EX-99.1 2 d11778646_ex99-1.htm

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
 
X: @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 FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024


ATHENS, GREECE, April 9, 2025 – OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported vessel revenues of $5.8 million, a net loss of $8.2 million and net loss attributed to common stockholders of $8.8 million for the fourth quarter of 2024. This compares to vessel revenues of $5.8 million, a net income of $58 thousand and net loss attributed to common stockholders of $2.8 million for the fourth quarter of 2023.

For the year ended December 31, 2024, the Company reported vessel revenues of $25.7 million, a net loss of $17.9 million and net loss attributed to common stockholders of $19.7 million. This compares to vessel revenues of $19.0 million, a net loss of $2.0 million and net loss attributed to common stockholders of $6.7 million for the year ended December 31, 2023.


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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
$9,400
5.00%
JOINT VISION SHIPPING CO., LIMITED
12-Sep-24
03-Oct-24
  
 
2004     73,630
$11,750
5.00%
ORIENTAL PAL SHIPPING PTE. LTD.
03-Oct-24
21-Oct-24
  
   
$10,000
5.00%
21-Oct-24
15-Nov-24
  
   
$9,000
5.00%
PASSSPARTOUT SHIPPING LIMED
15-Nov-24
13-Dec-24
  
   
$4,150
5.00%
TONGLI SHIPPING PTE. LTD.
13-Dec-24
06-Jan-25
  
   
$1,750
5.00%
06-Jan-25
24-Jan-25
  
   
$4,250
5.00%
PASSSPARTOUT SHIPPING LIMITED
30-Jan-25
15-Feb-25
  
   
$3,200
5.00%
FULLINKS MARINE COMPANY LIMITED
15-Feb-25
16-Mar-25
  
   
$6,250
5.00%
ITG SHIPPING PTE. LTD.
16-Mar-25
08-Apr-25
  
   
$8,500
5.00%
TONGLI SHIPPING PTE. LTD.
08-Apr-25
28-Apr-25
1
2
CALIPSO
$10,150
5.00%
ASL BULK SHIPPING LIMITED
03-Sep-24
08-Jan-25
  
 
2005     73,691
$2,850
4.75%
CARGILL INTERNATIONAL S.A.
08-Jan-25
19-Mar-25
  
   
$9,000
5.00%
FULLINKS MARINE COMPANY LIMITED
19-Mar-25
12-Apr-25
2
3
MELIA
$11,750
5.00%
CHINA RESOURCE CHARTERING LIMITED
04-Aug-24
07-Dec-24
3
 
2005    76,225
$7,100
5.00%
CHINA RESOURCE CHARTERING LIMITED
09-Jan-25
25-May-25 - 24-Aug-25
4
       
2 Capesize Bulk Carriers
      
4
SALT LAKE CITY
$26,850
5.00%
 
RICHLAND BULK PTE. LTD.
 
21-Sep-24
06-Nov-24
  
 
2005   171,810
$15,600
5.00%
06-Nov-24
19-Dec-24
  
   
$6,000
5.00%
DEYESION SHIPPING & TRADING COMPANY LIMITED
19-Dec-24
30-Jan-25
5
5
BALTIMORE
$22,000
5.00%
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
-
-
  
   
$16,750
1.25%
ABU DHABI MARINE INTERNATIONALCHARTERING 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.
3Vessel on scheduled drydocking during the period from December 12, 2024, to January 9, 2025.
4 The charter rate will be US$3,600 per day for the first forty-four (44) days of the charter period.
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.
7Vessel on scheduled drydocking from October 15, 2024, until December 13, 2024.
8 The charter rate will be US$19,500 per day from the 91st day of the charter period until the actual redelivery date.
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.

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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
      
5.0
      
5.2
      
4.9
  
Number of vessels
    
5.0
      
5.0
      
5.0
      
5.0
  
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
    
95.2
%
    
99.8
%
    
96.8
%
    
99.1
%
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.


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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)

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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
  




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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
  







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