OceanPal Inc. Reports Financial Results for the First Quarter Ended March 31, 2023
13 Juni 2023 - 3:10PM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported
net income of $88 thousand and net loss attributed to common
stockholders of $472 thousand for the first quarter of 2023. Time
charter revenues for the same period were $3.9 million. This
compares to net income of $414 thousand and net loss attributed to
common stockholders of $510 thousand for the first quarter of 2022.
Time charter revenues for the same period were $3.7 million.
|
Fleet Employment Profile (As of June 12,
2023) |
|
OceanPal Inc.’s fleet is employed as follows: |
|
VesselBUILT DWT |
Sister Ships* |
Gross Rate (USD/Day) |
Com** |
Charterers |
Delivery Date to Charterers*** |
Redelivery Date to Owners**** |
Notes |
|
|
|
|
|
|
|
|
|
|
3 Panamax Bulk Carriers |
1 |
PROTEFS |
A |
$7,000 |
5.00% |
GUO LONG XIANG LIMITED |
18-Dec-22 |
24-Jan-23 |
|
|
2004 73,630 |
$11,640 |
5.00% |
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD |
24-Jan-23 |
30-May-23 |
1 |
|
|
$7,000 |
5.00% |
REFINED SUCCESS LIMITED |
30-May-23 |
29-Jun-23 - 3-Aug-23 |
|
2 |
CALIPSO |
A |
$15,250 |
5.00% |
Al Ghurair Resources International LLC |
03-Nov-22 |
25-Jan-23 |
|
|
2005 73,691 |
$8,000 |
5.00% |
NORVIC SHIPPING ASIA PTE. LTD. |
26-Jan-23 |
02-Mar-23 |
2 |
|
|
$11,000 |
5.00% |
LIANYI SHIPPING LIMITED |
26-Mar-23 |
26-Apr-23 |
|
|
|
$11,000 |
5.00% |
CAMBRIAN BULK LIMITED |
26-Apr-23 |
07-Jun-23 |
|
|
|
$6,250 |
5.00% |
ORIENTAL PAL SHIPPING PTE., LTD |
07-Jun-23 |
07-Jul-23 - 12-Jul-23 |
3 |
3 |
MELIA |
|
$6,300 |
5.00% |
GUO LONG XIANG LIMITED |
10-Feb-23 |
18-Mar-23 |
|
|
2005 76,225 |
|
$13,800 |
5.00% |
TRANSPOWER MARINE PTE. LTD. |
18-Mar-23 |
09-Apr-23 |
|
|
|
|
$14,000 |
5.00% |
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD |
09-Apr-23 |
07-Aug-23 - 24-Oct-23 |
|
|
2 Capesize Bulk Carriers |
4 |
SALT LAKE CITY |
|
$10,000 |
5.00% |
Oldendorff GmbH & Co. KG |
20-Dec-22 |
26-Feb-23 |
|
|
2005 171,810 |
|
$5,100 |
5.00% |
RICHLAND BULK PTE. LTD. |
26-Feb-23 |
24-Apr-23 |
|
|
|
|
$15,400 |
5.00% |
PACBULK SHIPPING PTE. LTD. |
24-Apr-23 |
23-Jun-23 - 29-Jul-23 |
|
5 |
BALTIMORE |
|
$12,900 |
5.00% |
Enesel Bulk Logistics DMCC |
03-Nov-22 |
07-Feb-23 |
|
|
2005 177,243 |
|
$13,300 |
5.00% |
Koch Shipping Pte. LTD., Singapore |
08-Feb-23 |
08-Jul-23 - 23-Oct-23 |
|
|
* Each dry bulk
carrier is a “sister ship”, or closely similar, to other dry bulk
carriers that have the same letter. |
** Total commission
percentage paid to third parties. |
*** 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. |
**** 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. |
1 The charter rate
is US$5,500 per day for the first 32 days of the charter
period. |
2 Vessel on
scheduled drydocking from March 05, 2023 to March 22, 2023. |
3 Redelivery date
based on an estimated time charter trip duration of about 30-35
days. |
Summary of Selected Financial & Other
Data |
|
|
|
Three months
ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(unaudited) |
|
|
(unaudited) |
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
Time charter revenues |
$ |
3,888 |
|
|
$ |
3,680 |
|
|
Voyage expenses |
|
572 |
|
|
|
207 |
|
|
Vessel operating expenses |
|
2,551 |
|
|
|
1,285 |
|
|
Net income and comprehensive income |
|
88 |
|
|
|
414 |
|
|
Net loss attributed to common stockholders |
|
(472 |
) |
|
|
(510 |
) |
FLEET DATA |
|
|
Average number of vessels |
|
4.6 |
|
|
|
3.0 |
|
|
Number of vessels |
|
5.0 |
|
|
|
3.0 |
|
|
Weighted average age of vessels |
|
18.0 |
|
|
|
16.9 |
|
|
Ownership days |
|
412 |
|
|
|
270 |
|
|
Available days |
|
392 |
|
|
|
270 |
|
|
Operating days |
|
385 |
|
|
|
257 |
|
|
Fleet utilization |
|
98.2 |
% |
|
|
95.1 |
% |
AVERAGE DAILY RESULTS (in US Dollars) |
|
Time charter equivalent (TCE) rate (1) |
$ |
8,459 |
|
|
$ |
12,863 |
|
|
Daily vessel operating expenses (2) |
$ |
6,192 |
|
|
$ |
4,759 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
(1) |
|
Time charter equivalent rates, or TCE rates, are defined as our
time charter revenues less voyage expenses during a period divided
by the number of our 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. |
|
|
|
(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. |
|
|
|
About the Company
OceanPal Inc. is a global provider of shipping
transportation services through its ownership of vessels. The
Company’s vessels currently transport a range of dry bulk cargoes,
including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes and it is expected that
the Company’s vessels will be primarily employed on short term time
and voyage charters following the completion of their current
employments.
