OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024
OceanPal Inc. (NASDAQ: OP) reported its Q4 and full-year 2024 financial results. In Q4 2024, the company recorded vessel revenues of $5.8 million and a net loss of $8.2 million, compared to revenues of $5.8 million and net income of $58,000 in Q4 2023.
For the full year 2024, vessel revenues increased to $25.7 million from $19.0 million in 2023, while net loss widened to $17.9 million from $2.0 million in 2023. The company's fleet utilization decreased to 96.8% in 2024 from 99.1% in 2023. Daily vessel operating expenses increased significantly to $6,568 in 2024 from $5,832 in 2023.
The company's fleet consists of 3 Panamax bulk carriers, 2 Capesize bulk carriers, and 1 MR2 tanker. Two vessels, the Salt Lake City and Baltimore, were sold and delivered to new owners in February and November 2024, respectively.
OceanPal Inc. (NASDAQ: OP) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Nel quarto trimestre 2024, l'azienda ha registrato ricavi da navi pari a 5,8 milioni di dollari e una perdita netta di 8,2 milioni di dollari, rispetto a ricavi di 5,8 milioni di dollari e un utile netto di 58.000 dollari nel quarto trimestre 2023.
Per l'intero anno 2024, i ricavi da navi sono aumentati a 25,7 milioni di dollari rispetto ai 19,0 milioni di dollari del 2023, mentre la perdita netta è aumentata a 17,9 milioni di dollari rispetto ai 2,0 milioni di dollari del 2023. L'utilizzo della flotta dell'azienda è diminuito al 96,8% nel 2024 rispetto al 99,1% del 2023. Le spese operative giornaliere delle navi sono aumentate significativamente a 6.568 dollari nel 2024 rispetto ai 5.832 dollari del 2023.
La flotta dell'azienda è composta da 3 bulk carrier Panamax, 2 bulk carrier Capesize e 1 tanker MR2. Due navi, la Salt Lake City e la Baltimore, sono state vendute e consegnate a nuovi proprietari a febbraio e novembre 2024, rispettivamente.
OceanPal Inc. (NASDAQ: OP) reportó sus resultados financieros del cuarto trimestre y del año completo 2024. En el cuarto trimestre de 2024, la compañía registró ingresos por buques de 5.8 millones de dólares y una pérdida neta de 8.2 millones de dólares, en comparación con ingresos de 5.8 millones de dólares y un ingreso neto de 58,000 dólares en el cuarto trimestre de 2023.
Para el año completo 2024, los ingresos por buques aumentaron a 25.7 millones de dólares desde 19.0 millones de dólares en 2023, mientras que la pérdida neta se amplió a 17.9 millones de dólares desde 2.0 millones de dólares en 2023. La utilización de la flota de la compañía disminuyó al 96.8% en 2024 desde el 99.1% en 2023. Los gastos operativos diarios de los buques aumentaron significativamente a 6,568 dólares en 2024 desde 5,832 dólares en 2023.
La flota de la compañía consiste en 3 graneleros Panamax, 2 graneleros Capesize y 1 tanque MR2. Dos buques, el Salt Lake City y el Baltimore, fueron vendidos y entregados a nuevos propietarios en febrero y noviembre de 2024, respectivamente.
OceanPal Inc. (NASDAQ: OP)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 2024년 4분기 동안 회사는 580만 달러의 선박 수익과 820만 달러의 순손실을 기록했으며, 이는 2023년 4분기 580만 달러의 수익과 58,000 달러의 순이익과 비교됩니다.
2024년 전체 연도 동안 선박 수익은 2023년 1,900만 달러에서 2,570만 달러로 증가했으며, 순손실은 2023년 200만 달러에서 1,790만 달러로 확대되었습니다. 회사의 선대 활용률은 2024년 99.1%에서 96.8%로 감소했습니다. 선박 운영 비용은 2024년 5,832달러에서 6,568달러로 크게 증가했습니다.
회사의 선대는 3척의 파나막스 벌크선, 2척의 케이프사이즈 벌크선, 1척의 MR2 유조선으로 구성되어 있습니다. 두 척의 선박인 Salt Lake City와 Baltimore는 각각 2024년 2월과 11월에 새로운 소유자에게 판매 및 인도되었습니다.
OceanPal Inc. (NASDAQ: OP) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Au quatrième trimestre 2024, la société a enregistré des revenus de navires de 5,8 millions de dollars et une perte nette de 8,2 millions de dollars, comparativement à des revenus de 5,8 millions de dollars et un bénéfice net de 58 000 dollars au quatrième trimestre 2023.
