OceanPal Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2022
30 Marzo 2023 - 7:18AM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported a
net loss of $2.5 million and a net loss attributed to common
stockholders of $3.0 million for the fourth quarter of 2022. Time
charter revenues for the same period were $5.7 million. This
compares to net income of $143 thousand and net income attributed
to common stockholders of $74 thousand for the fourth quarter of
2021. Time charter revenues for the same period were $1.3 million.
The condensed financial data of the Company for the period from
April 15, 2021 (inception) to December 31, 2021 reflect the
operation of the vessels starting from November 30, 2021.
Operations prior to the November 30, 2021, consisted primarily of
organizational expenses.
Net loss for the year ended December 31, 2022
amounted to $326 thousand and net loss attributed to common
stockholders amounted to $2.7 million. Time charter revenues for
the same period were $19.1 million. This compares to net income of
$134 thousand and net income attributed to common stockholders of
$65 thousand for the period from inception (April 15, 2021) through
December 31, 2021.
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Fleet
Employment Profile (As of March 30, 2023) |
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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 |
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BUILT DWT |
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|
|
|
|
|
|
|
3 Panamax Bulk Carriers |
1 |
PROTEFS |
A |
$16,250 |
5.00% |
Louis Dreyfus
Company Suisse S.A. |
23-Sept-22 |
24-Nov-22 |
1 |
|
2004 73,630 |
$12,000 |
5.00% |
Ssangyong C&E
Co., Ltd |
25-Nov-22 |
18-Dec-22 |
|
|
|
$7,000 |
5.00% |
GUO LONG XIANG
LIMITED |
18-Dec-22 |
24-Jan-23 |
|
|
|
$11,640 |
5.00% |
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD |
24-Jan-23 |
13-May-23 - 06-Aug-23 |
2, 3 |
2 |
CALIPSO |
A |
$19,600 |
5.00% |
ETG Commodities
Ltd. |
02-Jul-22 |
03-Nov-22 |
|
|
2005 73,691 |
$15,250 |
5.00% |
Al Ghurair Resources
International LLC |
03-Nov-22 |
25-Jan-23 |
|
|
|
$8,000 |
5.00% |
NORVIC SHIPPING ASIA
PTE. LTD. |
26-Jan-23 |
02-Mar-23 |
4 |
|
|
|
$11,000 |
5.00% |
LIANYI SHIPPING LIMITED |
26-Mar-23 |
25-Apr-23 – 30-Apr-23 |
5 |
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 |
06-Apr-23 |
6 |
|
|
|
|
|
|
|
|
|
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2 Capesize Bulk Carriers |
4 |
SALT LAKE CITY |
|
$29,750 |
5.00% |
Koch Shipping Pte. Ltd. |
09-Jun-22 |
14-Oct-22 |
|
|
2005 171,810 |
|
$13,000 |
5.00% |
Hyundai Glovis Co.,
Ltd |
14-Oct-22 |
20-Nov-22 |
|
|
|
|
$8,000 |
5.00% |
20-Nov-22 |
20-Dec-22 |
|
|
|
|
$10,000 |
5.00% |
Oldendorff GmbH
& Co. KG |
20-Dec-22 |
26-Feb-23 |
|
|
|
|
$5,100 |
5.00% |
RICHLAND BULK PTE. LTD. |
26-Feb-23 |
07-Apr-23 |
7 |
5 |
BALTIMORE |
|
$15,000 |
5.00% |
Hyundai Glovis Co., Ltd |
21-Sep-22 |
03-Nov-22 |
8 |
|
2005 177,243 |
|
$12,900 |
5.00% |
Enesel Bulk
Logistics DMCC |
03-Nov-22 |
07-Feb-23 |
|
|
|
|
$13,300 |
5.00% |
Koch Shipping Pte. LTd., Singapore |
08-Feb-23 |
08-Jul-23 - 23-Oct-23 |
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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. |
** 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.1Charterer paid an
additional one-time gross ballast bonus of $625,000.2Redelivery
date based on an estimated time charter trip duration of about
120-195 days.3The charter rate is US$5,500 per day for the first 32
days of the charter period.4Vessel on scheduled drydocking from
March 05, 2023 to March 22, 2023.5Redelivery date based on an
estimated time charter trip duration of about 30-35
days.6Redelivery date based on an estimated time charter trip
duration of about 19 days.7Redelivery date based on an estimated
time charter trip duration of about 40 days.8For the last three (3)
days of the time charter duration, the gross charter rate was
US$18,000 per day, minus a 5% commission paid to third parties, as
per the agreed charterparty, which states that for each additional
day exceeding the first forty (40) days of the time charter trip,
the gross charter hire will be US$18,000 per day. |
Summary of
Selected Financial & Other Data |
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|
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Three months ended December 31, |
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For the year ended December 31, |
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For the period from inception (April 15, 2021) to December
31, |
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|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
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STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
|
|
|
|
