ATHENS, Greece, July 01, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that the Company has received a written notification from The Nasdaq Stock Market (“Nasdaq”), dated June 30, 2025, indicating that because the closing bid price of the Company’s common shares was at or greater than US$1.00 per share for 10 consecutive trading days, from June 13 to June 27, 2025, the Company has regained compliance w ...

Core Viewpoint - OceanPal Inc. has signed a Memorandum of Agreement to sell the dry bulk vessel "Protefs" for a price of US$7 million, with delivery scheduled by June 17, 2025 [1] Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [3] - The company engages in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [3] - OceanPal's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [3] Fleet Composition - Following the sale of "Protefs," OceanPal's fleet will consist of 2 Panamax dry bulk vessels and 1 MR2 tanker vessel [2]

Core Points - OceanPal Inc. held its Annual Meeting of Shareholders on May 20, 2025, in a virtual format [1] - Three proposals were approved at the meeting, including the election of three Class I Directors, an amendment to allow reverse stock splits up to a 1-for-500 ratio, and the appointment of Ernst & Young as independent auditors for the fiscal year ending December 31, 2025 [2] Company Overview - OceanPal Inc. is a global shipping company that specializes in the ownership and operation of dry bulk vessels and product tankers, focusing on the 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 durations and spot charters, aiming to maximize long-term shareholder value [3]

Core Points - OceanPal Inc. has received notification from Nasdaq regarding non-compliance with the minimum bid price requirement of US$1.00 per share for continued listing on The Nasdaq Capital Market [1] - The company has a grace period of 180 days, until October 14, 2025, to regain compliance by maintaining a closing bid price of US$1.00 or higher for at least ten consecutive business days [2] - The company's business operations remain unaffected by the notification, and its common stock will continue to be listed and traded on The Nasdaq Capital Market during the grace period [3] Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [4] - The company engages in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [4] - OceanPal's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [4]

Company Overview - OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers [2] - The company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products [2] - OceanPal's fleet is primarily employed on time charter trips with short to medium duration and spot charters, focusing on maximizing long-term shareholder value [2] Recent Developments - OceanPal Inc. has filed its 2024 Annual Report on Form 20-F with the United States Securities and Exchange Commission [1] - The Annual Report is accessible through the company's website and the Commission's website, with hard copies available to shareholders upon request [1]

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]