Oceanpal Inc Stock Price, News & Analysis

OceanPal Inc. (NASDAQ: OP) held its Annual Meeting of Shareholders virtually on May 20, 2025, where shareholders approved three key proposals. The meeting resulted in: (1) The election of three Class I Directors who will serve until 2028, (2) Authorization for the Board to implement one or more reverse stock splits with an aggregate ratio not exceeding 1-for-500, with the exact ratio to be determined by the Board, and (3) The appointment of Ernst & Young (Hellas) as the company's independent auditors for fiscal year 2025.

OceanPal Inc (NASDAQ: OP) has received a notification from Nasdaq dated April 17, 2025, indicating non-compliance with the minimum bid price requirement. The company's stock has traded below the required US$1.00 per share for 30 consecutive business days.

The shipping company has been granted a 180-day grace period until October 14, 2025 to regain compliance. To cure this deficiency, OP's closing bid price must reach US$1.00 or higher for at least ten consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day extension if it meets other listing standards.

During this period, OP will continue trading on the Nasdaq Capital Market, and the company's business operations remain unaffected.

OceanPal Inc (NASDAQ: OP), a global shipping company focused on vessel ownership, has announced the filing of its 2024 Annual Report on Form 20-F with the United States Securities and Exchange Commission. The report is now accessible through the company's website at www.oceanpal.com and the SEC's website at www.sec.gov. Shareholders can request a complimentary hard copy of the complete Annual Report.

OceanPal Inc. (NASDAQ: OP) reported its Q4 and full-year 2024 financial results. In Q4 2024, the company recorded vessel revenues of $5.8 million and a net loss of $8.2 million, compared to revenues of $5.8 million and net income of $58,000 in Q4 2023.

For the full year 2024, vessel revenues increased to $25.7 million from $19.0 million in 2023, while net loss widened to $17.9 million from $2.0 million in 2023. The company's fleet utilization decreased to 96.8% in 2024 from 99.1% in 2023. Daily vessel operating expenses increased significantly to $6,568 in 2024 from $5,832 in 2023.

The company's fleet consists of 3 Panamax bulk carriers, 2 Capesize bulk carriers, and 1 MR2 tanker. Two vessels, the Salt Lake City and Baltimore, were sold and delivered to new owners in February and November 2024, respectively.

OceanPal Inc. (NASDAQ: OP) has announced the sale of its 2005-built vessel 'Salt Lake City' through a wholly-owned subsidiary. The vessel will be sold to a third party for $16.1 million before commissions, with delivery scheduled by February 20, 2025. Following this transaction, OceanPal's fleet will be reduced to 3 Panamax dry bulk vessels and one MR2 tanker vessel.

OceanPal Inc. (NASDAQ: OP) reported its Q3 2024 financial results with vessel revenues of $7.5 million, showing improvement from $3.9 million in Q3 2023. However, the company recorded a net loss of $0.2 million and net loss attributed to common stockholders of $0.6 million. For the nine months ended September 30, 2024, vessel revenues were $19.9 million, with a net loss of $9.7 million.

The company's fleet includes 3 Panamax bulk carriers, 2 Capesize bulk carriers, and 1 MR2 tanker. The fleet achieved a 96.1% utilization rate in Q3 2024, with an average TCE rate of $13,089, up from $9,622 in Q3 2023. Daily vessel operating expenses decreased to $6,247 from $8,333 year-over-year.

OceanPal Inc. (NASDAQ:OP), a global shipping company, has taken delivery of the m/t Zeze Start, a 2009-built tanker vessel with a carrying capacity of 49,999 dwt. This acquisition marks OceanPal's entry into the product tanker sector, reflecting the company's strategy to diversify its fleet. The purchase agreement for this vessel was entered in late July 2024.

Following the completion of the previously announced sale of the m/v Baltimore, OceanPal's fleet will comprise 4 dry bulk vessels (1 Capesize and 3 Panamax) and 1 MR2 tanker vessel. This move demonstrates the company's intent to capitalize on opportunities in the product tanker market.

OceanPal Inc. (NASDAQ: OP) reported financial results for Q2 and H1 2024. Key points:

• Q2 2024: Time charter revenues of $6.7 million, net loss of $8.2 million
• H1 2024: Time charter revenues of $12.4 million, net loss of $9.5 million
• Fleet: 3 Panamax, 2 Capesize bulk carriers, 1 MR2 tanker
• Average TCE rate: $13,194 in Q2 2024 (up from $10,310 in Q2 2023)
• Fleet utilization: 96.7% in Q2 2024 (down from 100% in Q2 2023)

The company's financial performance shows increased revenues but significant losses compared to the previous year.

OceanPal Inc. (NASDAQ:OP) has announced an agreement to acquire an MR2 tanker vessel, the m/t Zeze Start, for $27.0 million. This strategic move marks the company's entry into the product tanker sector, diversifying its fleet. The purchase price will be paid with $18.9 million in cash and the remainder in Series D Preferred Stock. Of the cash component, $10.9 million will be paid after delivery, bearing a 5% annual interest. The 2009-built vessel has a capacity of 49,999 dwt. Upon completion of this acquisition and the previously announced sale of m/v Baltimore, OceanPal's fleet will consist of 5 vessels (1 MR2 tanker, 1 Capesize, and 3 Panamax dry bulk vessels).