ATHENS, Greece, April 11, 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 $5.8 million, net income of $58 thousand and a net loss attributed to common stockholders of $2.8 million for the fourth quarter of 2023. This compares to time charter revenues of $5.7 million, a net loss of $2.5 million and net loss attributed to common stockholders of $3.0 million for the fourth quarter of 2022. For the year ended December 31, 2023, the Company reported time charter revenues of $19.0 million, a net loss of $2.0 million and a net loss attributed to common stockholders of $6.7 million. This compares to time charter revenues of $19.1 million, net loss for the year ended December 31, 2022, of $326 thousand, and net loss attributed to common stockholders of $2.7 million. Fleet Employment Profile (As of April 10, 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 1,2   2004     73,630   $13,000 5.00% CHINA RESOURCE CHARTERTING LIMITED 14-Apr-24 13-Jul-24 3,4 2 CALIPSO A $11,000 5.00% OLDENDORFF CARRIERS DENMARK APS 28-Sep-23 05-Nov-23     2005    73,691 $10,250 5.00% COFCO INTERNATIONAL FREIGHT(S) PTE. LTD. 05-Nov-23 24-Feb-2024         $12,500 5.00% HMM CO., LTD. 24-Feb-2024 28-Mar-2024         $13,250 5.00% COFCO INTERNATIONAL FREIGHT SA 06-Apr-2024 05-Jul-2024   3 MELIA   $6,250 5.00% ASL BULK SHIPPING LIMITED 26-Aug-23 09-Nov-23     2005    76,225   $9,500 5.00% FORTUNE OCEAN MARINE PTE. LTD. 09-Nov-23 12-Dec-23         $11,850 5.00% LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD 12-Dec-23 06-Feb-2024         $12,100 5.00% ASL BULK SHIPPING LIMITED 06-Feb-24 25-Apr-24 5,6   2 Capesize Bulk Carriers   4 SALT LAKE CITY   $14,500 5.00% FIVE OCEAN CORPORATION 26-Sep-23 06-Feb-2024     2005   171,810   $15,150 5.00% DEYESION SHIPPING & TRADING COMPANY LIMITED 06-Feb-2024 05-May-24 – 05-Jul-24   5 BALTIMORE   $20,000 5.00% RICHLAND BULK PTE. LTD. 27-Sep-23 18-Nov-23     2005    177,243   $13,500 5.00% RICHLAND BULK PTE. LTD. 18-Nov-23 20-Apr-24 – 15-May-24 7                   *       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 will compensate 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 of the vessel's present charter party rate, whichever is higher, for the excess period commencing from March 25, 2024 until the actual redelivery date.   2 Currently without an active charterparty. 3 Estimated delivery date to the Charterers. 4 Redelivery date on an estimated time charter trip duration of about 90 days. 5 Redelivery date on an estimated time charter trip duration of about 79 days. 6 For redelivery of the vessel south of Hong Kong, including Hong Kong, the gross rate will be $12,100/day. For redelivery of the vessel north of Hong Kong up to Changjiangkou, including Changjiangkou, the gross rate will be $12,500/ day. For redelivery of the vessel north of Changjiangkou, the gross rate will be $13,000/day. 7 Based on latest information Summary of Selected Financial & Other Data                   Three months endedDecember 31,   Year endedDecember 31,       2023   2022   2023   2022       (unaudited)   (unaudited)   (unaudited)     STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)           Time charter revenues $ 5,808   $ 5,724   $ 18,957   $ 19,085     Voyage expenses   637     2,891     1,940     3,680     Vessel operating expenses   1,552     2,234     10,421     6,880     Net income/(loss) and comprehensive income/(loss)   58     (2,488 )   (1,977 )   (326 )   Net loss and comprehensive loss attributed to common stockholders   (2,842 )   (2,995 )   (6,707 )   (2,674 ) FLEET DATA             Average number of vessels   5.0     4.0     4.9     3.3     Number of vessels   5.0     4.0     5.0     4.0     Weighted average age of vessels   18.8     17.7     18.8