ATHENS, Greece, Aug. 07, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ:OP) (the "Company"), a global shipping company specializing in the ownership of vessels, today reported time charter revenues of $6.7 million, a net loss of $8.2 million and net loss attributed to common stockholders of $8.6 million for the second quarter of 2024. This compares to time charter revenues of $5.4 million, a net income of $1.3 million and net income attributed to common stockholders of $483 thousand for the second quarter of 2023. For the six months ended June 30, 2024, the Company reported time charter revenues of $12.4 million, a net loss of $9.5 million and net loss attributed to common stockholders of $10.3 million. This compares to time charter revenues of $9.3 million, a net income of $1.3 million and net income attributed to common stockholders of $24 thousand for the six months ended June 30, 2023. Fleet Employment Profile (As of August 7, 2024) 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 $10,500 5.00 % LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD 12-Sep-23 09-Apr-24 1   2004    73,630   $13,000 5.00 % CHINA RESOURCE CHARTERING LIMITED 14-Apr-24 14-Jul-24         $8,600 5.00 % BG SHIPPING (SINGAPORE) PTE. LTD. 14-Jul-24 14-Aug-24 2 2 CALIPSO 2005    73,691  A $13,250 5.00 % COFCO INTERNATIONAL FREIGHT SA 06-Apr-24 03-Aug-24 3 3 MELIA   $15,250 5.00 % OLDENDORFF CARRIERS GMBH & CO. KG 01-May-24 04-Aug-24     2005    76,225   $11,750 5.00 % CHINA RESOURCE CHARTERING LIMITED 04-Aug-24 12-Nov-24 4   2 Capesize Bulk Carriers   4 SALT LAKE CITY   $15,150 5.00 % DEYESION SHIPPING & TRADING COMPANY LIMITED 06-Feb-24 01-Jun-24     2005    171,810   $23,000 5.00 % 01-Jun-24 27-Jul-24         $19,000 5.00 % 27-Jul-24 05-Sep-24 5 5 BALTIMORE   $13,500 5.00 % RICHLAND BULK PTE. LTD. 18-Nov-23 02-May-24 6   2005    177,243   $22,000 5.00 % 09-May-24 15-Sep-24 – 15-Nov-24 7   1 MR2 Tanker 6 ZEZE START 2009    49,999   - -   - - - 8     * 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 Charterers compensated the Owners at a rate of 80% of the Baltic Panamax Index 5 TC average as published by the Baltic Exchange on a daily basis for the excess period commencing from March 25, 2024 until the actual redelivery date. 2 Redelivery date on an estimated time charter trip duration of about 31 days.3 Currently without an active charterparty. 4 Redelivery date on an estimated time charter trip duration of about 100 days.5 Redelivery date on an estimated time charter trip duration of about 40 days.6 Vessel on scheduled maintenance during the period from May 2, 2024 to May 9, 2024.7 Vessel has been sold and it is expected to be delivered to her new Owners by latest November 20, 2024. 8 Vessel is expected to be delivered to the Company by latest September 20, 2024. Summary of Selected Financial & Other Data     Three months ended June 30,     Six months ended June 30,     2024     2023     2024     2023     (unaudited)      (unaudited)     (unaudited)      (unaudited) STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)                               Time charter revenues $ 6,737     $ 5,395     $ 12,424     $ 9,283   Voyage expenses   826       704       1,417       1,276   Vessel operating expenses   2,859       2,485       5,580       5,036   Net (loss)/income and comprehensive (loss)/income   (8,205 )      1,259       (9,511 )      1,347   Net (loss)/income and comprehensive (loss)/income attributed to common stockholders   (8,623 )     483       (10,321 )     24   FLEET DATA                               Average number of vessels   5.0       5.0       5.0       4.8   Number of vessels   5.0       5.0       5.0       5.0   Weighted average age of vessels   19.3       18.3       19.3