{"id":796531,"date":"2024-12-20T09:31:33","date_gmt":"2024-12-20T14:31:33","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/oceanpal-inc-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2024\/"},"modified":"2024-12-20T09:31:33","modified_gmt":"2024-12-20T14:31:33","slug":"oceanpal-inc-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2024","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oceanpal-inc-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2024\/","title":{"rendered":"OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024"},"content":{"rendered":"
\n

ATHENS, Greece, Dec. 20, 2024 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ: OP) (the \u201cCompany\u201d), 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.<\/p>\n

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.<\/p>\n

\n Fleet Employment Profile (As of December 19, 2024)<\/strong>\n <\/p>\n

OceanPal Inc.\u2019s fleet is employed as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Dry Bulk Vessels<\/strong>\n <\/td>\n\n Gross Rate (USD\/Day)<\/strong>\n <\/td>\n\n Com*<\/strong>\n <\/td>\n\n Charterers<\/strong>\n <\/td>\n\n Delivery Date to Charterers**<\/strong>\n <\/td>\n\n Redelivery Date to Owners***<\/strong>\n <\/td>\n\n Notes<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n BUILT\u00a0 \u00a0 DWT<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3 Panamax Bulk Carriers<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
1<\/td>\nPROTEFS<\/td>\n$13,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nCHINA RESOURCE CHARTERING LIMITED<\/td>\n14-Apr-24<\/td>\n14-Jul-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2004\u00a0 \u00a0 73,630<\/td>\n$8,600<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nBG SHIPPING (SINGAPORE) PTE. LTD.<\/td>\n14-Jul-24<\/td>\n14-Aug-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$8,400<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nLOTUS OCEAN TRANSPORTATION (HK) LIMITED<\/td>\n14-Aug-24<\/td>\n12-Sep-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$9,400<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nJOINT VISION SHIPPING CO., LIMITED<\/td>\n12-Sep-24<\/td>\n03-Oct-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$11,750<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nORIENTAL PAL SHIPPING PTE. LTD.<\/td>\n03-Oct-24<\/td>\n21-Oct-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$10,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\n21-Oct-24<\/td>\n15-Nov-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$9,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nPASSSPARTOUT SHIPPING LIMITED<\/td>\n15-Nov-24<\/td>\n13-Dec-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$4,150<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nTONGLI SHIPPING PTE. LTD.<\/td>\n13-Dec-24<\/td>\n02-Jan-25<\/td>\n1<\/td>\n<\/tr>\n
2<\/td>\nCALIPSO<\/td>\n$13,250<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nCOFCO INTERNATIONAL FREIGHT SA<\/td>\n06-Apr-24<\/td>\n03-Aug-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2005\u00a0 \u00a0 73,691<\/td>\n$8,500<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nSEAPOL SINGAPORE PTE. LTD.<\/td>\n13-Aug-24<\/td>\n03-Sep-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$10,150<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nASL BULK SHIPPING LIMITED<\/td>\n03-Sep-24<\/td>\n29-Dec-24<\/td>\n2<\/td>\n<\/tr>\n
3<\/td>\nMELIA<\/td>\n$15,250<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nOLDENDORFF CARRIERS GMBH & CO. KG<\/td>\n01-May-24<\/td>\n04-Aug-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2005\u00a0 \u00a0 76,225<\/td>\n$11,750<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nCHINA RESOURCE CHARTERING LIMITED<\/td>\n04-Aug-24<\/td>\n07-Dec-24<\/td>\n3<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2 Capesize Bulk Carriers<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
4<\/td>\nSALT LAKE CITY<\/td>\n$23,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nDEYESION SHIPPING % TRADING COMPANY LIMITED<\/p>\n<\/td>\n01-Jun-24<\/td>\n27-Jul-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2005\u00a0 \u00a0 171,810<\/td>\n$19,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\n27-Jul-24<\/td>\n21-Sep-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$26,850<\/td>\n5.00%<\/td>\n\u00a0<\/td>\n\n
RICHLAND BULK PTE. LTD.<\/p>\n<\/td>\n		21-Sep-24<\/td>\n06-Nov-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$15,600<\/td>\n5.00%<\/td>\n\u00a0<\/td>\n06-Nov-24<\/td>\n19-Dec-24<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$6,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nDEYICHENG SHIPPING AND TRADING CO., LIMITED<\/td>\n19-Dec-24<\/td>\n28-Jan-25<\/td>\n4<\/td>\n<\/tr>\n
5<\/td>\nBALTIMORE<\/td>\n$22,000<\/td>\n5.00%<\/td>\n\u00a0<\/td>\nRICHLAND BULK PTE. LTD.<\/td>\n09-May-24<\/td>\n18-Nov-24<\/td>\n5<\/td>\n<\/tr>\n
\u00a0<\/td>\n2005\u00a0 \u00a0 177,243<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Tanker Vessel<\/strong>\n <\/td>\n\n Gross Rate (USD\/Day)<\/strong>\n <\/td>\n\n Com*<\/strong>\n <\/td>\n\n Charterers<\/strong>\n <\/td>\n\n Delivery Date to Charterers**<\/strong>\n <\/td>\n\n Redelivery Date to Owners***<\/strong>\n <\/td>\n\n Notes<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n BUILT\u00a0 \u00a0 DWT<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1 MR2 Tanker<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
6<\/td>\nZEZE START
