OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024
December 20 2024 - 9:28AM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported
vessel revenues of $7.5 million, a net loss of $0.2 million and net
loss attributed to common stockholders of $0.6 million for the
third quarter of 2024. This compares to vessel revenues of $3.9
million, a net loss of $3.4 million and net loss attributed to
common stockholders of $3.9 million for the third quarter of 2023.
For the nine months ended September 30, 2024,
the Company reported vessel revenues of $19.9 million, a net loss
of $9.7 million and net loss attributed to common stockholders of
$10.9 million. This compares to vessel revenues of $13.1 million, a
net loss of $2.0 million and net loss attributed to common
stockholders of $3.9 million for the nine months ended September
30, 2023.
Fleet Employment Profile (As of December 19,
2024)
OceanPal Inc.’s fleet is employed as follows:
| |
Dry Bulk Vessels |
Gross Rate (USD/Day) |
Com* |
Charterers |
Delivery Date to Charterers** |
Redelivery Date to Owners*** |
Notes |
| |
BUILT DWT |
| |
|
|
|
3 Panamax Bulk Carriers |
|
|
|
|
1 |
PROTEFS |
$13,000 |
5.00% |
|
CHINA RESOURCE CHARTERING LIMITED |
14-Apr-24 |
14-Jul-24 |
|
| |
2004 73,630 |
$8,600 |
5.00% |
|
BG SHIPPING (SINGAPORE) PTE. LTD. |
14-Jul-24 |
14-Aug-24 |
|
| |
|
$8,400 |
5.00% |
|
LOTUS OCEAN TRANSPORTATION (HK) LIMITED |
14-Aug-24 |
12-Sep-24 |
|
| |
|
$9,400 |
5.00% |
|
JOINT VISION SHIPPING CO., LIMITED |
12-Sep-24 |
03-Oct-24 |
|
| |
|
$11,750 |
5.00% |
|
ORIENTAL PAL SHIPPING PTE. LTD. |
03-Oct-24 |
21-Oct-24 |
|
| |
|
$10,000 |
5.00% |
|
21-Oct-24 |
15-Nov-24 |
|
| |
|
$9,000 |
5.00% |
|
PASSSPARTOUT SHIPPING LIMITED |
15-Nov-24 |
13-Dec-24 |
|
| |
|
$4,150 |
5.00% |
|
TONGLI SHIPPING PTE. LTD. |
13-Dec-24 |
02-Jan-25 |
1 |
| 2 |
CALIPSO |
$13,250 |
5.00% |
|
COFCO INTERNATIONAL FREIGHT SA |
06-Apr-24 |
03-Aug-24 |
|
| |
2005 73,691 |
$8,500 |
5.00% |
|
SEAPOL SINGAPORE PTE. LTD. |
13-Aug-24 |
03-Sep-24 |
|
| |
|
$10,150 |
5.00% |
|
ASL BULK SHIPPING LIMITED |
03-Sep-24 |
29-Dec-24 |
2 |
| 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 |
07-Dec-24 |
3 |
| |
|
|
|
2 Capesize Bulk Carriers |
|
|
|
| 4 |
SALT LAKE CITY |
$23,000 |
5.00% |
|
DEYESION SHIPPING % TRADING COMPANY LIMITED |
01-Jun-24 |
27-Jul-24 |
|
| |
2005 171,810 |
$19,000 |
5.00% |
|
27-Jul-24 |
21-Sep-24 |
|
| |
|
$26,850 |
5.00% |
|
RICHLAND BULK PTE. LTD. |
21-Sep-24 |
06-Nov-24 |
|
| |
|
$15,600 |
5.00% |
|
06-Nov-24 |
19-Dec-24 |
|
| |
|
$6,000 |
5.00% |
|
DEYICHENG SHIPPING AND TRADING CO., LIMITED |
19-Dec-24 |
28-Jan-25 |
4 |
| 5 |
BALTIMORE |
$22,000 |
5.00% |
|
RICHLAND BULK PTE. LTD. |
09-May-24 |
18-Nov-24 |
5 |
| |
2005 177,243 |
|
|
|
|
|
|
|
|
Tanker Vessel |
Gross Rate (USD/Day) |
Com* |
Charterers |
Delivery Date to Charterers** |
Redelivery Date to Owners*** |
Notes |
| |
BUILT DWT |
| |
|
|
|
1 MR2 Tanker |
|
|
|
| 6 |
ZEZE START2009 49,999 |
Spot |
- |
|
ST SHIPPING AND TRANSPORT PTE LTD |
- |
- |
|
| |
|
Spot |
- |
|
UNION INTERNATIONAL TRADING PTE. LTD. |
- |
- |
6,7 |
| |
|
| * |
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 Redelivery date on an estimated time charter
trip duration of about 20 days.2 Redelivery date on an estimated
time charter trip duration of about 117 days.3 Currently without an
active charterparty. Vessel on scheduled drydocking. 4 Redelivery
date on an estimated time charter trip duration of about 40 days.5
Vessel has been sold and delivered to her new Owners on November
19, 2024. 6 Vessel on scheduled drydocking from October 15, 2024
until December 13, 2024.7 Currently without an active
charterparty.
