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OCEANPAL INC.
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(registrant)
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Dated: August 7, 2024
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By:
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/s/ Vasiliki Plousaki
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Vasiliki Plousaki
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Chief Financial Officer
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Corporate Contact:
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Margarita Veniou
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Chief Corporate Development & Governance Officer and Secretary
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Telephone: +30-210-9485-360
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Email: [email protected]
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Website: www.oceanpal.com
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X: @OceanPal_Inc
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: [email protected]t
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Vessel
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Sister Ships*
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Gross Rate (USD/Day)
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Com**
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Charterers
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Delivery Date to Charterers***
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Redelivery Date to Owners****
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Notes
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BUILT DWT
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3 Panamax Bulk Carriers
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1
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PROTEFS
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A
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$10,500
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5.00%
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LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
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12-Sep-23
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09-Apr-24
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1
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2004 73,630
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$13,000
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5.00%
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CHINA RESOURCE CHARTERING LIMITED
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14-Apr-24
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14-Jul-24
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$8,600
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5.00%
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BG SHIPPING (SINGAPORE) PTE. LTD.
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14-Jul-24
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14-Aug-24
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2
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2
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CALIPSO
2005 73,691
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A
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$13,250
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5.00%
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COFCO INTERNATIONAL FREIGHT SA
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06-Apr-24
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03-Aug-24
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3
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3
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MELIA
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$15,250
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5.00%
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OLDENDORFF CARRIERS GMBH & CO. KG
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01-May-24
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04-Aug-24
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2005 76,225
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$11,750
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5.00%
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CHINA RESOURCE CHARTERING LIMITED
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04-Aug-24
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12-Nov-24
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4
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2 Capesize Bulk Carriers
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4
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SALT LAKE CITY
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$15,150
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5.00%
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DEYESION SHIPPING & TRADING COMPANY LIMITED
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06-Feb-24
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01-Jun-24
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2005 171,810
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$23,000
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5.00%
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01-Jun-24
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27-Jul-24
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$19,000
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5.00%
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27-Jul-24
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05-Sep-24
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5
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5
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BALTIMORE
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$13,500
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5.00%
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RICHLAND BULK PTE. LTD.
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18-Nov-23
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02-May-24
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6
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2005 177,243
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$22,000
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5.00%
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09-May-24
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15-Sep-24 – 15-Nov-24
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7
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1 MR2 Tanker
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6
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ZEZE START
2009 49,999
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-
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-
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-
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-
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-
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8
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* |
Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
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** |
Total commission percentage paid to third parties.
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*** |
In case of newly acquired vessel with new time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
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**** |
Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the
particular charterparty.
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Summary of Selected Financial & Other Data
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Three months ended June 30,
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Six months ended June 30,
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2024
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2023
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2024
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2023
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
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Time charter revenues
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$
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6,737
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$
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5,395
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$
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12,424
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$
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9,283
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Voyage expenses
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826
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704
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1,417
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1,276
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Vessel operating expenses
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2,859
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2,485
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5,580
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5,036
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Net (loss)/income and comprehensive (loss)/income
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(8,205)
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1,259
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(9,511)
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1,347
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Net (loss)/income and comprehensive (loss)/income attributed to common stockholders
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(8,623)
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483
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(10,321)
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24
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FLEET DATA
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Average number of vessels
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5.0
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5.0
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5.0
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4.8
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Number of vessels
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5.0
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5.0
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5.0
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5.0
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Weighted average age of vessels
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19.3
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18.3
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19.3
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18.3
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Ownership days
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455
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455
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910
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867
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Available days
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448
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455
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903
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847
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Operating days
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433
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455
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884
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840
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Fleet utilization
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96.7%
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100.0%
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97.9%
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99.2%
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AVERAGE DAILY RESULTS (in US Dollars)
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Time charter equivalent (TCE) rate (1)
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$
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13,194
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$
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10,310
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$
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12,189
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$
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9,453
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Daily vessel operating expenses (2)
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$
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6,284
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$
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5,462
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$
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6,132
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$
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5,809
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(1) |
Time charter equivalent rates, or TCE rates, are defined as time charter revenues less voyage expenses during a period divided by the number of Available days during the period, which
is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily
to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while
charter hire rates for vessels on time charters are generally expressed in such amounts.
