OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024

ATHENS, Greece, Dec. 20, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported vessel revenues of $7.5 million, a net loss of $0.2 million and net loss attributed to common stockholders of $0.6 million for the third quarter of 2024. This compares to vessel revenues of $3.9 million, a net loss of $3.4 million and net loss attributed to common stockholders of $3.9 million for the third quarter of 2023.

For the nine months ended September 30, 2024, the Company reported vessel revenues of $19.9 million, a net loss of $9.7 million and net loss attributed to common stockholders of $10.9 million. This compares to vessel revenues of $13.1 million, a net loss of $2.0 million and net loss attributed to common stockholders of $3.9 million for the nine months ended September 30, 2023.

Fleet Employment Profile (As of December 19, 2024)

OceanPal Inc.’s fleet is employed as follows:

_{¹ Redelivery date on an estimated time charter trip duration of about 20 days.
² Redelivery date on an estimated time charter trip duration of about 117 days.
³ Currently without an active charterparty. Vessel on scheduled drydocking.
⁴ Redelivery date on an estimated time charter trip duration of about 40 days.
⁵ Vessel has been sold and delivered to her new Owners on November 19, 2024.
⁶ Vessel on scheduled drydocking from October 15, 2024 until December 13, 2024.
⁷ Currently without an active charterparty.}

Non-GAAP Measures

About the Company

OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products. OceanPal’s fleet is primarily employed on time charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.

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 and petroleum products 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, 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)

*The balance sheet data have been derived from the audited consolidated financial statements at that date.

CONTACT: 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