Financial Performance - OceanPal Inc. reported time charter revenues of $5.7 million for Q1 2024, an increase from $3.9 million in Q1 2023, representing a growth of approximately 46.5% [1][4] - The company experienced a net loss of $1.3 million in Q1 2024, compared to a net income of $88 thousand in Q1 2023, indicating a significant decline in profitability [1][4] - The net loss attributed to common stockholders was $1.7 million for Q1 2024, up from a loss of $472 thousand in the same period last year [1][4] Fleet Employment and Operations - OceanPal Inc. operates a fleet of 5 vessels, with an average age of 19 years, which is slightly older than the 18 years reported in the previous year [4][12] - The fleet utilization rate improved to 99.1% in Q1 2024, compared to 98.2% in Q1 2023, indicating more efficient use of the fleet [4][12] - The average daily time charter equivalent (TCE) rate increased to $11,200 in Q1 2024 from $8,459 in Q1 2023, reflecting improved earnings per vessel [4][12] Cash Flow and Financial Position - The company generated net cash provided by operating activities of $920 thousand in Q1 2024, a turnaround from a cash outflow of $265 thousand in Q1 2023 [17] - Total assets as of March 31, 2024, were reported at $94.1 million, slightly down from $94.8 million at the end of 2023 [15][17] - Cash and cash equivalents increased to $15.4 million from $14.8 million at the end of 2023, indicating a stable liquidity position [15][17] Chartering and Revenue Generation - The company’s vessels are primarily employed on short-term time and voyage charters, with current charters expected to generate stable revenue streams [7] - Charterers compensated the owners at a rate of 80% of the Baltic Panamax Index 5 TC average or the vessel's present charter party rate, whichever is higher, for excess periods [3]

ATHENS, Greece, June 06, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $5.7 million, net loss of $1.3 million and net loss attributed to common stockholders of $1.7 million for the first quarter of 2024. This compares to time charter revenues of $3.9 million, net income of $88 thousand and net loss attributed to common stockholders of $472 thousand for the first quarter of 2023. ...

ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that the Company's Annual Meeting of Shareholders (the "Meeting") was duly held on May 17, 2024, in virtual format only via the Internet. At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company's Proxy Statement sent to shareholders on or arou ...

ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that the Company's Annual Meeting of Shareholders (the "Meeting") was duly held on May 17, 2024, in virtual format only via the Internet. Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statemen ...

I am pleased that OceanPal and Sphinx have been able to put aside their differences. We value Sphinx's interest in the Company, and I and the rest of the board look forward to further discussing with George his views on opportunities to create value for OceanPal's stockholders. The Agreement also includes customary standstill provisions, mutual releases and non-disparagement and expense reimbursement terms, among others. ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. ("OceanPal" or the "Comp ...

ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. ("OceanPal" or the "Company") (NASDAQ: OP) announced today that it has entered into a Support Agreement (the "Agreement") with Sphinx Investment Corp. ("Sphinx"), an affiliate of George Economou, which owns approximately 14.1% of the Company's outstanding common stock, providing for the future support of the Company and its Board by Sphinx. Pursuant to the Agreement, Sphinx has agreed to cease its efforts with respect to the election of director ...

ATHENS, Greece, April 30, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ:OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Richland Bulk Pte. Ltd., for its Capesize dry bulk vessel, the m/v Baltimore. The gross charter rate is US$22,000 per day minus a 5% commission paid to third parties, for a period until minimum September 15, 2024 up to maximum November ...

Securities registered or to be registered pursuant to Section 12(g) of the Act. None (Title of Class) Commission file number: 001-40930 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No Indicate by check mark whether the registrant is a large ...

Exhibit 99.1 Management's Discussion and Analysis Of Financial Condition and Results of Operations Unless the context otherwise requires, as used herein, the terms "OceanPal," "Company," "we," "us," and "our" refer to OceanPal Inc. and its consolidated subsidiaries. We were incorporated by Diana Shipping Inc. ("Diana Shipping"), under the laws of the Republic of the Marshall Islands on April 15, 2021, to serve as the holding company of the three former vessel-owning subsidiaries that were contributed to us ...

Table of Contents OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR- ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report: Not applicable UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTR ...