Core Points - OceanPal Inc. has received notification from Nasdaq regarding non-compliance with the minimum bid price requirement of US$1.00 per share for continued listing on The Nasdaq Capital Market [1] - The company has a grace period of 180 days, until October 14, 2025, to regain compliance by maintaining a closing bid price of US$1.00 or higher for at least ten consecutive business days [2] - The company's business operations remain unaffected by the notification, and its common stock will continue to be listed and traded on The Nasdaq Capital Market during the grace period [3] Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [4] - The company engages in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [4] - OceanPal's fleet primarily operates on time charter trips with short to medium duration and spot charters, aiming to maximize long-term shareholder value [4]

Company Overview - OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers [2] - The company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products [2] - OceanPal's fleet is primarily employed on time charter trips with short to medium duration and spot charters, focusing on maximizing long-term shareholder value [2] Recent Developments - OceanPal Inc. has filed its 2024 Annual Report on Form 20-F with the United States Securities and Exchange Commission [1] - The Annual Report is accessible through the company's website and the Commission's website, with hard copies available to shareholders upon request [1]

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]