OceanPal Inc. - OP STOCK NEWS

OceanPal Inc. (NASDAQ: OP) has announced a one-for-ten reverse stock split of its common shares, approved by shareholders on April 5, 2022. The split will take effect on December 21, 2022, reducing the number of outstanding shares from approximately 101.8 million to 10.2 million. The aim is to increase the trading price per share to meet NASDAQ's minimum bid price requirement. No fractional shares will be issued; instead, shareholders will receive cash for any fractional shares. The company specializes in shipping transportation services for dry bulk cargoes.

OceanPal Inc. (NASDAQ: OP) reported a net income of $1.1 million for Q3 2022, compared to a net loss of $8 thousand in Q3 2021. Time charter revenues reached $5.1 million for the quarter and $13.4 million for the nine months ending September 30, 2022. Net income attributed to common stockholders for Q3 2022 was $403 thousand, up from a loss of $8 thousand in 2021. The fleet includes four vessels with an average age of 17.6 years, achieving a fleet utilization rate of 85.2%. The Company continues to expand its operational capacity and revenue-generating activities.

OceanPal (NASDAQ: OP) has announced the delivery of the m/v Baltimore, a 2005-built Capesize dry bulk vessel, through its wholly-owned subsidiary. The company signed a time charter agreement with Hyundai Glovis for approximately 35 days at a gross rate of $15,000 per day, potentially increasing to $18,000 for extended durations. This charter is expected to generate around $600,000 in gross revenue. OceanPal's fleet now includes 4 dry bulk vessels, focusing on transporting various commodities along global shipping routes.

OceanPal Inc. (NASDAQ: OP) reported a net income of $648,000 for Q2 2022, with revenues from time charters totaling $4.6 million. The net income attributed to common stockholders was $157,000. For the first half of 2022, the company recorded a net income of $1.1 million but reported a net loss attributed to common stockholders of $277,000, despite time charter revenues of $8.3 million. A cash dividend of $0.01 per share will be distributed to shareholders on August 31, 2022. The fleet's average utilization was strong at 98% for Q2.

OceanPal Inc. (NASDAQ: OP) announced a time charter contract with ETG Commodities Ltd for its Panamax vessel, the m/v Calipso, commencing July 2, 2022. The deal secures a gross charter rate of US$19,600 per day, equating to approximately US$1.76 million in gross revenue over the 90-day period. OceanPal's fleet consists of three dry bulk vessels, with plans to welcome a new Capesize vessel in Q3 2022. The company specializes in shipping a variety of dry bulk cargoes globally.

OceanPal Inc. announced a Memorandum of Agreement to acquire the m/v Baltimore from Diana Shipping Inc. for $22 million. The payment structure includes 20% cash upon signing and 80% in preferred shares upon delivery. The vessel, a 2005-built Capesize dry bulk ship, has a carrying capacity of 177,243 dwt and is expected to be delivered in Q3 2022 after a scheduled drydocking. This purchase utilizes a right of first refusal agreement from 2021 and received approval from independent board members.

The global shipping company OceanPal Inc. (NASDAQ: OP) has announced a new time charter contract with Koch Shipping Pte. Ltd. for its Capesize dry bulk vessel, the m/v Salt Lake City, starting June 8, 2022. The charter rate is set at US$29,750 per day, significantly higher than the previous contract rate of US$13,000. This new agreement could generate approximately US$3.57 million in gross revenue over a minimum period of 120 days. OceanPal’s fleet comprises three dry bulk vessels, including one Capesize.

OceanPal Inc. (NASDAQ: OP) reported a net income of $414,000 for Q1 2022, but faced a net loss attributed to common stockholders of $510,000. Time charter revenues reached $3.7 million, with a cash dividend of $0.01 per share declared, payable on June 21, 2022. The company has 29.83 million shares outstanding and a fleet utilization rate of 95.1%. Key financial metrics include a time charter equivalent (TCE) rate of $12,863 and daily vessel operating expenses of $4,759, reflecting operational efficiency amidst challenges.

OceanPal Inc. (NASDAQ: OP) held its Annual Meeting of Shareholders on April 5, 2022, in a virtual format. Key proposals were approved, including the election of three Class I Directors until 2025, the authorization for reverse stock splits ranging from one-for-two to one-for-40, and the appointment of Ernst & Young (Hellas) as independent auditors for the fiscal year 2022. The company specializes in shipping services, operating vessels that transport bulk cargo globally.