OceanPal (US:OP) Newsfilter·2024-08-07 11:43Financial 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]