OceanPal Inc. Reports Financial Results for the First Quarter Ended March 31, 2022; Declares a Cash Dividend of 1 Cent Per Share
June 03 2022 - 4:10PM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported
net income of $414 thousand and net loss attributed to common
stockholders of $510 thousand for the first quarter of 2022. Time
charter revenues for the same period were $3.7 million.
Dividend Declaration
The Company declared a cash dividend on its
common stock of $0.01 per share for the first quarter ended March
31, 2022. The cash dividend will be payable on or about June 21,
2022 to all common shareholders of record as of June 14, 2022. The
Company has 29.83 million shares of common stock issued and
outstanding. Holders of the Company’s Class A Warrants as of June
14, 2022 will also receive a cash payment in the amount of $0.01
for each common share that such holder would be entitled to receive
upon exercise of their Class A Warrants. As of June 02, 2022,
there are Class A Warrants exercisable for an aggregate of 14.47
million common shares.
|
Fleet
Employment Profile (As of June 03, 2022) |
|
OceanPal
Inc.’s fleet is employed as follows: |
|
Vessel |
SisterShips* |
Gross Rate(USD Per Day) |
Com** |
Charterers |
Delivery Dateto Charterers*** |
Redelivery Dateto Owners**** |
Notes |
|
BUILT DWT |
|
|
|
|
|
|
|
|
|
|
2 Panamax Bulk Carriers |
1 |
PROTEFS |
A |
$10,650 |
5.00 |
% |
Reachy International (HK) Co., Limited |
08-Feb-21 |
04-Jun-22 |
1,2 |
|
2004
73,630 |
|
|
|
|
|
|
|
2 |
CALIPSO2005
73,691 |
A |
$17,100 |
5.00 |
% |
Contango Shipping Pte Ltd. |
28-Dec-21 |
21-Jan-22 |
|
|
|
|
$13,850 |
5.00 |
% |
Hengdeli Deyesion International Shipping Limited |
24-Jan-22 |
16-Feb-22 |
|
|
|
|
$17,850 |
5.00 |
% |
Atlantic Coal And Bulk Pte. Ltd. |
18-Feb-22 |
10-Mar-2022 |
|
|
|
|
$24,500 |
5.00 |
% |
Tongli Shipping Pte. Ltd. |
10-Mar-2022 |
10-Jun-22 - 05-Jul-22 |
1 |
|
|
|
|
|
|
|
|
|
|
1 Capesize Bulk Carrier |
3 |
SALT LAKE
CITY |
|
$13,000 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
09-Jan-21 |
5-Jun-2022 – 12-Jun-2022 |
1 |
|
2005
171,810 |
|
|
|
|
|
|
|
* 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. |
*** The vessels were
contributed to the Company following a spin-off transaction
effected on November 29, 2021. |
**** 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 Based
on latest information.2 Charterers have agreed to compensate the
owners for all the days over and above the maximum redelivery date
and time with hire equal to the average of “weighted time charter
average of Baltic Exchange 74k derived” i.e. BPI 4tc index (same is
considered as BKI5tc -USD1,336) as reported daily by the Baltic
Exchange, for the overrun days until the actual redelivery date and
time back to head owners and only in case the weighted time charter
average for the overrun days is higher than current rate i.e.
USD10,650 otherwise current hire rate to remain for that day. |
|
Summary
of Selected Financial & Other Data (unaudited) |
|
|
|
|
|
|
|
|
Three months endedMarch 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT
OF OPERATIONS DATA (in thousands of US Dollars) |
|
|
|
|
|
Time charter
revenues |
$ |
3,680 |
|
|
|
|
|
|
|
Voyage
expenses |
|
207 |
|
|
|
|
|
|
|
Vessel operating
expenses |
|
1,285 |
|
|
|
|
|
|
|
Net income |
|
414 |
|
|
|
|
|
|
|
Net loss
attributed to common stockholders |
|
(510 |
) |
|
|
|
|
|
FLEET
DATA |
|
|
|
|
|
Average number of
vessels |
|
3 |
|
|
|
|
|
|
|
Number of
vessels |
|
3 |
|
|
|
|
|
|
|
Weighted average
age of vessels |
|
16.9 |
|
|
|
|
|
|
|
Ownership
days |
|
270 |
|
|
|
|
|
|
|
Available
days |
|
270 |
|
|
|
|
|
|
|
Operating
days |
|
257 |
|
|
|
|
|
|
|
Fleet
utilization |
|
95.1 |
% |
|
|
|
|
|
AVERAGE
DAILY RESULTS |
|
|
|
|
|
Time charter
equivalent (TCE) rate (1) |
$ |
12,863 |
|
|
|
|
|
|
|
Daily vessel
operating expenses (2) |
$ |
4,759 |
|
|
|
|
|
|
Non-GAAP Measures
(1) |
Time charter equivalent rates, or TCE rates, are defined as our
time charter revenues less voyage expenses during a period divided
by the number of our available days during the period, which is
consistent with industry standards. Voyage expenses include port
charges, bunker (fuel) expenses, canal charges and commissions. TCE
is a non-GAAP measure. TCE rate is a standard shipping industry
performance measure used primarily to compare daily earnings
generated by vessels on time charters with daily earnings generated
by vessels on voyage charters, because charter hire rates for
vessels on voyage charters are generally not expressed in per day
amounts while charter hire rates for vessels on time charters are
generally expressed in such amounts. |
|
|
(2) |
Daily vessel operating expenses,
which include crew wages and related costs, the cost of insurance,
expenses relating to repairs and maintenance, the costs of spares
and consumable stores, tonnage taxes and other miscellaneous
expenses, are calculated by dividing vessel operating expenses by
ownership days for the relevant period. |
About the Company
OceanPal Inc. is a global provider of shipping
transportation services through its ownership of vessels. The
Company’s vessels currently transport a range of dry bulk cargoes,
including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes and it is expected that
the Company’s vessels will be primarily employed on short term time
and voyage charters following the completion of their current
employments.