2009\u00a0 \u00a0 49,999<\/td>\n		Spot<\/td>\n–<\/td>\n\u00a0<\/td>\nST SHIPPING AND TRANSPORT PTE LTD<\/td>\n–<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nSpot<\/td>\n–<\/td>\n\u00a0<\/td>\nUNION INTERNATIONAL TRADING PTE. LTD.<\/td>\n–<\/td>\n–<\/td>\n6,7<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
*<\/td>\nTotal commission percentage paid to third parties.<\/td>\n<\/tr>\n
**<\/td>\nIn case of newly acquired vessel with new time charter attached, this date refers to the expected\/actual date of delivery of the\u00a0vessel to the Company.<\/td>\n<\/tr>\n
***<\/td>\nRange 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.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n 1<\/sup> Redelivery date on an estimated time charter trip duration of about 20 days.<\/sub>
\n
\n
\n 2<\/sup> Redelivery date on an estimated time charter trip duration of about 117 days.<\/sub>
\n
\n
\n 3<\/sup> Currently without an active charterparty. Vessel on scheduled drydocking. <\/sub>
\n
\n
\n 4<\/sup> Redelivery date on an estimated time charter trip duration of about 40 days.<\/sub>
\n
\n
\n 5<\/sup> Vessel has been sold and delivered to her new Owners on November 19, 2024. <\/sub>
\n
\n
\n 6 <\/sup>Vessel on scheduled drydocking from October 15, 2024 until December 13, 2024.<\/sub>
\n
\n
\n 7\u00a0<\/sup>Currently without an active charterparty.<\/sub>\n <\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Summary of Selected Financial & Other Data<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine months ended September 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n<\/tr>\n
\n STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nVessel revenues<\/td>\n$<\/td>\n7,497<\/td>\n\u00a0<\/td>\n$<\/td>\n3,866<\/td>\n\u00a0<\/td>\n$<\/td>\n19,921<\/td>\n\u00a0<\/td>\n$<\/td>\n13,149<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nVoyage expenses<\/td>\n\u00a0<\/td>\n1,188<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,605<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,303<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nVessel operating expenses<\/td>\n\u00a0<\/td>\n3,011<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,833<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,591<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,869<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nNet loss and comprehensive loss<\/td>\n\u00a0<\/td>\n(162<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,382<\/td>\n)<\/td>\n\u00a0<\/td>\n(9,673<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,035<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nNet loss and comprehensive loss attributed to common stockholders<\/td>\n\u00a0<\/td>\n(616<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,891<\/td>\n)<\/td>\n\u00a0<\/td>\n(10,937<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,865<\/td>\n)<\/td>\n<\/tr>\n
\n FLEET DATA <\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAverage number of vessels<\/td>\n\u00a0<\/td>\n5.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nNumber of vessels<\/td>\n\u00a0<\/td>\n6.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nWeighted average age of vessels<\/td>\n\u00a0<\/td>\n19.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nOwnership days<\/td>\n\u00a0<\/td>\n482<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n460<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,392<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,327<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAvailable days<\/td>\n\u00a0<\/td>\n482<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n399<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,385<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,247<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nOperating days<\/td>\n\u00a0<\/td>\n463<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n393<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,347<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,232<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nFleet utilization<\/td>\n\u00a0<\/td>\n96.1%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n98.5%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97.3%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n98.8%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n AVERAGE DAILY RESULTS (in US Dollars)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nTime charter equivalent (TCE) rate (1)<\/sup><\/td>\n$<\/td>\n13,089<\/td>\n\u00a0<\/td>\n$<\/td>\n9,622<\/td>\n\u00a0<\/td>\n$<\/td>\n12,503<\/td>\n\u00a0<\/td>\n$<\/td>\n9,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nDaily vessel operating expenses (2)<\/sup><\/td>\n$<\/td>\n6,247<\/td>\n\u00a0<\/td>\n$<\/td>\n8,333<\/td>\n\u00a0<\/td>\n$<\/td>\n6,172<\/td>\n\u00a0<\/td>\n$<\/td>\n6,683<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Non-GAAP Measures<\/strong>\n <\/p>\n\n\n\n\n\n
\n (1)<\/sup>\n <\/td>\nTime 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<\/a> types (i.e., voyage (spot) charters or time charters) under which the vessels may be employed between the periods, and assist company\u2019s management to assess its fleet\u2019s financial and operational performance.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (2)<\/sup>\n <\/td>\nDaily 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.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n About the Company<\/strong>\n <\/p>\n