Pour l'année complète 2024, les revenus de navires ont augmenté à 25,7 millions de dollars contre 19,0 millions de dollars en 2023, tandis que la perte nette s'est élargie à 17,9 millions de dollars contre 2,0 millions de dollars en 2023. L'utilisation de la flotte de l'entreprise a diminué à 96,8 % en 2024 contre 99,1 % en 2023. Les dépenses opérationnelles quotidiennes des navires ont considérablement augmenté à 6 568 dollars en 2024 contre 5 832 dollars en 2023.
La flotte de l'entreprise se compose de 3 vraquiers Panamax, 2 vraquiers Capesize et 1 tanker MR2. Deux navires, le Salt Lake City et le Baltimore, ont été vendus et livrés à de nouveaux propriétaires en février et novembre 2024, respectivement.
OceanPal Inc. (NASDAQ: OP) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Im vierten Quartal 2024 erzielte das Unternehmen Schiffsumsätze von 5,8 Millionen Dollar und einen Nettoverlust von 8,2 Millionen Dollar, verglichen mit Umsätzen von 5,8 Millionen Dollar und einem Nettogewinn von 58.000 Dollar im vierten Quartal 2023.
Für das gesamte Jahr 2024 stiegen die Schiffsumsätze auf 25,7 Millionen Dollar von 19,0 Millionen Dollar im Jahr 2023, während sich der Nettoverlust auf 17,9 Millionen Dollar von 2,0 Millionen Dollar im Jahr 2023 ausweitete. Die Flottenauslastung des Unternehmens fiel 2024 auf 96,8 % von 99,1 % im Jahr 2023. Die täglichen Betriebskosten der Schiffe stiegen erheblich auf 6.568 Dollar im Jahr 2024 von 5.832 Dollar im Jahr 2023.
Die Flotte des Unternehmens besteht aus 3 Panamax-Bulkcarriern, 2 Capesize-Bulkcarriern und 1 MR2-Tanker. Zwei Schiffe, die Salt Lake City und Baltimore, wurden im Februar und November 2024 an neue Eigentümer verkauft und übergeben.
- Vessel revenues increased 35.6% year-over-year to $25.7 million in 2024
- Time charter equivalent (TCE) rate improved to $12,184 in 2024 from $9,969 in 2023
- Net loss significantly widened to $17.9 million in 2024 from $2.0 million in 2023
- Daily vessel operating expenses increased 12.6% to $6,568 in 2024
- Fleet utilization declined to 96.8% from 99.1% in 2023
- Fleet reduction through sale of two Capesize vessels
Insights
OceanPal's Q4 and full-year 2024 results reveal significant financial deterioration. While annual revenue increased by
The quarterly comparison is equally concerning, with Q4 revenue flat at
The fleet employment profile reveals troubling rate volatility, with vessels like the Protefs experiencing dramatic charter rate drops from
The company's divestiture of two Capesize vessels (Baltimore and Salt Lake City) during the period indicates a potential fleet restructuring, but hasn't stemmed the accelerating losses. With an aging fleet (average 19.3 years) and sharply rising operating costs, these results signal severe operational challenges that threaten OceanPal's financial stability if the trend continues.
