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

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ATHENS, Greece, June 06, 2024 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ:OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $5.7 million, net loss of $1.3 million and net loss attributed to common stockholders of $1.7 million for the first quarter of 2024. This compares to time charter revenues of $3.9 million, net income of $88 thousand and net loss attributed to common stockholders of $472 thousand for the first quarter of 2023.

Fleet Employment Profile (As of June 5, 2024)

OceanPal Inc.’s fleet is employed as follows: 

 
Vessel


Sister
Ships*


Gross Rate
(USD/Day)


Com**


Charterers


Delivery Date
to
Charterers***


Redelivery Date to
Owners****


Notes

 
BUILT    DWT

 
3 Panamax Bulk Carriers
 

1
PROTEFS
A
$10,500
5.00%
 
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
12-Sep-23
09-Apr-24
1

 
2004    73,630
 
$13,000
5.00%
 
CHINA RESOURCE CHARTERING LIMITED
14-Apr-24
13-Jul-24
2

2
CALIPSO
A
$10,250
5.00%
 
COFCO INTERNATIONAL FREIGHT(S) PTE. LTD.
05-Nov-23
24-Feb-2024
 

 
2005    73,691
$12,500
5.00%
 
HMM CO., LTD.
24-Feb-2024
28-Mar-2024
 

 
 
 
$13,250
5.00%
 
COFCO INTERNATIONAL FREIGHT SA 
06-Apr-2024
05-Jul-2024
 

3
MELIA
 
$11,850
5.00%
 
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
12-Dec-23
06-Feb-2024
 

 
2005    76,225
 
$12,100
5.00%
 
ASL BULK SHIPPING LIMITED
06-Feb-24
27-Apr-24
 

 
 
 
$15,250
5.00%
 
OLDENDORFF CARRIERS GMBH & CO. KG
01-May-24
30-Jul-24
2

 
2 Capesize Bulk Carriers
 

4
SALT LAKE CITY
 
$14,500
5.00%
 
FIVE OCEAN CORPORATION
26-Sep-23
06-Feb-2024
 

 
2005    171,810
 
$15,150
5.00%
 
DEYESION SHIPPING & TRADING COMPANY LIMITED
06-Feb-2024
01-Jun-24
 

 
 
 
$23,000
5.00%
 
01-Jun-24
06-Jul-24
3

5
BALTIMORE
 
$13,500
5.00%
 
RICHLAND BULK PTE. LTD.
18-Nov-23
02-May-24
4

 
2005    177,243
 
$22,000
5.00%
 
09-May-24
15-Sep-24 – 15-Nov-24
5

 
 
 
 
 
 
 
 
 

*      Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.
**    Total commission percentage paid to third parties.
***  In case of newly acquired vessel with new time charter attached, this date refers to the expected/actual date of delivery of the
       vessel to the Company.
**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions,
       and exceptions of the particular charterparty.

1 Charterers compensated the Owners at a rate of 80% of the Baltic Panamax Index 5 TC average as published by the Baltic Exchange on a daily basis or the vessel’s present charter party rate, whichever is higher, for the excess period commencing from March 25, 2024 until the actual redelivery date.
2 Redelivery date on an estimated time charter trip duration of about 90 days.
3 Redelivery date on an estimated time charter trip duration of about 35 days.
4 Vessel on scheduled drydocking during the period from May 2, 2024 to May 9, 2024.
5 Vessel has been sold and it is expected to be delivered to her new Owners by latest November 20, 2024.

Summary of Selected Financial & Other Data

 
 
 
 
 
Three months ended       March 31,

 
 
 
2024 
 
2023 

 
 
 
(unaudited)
 
(unaudited)

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

 
Time charter revenues
$
5,687
 
$
3,888