $2.07 million to $12.49 million in 2024, attributed to higher ownership days and increased repair and maintenance costs [362]. - General and administrative expenses increased by $0.93 million to $6.21 million in 2024, mainly due to higher compensation costs and increased insurance expenses [365]. - The average time charter rates improved due to stronger capesize market conditions during 2024 [360]. - Time charter equivalent (TCE) rate increased to $12,184 for the year ended December 31, 2024, from $9,969 in 2023 [391]. Impairment and Depreciation - Impairment loss for 2024 amounted to $6.12 million, including $5.03 million related to two vessels and $1.08 million for a vessel classified as held for sale [364]. - Depreciation and amortization of deferred charges decreased by $0.47 million to $7.20 million in 2024, due to a change in estimated scrap rates and the classification of a vessel as a current asset held for sale [363]. - The company reported an impairment loss of $5.03 million for two vessels as of December 31, 2024, and an additional impairment loss of $1.09 million for the M/V Baltimore classified as a current asset held for sale [396]. - The carrying value plus unamortized dry-docking and special survey costs for vessels with impairment indicators was $20.1 million and $73.1 million as of December 31, 2024 and 2023, respectively [396]. - The aggregate carrying value of four vessels exceeded their charter-free market value by approximately $2.7 million as of December 31, 2024, compared to $13.1 million for five vessels as of December 31, 2023 [397]. Financial Performance - The company experienced a net loss of $17.86 million in 2024, compared to a net loss of $1.98 million in 2023 [359]. - Loss per share increased to $2.64 in 2024 from $2.02 in 2023 [359]. - Working capital as of December 31, 2024, was $9.02 million, down from $17.76 million in 2023 [380]. - Net cash used in operating activities in 2024 was $3.53 million, a decrease of $4.35 million compared to net cash provided in 2023 [383]. - Net cash used in investing activities during 2024 amounted to $2.52 million, including $18.91 million for the acquisition of M/T Zeze Start [384]. Fleet and Utilization - The fleet size increased, contributing to higher operating days and revenues [360]. - The effective fleet utilization is assumed to be 98% for dry bulk vessels and 97% for product tanker vessels in 2024, based on historical performance [395]. - The average estimated daily time charter equivalent rate for Panamax vessels was $13,250, while the average break-even rate was $12,157 as of December 31, 2024 [402]. Financial Instruments and Currency Exposure - The Company generates all revenues in U.S. dollars, with operating expenses primarily also in U.S. dollars [530]. - Expenses incurred in currencies other than the U.S. dollar are not significant, minimizing exposure to exchange rate fluctuations [530]. - The Company does not engage in derivative instruments to hedge expenses due to the minimal impact of currency fluctuations [530]. Other Financial Information - Support agreement costs for the year ended December 31, 2024, amounted to $6.75 million related to the agreement with Sphinx [366]. - Management fees increased by $0.1 million to $1.34 million for the year ended December 31, 2024, due to an increase in fleet size and ownership days [367]. - A gain of $6.22 million from changes in the fair value of warrant liability was recorded for the year ended December 31, 2023, with no such transactions in 2024 [368]. - Finance costs for the year ended December 31, 2024, were $0.11 million, a decrease from $0.91 million in 2023 [369]. - Interest income decreased by $0.19 million to $0.31 million for the year ended December 31, 2024, compared to $0.50 million in 2023 [370]. - The fair value of the Series C Preferred Stock granted to directors was $2.8 million, based on a valuation from an independent third party [406]. - The M/V Baltimore was measured at a fair value of $18.25 million, less costs to sell, as it was classified as held for sale on April 25, 2024 [407]. - The company’s impairment test is sensitive to variances in time charter rates and utilization rates, with a minimum decrease of 8.6% in time charter rates potentially resulting in a $1.55 million impairment charge [401]. - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates and judgments that may materially impact reported amounts [393]. - The company’s fleet utilization is measured by dividing operating days by available days, reflecting efficiency in vessel employment [5]. - The Company acquired the M/T Zeze Start at a fair value of $27.5 million based on an independent valuation [408]. - As of December 31, 2024, the M/V Melia was impaired to a fair value of $10.36 million [408]. - As of December 31, 2024, the M/T Zeze Start was impaired to a fair value of $25.38 million [408].

