OceanPal Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2022; Declares a Cash Dividend of $0.01 Per Share
August 02 2022 - 7:55AM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today reported
net income of $648 thousand and net income attributed to common
stockholders of $157 thousand for the second quarter of 2022. Time
charter revenues for the same period were $4.6 million.
Net income for the six months ended June 30,
2022 amounted to $1.1 million and net loss attributed to common
stockholders amounted to $277 thousand. Time charter revenues for
the same period were $8.3 million.
Dividend Declaration
The Company declared a cash dividend on its
common stock of $0.01 per share for the second quarter ended June
30, 2022. The cash dividend will be payable on or about August 31,
2022 to all common shareholders of record as of August 12, 2022.
The Company has 29.83 million shares of common stock issued and
outstanding. Holders of the Company’s Class A Warrants as of August
12, 2022 will also receive a cash payment in the amount of $0.01
for each common share that such holder would be entitled to receive
upon exercise of their Class A Warrants. As of August 1, 2022
there are Class A Warrants exercisable for an aggregate of 14.47
million common shares.
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Fleet Employment Profile (As of August 2,
2022) |
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OceanPal Inc.’s fleet is employed as follows: |
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Vessel |
SisterShips* |
Gross Rate(USD Per Day) |
Com** |
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Charterers |
DeliveryDate toCharterers*** |
Redelivery Date toOwners**** |
Notes |
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BUILT DWT |
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2 Panamax Bulk Carriers |
1 |
PROTEFS |
A |
$10,650 |
5.00% |
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Reachy
International (HK) Co., Limited |
08-Feb-21 |
04-Jun-22 |
1 |
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2004 73,630 |
$9,250/$9,500 |
5.00% |
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Xianglong Shipping Co Ltd. |
19-Jul-22 |
19-Aug-22 |
2 |
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2 |
CALIPSO |
A |
$24,500 |
5.00% |
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Tongli
Shipping Pte. Ltd. |
10-Mar-2022 |
26-Jun-22 |
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2005 73,691 |
$19,600 |
5.00% |
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ETG Commodities Ltd. |
02-Jul-22 |
02-Oct-22 |
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2 Capesize Bulk Carriers |
3 |
SALT LAKE CITY |
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$13,000 |
5.00% |
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C Transport Maritime Ltd., Bermuda |
09-Jan-21 |
09-Jun-22 |
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2005 171,810 |
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$29,750 |
5.00% |
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Koch Shipping Pte. Ltd. |
09-Jun-22 |
09-Oct-22 – 09-Jan-23 |
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4 |
BALTIMORE |
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- |
- |
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- |
- |
- |
3 |
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2005 177,243 |
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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. |
*** The vessels were
contributed to the Company following a spin-off transaction
effected on November 29, 2021. |
**** 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 Vessel on scheduled
drydocking from June 7, 2022 to July 17, 2022 2 Agreed charter hire
rate is subject to re-delivery port of the vessel 3 Expected date
of delivery to the Company in the third quarter of 2022 |
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Summary of Selected Financial & Other Data
(unaudited) |
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Three months endedJune 30, 2022 |
Six months endedJune 30, 2022 |
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STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
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Time charter revenues |
$ |
4,566 |
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$ |
8,246 |
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Voyage expenses |
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390 |
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597 |
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Vessel operating expenses |
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1,651 |
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2,936 |
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Net income and comprehensive income |
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648 |
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1,062 |
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Net income/(loss) attributed to common stockholders |
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157 |
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(277) |
FLEET DATA |
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Average number of vessels |
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3 |
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3 |
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Number of vessels |
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3 |
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3 |
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Weighted average age of vessels |
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17.2 |
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17.2 |
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Ownership days |
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273 |
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543 |
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Available days |
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246 |
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516 |
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Operating days |
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241 |
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498 |
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Fleet utilization |
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98% |
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96.5% |
AVERAGE DAILY RESULTS |
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Time charter equivalent (TCE) rate (1) |
$ |
16,976 |
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$ |
14,824 |
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Daily vessel operating expenses (2) |
$ |
6,048 |
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$ |
5,407 |
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)
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OCEANPAL
INC. |
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FINANCIAL
TABLES |
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Expressed in
thousands of U.S. Dollars, except share and per share data |
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UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS) |
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Three months endedJune 30, 2022 |
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Six months endedJune 30, 2022 |
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REVENUES: |
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Time charter revenues |
$ |
4,566 |
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$ |
8,246 |
EXPENSES: |
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Voyage expenses |
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390 |
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|
597 |
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Vessel operating expenses |
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1,651 |
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2,936 |
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Depreciation |
|
1,018 |
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2,024 |
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General and administrative expenses |
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666 |
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1,224 |
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Management fees to related parties |
|
201 |
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411 |
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Other operating income |
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(8) |
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(8) |
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Operating income |
$ |
648 |
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$ |
1,062 |
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Net income and comprehensive income |
$ |
648 |
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$ |
1,062 |
Dividends on series C preferred shares |
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(271) |
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(471) |
Dividends on class A warrants |
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(144) |
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(868) |
Undistributed earnings on class A warrants |
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(76) |
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- |
Net income/(loss) attributed to common
stockholders |
$ |
157 |
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$ |
(277) |
Earnings/(Loss) per common share, basic |
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0.01 |
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(0.01) |
Earnings/(Loss) per common share, diluted |
$ |
0.01 |
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$ |
(0.01) |
Weighted average number of common shares,
basic |
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29,829,092 |
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25,691,205 |
Weighted average number of common shares,
diluted |
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29,829,092 |
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25,691,205 |
CONDENSED
CONSOLIDATED BALANCE SHEET DATA |
(in thousands of U.S. Dollars) |
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June 30,2022 |
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December31, 2021* |
ASSETS |
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(unaudited) |
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Cash and cash
equivalents |
$ |
10,989 |
$ |
1,673 |
Other current
assets |
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2,844 |
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1,527 |
Advances for vessel
acquisitions |
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4,400 |
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- |
Vessels, net |
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44,082 |
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45,728 |
Other non-current
assets |
|
810 |
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152 |
Total assets |
$ |
63,125 |
$ |
49,080 |
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LIABILITIES
AND STOCKHOLDERS' EQUITY |
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Current
liabilities |
$ |
2,207 |
$ |
931 |
Total stockholders'
equity |
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60,918 |
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48,149 |
Total liabilities and stockholders' equity |
$ |
63,125 |
$ |
49,080 |
*The balance sheet data have been derived from the
audited consolidated financial statements at that date.
OTHER FINANCIAL DATA (unaudited) |
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Three months endedJune 30, 2022 |
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Six months endedJune 30, 2022 |
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Net cash
provided by operating activities |
$ |
362 |
$ |
2,374 |
Net cash
used in investing activities |
$ |
(4,778) |
$ |
(4,778) |
Net cash
(used in)/provided by financing activities |
$ |
(2,906) |
$ |
11,720 |
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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