OceanPal Inc. Reports Financial Results for the First Quarter Ended March 31, 2024

Core Viewpoint - OceanPal Inc. reported a significant increase in time charter revenues for Q1 2024, but also experienced a net loss compared to the same period in 2023, indicating challenges in profitability despite revenue growth [1]. Financial Performance - Time charter revenues for Q1 2024 were $5.7 million, up from $3.9 million in Q1 2023, representing a 46.5% increase [1][4]. - The net loss for Q1 2024 was $1.3 million, compared to a net income of $88 thousand in Q1 2023, marking a substantial decline in profitability [1][4]. - The net loss attributed to common stockholders was $1.7 million in Q1 2024, compared to a loss of $472 thousand in Q1 2023 [1][4]. Fleet Employment Profile - As of June 5, 2024, OceanPal's fleet consists of 5 vessels, with an average age of 19 years [2][4]. - The fleet utilization rate was 99.1% in Q1 2024, an increase from 98.2% in Q1 2023, indicating efficient use of the fleet [4]. - The average daily time charter equivalent (TCE) rate increased to $11,200 in Q1 2024 from $8,459 in Q1 2023, reflecting improved earnings per vessel [4]. Operational Expenses - Vessel operating expenses for Q1 2024 were $2.7 million, compared to $2.6 million in Q1 2023, showing a slight increase [4]. - Daily vessel operating expenses decreased to $5,980 in Q1 2024 from $6,192 in Q1 2023, indicating improved cost management [4][6]. Cash Flow and Assets - Net cash provided by operating activities was $920 thousand in Q1 2024, a recovery from a cash outflow of $265 thousand in Q1 2023 [16]. - Total assets as of March 31, 2024, were $94.1 million, slightly down from $94.8 million at the end of 2023 [15].