OceanPal Inc. Reports Q1 2024 Financial Results

TL;DR

OceanPal dropped its Q1 2024 earnings report today, check the numbers.

AI Summary

OceanPal Inc. filed a Form 6-K on June 6, 2024, to announce its financial results for the first quarter ended March 31, 2024. This report incorporates a press release dated June 6, 2024, detailing these results. The filing also references the company's existing registration statements on Form F-3.

Why It Matters

This filing provides investors with the latest financial performance data for OceanPal Inc., crucial for assessing the company's current health and future prospects in the shipping industry.

Risk Assessment

Risk Level: medium — The filing concerns financial results, which can introduce volatility and risk depending on the performance reported.

Key Players & Entities

• OceanPal Inc. (company) — Registrant
• June 6, 2024 (date) — Filing and press release date
• March 31, 2024 (date) — End of first quarter reporting period
• Form 6-K (document) — Type of SEC filing
• Form F-3 (document) — Incorporated registration statements

FAQ

Key Financial Figures

• $5.7 m — today reported time charter revenues of $5.7 million, net loss of $1.3 million and net
• $1.3 million — r revenues of $5.7 million, net loss of $1.3 million and net loss attributed to common stock
• $1.7 million — ss attributed to common stockholders of $1.7 million for the first quarter of 2024. This com
• $3.9 m — is compares to time charter revenues of $3.9 million, net income of $88 thousand and n
• $88 thousand — revenues of $3.9 million, net income of $88 thousand and net loss attributed to common stock
• $472 thousand — ss attributed to common stockholders of $472 thousand for the first quarter of 2023. -1- F
• $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 2004 73,630 $13,000 5.00% CHINA RESOURCE CHARTERING LIMIT
• $10,250 — 14-Apr-24 13-Jul-24 2 2 CALIPSO A $10,250 5.00% COFCO INTERNATIONAL FREIGHT(S)
• $12,500 — . 05-Nov-23 24-Feb-2024 2005 73,691 $12,500 5.00% HMM CO., LTD. 24-Feb-2024 28-
• $13,250 — MM CO., LTD. 24-Feb-2024 28-Mar-2024 $13,250 5.00% COFCO INTERNATIONAL FREIGHT SA
• $11,850 — SA 06-Apr-2024 05-Jul-2024 3 MELIA $11,850 5.00% LOUIS DREYFUS COMPANY FREIGHT A
• $12,100 — D 12-Dec-23 06-Feb-2024 2005 76,225 $12,100 5.00% ASL BULK SHIPPING LIMITED 06-F
• $15,250 — SHIPPING LIMITED 06-Feb-24 27-Apr-24 $15,250 5.00% OLDENDORFF CARRIERS GMBH & CO.
• $14,500 — esize Bulk Carriers 4 SALT LAKE CITY $14,500 5.00% FIVE OCEAN CORPORATION 26-Sep-

Filing Documents

• d11068512_6-k.htm (6-K) — 191KB
• 0000919574-24-003523.txt ( ) — 192KB

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: June 6, 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 FIRST QUARTER ENDED MARCH 31, 2024 ATHENS, GREECE, June 6, 2024 – OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $5.7 million, net loss of $1.3 million and net loss attributed to common stockholders of $1.7 million for the first quarter of 2024. This compares to time charter revenues of $3.9 million, net income of $88 thousand and net loss attributed to common stockholders of $472 thousand for the first quarter of 2023. -1- Fleet Employment Profile (As of June 5, 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 FREIGHT ASIA PTE LTD 12-Sep-23 09-Apr-24 1 2004 73,630 $13,000 5.00% CHINA RESOURCE CHARTERING LIMITED 14-Apr-24 13-Jul-24 2 2 CALIPSO A $10,250 5.00% COFCO INTERNATIONAL FREIGHT(S) PTE. LTD. 05-Nov-23 24-Feb-2024 2005 73,691 $12,500 5.00% HMM CO., LTD. 24-Feb-2024 28-Mar-2024 $13,250 5.00% COFCO INTERNATIONAL FREIGHT SA 06-Apr-2024 05-Jul-2024 3 MELIA $11,850 5.00% LOU

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 strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, change

View Full Filing

View this 6-K filing on SEC EDGAR