Financial Performance - For Q4 2024, the company reported vessel revenues of $5.8 million, a net loss of $8.2 million, and a net loss attributed to common stockholders of $8.8 million, compared to a net income of $58 thousand and a net loss of $2.8 million in Q4 2023 [1][9] - For the year ended December 31, 2024, vessel revenues were $25.7 million, with a net loss of $17.9 million and a net loss attributed to common stockholders of $19.7 million, compared to $19.0 million in revenues and a net loss of $2.0 million in 2023 [2][9] Fleet Employment Profile - As of April 9, 2025, the company operates a fleet of dry bulk and tanker vessels, with various charter agreements in place, including rates ranging from $1,750 to $26,850 per day [3][5] - The fleet includes 3 Panamax bulk carriers and 2 Capesize bulk carriers, with a focus on maximizing long-term shareholder value through time charter trips and spot charters [3][14] Operational Metrics - The average number of vessels in operation was 5.5 for Q4 2024, with a fleet utilization rate of 95.20% [11] - The weighted average age of the vessels was 19.3 years, indicating a mature fleet [11] Cash Flow and Financial Position - For Q4 2024, the company reported net cash used in operating activities of $(2.1) million, while investing activities provided $5.5 million [22] - As of December 31, 2024, total assets were $89.5 million, with total liabilities of $5.1 million and total stockholders' equity of $84.4 million [21]

Company Overview - OceanPal Inc. is a global shipping company specializing in the ownership and operation of dry bulk vessels and product tankers, engaged in the seaborne transportation of bulk commodities such as iron ore, coal, grain, and refined petroleum products [3] - The company's fleet primarily operates on time charter trips with short to medium duration and spot charters, focusing on maximizing long-term shareholder value [3] Recent Developments - OceanPal Inc. has signed a Memorandum of Agreement to sell the 2005-built vessel "Salt Lake City" for a sale price of US$16.1 million before commissions, with delivery to the buyer by February 20, 2025 [1] - Following the completion of this sale, OceanPal's fleet will consist of 3 Panamax dry bulk vessels and an MR2 tanker vessel [2]

Financial Performance - For the nine months ended September 30, 2024, the company reported vessel revenues of $19.9 million, a net loss of $9.7 million, and a net loss attributed to common stockholders of $10.9 million, compared to vessel revenues of $13.1 million, a net loss of $2.0 million, and a net loss attributed to common stockholders of $3.9 million for the same period in 2023 [1] - For the third quarter of 2024, the company reported vessel revenues of $7.5 million, a net loss of $0.2 million, and a net loss attributed to common stockholders of $0.6 million, compared to vessel revenues of $3.9 million, a net loss of $3.4 million, and a net loss attributed to common stockholders of $3.9 million for the third quarter of 2023 [11] Fleet Employment and Operations - The fleet consists of various vessels employed under different charter agreements, with specific details on gross rates and charterers provided [2][4] - The average number of vessels in operation was 5.2 for the nine months ended September 30, 2024, compared to 5.1 for the same period in 2023 [15] - The fleet utilization rate was reported at 96.1% for the three months ended September 30, 2024, compared to 98.5% for the same period in 2023 [15] Balance Sheet and Cash Flow - As of September 30, 2024, total assets were $106.9 million, with cash and cash equivalents at $4.3 million, down from $14.8 million at the end of 2023 [9] - Total liabilities increased to $15.0 million from $2.3 million at the end of 2023, while total stockholders' equity decreased slightly to $91.9 million from $92.6 million [9] - The company reported net cash provided by operating activities of $1.9 million for the three months ended September 30, 2024, compared to a net cash used in investing activities of $8.0 million [22]

Company Overview - OceanPal Inc. is a global shipping company specializing in the ownership and operation of dry bulk vessels and product tankers [3] - The company is engaged in the seaborne transportation of bulk commodities such as iron ore, coal, grain, and refined petroleum products [3] - OceanPal's fleet primarily operates on time charter trips with short to medium duration and spot charters, focusing on maximizing long-term shareholder value [3] Recent Developments - OceanPal has taken delivery of the m/t Zeze Start, a 2009-built tanker vessel with a carrying capacity of 49,999 dwt, marking its first tanker acquisition [1] - The acquisition reflects the company's strategy to diversify its fleet and capitalize on opportunities in the product tanker sector [1] - Following the sale of the m/v Baltimore, OceanPal's fleet will consist of 4 dry bulk vessels (1 Capesize and 3 Panamax) and an MR2 tanker vessel [2]

