Oceanpal Inc Stock Price, News & Analysis

OceanPal Inc. announced a Memorandum of Agreement to acquire the m/v Baltimore from Diana Shipping Inc. for $22 million. The payment structure includes 20% cash upon signing and 80% in preferred shares upon delivery. The vessel, a 2005-built Capesize dry bulk ship, has a carrying capacity of 177,243 dwt and is expected to be delivered in Q3 2022 after a scheduled drydocking. This purchase utilizes a right of first refusal agreement from 2021 and received approval from independent board members.

The global shipping company OceanPal Inc. (NASDAQ: OP) has announced a new time charter contract with Koch Shipping Pte. Ltd. for its Capesize dry bulk vessel, the m/v Salt Lake City, starting June 8, 2022. The charter rate is set at US$29,750 per day, significantly higher than the previous contract rate of US$13,000. This new agreement could generate approximately US$3.57 million in gross revenue over a minimum period of 120 days. OceanPal’s fleet comprises three dry bulk vessels, including one Capesize.

OceanPal Inc. (NASDAQ: OP) reported a net income of $414,000 for Q1 2022, but faced a net loss attributed to common stockholders of $510,000. Time charter revenues reached $3.7 million, with a cash dividend of $0.01 per share declared, payable on June 21, 2022. The company has 29.83 million shares outstanding and a fleet utilization rate of 95.1%. Key financial metrics include a time charter equivalent (TCE) rate of $12,863 and daily vessel operating expenses of $4,759, reflecting operational efficiency amidst challenges.

OceanPal Inc. (NASDAQ: OP) held its Annual Meeting of Shareholders on April 5, 2022, in a virtual format. Key proposals were approved, including the election of three Class I Directors until 2025, the authorization for reverse stock splits ranging from one-for-two to one-for-40, and the appointment of Ernst & Young (Hellas) as independent auditors for the fiscal year 2022. The company specializes in shipping services, operating vessels that transport bulk cargo globally.

OceanPal Inc. (NASDAQ: OP) announced the filing of its 2021 Annual Report on Form 20-F with the SEC. Shareholders can access the report on the Company's website or request a hard copy free of charge. OceanPal is a global shipping company specializing in vessel ownership, transporting dry bulk cargoes such as iron ore, coal, and grain across worldwide routes. The Company’s vessels are expected to be primarily engaged in short-term charters following their current employment.

OceanPal Inc. (NASDAQ: OP) announced the adjournment of its Annual Meeting of Shareholders to April 5, 2022. This move allows more time for shareholders to vote on Proposal Two, which involves potential reverse stock splits ranging from one-for-two to one-for-40. Shareholders are urged to participate, especially those who previously voted against this proposal, as it aims to help the Company comply with Nasdaq's minimum bid price requirement. The meeting will occur virtually, maintaining the agenda outlined in the proxy statement dated February 24, 2022.

OceanPal Inc. (NASDAQ: OP) reported a net income of $134 thousand for the period from April 15, 2021, to December 31, 2021, with net income attributed to common stockholders at $65 thousand. During this time, the company generated $1.3 million in time charter revenues. Following its spin-off from Diana Shipping on November 29, 2021, OceanPal declared a cash dividend of $0.05 per share payable on April 11, 2022, to shareholders on record by April 1, 2022. The fleet maintained a 100% utilization rate, contributing to a $13,333 average TCE rate.

OceanPal Inc. (NASDAQ: OP) received a notification from Nasdaq indicating it is not in compliance with the minimum bid price requirement of $1.00 per share, as its common stock's closing bid price was below this threshold for 30 consecutive business days. The company has a 180-day grace period, until September 5, 2022, to regain compliance by maintaining a stock price of $1.00 or higher for ten consecutive business days. Despite this, the company's operational aspects remain unaffected during this period.

OceanPal Inc. (NASDAQ: OP) announced a time charter contract with Tongli Shipping Pte. Ltd. for its Panamax dry bulk vessel, the m/v Calipso. The contract is valued at a gross rate of US$24,500 per day, effective from March 9, 2022, for a minimum of 90 days. This new charter is significantly higher than the previous rate of US$17,850 per day. The expected gross revenue from this charter is approximately US$2.21 million. Currently, OceanPal's fleet consists of three dry bulk vessels, which transport various commodities globally.