OceanPal Inc. Announces Financial Results for Q3 and Nine Months Ending September 30, 2024
OceanPal Inc. (NASDAQ: OP), a global shipping company specializing in vessel ownership, released its financial results for the third quarter and first nine months of 2024. Key highlights include:
- Third Quarter 2024:
- Vessel revenues reached $7.5 million, a significant increase from $3.9 million in Q3 2023.
- Net loss totaled $0.2 million compared to a $3.4 million net loss in the same quarter last year.
- Net loss attributed to common stockholders was $0.6 million, a marked improvement from $3.9 million in Q3 2023.
- Nine Months Ending September 30, 2024:
- Vessel revenues rose to $19.9 million from $13.1 million in 2023.
- The net loss was $9.7 million, up from $2.0 million in the previous year.
- Net loss attributed to common stockholders was $10.9 million, compared to $3.9 million for the same period in 2023.
OceanPal’s fleet consists of six vessels, including three Panamax and two Capesize bulk carriers, and one MR2 tanker. The fleet achieved a 97.3% utilization rate for the first nine months of 2024, reflecting operational efficiency. Time Charter Equivalent (TCE) rates improved to $12,503 per day compared to $9,500 per day for the same period in 2023.
The company continues its focus on seaborne transportation of bulk commodities such as coal, grain, and iron ore, as well as refined petroleum products, aiming to maximize shareholder value through strategic fleet management.
For more information, visit the company’s website at www.oceanpal.com.
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