OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024

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 $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.

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 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$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, 2024.7 Vessel 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.

 

 

 

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

 

 

https://www.benzinga.com/pressreleases/25/04/g44709934/oceanpal-inc-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2024