Time charter revenues |
$ |
5,724 |
$ |
1,334 |
$ |
19,085 |
$ |
1,334 |
|
Voyage expenses |
|
2,891 |
|
54 |
|
3,680 |
|
54 |
|
Vessel operating expenses |
|
2,234 |
|
360 |
|
6,880 |
|
360 |
|
Net income/(loss) and comprehensive income/(loss) |
|
(2,488) |
|
143 |
|
(326) |
|
134 |
|
Net income/(loss) attributed to common stockholders |
|
(2,995) |
|
143 |
|
(2,674) |
|
134 |
FLEET DATA |
|
|
|
|
|
|
Average number of vessels |
|
4 |
|
3 |
|
3.3 |
|
3 |
|
Number of vessels |
|
4 |
|
3 |
|
4 |
|
3 |
|
Weighted average age of vessels |
|
17.7 |
|
16.7 |
|
17.7 |
|
16.7 |
|
Ownership days |
|
368 |
|
96 |
|
1,197 |
|
96 |
|
Available days |
|
368 |
|
96 |
|
1,154 |
|
96 |
|
Operating days |
|
357 |
|
96 |
|
1,117 |
|
96 |
|
Fleet utilization |
|
97.0% |
|
100.0% |
|
96.8% |
|
100.0% |
AVERAGE DAILY RESULTS |
|
|
|
|
|
Time charter equivalent (TCE) rate(1) |
$ |
7,698 |
$ |
13,333 |
$ |
13,349 |
$ |
13,333 |
|
Daily vessel operating expenses(2) |
$ |
6,071 |
$ |
3,750 |
$ |
5,748 |
$ |
3,750 |
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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 severity, magnitude and
duration of the COVID-19 pandemic, including impacts of the
pandemic and of businesses’ and governments’ responses to the
pandemic on our operations, personnel, and on the demand for
seaborne transportation of bulk products; 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 |
|
|
|
|
|
|
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CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS) |
|
|
Three months
ended December 31, |
|
Year ended
December 31, |
|
Period from
inception (April 15, 2021) to December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
REVENUES: |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Time charter revenues |
$ |
5,724 |
|
$ |
1,334 |
|
$ |
19,085 |
|
$ |
1,334 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
Voyage
expenses |
|
2,891 |
|
|
54 |
|
|
3,680 |
|
|
54 |
|
Vessel
operating expenses |
|
2,234 |
|
|
360 |
|
|
6,880 |
|
|
360 |
|
Depreciation
and amortization of deferred charges |
|
1,701 |
|
|
354 |
|
|
4,896 |
|
|
354 |
|
General and
administrative expenses |
|
1,122 |
|
|
349 |
|
|
3,083 |
|
|
358 |
|
Management
fees to related parties |
|
258 |
|
|
74 |
|
|
878 |
|
|
74 |
|
Other
operating (income)/loss |
|
6 |
|
|
- |
|
|
(6 |
) |
|
- |
|
Operating income/(loss) |
$ |
(2,488 |
) |
$ |
143 |
|
$ |
(326 |
) |
$ |
134 |
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) and comprehensive income/(loss) |
$ |
(2,488 |
) |
$ |
143 |
|
$ |
(326 |
) |
$ |
134 |
|
Deemed
dividend on series D preferred stock upon issuance of common
stock |
|
(134 |
) |
|
- |
|
|
(134 |
) |
|
- |
|
Dividends on
series C preferred shares |
|
(239 |
) |
|
(69 |
) |
|
(950 |
) |
|
(69 |
) |
Dividends on
series D preferred shares |
|
(135 |
) |
|
- |
|
|
(252 |
) |
|
- |
|
Dividends on
class A warrants |
|
- |
|
|
- |
|
|
(1,012 |
) |
|
- |
|
Net
income/(loss) attributed to common stockholders |
$ |
(2,996 |
) |
$ |
74 |
|
$ |
(2,674 |
) |
$ |
65 |
|
Earnings/(Loss) per common share, basic* |
|
(0.69 |
) |
|
0.08 |
|
|
(0.86 |
) |
|
0.07 |
|
Earnings/(Loss) per common share, diluted* |
$ |
(0.69 |
) |
$ |
0.12 |
|
$ |
(0.86 |
) |
$ |
0.05 |
|
Weighted average number of common shares,
basic* |
|
4,313,545 |
|
|
882,024 |
|
|
3,113,108 |
|
|
882,024 |
|
Weighted average number of common shares,
diluted* |
|
4,313,545 |
|
|
1,227,569 |
|
|
3,113,108 |
|
|
1,227,569 |
|
* Adjusted to give effect to the 1 for 10 reverse
stock split that became effective on December 22, 2022.
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
December 31, 2021** |
|
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
8,454 |
|
$ |
1,673 |
|
Other current
assets |
|
5,717 |
|
|
1,527 |
|
Vessels, net |
|
63,672 |
|
|
45,728 |
|
Other non-current
assets |
|
1,175 |
|
|
152 |
|
Total assets |
$ |
79,018 |
|
$ |
49,080 |
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
$ |
2,459 |
|
$ |
931 |
|
Total stockholders'
equity |
|
76,559 |
|
|
48,149 |
|
Total liabilities and stockholders' equity |
$ |
79,018 |
|
$ |
49,080 |
|
**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, |
|
Period from
inception (April 15, 2021) to December 31, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
Net cash provided by / (used in) operating activities |
$ |
(1,310 |
) |
$ |
715 |
|
$ |
1,513 |
|
$ |
715 |
|
|
Net cash
used in investing activities |
|
(96 |
) |
|
(42 |
) |
|
(5,094 |
) |
|
(42 |
) |
|
Net cash
provided by/ (used in) financing activities |
|
(404 |
) |
|
1,000 |
|
|
10,362 |
|
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Contact:
Margarita Veniou
Chief Corporate Development & Governance Officer
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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