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