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OceanPal Inc. - OP STOCK NEWS

Welcome to our dedicated page for OceanPal news (Ticker: OP), a resource for investors and traders seeking the latest updates and insights on OceanPal stock.

OceanPal Inc. (NASDAQ: OP) is a global provider of shipping transportation services, specializing in the ownership of vessels. The company operates a fleet of vessels dedicated to the transport of dry bulk commodities, such as iron ore, coal, grain, and other materials. Each vessel is managed through a separate, wholly-owned subsidiary, ensuring focused and efficient operations.

OceanPal Inc.’s fleet is strategically employed to maximize operational efficiency and profitability. This approach allows the company to navigate market fluctuations and maintain a strong financial footing. The fleet employment profile as of June 5, 2024, highlights the company’s commitment to operational excellence and its ability to adapt to changing market demands.

The company’s recent achievements include the successful management and strategic deployment of its fleet, which has resulted in stable financial performance, as indicated by the balance sheet data derived from audited consolidated financial statements. OceanPal Inc. continues to focus on expanding its fleet and enhancing its service offerings through strategic partnerships and investments in newer, more efficient vessels.

With a robust operational framework and a clear focus on growth, OceanPal Inc. is well-positioned to meet the evolving needs of the global shipping transportation market. The company remains committed to delivering reliable and efficient transportation services to its clients, ensuring long-term value creation for its shareholders.

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OceanPal Inc. (NASDAQ: OP) reported its Q3 2024 financial results with vessel revenues of $7.5 million, showing improvement from $3.9 million in Q3 2023. However, the company recorded a net loss of $0.2 million and net loss attributed to common stockholders of $0.6 million. For the nine months ended September 30, 2024, vessel revenues were $19.9 million, with a net loss of $9.7 million.

The company's fleet includes 3 Panamax bulk carriers, 2 Capesize bulk carriers, and 1 MR2 tanker. The fleet achieved a 96.1% utilization rate in Q3 2024, with an average TCE rate of $13,089, up from $9,622 in Q3 2023. Daily vessel operating expenses decreased to $6,247 from $8,333 year-over-year.

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OceanPal Inc. (NASDAQ:OP), a global shipping company, has taken delivery of the m/t Zeze Start, a 2009-built tanker vessel with a carrying capacity of 49,999 dwt. This acquisition marks OceanPal's entry into the product tanker sector, reflecting the company's strategy to diversify its fleet. The purchase agreement for this vessel was entered in late July 2024.

Following the completion of the previously announced sale of the m/v Baltimore, OceanPal's fleet will comprise 4 dry bulk vessels (1 Capesize and 3 Panamax) and 1 MR2 tanker vessel. This move demonstrates the company's intent to capitalize on opportunities in the product tanker market.

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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.

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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).

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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.

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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.

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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.

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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.

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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.
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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.
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FAQ

What is the current stock price of OceanPal (OP)?

The current stock price of OceanPal (OP) is $1.09 as of December 23, 2024.

What is the market cap of OceanPal (OP)?

The market cap of OceanPal (OP) is approximately 7.7M.

What services does OceanPal Inc. provide?

OceanPal Inc. provides shipping transportation services and specializes in the ownership and management of vessels.

What type of commodities does OceanPal Inc. transport?

OceanPal Inc. transports dry bulk commodities such as iron ore, coal, and grain.

How is OceanPal Inc.’s fleet managed?

Each vessel in OceanPal Inc.’s fleet is owned and managed through a separate, wholly-owned subsidiary.

What is the economic significance of OceanPal Inc.’s fleet employment profile?

The fleet employment profile reflects OceanPal Inc.’s strategic deployment of vessels to maximize efficiency and profitability.

How does OceanPal Inc. ensure financial stability?

OceanPal Inc. maintains financial stability through strategic fleet management and deriving its balance sheet data from audited consolidated financial statements.

What are OceanPal Inc.’s recent achievements?

Recent achievements include the successful management and strategic deployment of its fleet, resulting in stable financial performance.

What are OceanPal Inc.’s future plans?

OceanPal Inc. plans to expand its fleet and enhance service offerings through strategic partnerships and investments in newer vessels.

Where can I find the latest news about OceanPal Inc.?

Latest news and updates about OceanPal Inc. can be found on financial news websites and stock market platforms like StockTitan.

How does OceanPal Inc. create value for shareholders?

OceanPal Inc. creates value for shareholders by delivering reliable and efficient shipping transportation services and focusing on long-term growth.

What is OceanPal Inc.’s stock symbol?

OceanPal Inc.’s stock symbol is OP, and it is traded on the NASDAQ stock exchange.

OceanPal Inc.

Nasdaq:OP

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OP Stock Data

7.73M
4.56M
39.49%
0.18%
0.08%
Marine Shipping
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