OceanPal Inc. Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2024
August 07 2024 - 7:43AM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported
time charter revenues of $6.7 million, a net loss of $8.2 million
and net loss attributed to common stockholders of $8.6 million for
the second quarter of 2024. This compares to time charter revenues
of $5.4 million, a net income of $1.3 million and net income
attributed to common stockholders of $483 thousand for the second
quarter of 2023.
For the six months ended June 30, 2024, the
Company reported time charter revenues of $12.4 million, a net loss
of $9.5 million and net loss attributed to common stockholders of
$10.3 million. This compares to time charter revenues of $9.3
million, a net income of $1.3 million and net income attributed to
common stockholders of $24 thousand for the six months ended June
30, 2023.
Fleet Employment Profile (As of August 7,
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 |
14-Jul-24 |
|
| |
|
|
$8,600 |
5.00 |
% |
BG SHIPPING (SINGAPORE) PTE. LTD. |
14-Jul-24 |
14-Aug-24 |
2 |
| 2 |
CALIPSO
2005 73,691 |
A |
$13,250 |
5.00 |
% |
COFCO INTERNATIONAL FREIGHT SA |
06-Apr-24 |
03-Aug-24 |
3 |
| 3 |
MELIA |
|
$15,250 |
5.00 |
% |
OLDENDORFF CARRIERS GMBH & CO. KG |
01-May-24 |
04-Aug-24 |
|
| |
2005 76,225 |
|
$11,750 |
5.00 |
% |
CHINA RESOURCE CHARTERING LIMITED |
04-Aug-24 |
12-Nov-24 |
4 |
| |
2 Capesize Bulk Carriers |
|
| 4 |
SALT LAKE CITY |
|
$15,150 |
5.00 |
% |
DEYESION SHIPPING & TRADING COMPANY LIMITED |
06-Feb-24 |
01-Jun-24 |
|
| |
2005
171,810 |
|
$23,000 |
5.00 |
% |
01-Jun-24 |
27-Jul-24 |
|
| |
|
|
$19,000 |
5.00 |
% |
27-Jul-24 |
05-Sep-24 |
5 |
| 5 |
BALTIMORE |
|
$13,500 |
5.00 |
% |
RICHLAND BULK PTE. LTD. |
18-Nov-23 |
02-May-24 |
6 |
| |
2005 177,243 |
|
$22,000 |
5.00 |
% |
09-May-24 |
15-Sep-24 – 15-Nov-24 |
7 |
| |
1 MR2 Tanker |
|
6 |
ZEZE START 2009 49,999 |
|
- |
- |
|
- |
- |
- |
8 |
|
|
|
|
* |
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 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 31 days.3
Currently without an active charterparty. 4 Redelivery date on an
estimated time charter trip duration of about 100 days.5 Redelivery
date on an estimated time charter trip duration of about 40 days.6
Vessel on scheduled maintenance during the period from May 2, 2024
to May 9, 2024.7 Vessel has been sold and it is expected to be
delivered to her new Owners by latest November 20, 2024. 8 Vessel
is expected to be delivered to the Company by latest September 20,
2024.
Summary of Selected Financial &
Other Data
| |
|
Three months
ended June 30, |
|
|
Six months
ended June 30, |
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
6,737 |
|
|
$ |
5,395 |
|
|
$ |
12,424 |
|
|
$ |
9,283 |
|
|
Voyage expenses |
|
826 |
|
|
|
704 |
|
|
|
1,417 |
|
|
|
1,276 |
|
|
Vessel operating expenses |
|
2,859 |
|
|
|
2,485 |
|
|
|
5,580 |
|
|
|
5,036 |
|
|
Net (loss)/income and comprehensive (loss)/income |
|
(8,205 |
) |
|
|
1,259 |
|
|
|
(9,511 |
) |
|
|
1,347 |
|
|
Net (loss)/income and comprehensive (loss)/income attributed to
common stockholders |
|
(8,623 |
) |
|
|
483 |
|
|
|
(10,321 |
) |
|
|
24 |
|
|
FLEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
5.0 |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
4.8 |
|
|
Number of vessels |
|
5.0 |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
Weighted average age of vessels |
|
19.3 |
|
|
|
18.3 |
|
|
|
19.3 |
|
|
|
18.3 |
|
|
Ownership days |
|
455 |
|
|
|
455 |
|
|
|
910 |
|
|
|
867 |
|
|
Available days |
|
448 |
|
|
|
455 |
|
|
|
903 |
|
|
|
847 |
|
|
Operating days |
|
433 |
|
|
|
455 |
|
|
|
884 |
|
|
|
840 |
|
|
Fleet utilization |
|
96.7 |
% |
|
|
100.0 |
% |
|
|
97.9 |
% |
|
|
99.2 |
% |
|
AVERAGE DAILY RESULTS (in US Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent (TCE) rate (1) |
$ |
13,194 |
|
|
$ |
10,310 |
|
|
$ |
12,189 |
|
|
$ |
9,453 |
|
|
Daily vessel operating expenses (2) |
$ |
6,284 |
|
|
$ |
5,462 |
|
|
$ |
6,132 |
|
|
$ |
5,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 fleet currently consists of dry bulk vessels which
currently transport a range of dry bulk cargoes, including such
commodities as iron ore, coal, grain and other materials along
worldwide shipping routes.