Financial Performance - OceanPal Inc. reported time charter revenues of $6.7 million for Q2 2024, an increase from $5.4 million in Q2 2023, representing a growth of approximately 24.4% [1][6] - The company experienced a net loss of $8.2 million in Q2 2024, compared to a net income of $1.3 million in Q2 2023, indicating a significant decline in profitability [1][6] - For the first half of 2024, time charter revenues totaled $12.4 million, up from $9.3 million in the same period of 2023, marking a year-over-year increase of about 33.3% [2][6] - The net loss for the six months ended June 30, 2024, was $9.5 million, compared to a net income of $1.3 million for the same period in 2023 [2][6] Fleet Employment Profile - As of August 7, 2024, OceanPal Inc. operates a fleet of five vessels, including three Panamax bulk carriers and two Capesize bulk carriers [3][9] - The average daily gross charter rates for the vessels range from $10,500 to $23,000, depending on the specific vessel and charter agreement [3][6] - The fleet utilization rate was reported at 96.7% for Q2 2024, slightly down from 100% in Q2 2023 [6] Operational Metrics - The average number of vessels in operation remained stable at 5.0 for both Q2 2024 and Q2 2023 [6] - The weighted average age of the vessels in the fleet is 19.3 years, which is an increase from 18.3 years in the previous year [6] - Operating days for the fleet were reported at 433 for Q2 2024, down from 455 in Q2 2023, reflecting a decrease in operational efficiency [6] Cash Flow and Expenses - The company reported net cash used in operating activities of $4.2 million for Q2 2024, compared to a cash outflow of $0.1 million in Q2 2023 [21] - Vessel operating expenses increased to $2.9 million in Q2 2024 from $2.5 million in Q2 2023, indicating rising operational costs [6][14] - Voyage expenses also rose to $826 thousand in Q2 2024 from $704 thousand in Q2 2023, contributing to the overall increase in costs [6][14]

Financial Performance - OceanPal Inc. reported time charter revenues of $6.7 million for Q2 2024, an increase from $5.4 million in Q2 2023, but incurred a net loss of $8.2 million compared to a net income of $1.3 million in the same period last year [1][6] - For the six months ended June 30, 2024, the company recorded time charter revenues of $12.4 million, up from $9.3 million in the first half of 2023, but faced a net loss of $9.5 million compared to a net income of $1.3 million in the prior year [2][6] Fleet Employment Profile - As of August 7, 2024, OceanPal's fleet consists of 5 vessels, including 3 Panamax bulk carriers and 2 Capesize bulk carriers, with various charter agreements in place [3][9] - The average daily gross charter rates for the vessels range from $10,500 to $23,000, depending on the vessel type and charterer [3][6] Operational Metrics - The fleet utilization rate was reported at 96.7% for Q2 2024, slightly down from 100% in Q2 2023 [6] - The average age of the vessels in the fleet is 19.3 years, consistent with the previous year [6] Cash Flow and Expenses - The company reported net cash used in operating activities of $4.2 million for Q2 2024, compared to a cash outflow of $0.1 million in Q2 2023 [21] - Vessel operating expenses increased to $2.9 million in Q2 2024 from $2.5 million in Q2 2023, reflecting higher operational costs [6][14]

Core Viewpoint - OceanPal Inc. has signed a Memorandum of Agreement to acquire an MR2 tanker vessel, the m/t Zeze Start, for an aggregate purchase price of $27.0 million, reflecting the company's strategy to diversify its fleet in the product tanker sector [2][5]. Group 1: Acquisition Details - The m/t Zeze Start is a 2009-built tanker vessel with a carrying capacity of 49,999 deadweight tons (dwt) [3]. - The purchase price will be paid with $18.9 million in cash and the remainder in shares of the Company's Series D Preferred Stock, with $10.9 million of the cash to be paid after delivery, bearing interest at 5.0% per annum [1][2]. Group 2: Company Strategy - The acquisition was unanimously approved by the Board of Directors and is seen as a timely move to capitalize on opportunities in the product tanker sector [2][5]. - Following the completion of the previously announced sale of m/v Baltimore, OceanPal's fleet will consist of 4 dry bulk vessels, excluding the m/t Zeze Start [6]. Group 3: Company Overview - OceanPal Inc. is a global shipping company specializing in the ownership of vessels, currently transporting a range of dry bulk cargoes including iron ore, coal, and grain [7]. - The company's vessels are expected to be primarily employed on short-term time and voyage charters after their current employments [7].

Core Viewpoint - OceanPal Inc. has signed a Memorandum of Agreement to acquire an MR2 tanker vessel, the m/t Zeze Start, for a total price of $27.0 million, reflecting the company's strategy to diversify its fleet in the product tanker sector [1][2]. Group 1: Acquisition Details - The acquisition price of $27.0 million will be paid with $18.9 million in cash and the remainder in Series D Preferred Stock [2]. - A portion of the cash payment, $10.9 million, will be deferred until after the vessel's delivery, bearing an interest rate of 5.0% per annum [2]. - The purchase price was based on independent third-party broker valuations, considering the share-based component of the payment [2]. Group 2: Vessel Specifications - The m/t Zeze Start is a 2009-built tanker with a carrying capacity of 49,999 deadweight tons (dwt) [3]. - Following the acquisition and the sale of the m/v Baltimore, OceanPal's fleet will consist of 4 dry bulk vessels, including 1 Capesize and 3 Panamax [3]. Group 3: Company Overview - OceanPal Inc. is a global shipping company that provides transportation services through its vessel ownership, primarily focusing on dry bulk cargoes such as iron ore, coal, and grain [4]. - The company's vessels are expected to be employed on short-term time and voyage charters after their current contracts [4].