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\u2019s 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.<\/p>\n

\n Forward Looking Statements<\/strong>\n <\/p>\n

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.<\/p>\n

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 \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintends,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cpending\u201d and similar expressions identify forward-looking statements.<\/p>\n

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\u2019s examination of historical operating trends, data contained in the Company\u2019s 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\u2019s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.<\/p>\n

In addition to these important factors, other important factors that, in the Company\u2019s 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\u2019s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company\u2019s 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\u2019s 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.<\/p>\n

(See financial tables attached)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n OCEANPAL INC.<\/strong>
\n \u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n
\n FINANCIAL TABLES<\/strong>\n <\/td>\n<\/tr>\n
\n
Expressed in thousands of U.S. Dollars, except for share and per share data\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three months ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine months ended September 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n<\/tr>\n
\n REVENUES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Vessel revenues<\/td>\n$<\/td>\n7,497<\/td>\n\u00a0<\/td>\n$<\/td>\n3,866<\/td>\n\u00a0<\/td>\n$<\/td>\n19,921<\/td>\n\u00a0<\/td>\n$<\/td>\n13,149<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n EXPENSES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Voyage expenses<\/td>\n\u00a0<\/td>\n1,188<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,605<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,303<\/td>\n\u00a0<\/td>\n<\/tr>\n
Vessel operating expenses<\/td>\n\u00a0<\/td>\n3,011<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,833<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,591<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,869<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization of deferred charges<\/td>\n\u00a0<\/td>\n1,608<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,726<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,052<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,768<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative expenses<\/td>\n\u00a0<\/td>\n1,554<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,294<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,841<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,903<\/td>\n\u00a0<\/td>\n<\/tr>\n
Management fees to related parties<\/td>\n\u00a0<\/td>\n331<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n315<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n961<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n921<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment loss<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,087<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Other operating (income)\/ loss<\/td>\n\u00a0<\/td>\n(18<\/td>\n)<\/td>\n\u00a0<\/td>\n(5<\/td>\n)<\/td>\n\u00a0<\/td>\n6,728<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating loss<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (177<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (3,324<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (9,944<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (7,627<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Change in fair value of warrants\u2019 liability<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(113<\/td>\n)<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,222<\/td>\n\u00a0<\/td>\n<\/tr>\n
Finance costs<\/td>\n\u00a0<\/td>\n(34<\/td>\n)<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n\u00a0<\/td>\n(34<\/td>\n)<\/td>\n\u00a0<\/td>\n(909<\/td>\n)<\/td>\n<\/tr>\n
Loss on equity\u00a0method investment<\/td>\n\u00a0<\/td>\n(9<\/td>\n)<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24<\/td>\n)<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income\/(expenses)<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(86<\/td>\n)<\/td>\n\u00a0<\/td>\n22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(86<\/td>\n)<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n51<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n149<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n307<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n365<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss and comprehensive loss<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (162<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (3,382<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (9,673<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (2,035<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Less: Deemed dividend upon redemption of Series D preferred stock<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n(154<\/td>\n)<\/td>\n<\/tr>\n
Less: Dividends on Series C preferred stock<\/td>\n\u00a0<\/td>\n(177<\/td>\n)<\/td>\n\u00a0<\/td>\n(306<\/td>\n)<\/td>\n\u00a0<\/td>\n(504<\/td>\n)<\/td>\n\u00a0<\/td>\n(881<\/td>\n)<\/td>\n<\/tr>\n
Less: Dividends on Series D preferred stock<\/td>\n\u00a0<\/td>\n(277<\/td>\n)<\/td>\n\u00a0<\/td>\n(203<\/td>\n)<\/td>\n\u00a0<\/td>\n(758<\/td>\n)<\/td>\n\u00a0<\/td>\n(795<\/td>\n)<\/td>\n<\/tr>\n
\n Net loss attributed to common stockholders<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (616<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (3,891<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (10,937<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (3,865<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Loss per common share, basic<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.08<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1.06<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1.47<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1.81<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Loss per common share, diluted<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.08<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1.06 <\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1.47<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (4.56<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n Weighted average number of common shares, basic<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 7,451,977 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,659,412<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,451,757<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,136,647<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Weighted average number of common shares, diluted<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 7,451,977 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,662,049<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,451,757<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,212,231<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n CONDENSED CONSOLIDATED BALANCE SHEET DATA<\/strong>\n <\/td>\n<\/tr>\n
(in thousands of U.S. Dollars)<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n September 30,
<\/strong>
\n 2024<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n December 31,
<\/strong>
\n 2023*<\/strong>\n <\/td>\n<\/tr>\n
\n
\n ASSETS<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n4,251<\/td>\n$\u00a0<\/td>\n14,841<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n24,576<\/td>\n\u00a0<\/td>\n5,203<\/td>\n<\/tr>\n
Vessels, net<\/td>\n\u00a0<\/td>\n75,182<\/td>\n\n \u00a0<\/strong>\n <\/td>\n71,100<\/td>\n<\/tr>\n
Other non-current assets<\/td>\n\u00a0<\/td>\n2,914<\/td>\n\u00a0<\/td>\n3,701<\/td>\n<\/tr>\n
\n Total assets <\/strong>\n <\/td>\n$<\/td>\n\n 106,923<\/strong>\n <\/td>\n\n $\u00a0<\/strong>\n <\/td>\n\n 94,845<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Liabilities<\/td>\n$<\/td>\n14,970<\/td>\n$\u00a0<\/td>\n2,286<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\u00a0<\/td>\n91,953<\/td>\n\u00a0<\/td>\n92,559<\/td>\n<\/tr>\n
\n Total liabilities and stockholders’ equity <\/strong>\n <\/td>\n$<\/td>\n\n 106,923<\/strong>\n <\/td>\n\n $\u00a0<\/strong>\n <\/td>\n\n 94,845<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