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 in demand for dry bulk shipping
capacity, changes in the Company’s operating expenses, including
bunker prices, drydocking and insurance costs, the market for the
Company’s vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, including risks associated with the continuing conflict
between Russia and Ukraine and related sanctions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see the Company’s filings with the U.S. Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties. The Company undertakes no obligation
to revise or update any forward-looking statement, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
(See financial tables attached)
OCEANPAL INC. |
|
|
|
|
|
FINANCIAL TABLES |
|
|
|
|
|
Expressed in
thousands of U.S. Dollars, except share and per share data |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS) |
|
|
Three months
ended March 31, |
|
|
2023 |
|
|
2022 |
|
|
(unaudited) |
|
|
(unaudited) |
REVENUES: |
|
|
|
|
|
Time charter revenues |
$ |
3,888 |
|
|
$ |
3,680 |
|
EXPENSES: |
|
|
|
|
|
Voyage
expenses |
|
572 |
|
|
|
207 |
|
Vessel
operating expenses |
|
2,551 |
|
|
|
1,285 |
|
Depreciation
and amortization of deferred charges |
|
1,893 |
|
|
|
1,006 |
|
General and
administrative expenses |
|
1,225 |
|
|
|
558 |
|
Management
fees to related parties |
|
291 |
|
|
|
210 |
|
Other
operating loss |
|
3 |
|
|
|
- |
|
Operating (loss)/income |
$ |
(2,647 |
) |
|
$ |
414 |
|
Change in
fair value of warrant liability |
|
3,578 |
|
|
|
- |
|
Finance
costs |
|
(911 |
) |
|
|
- |
|
Interest
income |
|
68 |
|
|
|
- |
|
Net
income and comprehensive income |
$ |
88 |
|
|
$ |
414 |
|
Less:
Dividends on series C preferred shares |
|
(269 |
) |
|
|
(200 |
) |
Less:
Dividends on series D preferred shares |
|
(291 |
) |
|
|
- |
|
Less:
Dividends on class A warrants |
|
- |
|
|
|
(724 |
) |
Net
loss attributed to common stockholders |
$ |
(472 |
) |
|
$ |
(510 |
) |
Loss
per common share, basic* |
$ |
(0.51 |
) |
|
$ |
(4.74 |
) |
Loss
per common share, diluted* |
$ |
(0.51 |
) |
|
$ |
(4.74 |
) |
Weighted average number of common shares,
basic* |
|
925,866 |
|
|
|
107,536 |
|
Weighted average number of common shares,
diluted* |
|
925,866 |
|
|
|
107,536 |
|
* Financial information adjusted to give effect
to the 1-for-10 and the 1-for-20 reverse stock splits that
became effective on December 22, 2022, and June 8, 2023,
respectively.
|
CONDENSED
CONSOLIDATED BALANCE SHEET DATA |
(in thousands of U.S. Dollars) |
|
|
|
March 31, 2023 |
|
|
December 31, 2022** |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
18,357 |
|
$ |
8,454 |
Other current assets |
|
4,637 |
|
|
5,717 |
Vessels, net |
|
75,923 |
|
|
63,672 |
Other non-current assets |
|
1,271 |
|
|
1,175 |
Total assets |
$ |
100,188 |
|
$ |
79,018 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
$ |
6,938 |
|
$ |
2,459 |
Total stockholders' equity |
|
93,250 |
|
|
76,559 |
Total liabilities and stockholders' equity |
$ |
100,188 |
|
$ |
79,018 |
**The balance sheet data have been derived from
the audited consolidated financial statements at that date.
|
OTHER
FINANCIAL DATA (unaudited) |
|
|
|
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Net cash (used in)/provided by operating activities |
$ |
(265 |
) |
|
$ |
2,012 |
|
Net cash used in investing activities |
$ |
(4,057 |
) |
|
$ |
- |
|
Net cash provided by financing activities |
$ |
14,225 |
|
|
$ |
14,626 |
Corporate Contact:
Margarita Veniou
Chief Corporate Development & Governance Officer
and Secretary
Telephone: +30-210-9485-360
Email:mveniou@oceanpal.com
Website:www.oceanpal.com
Twitter:@OceanPal_Inc
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:enebb@optonline.net
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