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.
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 FREIGHT ASIA PTE LTD |
12-Sep-23 |
09-Apr-24 |
1,2 |
|
2004 73,630 |
|
$13,000 |
5.00% |
CHINA RESOURCE CHARTERTING LIMITED |
14-Apr-24 |
13-Jul-24 |
3,4 |
2 |
CALIPSO |
A |
$11,000 |
5.00% |
OLDENDORFF CARRIERS DENMARK APS |
28-Sep-23 |
05-Nov-23 |
|
|
2005 73,691 |
$10,250 |
5.00% |
COFCO INTERNATIONAL FREIGHT(S) PTE. LTD. |
05-Nov-23 |
24-Feb-2024 |
|
|
|
|
$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 |
|
$6,250 |
5.00% |
ASL BULK SHIPPING LIMITED |
26-Aug-23 |
09-Nov-23 |
|
|
2005 76,225 |
|
$9,500 |
5.00% |
FORTUNE OCEAN MARINE PTE. LTD. |
09-Nov-23 |
12-Dec-23 |
|
|
|
|
$11,850 |
5.00% |
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD |
12-Dec-23 |
06-Feb-2024 |
|
|
|
|
$12,100 |
5.00% |
ASL BULK SHIPPING LIMITED |
06-Feb-24 |
25-Apr-24 |
5,6 |
|
2 Capesize Bulk Carriers |
|
4 |
SALT LAKE CITY |
|
$14,500 |
5.00% |
FIVE OCEAN CORPORATION |
26-Sep-23 |
06-Feb-2024 |
|
|
2005 171,810 |
|
$15,150 |
5.00% |
DEYESION SHIPPING & TRADING COMPANY LIMITED |
06-Feb-2024 |
05-May-24 – 05-Jul-24 |
|
5 |
BALTIMORE |
|
$20,000 |
5.00% |
RICHLAND BULK PTE. LTD. |
27-Sep-23 |
18-Nov-23 |
|
|
2005 177,243 |
|
$13,500 |
5.00% |
RICHLAND BULK PTE. LTD. |
18-Nov-23 |
20-Apr-24 – 15-May-24 |
7 |
|
|
|
|
|
|
|
|
|
* 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 Charterers will compensate the Owners at a
rate of 80% of the Baltic Panamax Index 5 TC average as published
by the Baltic Exchange on a daily basis of the vessel’s present
charter party rate, whichever is higher, for the excess period
commencing from March 25, 2024 until the actual redelivery date.
2 Currently without an active charterparty.
3 Estimated delivery date to the Charterers.
4 Redelivery date on an estimated time charter
trip duration of about 90 days.
5 Redelivery date on an estimated time charter
trip duration of about 79 days.
6 For redelivery of the vessel south of Hong
Kong, including Hong Kong, the gross rate will be $12,100/day. For
redelivery of the vessel north of Hong Kong up to Changjiangkou,
including Changjiangkou, the gross rate will be $12,500/ day. For
redelivery of the vessel north of Changjiangkou, the gross rate
will be $13,000/day.
7 Based on latest information
Summary
of Selected Financial & Other Data |
|
|
|
|
|
|
|
|
|
Three months endedDecember 31, |
|
Year endedDecember 31, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
STATEMENT OF OPERATIONS DATA (in thousands
of US Dollars) |
|
|
|
|
|
Time charter revenues |
$ |
5,808 |
|
$ |
5,724 |
|
$ |
18,957 |
|
$ |
19,085 |
|
|
Voyage
expenses |
|
637 |
|
|
2,891 |
|
|
1,940 |
|
|
3,680 |
|
|
Vessel operating
expenses |
|
1,552 |
|
|
2,234 |
|
|
10,421 |
|
|
6,880 |
|
|
Net income/(loss)
and comprehensive income/(loss) |
|
58 |
|
|
(2,488 |
) |
|
(1,977 |
) |
|
(326 |
) |
|
Net loss and
comprehensive loss attributed to common stockholders |
|
(2,842 |
) |
|
(2,995 |
) |
|
(6,707 |
) |
|
(2,674 |
) |
FLEET DATA |
|
|
|
|
|
|
Average number of
vessels |
|
5.0 |
|
|
4.0 |
|
|
4.9 |
|
|
3.3 |
|
|
Number of
vessels |
|
5.0 |
|
|
4.0 |
|
|
5.0 |
|
|
4.0 |
|
|
Weighted average
age of vessels |
|
18.8 |
|
|
17.7 |
|
|
18.8 |
|
|
17.7 |
|
|
Ownership
days |
|
460 |
|
|
368 |
|
|
1,787 |
|
|
1,197 |
|
|
Available
days |
|
460 |
|
|
368 |
|
|
1,707 |
|
|
1,154 |
|
|
Operating
days |
|
459 |
|
|
357 |
|
|
1,691 |
|
|
1,117 |
|
|
Fleet
utilization |
|
99.8 |
% |
|
97.0 |
% |
|
99.1 |
% |
|
96.8 |
% |
AVERAGE DAILY RESULTS (in US
Dollars) |
|
|
|
|
|
Time charter
equivalent (TCE) rate (1) |
$ |
11,241 |
|
$ |
7,698 |
|
$ |
9,969 |
|
$ |
13,349 |
|
|
Daily vessel
operating expenses (2) |
$ |
3,374 |
|
$ |
6,071 |
|
$ |
5,832 |
|
$ |
5,748 |
|
Non-GAAP Measures
- 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.
