0000919574-23-003695.txt : 20230613 0000919574-23-003695.hdr.sgml : 20230613 20230613164529 ACCESSION NUMBER: 0000919574-23-003695 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230613 DATE AS OF CHANGE: 20230613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OceanPal Inc. CENTRAL INDEX KEY: 0001869467 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40930 FILM NUMBER: 231011807 BUSINESS ADDRESS: STREET 1: PENDELIS 26 STREET 2: PALAIO FALIRO CITY: ATHENS STATE: J3 ZIP: 175 64 BUSINESS PHONE: 30-210-9485-360 MAIL ADDRESS: STREET 1: PENDELIS 26 STREET 2: PALAIO FALIRO CITY: ATHENS STATE: J3 ZIP: 175 64 6-K 1 d10658893_6k.htm
FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2023
Commission File Number:  001-40930

OCEANPAL INC.
(Translation of registrant's name into English)
Pendelis 26, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]














INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated June 13, 2023 of OceanPal Inc. (the "Company"), announcing the Company’s financial results for the first quarter ended March 31, 2023.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-269961) that was filed with the U.S. Securities and Exchange Commission and became effective on April 18, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
OCEANPAL INC.
 
(registrant)
   
   
 
Dated: June 13, 2023
    
 
By:
/s/ Vasiliki Plousaki
   
Vasiliki Plousaki
   
Chief Financial Officer




Exhibit 99.1


 
Corporate Contact:
 
Margarita Veniou
 
Chief Corporate Development & Governance Officer and Secretary
 
Telephone: +30-210-9485-360
 
Email: mveniou@oceanpal.com
 
Website: www.oceanpal.com
 
Twitter: @OceanPal_Inc
For Immediate Release
 
Investor and Media Relations:
 
Edward Nebb
 
Comm-Counsellors, LLC
 
Telephone: + 1-203-972-8350
 
Email: enebb@optonline.net



OCEANPAL INC. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2023


ATHENS, GREECE, June 13, 2023 – OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $88 thousand and net loss attributed to common stockholders of $472 thousand for the first quarter of 2023. Time charter revenues for the same period were $3.9 million. This compares to net income of $414 thousand and net loss attributed to common stockholders of $510 thousand for the first quarter of 2022. Time charter revenues for the same period were $3.7 million.


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Fleet Employment Profile (As of June 12, 2023)
 
OceanPal Inc.’s fleet is employed as follows:
 
Vessel
Sister Ships*
Gross Rate (USD/Day)
Com**
Charterers
Delivery Date to Charterers***
Redelivery Date to Owners****
Notes
 
BUILT    DWT
                 
 
3 Panamax Bulk Carriers
1
PROTEFS
A
$7,000
5.00%
GUO LONG XIANG LIMITED
18-Dec-22
24-Jan-23
  
 
2004    73,630
$11,640
5.00%
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
24-Jan-23
30-May-23
1
   
$7,000
5.00%
REFINED SUCCESS LIMITED
30-May-23
29-Jun-23 - 3-Aug-23
  
2
CALIPSO
A
$15,250
5.00%
Al Ghurair Resources International LLC
03-Nov-22
25-Jan-23
  
 
2005    73,691
$8,000
5.00%
NORVIC SHIPPING ASIA PTE. LTD.
26-Jan-23
02-Mar-23
2
   
$11,000
5.00%
LIANYI SHIPPING LIMITED
26-Mar-23
26-Apr-23
  
   
$11,000
5.00%
CAMBRIAN BULK LIMITED
26-Apr-23
07-Jun-23
  
   
$6,250
5.00%
ORIENTAL PAL SHIPPING PTE., LTD
07-Jun-23
07-Jul-23 - 12-Jul-23
3
3
MELIA
  
$6,300
5.00%
GUO LONG XIANG LIMITED
10-Feb-23
18-Mar-23
  
 
2005    76,225
  
$13,800
5.00%
TRANSPOWER MARINE PTE. LTD.
18-Mar-23
09-Apr-23
  
     
$14,000
5.00%
LOUIS DREYFUS COMPANY
FREIGHT ASIA PTE LTD
09-Apr-23
07-Aug-23 - 24-Oct-23
  
 
2 Capesize Bulk Carriers
4
SALT LAKE CITY
  
$10,000
5.00%
Oldendorff GmbH & Co. KG
20-Dec-22
26-Feb-23
  
 
2005    171,810
  
$5,100
5.00%
RICHLAND BULK PTE. LTD.
26-Feb-23
24-Apr-23
  
     
$15,400
5.00%
PACBULK SHIPPING PTE. LTD.
24-Apr-23
23-Jun-23 - 29-Jul-23
  
5
BALTIMORE
  
$12,900
5.00%
Enesel Bulk Logistics DMCC
03-Nov-22
07-Feb-23
  
 
2005    177,243
  
$13,300
5.00%
Koch Shipping Pte. LTD., Singapore
08-Feb-23
08-Jul-23 - 23-Oct-23
  
 
* Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.
** 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 The charter rate is US$5,500 per day for the first 32 days of the charter period.

