OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024
Rhea-AI Summary
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.
Positive
- Vessel revenues increased 35.6% year-over-year to $25.7 million in 2024
- Time charter equivalent (TCE) rate improved to $12,184 in 2024 from $9,969 in 2023
Negative
- Net loss significantly widened to $17.9 million in 2024 from $2.0 million in 2023
- Daily vessel operating expenses increased 12.6% to $6,568 in 2024
- Fleet utilization declined to 96.8% from 99.1% in 2023
- Fleet reduction through sale of two Capesize vessels
News Market Reaction 1 Alert
On the day this news was published, OP declined 13.82%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
For the year ended December 31, 2024, the Company reported vessel revenues of
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 | JOINT VISION SHIPPING CO., LIMITED | 12-Sep-24 | 03-Oct-24 | |||||
| 2004 73,630 | ORIENTAL PAL SHIPPING PTE. LTD. | 03-Oct-24 | 21-Oct-24 | ||||||
| 21-Oct-24 | 15-Nov-24 | ||||||||
| PASSSPARTOUT SHIPPING LIMED | 15-Nov-24 | 13-Dec-24 | |||||||
| TONGLI SHIPPING PTE. LTD. | 13-Dec-24 | 06-Jan-25 | |||||||
| 06-Jan-25 | 24-Jan-25 | ||||||||
| PASSSPARTOUT SHIPPING LIMITED | 30-Jan-25 | 15-Feb-25 | |||||||
| FULLINKS MARINE COMPANY LIMITED | 15-Feb-25 | 16-Mar-25 | |||||||
| ITG SHIPPING PTE. LTD. | 16-Mar-25 | 08-Apr-25 | |||||||
| TONGLI SHIPPING PTE. LTD. | 08-Apr-25 | 28-Apr-25 | 1 | ||||||
| 2 | CALIPSO | ASL BULK SHIPPING LIMITED | 03-Sep-24 | 08-Jan-25 | |||||
| 2005 73,691 | CARGILL INTERNATIONAL S.A. | 08-Jan-25 | 19-Mar-25 | ||||||
| FULLINKS MARINE COMPANY LIMITED | 19-Mar-25 | 12-Apr-25 | 2 | ||||||
| 3 | MELIA | CHINA RESOURCE CHARTERING LIMITED | 04-Aug-24 | 07-Dec-24 | 3 | ||||
| 2005 76,225 | CHINA RESOURCE CHARTERING LIMITED | 09-Jan-25 | 25-May-25 - 24-Aug-25 | 4 | |||||
| 2 Capesize Bulk Carriers | |||||||||
| 4 | SALT LAKE CITY | RICHLAND BULK PTE. LTD. | 21-Sep-24 | 06-Nov-24 | |||||
| 2005 171,810 | 06-Nov-24 | 19-Dec-24 | |||||||
| DEYESION SHIPPING & TRADING COMPANY LIMITED | 19-Dec-24 | 30-Jan-25 | 5 | ||||||
| 5 | BALTIMORE | 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 | - | - | |||||
| 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
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
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 | 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 | 5.2 | 4.9 | |||||||||||||||||||
| Number of vessels | 5 | 5 | 5 | 5 | |||||||||||||||||||
| 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 | |||||||||||||||||||||||
| 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. | ||||||||||||||||||||||
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)
| 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 | |||||||||
| 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 | |
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 Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net
FAQ
What were OceanPal's (OP) Q4 2024 financial results?
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