OceanPal Inc. Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2024

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]