FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2023
Commission File Number:  001-40930

OCEANPAL INC.
(Translation of registrant's name into English)
Pendelis 26, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]















INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated August 8, 2023 of OceanPal Inc. (the "Company"), announcing the Company’s financial results for the second quarter and six months ended June 30, 2023.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-269961 and 333-273073) that were filed with the U.S. Securities and Exchange Commission and became effective on April 18, 2023 and July 14, 2023, respectively.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
OCEANPAL INC.
 
(registrant)
   
   
 
Dated: August 8, 2023
   
 
By:
/s/ Vasiliki Plousaki
   
Vasiliki Plousaki
   
Chief Financial Officer





Exhibit 99.1


       
Corporate Contact:
       
Margarita Veniou
       
Chief Corporate Development & Governance Officer and Secretary
       
Telephone: +30-210-9485-360
       
Email: mveniou@oceanpal.com
       
Website: www.oceanpal.com
       
Twitter: @OceanPal_Inc
 For Immediate Release
       
       
Investor and Media Relations:
       
Edward Nebb
       
Comm-Counsellors, LLC
       
Telephone: + 1-203-972-8350
       
Email: enebb@optonline.net



OCEANPAL INC. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2023


ATHENS, GREECE, August 8, 2023 – OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $1.26 million and net income attributed to common stockholders of $483 thousand for the second quarter of 2023. Time charter revenues for the same period were $5.4 million. This compares to 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, 2023, amounted to $1.35 million and net income attributed to common stockholders amounted to $24 thousand. Time charter revenues for the same period were $9.3 million. This compares to net income for the six months ended June 30, 2022 of $1.1 million and net loss attributed to common stockholders of $277 thousand. Time charter revenues for the same period were $8.2 million.



1

Fleet Employment Profile (As of August 4, 2023)
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
$7,000
5.00%
GUO LONG XIANG LIMITED
18-Dec-22
24-Jan-23
 
 
2004    73,630
$11,640
5.00%
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
24-Jan-23
30-May-23
1
   
$7,000
5.00%
REFINED SUCCESS LIMITED
30-May-23
29-Jul-23
 
     
$3,000
5.00%
CHINALAND SHIPPING PTE. LTD.
01-Aug-23
20-Aug-23 – 25-Aug-23
2
2
CALIPSO
 A
$15,250
5.00%
Al Ghurair Resources International LLC
03-Nov-22
25-Jan-23
 
 
2005    73,691
$8,000
5.00%
NORVIC SHIPPING ASIA PTE. LTD.
26-Jan-23
02-Mar-23
3
   
$11,000
5.00%
LIANYI SHIPPING LIMITED
26-Mar-23
26-Apr-23
 
   
$11,000
5.00%
CAMBRIAN BULK LIMITED
26-Apr-23
07-Jun-23
 
   
$6,250
5.00%
ORIENTAL PAL SHIPPING PTE., LTD
07-Jun-23
14-Jul-23
 
     
$6,300
5.00%
GUO LONG XIANG LIMITED
14-Jul-23
12-Aug-23
4
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
09-Apr-23
 
     
$14,000
5.00%
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
09-Apr-23
12-Aug-23
4
 
2 Capesize Bulk Carriers
 
4
SALT LAKE CITY
 
$10,000
5.00%
Oldendorff GmbH & Co. KG
20-Dec-22
26-Feb-23
 
 
2005   171,810
 
$5,100
5.00%
RICHLAND BULK PTE. LTD.
26-Feb-23
24-Apr-23
 
     
$15,400
5.00%
PACBULK SHIPPING PTE. LTD.
24-Apr-23
 26-Jul-23
5
5
BALTIMORE
 
$12,900
5.00%
Enesel Bulk Logistics DMCC
03-Nov-22
07-Feb-23
 
 
2005    177,243
 
$13,300
5.00%
Koch Shipping Pte. Ltd., Singapore
08-Feb-23
30-Aug-23
4


*
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 The charter rate is US$5,500 per day for the first 32 days of the charter period.
2 Redelivery date on an estimated time charter trip duration of about 20-25 days.
3 Vessel on scheduled drydocking from March 5, 2023 to March 22, 2023.
Based on latest information.
5 Currently without an active charterparty. Vessel on scheduled drydocking.