| Summary
of Selected Financial & Other Data |
|
|
|
|
| |
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
| STATEMENT
OF OPERATIONS DATA (in thousands of US Dollars) |
|
|
|
|
|
|
Vessel
revenues |
$ |
7,497 |
|
$ |
3,866 |
|
$ |
19,921 |
|
$ |
13,149 |
|
|
|
Voyage
expenses |
|
1,188 |
|
|
27 |
|
|
2,605 |
|
|
1,303 |
|
|
|
Vessel operating
expenses |
|
3,011 |
|
|
3,833 |
|
|
8,591 |
|
|
8,869 |
|
|
|
Net loss and
comprehensive loss |
|
(162 |
) |
|
(3,382 |
) |
|
(9,673 |
) |
|
(2,035 |
) |
|
|
Net loss and
comprehensive loss attributed to common stockholders |
|
(616 |
) |
|
(3,891 |
) |
|
(10,937 |
) |
|
(3,865 |
) |
| FLEET
DATA |
|
|
|
|
|
| |
Average number of
vessels |
|
5.2 |
|
|
5.0 |
|
|
5.1 |
|
|
4.9 |
|
| |
Number of
vessels |
|
6.0 |
|
|
5.0 |
|
|
6.0 |
|
|
5.0 |
|
| |
Weighted average
age of vessels |
|
19.2 |
|
|
18.5 |
|
|
19.2 |
|
|
18.5 |
|
| |
Ownership
days |
|
482 |
|
|
460 |
|
|
1,392 |
|
|
1,327 |
|
| |
Available
days |
|
482 |
|
|
399 |
|
|
1,385 |
|
|
1,247 |
|
| |
Operating
days |
|
463 |
|
|
393 |
|
|
1,347 |
|
|
1,232 |
|
| |
Fleet
utilization |
|
96.1% |
|
|
98.5% |
|
|
97.3% |
|
|
98.8% |
|
| AVERAGE
DAILY RESULTS (in US Dollars) |
|
|
|
|
| |
Time charter
equivalent (TCE) rate (1) |
$ |
13,089 |
|
$ |
9,622 |
|
$ |
12,503 |
|
$ |
9,500 |
|
| |
Daily vessel
operating expenses (2) |
$ |
6,247 |
|
$ |
8,333 |
|
$ |
6,172 |
|
$ |
6,683 |
|
| |
Non-GAAP Measures
|
(1) |
Time charter equivalent rates, or TCE rates, are defined as time
charter and voyage 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 despite changes in the mix of charter types
(i.e., voyage (spot) charters or time charters) under which the
vessels may be employed between the periods, and assist company’s
management to assess its fleet’s financial and operational
performance. |
| |
|
| (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, specializing in the ownership and
operation of dry bulk vessels and product tankers. The Company is
engaged in the seaborne transportation of bulk commodities,
including iron ore, coal, and grain, as well as refined petroleum
products. OceanPal’s fleet is primarily employed on time charter
trips with short to medium duration and spot charters, with a
strategic focus on maximizing long-term shareholder value.
