OceanPal Inc. Files 2023 Annual Report on Form 20-F

TL;DR

<b>OceanPal Inc. has filed its 2023 annual report on Form 20-F, detailing its financial and operational status.</b>

AI Summary

OceanPal Inc. (SVRN) filed a Foreign Annual Report (20-F) with the SEC on April 15, 2024. OceanPal Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company is incorporated in the Republic of the Marshall Islands. Its principal executive offices are located in Athens, Greece. OceanPal Inc. has 7,448,601 outstanding shares of common stock as of December 31, 2023. The company's common stock is traded on the Nasdaq Capital Market under the symbol OP.

Why It Matters

For investors and stakeholders tracking OceanPal Inc., this filing contains several important signals. This filing provides investors with a comprehensive overview of OceanPal Inc.'s performance and financial health for the fiscal year 2023. As a publicly traded company, OceanPal Inc. is required to submit this report to the SEC, ensuring transparency for shareholders and the market.

Risk Assessment

Risk Level: low — OceanPal Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the full 20-F filing for detailed financial statements, risk factors, and management discussion to assess OceanPal Inc.'s operational performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 7,448,601 — Outstanding Shares (As of December 31, 2023)
• 001-40930 — SEC File Number (Commission file number)
• OP — Trading Symbol (Common Stock)

Key Players & Entities

• OceanPal Inc. (company) — Registrant
• 20-F (document) — Form Type
• December 31, 2023 (date) — Fiscal year end
• Republic of the Marshall Islands (jurisdiction) — Jurisdiction of incorporation
• Athens, Greece (location) — Address of principal executive offices
• Margarita Veniou (person) — Company Contact Person
• 7,448,601 (dollar_amount) — Outstanding shares of common stock
• Nasdaq Capital Market (company) — Exchange on which registered

FAQ

Industry Context

OceanPal Inc. operates in the deep-sea foreign transportation of freight industry, which involves the shipping of goods via ocean vessels.

Regulatory Implications

As a foreign private issuer, OceanPal Inc. is subject to SEC reporting requirements under the Securities Exchange Act of 1934, including the filing of annual reports on Form 20-F.

What Investors Should Do

1. Thoroughly review the financial statements and management's discussion and analysis (MD&A) within the 20-F for detailed insights into OceanPal Inc.'s financial performance.
2. Examine the risk factors section to understand potential challenges and uncertainties facing the company.
3. Monitor future SEC filings and company announcements for updates on operational performance, fleet status, and market conditions.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual report.
• 2024-04-15: Filing Date — Date the Form 20-F was filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 20-F for the fiscal year 2023, following the company's reporting obligations.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value including the Preferred Stock

Filing Documents

• ef20015286_20f.htm (20-F) — 2923KB
• ef20015286_ex2-4.htm (EX-2.4) — 82KB
• ef20015286_ex2-5.htm (EX-2.5) — 81KB
• ef20015286_ex2-10.htm (EX-2.10) — 100KB
• ef20015286_ex4-2.htm (EX-4.2) — 140KB
• ef20015286_ex4-9.htm (EX-4.9) — 82KB
• ef20015286_ex4-10.htm (EX-4.10) — 22KB
• ef20015286_ex4-11.htm (EX-4.11) — 8KB
• ef20015286_ex12-1.htm (EX-12.1) — 11KB
• ef20015286_ex12-2.htm (EX-12.2) — 11KB
• ef20015286_ex13-1.htm (EX-13.1) — 5KB
• ef20015286_ex13-2.htm (EX-13.2) — 5KB
• ef20015286_ex15-1.htm (EX-15.1) — 3KB
• ef20015286_ex15-2.htm (EX-15.2) — 3KB
• ef20015286_ex97-1.htm (EX-97.1) — 71KB
• image01.jpg (GRAPHIC) — 4KB
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• image14.jpg (GRAPHIC) — 48KB
• 0001140361-24-019755.txt (&nbsp;) — 14735KB
• op-20231231.xsd (EX-101.SCH) — 96KB
• op-20231231_cal.xml (EX-101.CAL) — 57KB
• op-20231231_def.xml (EX-101.DEF) — 676KB
• op-20231231_lab.xml (EX-101.LAB) — 1023KB
• op-20231231_pre.xml (EX-101.PRE) — 816KB
• ef20015286_20f_htm.xml (XML) — 1290KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No TABLE OF CONTENTS Page

