Oceanpal Inc Stock Price, News & Analysis

OceanPal Inc. (NASDAQ: OP) has appointed Vasiliki Plousaki as Chief Financial Officer and Margarita Veniou as Secretary, effective April 25, 2023. Plousaki, formerly Chief Accounting Officer since June 2021, succeeds Ioannis Zafirakis, who resigns from his roles but will remain a Class III director. Additionally, OceanPal has entered a time charter contract with Pacbulk Shipping for its Capesize vessel, m/v Salt Lake City, at a gross rate of $15,400 per day. This new charter is expected to generate approximately $924,000 in gross revenue for the minimum period. The company currently owns five dry bulk vessels and primarily operates in the shipping of dry bulk cargoes globally.

OceanPal Inc. (NASDAQ: OP) has announced a time charter contract with Louis Dreyfus Company Freight Asia Pte Ltd for its Panamax dry bulk vessel, the m/v Melia. The charter, effective April 9, 2023, guarantees a gross rate of US$14,000 per day, yielding an expected gross revenue of approximately US$1.68 million over a minimum duration of 120 days.

The m/v Melia, a 76,225 dwt vessel built in 2005, expands OceanPal's fleet, which now includes five dry bulk vessels. This strategic charter aims to enhance the company's operational revenue in a competitive shipping market.

OceanPal Inc. (NASDAQ: OP) announced the filing of its 2022 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission on March 31, 2023. This report is available on the Company’s website and the SEC's site. OceanPal is engaged in global shipping, focusing on the ownership and operation of vessels that transport various dry bulk cargoes, including iron ore, coal, and grain. The Company plans to have its vessels primarily engaged in short-term charters upon completion of current contracts.

On March 30, 2023, OceanPal Inc. (NASDAQ: OP) announced it received notice from Nasdaq regarding non-compliance with its listing rules, as the company's common stock bid price was below $1.00 for 30 consecutive business days. The notification, dated March 27, 2023, allows a grace period of 180 days until September 25, 2023, to regain compliance by maintaining a price of $1.00 or higher for at least ten consecutive days. Meanwhile, the company's operations remain unaffected, and it intends to monitor its stock price closely during this period.

OceanPal Inc. (NASDAQ: OP) reported a net loss of $2.5 million for Q4 2022, with a loss attributed to common stockholders of $3.0 million. This contrasts sharply with a net income of $143 thousand in Q4 2021. Time charter revenues for Q4 2022 were $5.7 million, up from $1.3 million in the same period last year. For the full year 2022, net loss reached $326 thousand, compared to $134 thousand in 2021. Time charter revenues for the year totaled $19.1 million, reflecting significant growth despite the losses. As of March 30, 2023, the fleet consists of 4 vessels with a fleet utilization rate of 97.0%.

OceanPal Inc. (NASDAQ: OP) has announced its upcoming annual meeting of shareholders scheduled for May 3, 2023, at 8:00 a.m. EST. This virtual meeting will include shareholders of record as of March 21, 2023, who can access details via the SEC website or the Company’s official site. OceanPal specializes in shipping transportation services, owning vessels that transport dry bulk cargoes such as iron ore, coal, and grain across global routes. The Company anticipates that its vessels will be employed on short-term charters after their current contracts finish.