OceanPal Inc. Reports Q4 and FY 2023 Financial Results

TL;DR

OceanPal dropped its Q4 and full-year 2023 earnings report on 4/11.

AI Summary

OceanPal Inc. filed a Form 6-K on April 11, 2024, to announce its financial results for the fourth quarter and full year ended December 31, 2023. This report incorporates a press release dated April 11, 2024, detailing these results. The filing also references the company's registration statements on Form F-3.

Why It Matters

This filing provides investors with the latest financial performance data for OceanPal Inc., crucial for understanding the company's profitability and operational health.

Risk Assessment

Risk Level: medium — The filing is a routine financial results announcement, but the shipping industry can be volatile, impacting company performance.

Key Players & Entities

• OceanPal Inc. (company) — Registrant
• April 11, 2024 (date) — Press release and filing date
• December 31, 2023 (date) — Fiscal year end
• Form 6-K (document) — Filing type
• Form F-3 (document) — Incorporated registration statements

FAQ

Key Financial Figures

• $5.8 m — today reported time charter revenues of $5.8 million, net income of $58 thousand and a
• $58 thousand — revenues of $5.8 million, net income of $58 thousand and a net loss attributed to common sto
• $2.8 million — ss attributed to common stockholders of $2.8 million for the fourth quarter of 2023. This co
• $5.7 m — is compares to time charter revenues of $5.7 million, a net loss of $2.5 million and n
• $2.5 million — revenues of $5.7 million, a net loss of $2.5 million and net loss attributed to common stock
• $3.0 million — ss attributed to common stockholders of $3.0 million for the fourth quarter of 2022. For th
• $19.0 m — mpany reported time charter revenues of $19.0 million, a net loss of $2.0 million and a
• $2.0 million — evenues of $19.0 million, a net loss of $2.0 million and a net loss attributed to common sto
• $6.7 million — ss attributed to common stockholders of $6.7 million. This compares to time charter revenues
• $19.1 m — is compares to time charter revenues of $19.1 million, net loss for the year ended Dece
• $326 — or the year ended December 31, 2022, of $326 thousand, and net loss attributed to co
• $2.7 million — ss attributed to common stockholders of $2.7 million. -1- Fleet Employment Profile (As of
• $10,500 — 3 Panamax Bulk Carriers 1 PROTEFS A $10,500 5.00% LOUIS DREYFUS COMPANY FREIGHT A
• $13,000 — 12-Sep-23 09-Apr-24 1,2 2004 73,630 $13,000 5.00% CHINA RESOURCE CHARTERTING LIMI
• $11,000 — -Apr-24 13-Jul-24 3,4 2 CALIPSO A $11,000 5.00% OLDENDORFF CARRIERS DENMARK APS

Filing Documents

• d11027752_6-k.htm (6-K) — 271KB
• 0000919574-24-002481.txt ( ) — 272KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. OCEANPAL INC. (registrant) Dated: April 11, 2024 By: /s/ Vasiliki Plousaki Vasiliki Plousaki Chief Financial Officer Exhibit 99.1 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 For Immediate Release Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net OCEANPAL INC. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2023 ATHENS, GREECE, April 11, 2024 – OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $5.8 million, net income of $58 thousand and a net loss attributed to common stockholders of $2.8 million for the fourth quarter of 2023. This compares to time charter revenues of $5.7 million, a net loss of $2.5 million and net loss attributed to common stockholders of $3.0 million for the fourth quarter of 2022. For the year ended December 31, 2023, the Company reported time charter revenues of $19.0 million, a net loss of $2.0 million and a net loss attributed to common stockholders of $6.7 million. This compares to time charter revenues of $19.1 million, net loss for the year ended December 31, 2022, of $326 thousand, and net loss attributed to common stockholders of $2.7 million. -1- Fleet Employment Profile (As of April 10, 2024) OceanPal Inc.'s fleet is employed as follows: Vessel Sister Ships* Gross Rate (USD/Day) Com** Charterers Delivery Date to Charterers*** Redelivery Date to Owners**** Notes BUILT DWT 3 Panamax Bulk Carriers 1 PROTEFS A $10,500 5.00% LOUIS DREYFUS COMPANY FRE

Forward Looking Statements

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 continuing impacts of the COVID-19 pandemic, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes

View Full Filing

View this 6-K filing on SEC EDGAR