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2 PART I. 4

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 4

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 4

Key Information

Item 3. Key Information 4

Information on the Company

Item 4. Information on the Company 34

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 54

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 54

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 65

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 70

Financial information

Item 8. Financial information 73

The Offer and Listing

Item 9. The Offer and Listing 74

Additional Information

Item 10. Additional Information 75

Quantitative and Qualitative Disclosures about Market Risk

Item 11. Quantitative and Qualitative Disclosures about Market Risk 83

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 83 PART II. 84

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 84

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 84

Controls and Procedures

Item 15. Controls and Procedures 84

[Reserved]

Item 16. [Reserved] 85

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 85

Code of Ethics

Item 16B. Code of Ethics 85

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 85

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 86

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 86 Item16F. Change in Registrant's Certifying Accountant 86

Corporate Governance

Item 16G. Corporate Governance 86

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 87

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 87

Insider Trading Policies

Item 16J. Insider Trading Policies 87

Cybersecurity

Item 16K. Cybersecurity 87 PART III 88

Financial Statements

Item 17. Financial Statements 88

Financial Statements

Item 18. Financial Statements 88

Exhibits

Item 19. Exhibits 88 -i- Table of Contents

FORWARD-LOOKING STATEMENTS

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, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions and other statements, which are other than statements of historical facts. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection therewith. This document and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe", "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "targets," "likely," "would," "could," "seeks," "continue," "possible," "might," "pending," and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in its records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Such statements reflect our current views with respect to future event

Risk Factors

Risk Factors The following risks relate principally to the industry in which we operate and our business in general. Other risks relate principally to the securities market and ownership of our securities. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results, cash available for the payment of dividends on our securities, or the trading price of our common shares. Summary of Risk Factors The following is a summary of the risk factors which are described in further detail in this section. Risks Relating to our Industry Charter hire rates for dry bulk vessels are volatile and have fluctuated significantly in the past years , which may adversely affect our business, financial condition, operating results and our ability to comply with loan covenants in any future borrowing facilities we may enter into. The current state of the global financial markets and current economic conditions may adversely impact our results of operations, cash flows, and ability to obtain future financing or refinance any future credit facilities on acceptable terms, or at all, which may negatively impact our business. An oversupply of vessel capacity in the dry bulk shipping market in which we operate may depress charter rates when they occur, which may limit our ability to operate our vessels profitably. The dry bulk vessel charter market is highly volatile and this may have an adverse effect on our revenues, earnings and profitability. Global economic conditions may continue to negatively impact the dry bulk shipping industry. Risks associated with operating ocean-going vessels could affect our business and reputation, which could have a material adverse effect on our operating results and financial condition. 4 Table of Contents Geopolitical conditions, such as political instability, terrorist or other attacks, war, international hostilities, economic sanctions restrictions

Risk Factors

Risk Factors Risks Relating to our Industry Charter hire rates for dry bulk vessels are volatile and have fluctuated significantly in the past years, which may adversely affect our business, financial condition, operating results and our ability to comply with loan covenants in any future borrowing facilities we may enter into. Substantially all of our revenues are derived from a single market, the dry bulk market, and therefore our operating results are dependent on the cyclicality of the dry bulk shipping industry and any attendant volatility in charter rates. The degree of charter hire rate volatility among different types of dry bulk vessels has varied widely, and time charter and spot market rates for dry bulk vessel have in the recent past declined below the operating costs of vessels. When we charter our vessels pursuant to time charter trips with short to medium duration or spot charters, we are exposed to changes in the spot market and short to medium term charter market for dry bulk carriers and such changes may affect our earnings and the value of our dry bulk carriers at any given time. We cannot assure you that we will be able to successfully charter our vessels in the future or renew existing charters at rates sufficient to allow us to meet our obligations or pay any dividends in the future. Fluctuations in charter rates result mainly from changes in the supply of and demand for vessel capacity and changes in the supply of and demand for the major commodities carried by water internationally. Because the factors affecting the supply of and demand for vessels are outside of our control and are unpredictable, the nature, timing, direction and degree of changes in industry conditions are also unpredictable. A significant decrease in charter rates would adversely affect our operating results, cash flows and may cause vessel values to decline, and, as a result, we may have to record an impairment charge in our consolidated financial statements which coul

View Full Filing

View this 20-F filing on SEC EDGAR