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 |
SisterShips* |
Gross Rate(USD/Day) |
Com** |
Charterers |
Delivery DatetoCharterers*** |
Redelivery Date toOwners**** |
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 |
|
|
|
Voyage expenses |
|
591 |
|
|
572 |
|
|
|
Vessel operating expenses |
|
2,721 |
|
|
2,551 |
|
|
|
Net (loss)/income and comprehensive (loss)/income |
|
(1,306) |
|
|
88 |
|
|
|
Net loss and comprehensive loss attributed to common
stockholders |
|
(1,698) |
|
|
(472) |
|
| FLEET
DATA |
|
| |
Average number of vessels |
|
5.0 |
|
|
4.6 |
|
| |
Number of vessels |
|
5.0 |
|
|
5.0 |
|
| |
Weighted average age of vessels |
|
19.0 |
|
|
18.0 |
|
| |
Ownership days |
|
455 |
|
|
412 |
|
| |
Available days |
|
455 |
|
|
392 |
|
| |
Operating days |
|
451 |
|
|
385 |
|
| |
Fleet utilization |
|
99.1% |
|
|
98.2% |
|
| AVERAGE
DAILY RESULTS (in US Dollars) |
| |
Time charter equivalent (TCE) rate (1) |
$ |
11,200 |
|
$ |
8,459 |
|
| |
Daily vessel operating expenses (2) |
$ |
5,980 |
|
$ |
6,192 |
|
| |
|
|
|
|
|
|
|
Non-GAAP Measures
(1) Time charter equivalent rates, or TCE rates,
are defined as time charter revenues less voyage expenses during a
period divided by the number of 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 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, including the escalation of the conflict in
the Middle East, 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 for share and per share data |
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(LOSS)/INCOME |
| |
Three months ended March 31, |
| |
|
2024 |
|
2023 |
| |
|
(unaudited) |
|
(unaudited) |
|
REVENUES: |
|
|
|
|
|
Time charter revenues |
$ |
5,687 |
|
$ |
3,888 |
|
|
EXPENSES: |
|
|
|
|
| Voyage expenses |
|
591 |
|
|
572 |
|
| Vessel operating expenses |
|
2,721 |
|
|
2,551 |
|
| Depreciation and amortization
of deferred charges |
|
1,883 |
|
|
1,893 |
|
| General and administrative
expenses |
|
1,635 |
|
|
1,225 |
|
| Management fees to related
parties |
|
315 |
|
|
291 |
|
| Other operating
(income)/loss |
|
(15 |
) |
|
3 |
|
| Operating
loss |
$ |
(1,443 |
) |
$ |
(2,647 |
) |
| Change in fair value of
warrants’ liability |
|
- |
|
|
3,578 |
|
| Finance costs |
|
- |
|
|
(911 |
) |
| Loss on equity method
investment |
|
(5 |
) |
|
- |
|
| Other income |
|
7 |
|
|
- |
|
| Interest income |
|
135 |
|
|
68 |
|
| Net (loss)/income and
comprehensive (loss)/income |
$ |
(1,306 |
) |
$ |
88 |
|
| Less: Deemed dividend upon
redemption of Series D preferred stock |
|
(2 |
) |
|
- |
|
| Less: Dividends on Series C
preferred stock |
|
(150 |
) |
|
(269 |
) |
| Less: Dividends on Series D
preferred stock |
|
(240 |
) |
|
(291 |
) |
| Loss attributed to
common stockholders |
$ |
(1,698 |
) |
$ |
(472 |
) |
| Loss per common share,
basic |
$ |
(0.23 |
) |
$ |
(0.51 |
) |
| Loss per common share,
diluted |
$ |
(0.23 |
) |
$ |
(0.51 |
) |
| Weighted average
number of common shares, basic |
|
7,451,314 |
|
|
925,866 |
|
| Weighted average
number of common shares, diluted |
|
7,451,314 |
|
|
925,866 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
| (in thousands of
U.S. Dollars) |
|
|
|
March 31,2024 |
|
December 31,2023* |
|
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
15,411 |
$ |
14,841 |
|
Other current assets |
|
5,742 |
|
5,203 |
|
Vessels, net |
|
69,546 |
|
71,100 |
|
Other non-current assets |
|
3,378 |
|
3,701 |
| Total
assets |
$ |
94,077 |
$ |
94,845 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
| |
|
|
|
|
|
Liabilities |
$ |
2,511 |
$ |
2,286 |
|
Total stockholders' equity |
|
91,566 |
|
92,559 |
| Total liabilities and
stockholders' equity |
$ |
94,077 |
$ |
94,845 |
*The balance sheet data have been derived from the audited
consolidated financial statements at that date.
| OTHER FINANCIAL
DATA |
|
|
| |
|
Three months endedMarch 31, |
|
|
|
2024 |
|
2023 |
| |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by/(used in) by operating activities |
$ |
920 |
|
$ |
(265 |
) |
|
Net cash used in investing activities |
$ |
- |
|
$ |
(4,057 |
) |
|
Net cash (used in)/provided by financing activities |
$ |
(350 |
) |
$ |
14,225 |
|
Corporate Contact:
Margarita Veniou
Chief Corporate Development & Governance Officer
and Secretary
Telephone: +30-210-9485-360
Email: mveniou@oceanpal.com
Website: www.oceanpal.com
X: @OceanPal_Inc
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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