ATHENS, Greece, April 09, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported vessel revenues of
For the year ended December 31, 2024, the Company reported vessel revenues of
Fleet Employment Profile (As of April 9, 2025)
| 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 | JOINT VISION SHIPPING CO., LIMITED | 12-Sep-24 | 03-Oct-24 | |||||
| 2004 73,630 | ORIENTAL PAL SHIPPING PTE. LTD. | 03-Oct-24 | 21-Oct-24 | ||||||
| 21-Oct-24 | 15-Nov-24 | ||||||||
| PASSSPARTOUT SHIPPING LIMED | 15-Nov-24 | 13-Dec-24 | |||||||
| TONGLI SHIPPING PTE. LTD. | 13-Dec-24 | 06-Jan-25 | |||||||
| 06-Jan-25 | 24-Jan-25 | ||||||||
| PASSSPARTOUT SHIPPING LIMITED | 30-Jan-25 | 15-Feb-25 | |||||||
| FULLINKS MARINE COMPANY LIMITED | 15-Feb-25 | 16-Mar-25 | |||||||
| ITG SHIPPING PTE. LTD. | 16-Mar-25 | 08-Apr-25 | |||||||
| TONGLI SHIPPING PTE. LTD. | 08-Apr-25 | 28-Apr-25 | 1 | ||||||
| 2 | CALIPSO | ASL BULK SHIPPING LIMITED | 03-Sep-24 | 08-Jan-25 | |||||
| 2005 73,691 | CARGILL INTERNATIONAL S.A. | 08-Jan-25 | 19-Mar-25 | ||||||
| FULLINKS MARINE COMPANY LIMITED | 19-Mar-25 | 12-Apr-25 | 2 | ||||||
| 3 | MELIA | CHINA RESOURCE CHARTERING LIMITED | 04-Aug-24 | 07-Dec-24 | 3 | ||||
| 2005 76,225 | CHINA RESOURCE CHARTERING LIMITED | 09-Jan-25 | 25-May-25 - 24-Aug-25 | 4 | |||||
| 2 Capesize Bulk Carriers | |||||||||
| 4 | SALT LAKE CITY | RICHLAND BULK PTE. LTD. | 21-Sep-24 | 06-Nov-24 | |||||
| 2005 171,810 | 06-Nov-24 | 19-Dec-24 | |||||||
| DEYESION SHIPPING & TRADING COMPANY LIMITED | 19-Dec-24 | 30-Jan-25 | 5 | ||||||
| 5 | BALTIMORE | RICHLAND BULK PTE. LTD. | 09-May-24 | 18-Nov-24 | 6 | ||||
| 2005 177,243 | |||||||||
| Tanker Vessel | Employment | Com* | Charterers | Delivery Date to Charterers** | Redelivery Date to Owners*** | Notes | |||
| BUILT DWT | |||||||||
| 1 MR2 Tanker | |||||||||
| 6 | ZEZE START | ||||||||
| 2009 49,999 | Spot | - | ST SHIPPING AND TRANSPORT PTE LTD | - | - | ||||
| Spot | - | UNION INTERNATIONAL TRADING PTE. LTD. | - | - | 7 | ||||
| Spot | - | VITOL INTERNATIONAL SHIPPING PTE LTD | - | - | |||||
| ABU DHABI MARINE INTERNATIONAL CHARTERING HOLDINGS LIMITED | 16-Feb-25 | 17-May-25 - 15-Aug-25 | 8 | ||||||
| * | 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 24 days.
3 Vessel on scheduled drydocking during the period from December 12, 2024, to January 9, 2025.
4 The charter rate will be US
5 Vessel has been sold and delivered to her new Owners on February 13, 2025.
6 Vessel has been sold and delivered to her new Owners on November 19, 2024.
7 Vessel on scheduled drydocking from October 15, 2024, until December 13, 2024.
8 The charter rate will be US
For those vessels employed in the spot market and where rates are quoted the Company has calculated the estimated rates under current specific contracted voyages. The Company gives no guarantee that these rates are correct or that the rates are sustainable beyond the duration of the current voyage. The quoted rates are not indications of future earnings, and the Company gives no assurance or guarantee of future rates after the current voyage.
| Summary of Selected Financial & Other Data | |||||||||||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||||||||||||||||||
| Vessel revenues | $ | 5,781 | $ | 5,808 | $ | 25,702 | $ | 18,957 | |||||||||||||||
| Voyage expenses | 1,105 | 637 | 3,710 | 1,940 | |||||||||||||||||||
| Vessel operating expenses | 3,895 | 1,552 | 12,486 | 10,421 | |||||||||||||||||||
| Net (loss)/income and comprehensive (loss)/income | (8,189 | ) | 58 | (17,862 | ) | (1,977 | ) | ||||||||||||||||
| Net loss and comprehensive loss attributed to common stockholders | (8,792 | ) | (2,842 | ) | (19,729 | ) | (6,707 | ) | |||||||||||||||
| FLEET DATA | |||||||||||||||||||||||
| Average number of vessels | 5.5 | 5 | 5.2 | 4.9 | |||||||||||||||||||
| Number of vessels | 5 | 5 | 5 | 5 | |||||||||||||||||||
| Weighted average age of vessels | 19.3 | 18.8 | 19.3 | 18.8 | |||||||||||||||||||
| Ownership days | 509 | 460 | 1,901 | 1,787 | |||||||||||||||||||
