OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024

Financial Performance - For Q4 2024, the company reported vessel revenues of $5.8 million, a net loss of$8.2 million, and a net loss attributed to common stockholders of $8.8 million, compared to a net income of$58 thousand and a net loss of $2.8 million in Q4 2023 [1][9] - For the year ended December 31, 2024, vessel revenues were$25.7 million, with a net loss of $17.9 million and a net loss attributed to common stockholders of$19.7 million, compared to $19.0 million in revenues and a net loss of$2.0 million in 2023 [2][9] Fleet Employment Profile - As of April 9, 2025, the company operates a fleet of dry bulk and tanker vessels, with various charter agreements in place, including rates ranging from $1,750 to$26,850 per day [3][5] - The fleet includes 3 Panamax bulk carriers and 2 Capesize bulk carriers, with a focus on maximizing long-term shareholder value through time charter trips and spot charters [3][14] Operational Metrics - The average number of vessels in operation was 5.5 for Q4 2024, with a fleet utilization rate of 95.20% [11] - The weighted average age of the vessels was 19.3 years, indicating a mature fleet [11] Cash Flow and Financial Position - For Q4 2024, the company reported net cash used in operating activities of $(2.1) million, while investing activities provided$5.5 million [22] - As of December 31, 2024, total assets were $89.5 million, with total liabilities of$5.1 million and total stockholders' equity of $84.4 million [21]