OceanPal Inc. - OP STOCK NEWS

OceanPal Inc. (NASDAQ: OP) reported financial results for Q2 and H1 2024. Key points:

• Q2 2024: Time charter revenues of $6.7 million, net loss of $8.2 million
• H1 2024: Time charter revenues of $12.4 million, net loss of $9.5 million
• Fleet: 3 Panamax, 2 Capesize bulk carriers, 1 MR2 tanker
• Average TCE rate: $13,194 in Q2 2024 (up from $10,310 in Q2 2023)
• Fleet utilization: 96.7% in Q2 2024 (down from 100% in Q2 2023)

The company's financial performance shows increased revenues but significant losses compared to the previous year.

OceanPal Inc. (NASDAQ:OP) has announced an agreement to acquire an MR2 tanker vessel, the m/t Zeze Start, for $27.0 million. This strategic move marks the company's entry into the product tanker sector, diversifying its fleet. The purchase price will be paid with $18.9 million in cash and the remainder in Series D Preferred Stock. Of the cash component, $10.9 million will be paid after delivery, bearing a 5% annual interest. The 2009-built vessel has a capacity of 49,999 dwt. Upon completion of this acquisition and the previously announced sale of m/v Baltimore, OceanPal's fleet will consist of 5 vessels (1 MR2 tanker, 1 Capesize, and 3 Panamax dry bulk vessels).

OceanPal (NASDAQ: OP), a global shipping company, announced its Q1 2024 financial results. The company reported time charter revenues of $5.7 million, a notable increase from $3.9 million in Q1 2023. Despite the revenue growth, OceanPal faced a net loss of $1.3 million, compared to a net income of $88 thousand in Q1 2023. The net loss attributed to common stockholders grew to $1.7 million from $472 thousand. The fleet saw improved utilization at 99.1% and an increase in the average time charter equivalent (TCE) rate to $11,200 from $8,459. However, vessel operating expenses also rose to $2.7 million. The company operates five vessels, maintaining an older fleet with a weighted average age of 19 years. Key challenges include mounting operational costs and a significant net loss.

OceanPal (NASDAQ: OP), a global shipping company, announced the results of its 2024 Annual Meeting of Shareholders held virtually on May 17, 2024. Two key proposals were approved: the election of two Class III Directors to serve until the 2027 Annual Meeting and the appointment of Ernst & Young (Hellas) Certified Auditors Accountants as the Company’s independent auditors for the fiscal year ending December 31, 2024.

OceanPal (NASDAQ: OP) announced a Support Agreement with Sphinx Investment Corp, an affiliate of George Economou, which owns 14.1% of OceanPal's stock. Under this Agreement, Sphinx will cease its proxy contest and vote in favor of the Board's recommendations through 2029. Additionally, Mr. Economou will provide strategic advice to the Board. The Agreement includes standstill provisions, mutual releases, non-disparagement, and expense reimbursement terms.

OceanPal Inc. has announced a time charter contract with Richland Bulk for its Capesize dry bulk vessel, the m/v Baltimore, at a gross charter rate of US$22,000 per day. The charter is expected to generate US$2.64 million in gross revenue until November 2024. Additionally, OceanPal Inc. will sell the vessel 'Baltimore' to a third party for US$18.25 million by November 20, 2024, expanding its fleet to 4 dry bulk vessels.

OceanPal Inc. has filed its 2023 Annual Report on Form 20-F with the SEC, showcasing its financial performance and operations. Shareholders can access the report online or request a hard copy for free.

OceanPal Inc. reported time charter revenues of $5.8 million, net income of $58 thousand, and a net loss attributed to common stockholders of $2.8 million for Q4 2023. For the year ended December 31, 2023, the company reported time charter revenues of $19.0 million, a net loss of $2.0 million, and a net loss attributed to common stockholders of $6.7 million. The fleet employment profile shows the vessels' details and charterers, indicating a mix of charter rates and delivery/redelivery dates.

OceanPal Inc. (NASDAQ: OP) reported a net loss of $3.4 million and a net loss attributed to common stockholders of $3.9 million for Q3 2023. Time charter revenues for the same period were $3.9 million. For the nine months ended September 30, 2023, net loss amounted to $2.0 million and net loss attributed to common stockholders amounted to $3.9 million, with time charter revenues of $13.1 million.