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(2) |
Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable
stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
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OCEANPAL INC.
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FINANCIAL TABLES
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Expressed in thousands of U.S. Dollars, except for share and per share data
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME
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Three months ended June 30,
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Six months ended June 30,
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2024
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2023
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2024
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2023
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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REVENUES:
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Time charter revenues
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$
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6,737
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$
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5,395
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$
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12,424
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$
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9,283
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EXPENSES:
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Voyage expenses
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826
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704
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1,417
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1,276
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Vessel operating expenses
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2,859
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2,485
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5,580
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5,036
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Depreciation and amortization of deferred charges
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1,561
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2,149
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3,444
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4,042
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General and administrative expenses
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1,652
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1,384
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3,287
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2,609
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Management fees to related parties
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315
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315
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630
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606
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Impairment loss
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1,087
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-
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1,087
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-
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Other operating loss
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6,761
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14
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6,746
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17
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Operating loss
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$
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(8,324)
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$
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(1,656)
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$
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(9,767)
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$
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(4,303)
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Change in fair value of warrants’ liability
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-
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2,757
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-
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6,335
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Finance costs
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-
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10
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-
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(901)
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Loss on equity method investment
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(10)
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-
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(15)
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-
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Other income
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8
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-
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15
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-
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Interest income
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121
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148
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256
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216
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Net (loss)/income and comprehensive (loss)/income
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$
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(8,205)
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$
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1,259
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$
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(9,511)
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$
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1,347
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Less: Deemed dividend upon redemption of Series D preferred stock
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-
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(154)
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(2)
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(154)
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Less: Dividends on Series C preferred stock
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(177)
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(306)
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(327)
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(575)
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Less: Dividends on Series D preferred stock
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(241)
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(301)
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(481)
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(592)
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Less: Undistributed earnings on class A warrants
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-
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(15)
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-
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(2)
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Net (loss)/income attributed to common stockholders
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$
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(8,623)
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$
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483
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$
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(10,321)
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$
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24
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(Loss)/Earnings per common share, basic
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$
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(1.16)
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$
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0.27
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$
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(1.39)
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$
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0.02
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Loss per common share, diluted
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$
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(1.16)
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$
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(1.12)
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$
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(1.39)
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$
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(4.49)
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Weighted average number of common shares, basic
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7,451,977
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1,794,623
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7,451,646
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1,362,644
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Weighted average number of common shares, diluted
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7,451,977
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1,875,149
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7,451,646
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1,405,001
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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(in thousands of U.S. Dollars)
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June 30, 2024
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December 31, 2023*
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ASSETS
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(unaudited)
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Cash and cash equivalents
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$
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10,801
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$
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14,841
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Other current assets
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23,154
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5,203
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Vessels, net
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49,452
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71,100
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Other non-current assets
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3,034
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3,701
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Total assets
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$
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86,441
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$
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94,845
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Liabilities
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$
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2,742
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$
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2,286
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Total stockholders' equity
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83,699
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92,559
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Total liabilities and stockholders' equity
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$
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86,441
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$
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94,845
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OTHER FINANCIAL DATA
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Three months ended June 30,
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Six months ended June 30,
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2024
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2023
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2024
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2023
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Net cash (used in)/provided by operating activities
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$
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(4,219)
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$
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(91)
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(3,299)
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555
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Net cash used in investing activities
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$
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-
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$
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(41)
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-
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(4,098)
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Net cash (used in)/provided by financing activities
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$
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(391)
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$
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(622)
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(741)
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12,692
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