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].

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 ...