Forward Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, Company management’s examination of historical
operating trends, data contained in the Company’s records and other
data available from third parties. Although the Company believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are
beyond the Company’s control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the severity, magnitude and
duration of the COVID-19 pandemic, including impacts of the
pandemic and of businesses’ and governments’ responses to the
pandemic on our operations, personnel, and on the demand for
seaborne transportation of bulk products; the strength of world
economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand
for dry bulk shipping capacity, changes in the Company’s operating
expenses, including bunker prices, drydocking and insurance costs,
the market for the Company’s vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, including risks associated with the
continuing conflict between Russia and Ukraine and related
sanctions, potential disruption of shipping routes due to accidents
or political events, vessel breakdowns and instances of off-hires
and other factors. Please see the Company’s filings with the U.S.
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The Company undertakes
no obligation to revise or update any forward-looking statement, or
to make any other forward-looking statements, whether as a result
of new information, future events or otherwise.
(See financial tables attached)
OCEANPAL INC. |
FINANCIAL TABLES |
Expressed in thousands of U.S. Dollars, except share and per share
data |
|
|
|
|
UNAUDITED CONSOLIDATED STATEMENT OF
OPERATIONS |
|
|
|
|
|
|
|
Three months endedMarch 31, 2022 |
REVENUES: |
|
|
|
Time charter revenues |
$ |
3,680 |
|
EXPENSES: |
|
|
|
Voyage expenses |
|
207 |
|
|
Vessel operating expenses |
|
1,285 |
|
|
Depreciation |
|
1,006 |
|
|
General and administrative
expenses |
|
558 |
|
|
Management fees to related
parties |
|
210 |
|
|
Operating
income |
$ |
414 |
|
|
|
|
|
Net
income |
$ |
414 |
|
Dividends on
series C preferred shares |
|
(200 |
) |
Dividends on class
A warrants |
|
(724 |
) |
Net loss
attributed to common stockholders |
$ |
(510 |
) |
Loss per
common share, basic |
$ |
(0.02 |
) |
Loss per
common share, diluted |
$ |
(0.02 |
) |
Weighted
average number of common shares, basic |
|
21,507,340 |
|
Weighted
average number of common shares, diluted |
|
21,507,340 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
March 31,2022 |
|
December 31,2021* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
18,311 |
$ |
1,673 |
Other current assets |
|
1,639 |
|
1,527 |
Vessels, net |
|
44,722 |
|
45,728 |
Other non-current assets |
|
62 |
|
152 |
Total
assets |
$ |
64,734 |
$ |
49,080 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
$ |
3,691 |
$ |
931 |
Total stockholders' equity |
|
61,043 |
|
48,149 |
Total
liabilities and stockholders' equity |
$ |
64,734 |
$ |
49,080 |
*The balance sheet data have been derived from the audited
consolidated financial statements at that date.
|
OTHER
FINANCIAL DATA (unaudited) |
|
|
Three months endedMarch 31, 2022 |
|
|
|
Net cash provided by operating activities |
$ |
2,012 |
Net cash provided by investing activities |
$ |
- |
Net cash provided by financing activities |
$ |
14,626 |
Corporate Contact:
Ioannis Zafirakis
Director, President, Interim Chief Financial Officer
and Secretary
Telephone: +30-210-9485-360
Email: izafirakis@oceanpal.com
Website: www.oceanpal.com
Twitter: @OceanPal_Inc
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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