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 June 30, |
|
|
Six months ended June 30, |
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
| Time charter revenues |
$ |
6,737 |
|
|
$ |
5,395 |
|
|
$ |
12,424 |
|
$ |
9,283 |
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
| Voyage expenses |
|
826 |
|
|
|
704 |
|
|
|
1,417 |
|
|
1,276 |
|
| Vessel operating expenses |
|
2,859 |
|
|
|
2,485 |
|
|
|
5,580 |
|
|
5,036 |
|
| Depreciation and amortization
of deferred charges |
|
1,561 |
|
|
|
2,149 |
|
|
|
3,444 |
|
|
4,042 |
|
| General and administrative
expenses |
|
1,652 |
|
|
|
1,384 |
|
|
|
3,287 |
|
|
2,609 |
|
| Management fees to related
parties |
|
315 |
|
|
|
315 |
|
|
|
630 |
|
|
606 |
|
| Impairment loss |
|
1,087 |
|
|
|
- |
|
|
|
1,087 |
|
|
- |
|
| Other operating loss |
|
6,761 |
|
|
|
14 |
|
|
|
6,746 |
|
|
17 |
|
| Operating
loss |
$ |
(8,324 |
) |
|
$ |
(1,656 |
) |
|
$ |
(9,767 |
) |
$ |
(4,303 |
) |
| Change in fair value of
warrants’ liability |
|
- |
|
|
|
2,757 |
|
|
|
- |
|
|
6,335 |
|
| Finance costs |
|
- |
|
|
|
10 |
|
|
|
- |
|
|
(901 |
) |
| Loss on equity method
investment |
|
(10 |
) |
|
|
- |
|
|
|
(15 |
) |
|
- |
|
| Other income |
|
8 |
|
|
|
- |
|
|
|
15 |
|
|
- |
|
| Interest income |
|
121 |
|
|
|
148 |
|
|
|
256 |
|
|
216 |
|
| Net (loss)/income and
comprehensive (loss)/income |
$ |
(8,205 |
) |
|
$ |
1,259 |
|
|
$ |
(9,511 |
) |
$ |
1,347 |
|
| Less: Deemed dividend upon
redemption of Series D preferred stock |
|
- |
|
|
|
(154 |
) |
|
|
(2 |
) |
|
(154 |
) |
| Less: Dividends on Series C
preferred stock |
|
(177 |
) |
|
|
(306 |
) |
|
|
(327 |
) |
|
(575 |
) |
| Less: Dividends on Series D
preferred stock |
|
(241 |
) |
|
|
(301 |
) |
|
|
(481 |
) |
|
(592 |
) |
| Less: Undistributed earnings
on class A warrants |
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
(2 |
) |
|
Net (loss)/income attributed to common
stockholders |
$ |
(8,623 |
) |
|
$ |
483 |
|
|
$ |
(10,321 |
) |
|
$ |
24 |
|
| (Loss)/Earnings per
common share, basic |
$ |
(1.16 |
) |
|
$ |
0.27 |
|
|
$ |
(1.39 |
) |
$ |
0.02 |
|
| Loss per common share,
diluted |
$ |
(1.16 |
) |
|
$ |
(1.12 |
) |
|
$ |
(1.39 |
) |
$ |
(4.49 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of common shares, basic |
|
7,451,977 |
|
|
|
1,794,623 |
|
|
|
7,451,646 |
|
|
1,362,644 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of common shares, diluted |
|
7,451,977 |
|
|
|
1,875,149 |
|
|
|
7,451,646 |
|
|
1,405,001 |
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
| (in thousands of U.S.
Dollars) |
|
|
|
June 30,2024 |
|
|
December 31,2023* |
|
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,801 |
|
$ |
14,841 |
|
Other current assets |
|
23,154 |
|
|
5,203 |
|
Vessels, net |
|
49,452 |
|
|
71,100 |
|
Other non-current assets |
|
3,034 |
|
|
3,701 |
| Total
assets |
$ |
86,441 |
|
$ |
94,845 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| |
|
|
|
|
|
|
Liabilities |
$ |
2,742 |
|
$ |
2,286 |
|
Total stockholders' equity |
|
83,699 |
|
|
92,559 |
| Total
liabilities and stockholders' equity |
$ |
86,441 |
|
$ |
94,845 |
| |
|
|
|
|
|
*The balance sheet data have been derived from the audited
consolidated financial statements at that date.
| |
|
|
|
|
|
| OTHER FINANCIAL
DATA |
|
|
|
|
|
| |
|
Three months endedJune 30, |
|
|
Six months endedJune 30, |
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Net cash (used in)/provided by operating activities |
$ |
(4,219 |
) |
|
$ |
(91 |
) |
|
$ |
(3,299 |
) |
|
$ |
555 |
|
|
Net cash used in investing activities |
$ |
- |
|
|
$ |
(41 |
) |
|
$ |
- |
|
|
$ |
(4,098 |
) |
|
Net cash (used in)/provided by financing activities |
$ |
(391 |
) |
|
$ |
(622 |
) |
|
$ |
(741 |
) |
|
$ |
12,692 |
|
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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