2 Vessel on scheduled drydocking from March 05, 2023 to March 22, 2023.

3 Redelivery date based on an estimated time charter trip duration of about 30-35 days.
 
 


-2-

Summary of Selected Financial & Other Data
  
 
  
Three months ended March 31,
  
 
  
2023
    
2022
  
 
  
(unaudited)
   
(unaudited)
  
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  
Time charter revenues
  
$
3,888
    
$
3,680
  
Voyage expenses
    
572
      
207
  
Vessel operating expenses
    
2,551
      
1,285
  
Net income and comprehensive income
    
88
      
414
  
Net loss attributed to common stockholders
    
(472
)
    
(510
)
FLEET DATA
          
Average number of vessels
    
4.6
      
3.0
  
Number of vessels
    
5.0
      
3.0
  
Weighted average age of vessels
    
18.0
      
16.9
  
Ownership days
    
412
      
270
  
Available days
    
392
      
270
  
Operating days
    
385
      
257
  
Fleet utilization
    
98.2
%
    
95.1
%
AVERAGE DAILY RESULTS (in US Dollars)
  
Time charter equivalent (TCE) rate (1)
  
$
8,459
    
$
12,863
  
Daily vessel operating expenses (2)
  
$
6,192
    
$
4,759
  


Non-GAAP Measures

(1)
Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our 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 on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(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 through its ownership of vessels. The Company’s vessels currently transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes and it is expected that the Company’s vessels will be primarily employed on short term time and voyage charters following the completion of their current employments.
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.

-3-

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 continuing impacts of the COVID-19 pandemic, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk 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, 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)






-4-



OCEANPAL INC.
 
 
 
 
FINANCIAL TABLES 
        
Expressed in thousands of U.S. Dollars, except share and per share data
        
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
 
Three months ended March 31,
   
2023
  
2022
   
(unaudited) 
  
(unaudited) 
REVENUES:
        
Time charter revenues
$
               3,888
$
3,680
EXPENSES:
  
 
  
 
Voyage expenses
  
                  572
  
207
Vessel operating expenses
  
               2,551
  
1,285
Depreciation and amortization of deferred charges
  
               1,893
  
1,006
General and administrative expenses
  
               1,225
  
558
Management fees to related parties
  
                  291
  
210
Other operating loss
  
                       3
  
-
Operating (loss)/income
$
             (2,647)
$
414
Change in fair value of warrant liability
  
3,578
  
-
Finance costs
  
(911)
  
-
Interest income
  
                    68
  
-
Net income and comprehensive income
$
             88
$
414
Less: Dividends on series C preferred shares
  
                (269)
  
(200)
Less: Dividends on series D preferred shares
  
                (291)
  
-
Less: Dividends on class A warrants
  
                        -
  
(724)
Net loss attributed to common stockholders
$
 (472)
$
(510)
Loss per common share, basic*
$
               (0.51)
$
(4.74)
Loss per common share, diluted*
$
(0.51)
$
(4.74)
Weighted average number of common shares, basic*
  
    925,866
  
107,536
Weighted average number of common shares, diluted*
  
    925,866
  
107,536

* Financial information adjusted to give effect to the 1-for-10 and the 1-for-20 reverse stock splits that became
effective on December 22, 2022, and June 8, 2023, respectively.





-5-




CONDENSED CONSOLIDATED BALANCE SHEET DATA
  
(in thousands of U.S. Dollars)
  
 
  
March 31,
2023
    
December 31,
2022**
  
ASSETS
  
(unaudited)
        
 
            
Cash and cash equivalents
  
$
18,357
    
$
8,454
  
Other current assets
    
4,637
      
5,717
  
Vessels, net
    
75,923
      
63,672
  
Other non-current assets
    
1,271
      
1,175
  
Total assets
  
$
100,188
    
$
79,018
  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
                
 
                
Liabilities
  
$
6,938
    
$
2,459
  
Total stockholders' equity
    
93,250
      
76,559
  
Total liabilities and stockholders' equity
  
$
100,188
    
$
79,018
  

**The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited)
  
 
  
Three months ended March 31,
  
 
  
2023
    
2022
  
 
  
(unaudited)
    
(unaudited)
  
Net cash (used in)/provided by operating activities
  
$
(265
)
  
$
2,012
  
Net cash used in investing activities
  
$
(4,057
)
  
$
-
  
Net cash provided by financing activities
  
$
14,225
    
$
14,626
  







-6-