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

Financial Performance - OceanPal Inc. reported time charter revenues of $5.7 million for Q1 2024, an increase from$3.9 million in Q1 2023, representing a growth of approximately 46.5% [1][4] - The company experienced a net loss of $1.3 million in Q1 2024, compared to a net income of$88 thousand in Q1 2023, indicating a significant decline in profitability [1][4] - The net loss attributed to common stockholders was $1.7 million for Q1 2024, up from a loss of$472 thousand in the same period last year [1][4] Fleet Employment and Operations - OceanPal Inc. operates a fleet of 5 vessels, with an average age of 19 years, which is slightly older than the 18 years reported in the previous year [4][12] - The fleet utilization rate improved to 99.1% in Q1 2024, compared to 98.2% in Q1 2023, indicating more efficient use of the fleet [4][12] - 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][12] Cash Flow and Financial Position - The company generated net cash provided by operating activities of $920 thousand in Q1 2024, a turnaround from a cash outflow of$265 thousand in Q1 2023 [17] - Total assets as of March 31, 2024, were reported at $94.1 million, slightly down from$94.8 million at the end of 2023 [15][17] - Cash and cash equivalents increased to $15.4 million from$14.8 million at the end of 2023, indicating a stable liquidity position [15][17] Chartering and Revenue Generation - The company’s vessels are primarily employed on short-term time and voyage charters, with current charters expected to generate stable revenue streams [7] - Charterers compensated the owners at a rate of 80% of the Baltic Panamax Index 5 TC average or the vessel's present charter party rate, whichever is higher, for excess periods [3]