OceanPal (US:OP) Globenewswire·2024-12-20 14:28Financial 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]