OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported a
net loss of $3.4 million and a net loss attributed to common
stockholders of $3.9 million for the third quarter of 2023. Time
charter revenues for the same period were $3.9 million. This
compares to net income of $1.1 million and net income attributed to
common stockholders of $403 thousand for the third quarter of 2022.
Time charter revenues for the same period were $5.1 million.
Net loss for the nine months ended September 30,
2023, amounted to $2.0 million and net loss attributed to common
stockholders amounted to $3.9 million. Time charter revenues for
the same period were $13.1 million. This compares to net income for
the nine months ended September 30, 2022, of $2.2 million and net
income attributed to common stockholders of $216 thousand. Time
charter revenues for the same period were $13.4 million.
Fleet Employment Profile (As of December
4, 2023)
OceanPal Inc.’s fleet is employed as follows:
|
Vessel |
SisterShips* |
Gross Rate(USD/Day) |
Com** |
Charterers |
Delivery Date toCharterers*** |
Redelivery Date toOwners**** |
Notes |
|
BUILT |
DWT |
|
3 Panamax Bulk Carriers |
1 |
PROTEFS |
A |
$7,000 |
5.00% |
REFINED
SUCCESS LIMITED |
30-May-23 |
29-Jul-23 |
|
|
2004 |
73,630 |
$3,000 |
5.00% |
CHINALAND
SHIPPING PTE. LTD. |
01-Aug-23 |
12-Sep-23 |
|
|
|
|
$10,500 |
5.00% |
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD |
12-Sep-23 |
10-Jan-24 – 25-Mar-24 |
|
2 |
CALIPSO |
A |
$6,250 |
5.00% |
ORIENTAL
PAL SHIPPING PTE., LTD |
07-Jun-23 |
14-Jul-23 |
|
|
2005 |
73,691 |
$6,300 |
5.00% |
GUO LONG XIANG
LIMITED |
14-Jul-23 |
13-Aug-23 |
|
|
|
|
$6,000 |
5.00% |
13-Aug-23 |
28-Sep-23 |
|
|
|
|
$11,000 |
5.00% |
Oldendorff
Carriers Denmark ApS |
28-Sep-23 |
05-Nov-23 |
|
|
|
|
|
$10,250 |
5.00% |
COFCO INTERNATIONAL FREIGHT(S) PTE. LTD. |
05-Nov-23 |
03-Feb-2024 |
1 |
3 |
MELIA |
|
$14,000 |
5.00% |
LOUIS
DREYFUS COMPANY FREIGHT ASIA PTE LTD |
09-Apr-23 |
26-Aug-23 |
|
|
2005 |
76,225 |
|
$6,250 |
5.00% |
ASL BULK
SHIPPING LIMITED |
26-Aug-23 |
09-Nov-23 |
|
|
|
|
|
$9,500 |
5.00% |
FORTUNE OCEAN MARINE PTE. LTD. |
09-Nov-23 |
12-Dec-23 |
2 |
|
2 Capesize Bulk Carriers |
4 |
SALT LAKE CITY |
|
$15,400 |
5.00% |
PACBULK
SHIPPING PTE. LTD. |
24-Apr-23 |
26-Jul-23 |
3 |
|
2005 |
171,810 |
|
$14,500 |
5.00% |
FIVE OCEAN CORPORATION |
26-Sep-23 |
09-Jan-24 – 8-Apr-24 |
|
5 |
BALTIMORE |
|
|
$13,300 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
08-Feb-23 |
27-Sep-23 |
|
|
2005 |
177,243 |
|
$20,000 |
5.00% |
Richland Bulk Pte. Ltd. |
27-Sep-23 |
18-Nov-23 |
|
|
|
|
|
$13,500 |
18-Nov-23 |
15-Mar-24 – 20-May/24 |
* 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 Redelivery date on an estimated time charter
trip duration of 90 days.
2 Redelivery date on an estimated time charter
trip duration of about 33 days.
3 Vessel on scheduled drydocking from July 26,
2023 to September 26, 2023.
Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
|
|
|
Time charter revenues |
$ |
3,866 |
|
$ |
5,115 |
|
$ |
13,149 |
|
$ |
13,361 |
|
Voyage expenses |
|
27 |
|
|
192 |
|
|
1,303 |
|
|
789 |
|
Vessel operating expenses |
|
3,833 |
|
|
1,710 |
|
|
8,869 |
|
|
4,646 |
|
Net (loss)/ income and comprehensive (loss)/income |
|
(3,382 |
) |
|
1,100 |
|
|
(2,035 |
) |
|
2,162 |
|
Net (loss)/income attributed to common stockholders |
|
(3,891 |
) |
|
403 |
|
|
(3,865 |
) |
|
216 |
|
FLEET DATA |
|
|
|
|
|
Average number of vessels |
|
5.0 |
|
|
3.1 |
|
|
4.9 |
|
|
3.0 |
|
Number of vessels |
|
5.0 |
|
|
4.0 |
|
|
5.0 |
|
|
4.0 |
|
Weighted average age of vessels |
|
18.5 |
|
|
17.6 |
|
|
18.5 |
|
|
17.6 |
|
Ownership days |
|
460 |
|
|
286 |
|
|
1,327 |
|
|
829 |
|
Available days |
|
399 |
|
|
270 |
|
|
1,247 |
|
|
786 |
|
Operating days |
|
393 |
|
|
230 |
|
|
1,232 |
|
|
728 |
|
Fleet utilization |
|
98.5 |
% |
|
85.2 |
% |
|
98.8 |
% |
|
92.6 |
% |
AVERAGE DAILY RESULTS (in US Dollars) |
|
|
|
|
Time charter equivalent (TCE) rate (1) |
$ |
9,622 |
|
$ |
18,233 |
|
$ |
9,500 |
|
$ |
15,995 |
|
Daily vessel operating expenses (2) |
$ |
8,333 |
|
$ |
5,979 |
|
$ |
6,683 |
|
$ |
5,604 |
|
Non-GAAP Measures
- 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.
