OceanPal Inc. Reports Financial Results for the Six Months Ended June 30, 2025

Financial Performance - OceanPal Inc. reported time charter revenues of $6.2 million for the six months ended June 30, 2025, a decrease from $12.4 million in the same period of 2024, representing a decline of approximately 50% [1][6][14] - The company experienced a net loss of $10.4 million for the first half of 2025, compared to a net loss of $9.5 million for the same period in 2024, indicating a worsening financial position [1][6][14] - The net loss attributed to common stockholders was $11.9 million for the six months ended June 30, 2025, compared to $10.3 million in 2024, reflecting an increase in losses [1][6][14] Fleet and Operational Data - The average number of vessels operated by OceanPal was 4.1 in the first half of 2025, down from 5 in the same period of 2024 [6][14] - The fleet utilization rate decreased to 92.4% in 2025 from 97.9% in 2024, indicating reduced operational efficiency [6][14] - The weighted average age of the vessels was 19.4 years as of June 30, 2025, compared to 19.3 years in the previous year [6][14] Cash Flow and Balance Sheet - OceanPal reported net cash used in operating activities of $1.1 million for the first half of 2025, an improvement from $3.3 million used in the same period of 2024 [17] - The company generated $20.99 million from investing activities in 2025, compared to no cash generated in 2024 [17] - As of June 30, 2025, total assets were $78.17 million, down from $89.46 million at the end of 2024, primarily due to a decrease in the value of vessels [16][14] Industry Context - OceanPal operates in the global shipping industry, focusing on the ownership and operation of dry bulk vessels and product tankers, transporting commodities such as iron ore, coal, grain, and refined petroleum products [9] - The company primarily employs its fleet on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [9]