- 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 for share and
per share data |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/ (LOSS) |
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
5,808 |
|
$ |
5,724 |
|
$ |
18,957 |
|
$ |
19,085 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
637 |
|
|
2,891 |
|
|
1,940 |
|
|
3,680 |
|
Vessel operating expenses |
|
1,552 |
|
|
2,234 |
|
|
10,421 |
|
|
6,880 |
|
Depreciation and amortization
of deferred charges |
|
1,902 |
|
|
1,701 |
|
|
7,670 |
|
|
4,896 |
|
General and administrative
expenses |
|
1,378 |
|
|
1,122 |
|
|
5,281 |
|
|
3,083 |
|
Management fees to related
parties |
|
315 |
|
|
258 |
|
|
1,236 |
|
|
878 |
|
Other operating
loss/(income) |
|
119 |
|
|
6 |
|
|
131 |
|
|
(6 |
) |
Operating
loss |
$ |
(95 |
) |
$ |
(2,488 |
) |
$ |
(7,722 |
) |
$ |
(326 |
) |
Change in fair value of
warrants’ liability |
|
- |
|
|
- |
|
|
6,222 |
|
|
- |
|
Finance costs |
|
- |
|
|
- |
|
|
(909 |
) |
|
- |
|
Gain from equity method
investment |
|
6 |
|
|
- |
|
|
2 |
|
|
- |
|
Other income/(expenses) |
|
8 |
|
|
- |
|
|
(74 |
) |
|
- |
|
Interest income |
|
139 |
|
|
- |
|
|
504 |
|
|
- |
|
Net income/(loss) and
comprehensive income/(loss) |
$ |
58 |
|
$ |
(2,488 |
) |
$ |
(1,977 |
) |
$ |
(326 |
) |
Less: Deemed dividend upon
redemption of Series C preferred stock |
|
(2,549 |
) |
|
- |
|
|
(2,549 |
) |
|
- |
|
Less: Deemed dividend upon
redemption of Series D preferred stock |
|
- |
|
|
(134 |
) |
|
(154 |
) |
|
(134 |
) |
Less: Dividends on Series C
preferred stock |
|
(110 |
) |
|
(239 |
) |
|
(991 |
) |
|
(950 |
) |
Less: Dividends on Series D
preferred stock |
|
(241 |
) |
|
(135 |
) |
|
(1,036 |
) |
|
(252 |
) |
Less: Dividends on class A
warrants |
|
- |
|
|
- |
|
|
- |
|
|
(1,012 |
) |
Loss attributed to common stockholders |
$ |
(2,842 |
) |
$ |
(2,996 |
) |
$ |
(6,707 |
) |
$ |
|
(2,674 |
) |
Loss per common share,
basic* |
$ |
(0.42 |
) |
$ |
(13.89 |
) |
$ |
(2.02 |
) |
$ |
(17.18 |
) |
Loss per common share,
diluted* |
$ |
(0.42 |
) |
$ |
(13.89 |
) |
$ |
(3.83 |
) |
$ |
(17.18 |
) |
Weighted average
number of common shares, basic* |
|
6,813,696 |
|
|
215,677 |
|
|
3,315,519 |
|
|
155,655 |
|
Weighted average
number of common shares, diluted* |
|
6,813,696 |
|
|
215,677 |
|
|
3,372,207 |
|
|
155,655 |
|
* Financial information adjusted to give effect
to the 1-for-20 reverse stock split that became effective on June
8, 2023.
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
(in thousands of U.S.
Dollars) |
|
|
|
December 31, 2023 |
|
December 31, 2022** |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
14,841 |
$ |
8,454 |
Other current assets |
|
5,203 |
|
5,717 |
Vessels, net |
|
71,100 |
|
63,672 |
Other non-current assets |
|
3,701 |
|
1,175 |
Total
assets |
$ |
94,845 |
$ |
79,018 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Liabilities |
$ |
2,286 |
$ |
2,459 |
Total stockholders' equity |
|
92,559 |
|
76,559 |
Total
liabilities and stockholders' equity |
$ |
94,845 |
$ |
79,018 |
**The balance sheet data have been derived from the audited
consolidated financial statements at that date.
OTHER FINANCIAL
DATA |
|
|
|
|
|
|
Three months
ended December 31, |
|
Year ended
December 31, |
|
|
2023 |
|
2022 |
|
2023 |
2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Net cash provided by/(used in) by operating activities |
$ |
130 |
|
$ |
(1,310 |
) |
$ |
815 |
|
$ |
1,513 |
|
Net cash
used in investing activities |
$ |
(265 |
) |
$ |
(96 |
) |
$ |
(6,011 |
) |
$ |
(5,094 |
) |
Net cash
(used in)/provided by financing activities |
$ |
(547 |
) |
$ |
(404 |
) |
$ |
11,583 |
|
$ |
10,362 |
|
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
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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