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
and petroleum products 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 |
| |
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
REVENUES: |
|
|
|
|
|
|
|
|
| Vessel revenues |
$ |
7,497 |
|
$ |
3,866 |
|
$ |
19,921 |
|
$ |
13,149 |
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
| Voyage expenses |
|
1,188 |
|
|
27 |
|
|
2,605 |
|
|
1,303 |
|
| Vessel operating expenses |
|
3,011 |
|
|
3,833 |
|
|
8,591 |
|
|
8,869 |
|
| Depreciation and amortization
of deferred charges |
|
1,608 |
|
|
1,726 |
|
|
5,052 |
|
|
5,768 |
|
| General and administrative
expenses |
|
1,554 |
|
|
1,294 |
|
|
4,841 |
|
|
3,903 |
|
| Management fees to related
parties |
|
331 |
|
|
315 |
|
|
961 |
|
|
921 |
|
| Impairment loss |
|
- |
|
|
- |
|
|
1,087 |
|
|
- |
|
| Other operating (income)/
loss |
|
(18 |
) |
|
(5 |
) |
|
6,728 |
|
|
12 |
|
| Operating
loss |
$ |
(177 |
) |
$ |
(3,324 |
) |
$ |
(9,944 |
) |
$ |
(7,627 |
) |
| Change in fair value of
warrants’ liability |
|
- |
|
|
(113 |
) |
|
- |
|
|
6,222 |
|
| Finance costs |
|
(34 |
) |
|
(8 |
) |
|
(34 |
) |
|
(909 |
) |
| Loss on equity method
investment |
|
(9 |
) |
|
- |
|
|
(24 |
) |
|
- |
|
| Other income/(expenses) |
|
7 |
|
|
(86 |
) |
|
22 |
|
|
(86 |
) |
| Interest income |
|
51 |
|
|
149 |
|
|
307 |
|
|
365 |
|
| Net loss and
comprehensive loss |
$ |
(162 |
) |
$ |
(3,382 |
) |
$ |
(9,673 |
) |
$ |
(2,035 |
) |
| Less: Deemed dividend upon
redemption of Series D preferred stock |
|
- |
|
|
- |
|
|
(2 |
) |
|
(154 |
) |
| Less: Dividends on Series C
preferred stock |
|
(177 |
) |
|
(306 |
) |
|
(504 |
) |
|
(881 |
) |
| Less: Dividends on Series D
preferred stock |
|
(277 |
) |
|
(203 |
) |
|
(758 |
) |
|
(795 |
) |
| Net loss attributed to
common stockholders |
$ |
(616 |
) |
$ |
(3,891 |
) |
$ |
(10,937 |
) |
$ |
(3,865 |
) |
| Loss per common share,
basic |
$ |
(0.08 |
) |
$ |
(1.06 |
) |
$ |
(1.47 |
) |
$ |
(1.81 |
) |
| Loss per common share,
diluted |
$ |
(0.08 |
) |
$ |
(1.06 |
) |
$ |
(1.47 |
) |
$ |
(4.56 |
) |
| Weighted average
number of common shares, basic |
|
7,451,977 |
|
|
3,659,412 |
|
|
7,451,757 |
|
|
2,136,647 |
|
| Weighted average
number of common shares, diluted |
|
7,451,977 |
|
|
3,662,049 |
|
|
7,451,757 |
|
|
2,212,231 |
|
| |
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
| (in thousands of
U.S. Dollars) |
|
|
|
|
September 30,2024 |
|
December 31,2023* |
|
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
4,251 |
$ |
14,841 |
|
Other current assets |
|
24,576 |
|
5,203 |
|
Vessels, net |
|
75,182 |
|
71,100 |
|
Other non-current assets |
|
2,914 |
|
3,701 |
| Total
assets |
$ |
106,923 |
$ |
94,845 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
| |
|
|
|
|
|
|
Liabilities |
$ |
14,970 |
$ |
2,286 |
|
Total stockholders' equity |
|
91,953 |
|
92,559 |
| Total
liabilities and stockholders' equity |
$ |
106,923 |
$ |
94,845 |
*The balance sheet data have been derived from the audited
consolidated financial statements at that date.
| OTHER FINANCIAL
DATA |
|
|
|
|
| |
|
Three months endedSeptember
30, |
|
Nine months endedSeptember
30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by/ (used in) operating activities |
$ |
1,873 |
|
$ |
130 |
|
$ |
(1,426 |
) |
$ |
685 |
|
|
Net cash used in investing activities |
$ |
(8,006 |
) |
$ |
(1,648 |
) |
$ |
(8,006 |
) |
$ |
(5,746 |
) |
|
Net cash (used in)/provided by financing activities |
$ |
(417 |
) |
$ |
(562 |
) |
$ |
(1,158 |
) |
$ |
12,130 |
|
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
OceanPal (NASDAQ:OP)
Historical Stock Chart
From Dec 2024 to Jan 2025
OceanPal (NASDAQ:OP)
Historical Stock Chart
From Jan 2024 to Jan 2025