2


Summary of Selected Financial & Other Data
             
 
 
Three months ended June 30,
   
Six months ended June 30,
 
 
 
2023
   
2022
   
2023
   
2022
 
 
 
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
             
Time charter revenues
 
$
5,395
   
$
4,566
   
$
9,283
   
$
8,246
 
Voyage expenses
   
704
     
390
     
1,276
     
597
 
Vessel operating expenses
   
2,485
     
1,651
     
5,036
     
2,936
 
Net income and comprehensive income
   
1,259
     
648
     
1,347
     
1,062
 
Net income/(loss) attributed to common stockholders
   
483
     
157
     
24
     
(277
)
FLEET DATA
                         
Average number of vessels
   
5.0
     
3.0
     
4.8
     
3.0
 
Number of vessels
   
5.0
     
3.0
     
5.0
     
3.0
 
Weighted average age of vessels
   
18.3
     
17.2
     
18.3
     
17.2
 
Ownership days
   
455
     
273
     
867
     
543
 
Available days
   
455
     
246
     
847
     
516
 
Operating days
   
455
     
241
     
840
     
498
 
Fleet utilization
   
100.0%

   
98.0%

   
99.2%

   
96.5%

AVERAGE DAILY RESULTS (in US Dollars)
                 
Time charter equivalent (TCE) rate (1)
 
$
10,310
   
$
16,976
   
$
9,453
   
$
14,824
 
Daily vessel operating expenses (2)
 
$
5,462
   
$
6,048
   
$
5,809
   
$
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 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 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)



3






OCEANPAL INC.
                       
FINANCIAL TABLES 
                       
Expressed in thousands of U.S. Dollars, except share and per share data
                       
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
             
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
REVENUES:
                       
Time charter revenues
 
$
5,395
   
$
4,566
   
$
9,283
   
$
8,246
 
EXPENSES:
                               
Voyage expenses
   
704
     
390
     
1,276
     
597
 
Vessel operating expenses
   
2,485
     
1,651
     
5,036
     
2,936
 
Depreciation and amortization of deferred charges
   
2,149
     
1,018
     
4,042
     
2,024
 
General and administrative expenses
   
1,384
     
666
     
2,609
     
1,224
 
Management fees to related parties
   
315
     
201
     
606
     
411
 
Other operating loss/(income)
   
14
     
(8)

   
17
     
(8)

Operating (loss)/income
 
$
(1,656)

 
$
648
   
$
(4,303)

 
$
1,062
 
Change in fair value of warrant liability
   
2,757
     
-
     
6,335
     
-
 
Finance costs
   
10
     
-
     
(901)

   
-
 
Interest income
   
148
     
-
     
216
     
-
 
Net income and comprehensive income
 
$
1,259
   
$
648
   
$
1,347
   
$
1,062
 
Less: Deemed dividend upon redemption of Series D preferred stock
   
(154)

   
-
     
(154)

   
-
 
Less: Dividends on series C preferred shares
   
(306)

   
(271)

   
(575)

   
(471)

Less: Dividends on series D preferred shares
   
(301)

   
-
     
(592)

   
-
 
Less: Dividends on class A warrants
   
-
     
(144)

   
-
     
(868)

Less: Undistributed earnings on class A warrants
   
(15)

   
(76)

   
(2)

   
-
 
Net income/(loss) attributed to common stockholders
 
$
483
   
$
157
   
$
24
   
$
(277)

Earnings/(Loss) per common share, basic*
 
$
0.27
   
$
1.05
   
$
0.02
   
$
(2.16)

(Loss)/Earnings per common share, diluted*
 
$
(1.12)

 
$
1.05
   
$
(4.49)

 
$
(2.16)

Weighted average number of common shares, basic*
   
1,794,623
     
149,145
     
1,362,644
     
128,456
 
Weighted average number of common shares, diluted*
   
1,875,149
     
149,145
     
1,405,001
     
128,456
 

* Financial information adjusted to give effect to the 1-for-10 and the 1-for-20 reverse stock splits that became effective on December 22, 2022, and June 8, 2023, respectively.




4




CONDENSED CONSOLIDATED BALANCE SHEET DATA
 
(in thousands of U.S. Dollars)
 
 
 
June 30,
2023
   
December 31,
2022**
 
ASSETS
 
(unaudited)
       
 
           
Cash and cash equivalents
 
$
17,603
   
$
8,454
 
Other current assets
   
4,815
     
5,717
 
Vessels, net
   
73,964
     
63,672
 
Other non-current assets
   
1,178
     
1,175
 
Total assets
 
$
97,560
   
$
79,018
 
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
               
 
               
Liabilities
 
$
2,610
   
$
2,459
 
Total stockholders' equity
   
94,950
     
76,559
 
Total liabilities and stockholders' equity
 
$
97,560
   
$
79,018
 

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


OTHER FINANCIAL DATA (unaudited)
                 
 
 
Three months ended June 30,
   
Six months ended June 30,
 
 
 
2023
   
2022
   
2023
   
2022
 
 
 
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
Net cash (used in)/provided by operating activities
 
$
(91
)
 
$
362
   
$
555
   
$
2,374
 
Net cash used in investing activities
 
$
(41
)
 
$
(4,778)

 
$
(4,098)

 
$
(4,778)

Net cash (used in)/provided by financing activities
 
$
(622
)
 
$
(2,906)

 
$
12,692
   
$
11,720
 







5

OceanPal (NASDAQ:OP)
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