| Available days | 420 | 460 | 1,805 | 1,707 | |||||||||||||||||||
| Operating days | 400 | 459 | 1,747 | 1,691 | |||||||||||||||||||
| Fleet utilization | |||||||||||||||||||||||
| AVERAGE DAILY RESULTS (in US Dollars) | |||||||||||||||||||||||
| Time charter equivalent (TCE) rate(1) | $ | 11,133 | $ | 11,241 | $ | 12,184 | $ | 9,969 | |||||||||||||||
| Daily vessel operating expenses(2) | $ | 7,652 | $ | 3,374 | $ | 6,568 | $ | 5,832 | |||||||||||||||
| 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 December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||
| REVENUES: | |||||||||||||
| Vessel revenues | $ | 5,781 | $ | 5,808 | $ | 25,702 | $ | 18,957 | |||||
| EXPENSES: | |||||||||||||
| Voyage expenses | 1,105 | 637 | 3,710 | 1,940 | |||||||||
| Vessel operating expenses | 3,895 | 1,552 | 12,486 | 10,421 | |||||||||
| Depreciation and amortization of deferred charges | 2,146 | 1,902 | 7,198 | 7,670 | |||||||||
| General and administrative expenses | 1,371 | 1,378 | 6,212 | 5,281 | |||||||||
| Management fees | 382 | 315 | 1,343 | 1,236 | |||||||||
| Support agreement costs | - | - | 6,750 | - | |||||||||
| Impairment loss | 5,035 | - | 6,122 | - | |||||||||
| Loss on sale of vessel | 7 | - | 7 | - | |||||||||
| Other operating (income)/ loss | (59 | ) | 119 | (81 | ) | 131 | |||||||
| Operating loss | $ | (8,101 | ) | $ | (95 | ) | $ | (18,045 | ) | $ | (7,722 | ) | |
| Change in fair value of warrants’ liability | - | - | - | 6,222 | |||||||||
| Finance costs | (75 | ) | - | (109 | ) | (909 | ) | ||||||
| (Loss)/Gain on equity method investment | (26 | ) | 6 | (50 | ) | 2 | |||||||
| Other income/(expenses) | 8 | 8 | 30 | (74 | ) | ||||||||
| Interest income | 5 | 139 | 312 | 504 | |||||||||
| Net (loss)/income and comprehensive (loss)/income | $ | (8,189 | ) | $ | 58 | $ | (17,862 | ) | $ | (1,977 | ) | ||
| Less: Deemed dividend upon redemption of Series C preferred stock | (24 | ) | (2,549 | ) | (26 | ) | (2,549 | ) | |||||
| Less: Deemed dividend upon redemption of Series D preferred stock | - | - | - | (154 | ) | ||||||||
| Less: Dividends on Series C preferred stock | (177 | ) | (110 | ) | (681 | ) | (991 | ) | |||||
| Less: Dividends on Series D preferred stock | (402 | ) | (241 | ) | (1,160 | ) | (1,036 | ) | |||||
| Net loss attributed to common stockholders | $ | (8,792 | ) | $ | (2,842 | ) | $ | (19,729 | ) | $ | (6,707 | ) | |
| Loss per common share, basic | $ | (1.17 | ) | $ | (0.42 | ) | $ | (2.64 | ) | $ | (2.02 | ) | |
| Loss per common share, diluted | $ | (1.17 | ) | $ | (0.42 | ) | $ | (2.64 | ) | $ | (3.83 | ) | |
| Weighted average number of common shares, basic | 7,499,797 | 6,813,696 | 7,465,136 | 3,315,519 | |||||||||
| Weighted average number of common shares, diluted | 7,499,797 | 6,813,696 | 7,465,136 | 3,372,207 | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| December 31, 2024 | December 31, 2023* | ||||
| ASSETS | (unaudited) | ||||
| Cash and cash equivalents | $ | 7,160 | $ | 14,841 | |
| Other current assets | 6,952 | 5,203 | |||
| Vessels, net | 71,263 | 71,100 | |||
| Other non-current assets | 4,087 | 3,701 | |||
| Total assets | $ | 89,462 | $ | 94,845 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Liabilities | $ | 5,092 | $ | 2,286 | |
| Total stockholders' equity | 84,370 | 92,559 | |||
| Total liabilities and stockholders' equity | $ | 89,462 | $ | 94,845 | |
*The balance sheet data have been derived from the audited consolidated financial statements at that date.
| OTHER FINANCIAL DATA | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||
| Net cash (used in)/provided by operating activities | $ | (2,104 | ) | $ | 130 | $ | (3,530 | ) | $ | 815 | ||
| Net cash provided by/(used in) investing activities | $ | 5,491 | $ | (265 | ) | $ | (2,515 | ) | $ | (6,011 | ) | |
| Net cash (used in)/provided by financing activities | $ | (478 | ) | $ | (547 | ) | $ | (1,636 | ) | $ | 11,583 | |
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
FAQ
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