*The balance sheet data have been derived from the audited consolidated financial statements at that date.<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n
\n OTHER FINANCIAL DATA <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three months ended
<\/strong>
\n September 30, <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Nine months ended
<\/strong>
\n September 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n\u00a0<\/td>\n(unaudited)<\/td>\n<\/tr>\n
Net cash provided by\/ (used in) operating activities<\/td>\n$<\/td>\n1,873<\/td>\n\u00a0<\/td>\n$<\/td>\n130<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,426<\/td>\n)<\/td>\n$<\/td>\n685<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n$<\/td>\n(8,006<\/td>\n)<\/td>\n$<\/td>\n(1,648<\/td>\n)<\/td>\n$<\/td>\n(8,006<\/td>\n)<\/td>\n$<\/td>\n(5,746<\/td>\n)<\/td>\n<\/tr>\n
Net cash (used in)\/provided by financing activities<\/td>\n$<\/td>\n(417<\/td>\n)<\/td>\n$<\/td>\n(562<\/td>\n)<\/td>\n$<\/td>\n(1,158<\/td>\n)<\/td>\n$<\/td>\n12,130<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\"\"
\n
\n \"\"\n <\/div>\n

\n
Corporate Contact:\r\nMargarita Veniou\r\nChief Corporate Development & Governance Officer\r\nand Secretary\r\nTelephone: +30-210-9485-360\r\nEmail:mveniou@oceanpal.com\r\nWebsite:www.oceanpal.com\r\nX:@OceanPal_Inc\r\n\r\nInvestor and Media Relations:\r\nEdward Nebb\r\nComm-Counsellors, LLC\r\nTelephone: + 1-203-972-8350\r\nEmail:enebb@optonline.net<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
ATHENS, Greece, Dec. 20, 2024 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ: OP) (the \u201cCompany\u201d), 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 … <\/p>\n
Continue reading “OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-796531","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/oceanpal-inc-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ATHENS, Greece, Dec. 20, 2024 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ: OP) (the \u201cCompany\u201d), 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 … Continue reading "OceanPal Inc. 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