- 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
Russia-Ukraine conflict and related sanctions, potential disruption
of shipping routes due to accidents or political events, including
the escalation of the conflict in the Middle East, 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) (unaudited) |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
3,866 |
|
$ |
5,115 |
|
$ |
13,149 |
|
$ |
13,361 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
27 |
|
|
192 |
|
|
1,303 |
|
|
789 |
|
Vessel operating expenses |
|
3,833 |
|
|
1,710 |
|
|
8,869 |
|
|
4,646 |
|
Depreciation and amortization of deferred charges |
|
1,726 |
|
|
1,171 |
|
|
5,768 |
|
|
3,195 |
|
General and administrative expenses |
|
1,294 |
|
|
737 |
|
|
3,903 |
|
|
1,961 |
|
Management fees to related parties |
|
315 |
|
|
209 |
|
|
921 |
|
|
620 |
|
Other operating loss/(income) |
|
(5 |
) |
|
(4 |
) |
|
12 |
|
|
(12 |
) |
Operating (loss)/income |
$ |
(3,324 |
) |
$ |
1,100 |
|
$ |
(7,627 |
) |
$ |
2,162 |
|
Change in fair value of warrant liability |
|
(113 |
) |
|
- |
|
|
6,222 |
|
|
- |
|
Finance costs |
|
(8 |
) |
|
- |
|
|
(909 |
) |
|
- |
|
Other expenses |
|
(86 |
) |
|
- |
|
|
(86 |
) |
|
- |
|
Interest income |
|
149 |
|
|
- |
|
|
365 |
|
|
- |
|
Net (loss)/income and comprehensive
(loss)/income |
$ |
(3,382 |
) |
$ |
1,100 |
|
$ |
(2,035 |
) |
$ |
2,162 |
|
Less: Deemed dividend upon redemption of Series D preferred
stock |
|
- |
|
|
- |
|
|
(154 |
) |
|
- |
|
Less: Dividends on series C preferred shares |
|
(306 |
) |
|
(240 |
) |
|
(881 |
) |
|
(711 |
) |
Less: Dividends on series D preferred shares |
|
(203 |
) |
|
(117 |
) |
|
(795 |
) |
|
(117 |
) |
Less: Dividends on class A warrants |
|
- |
|
|
(145 |
) |
|
- |
|
|
(1,013 |
) |
Less: Undistributed earnings on class A warrants |
|
- |
|
|
(195 |
) |
|
- |
|
|
(105 |
) |
Net (loss)/income attributed to common
stockholders |
$ |
(3,891 |
) |
$ |
403 |
|
$ |
(3,865 |
) |
$ |
216 |
|
(Loss)/Earnings per common share, basic* |
$ |
(1.06 |
) |
$ |
2.70 |
|
$ |
(1.81 |
) |
$ |
1.59 |
|
(Loss)/Earnings per common share, diluted* |
$ |
(1.06 |
) |
$ |
1.50 |
|
$ |
(4.56 |
) |
$ |
1.59 |
|
Weighted average number of common shares,
basic* |
|
3,659,412 |
|
|
149,145 |
|
|
2,136,647 |
|
|
135,428 |
|
Weighted average number of common
shares,diluted* |
|
3,662,049 |
|
|
268,320 |
|
|
2,212,231 |
|
|
135,428 |
|
* 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) |
|
|
|
September 30, 2023 |
|
December 31, 2022** |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
15,523 |
$ |
8,454 |
Other current
assets |
|
4,886 |
|
5,717 |
Vessels, net |
|
72,672 |
|
63,672 |
Other non-current
assets |
|
4,125 |
|
1,175 |
Total assets |
$ |
97,206 |
$ |
79,018 |
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Liabilities |
$ |
4,892 |
$ |
2,459 |
Total stockholders'
equity |
|
92,314 |
|
76,559 |
Total liabilities and stockholders' equity |
$ |
97,206 |
$ |
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 September 30, |
|
Nine months ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net cash provided by operating activities |
$ |
130 |
|
$ |
449 |
|
$ |
685 |
|
$ |
2,823 |
|
Net cash
used in investing activities |
$ |
(1,648 |
) |
$ |
(220 |
) |
$ |
(5,746 |
) |
$ |
(4,998 |
) |
Net cash
(used in)/provided by financing activities |
$ |
(562 |
) |
$ |
(954 |
) |
$ |
12,130 |
|
$ |
10,766 |
|
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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