OceanPal pays dividend four months after listing


OceanPal, a global shipping company specializing in the ownership of vessels, reported net income of $134 thousand and net income attributed to common stockholders of $65 thousand for the period from inception date April 15, 2021 to December 31, 2021.

Time charter revenues for the same period were $1.3 million. The condensed financial data of the Company for the period from April 15, 2021 (inception) to December 31, 2021 reflect the operation of the vessels starting from November 30, 2021. Operations prior to the November 30, 2021 consisted principally of organizational expenses

On November 29, 2021 (the “Distribution Date”), the Company became an independent, publicly-traded company as a result of the distribution by Diana Shipping Inc. (“Diana Shipping”) of 100 percent of the outstanding common stock of the Company to the shareholders of Diana Shipping (the “Spin-Off”). Each Diana Shipping shareholder received one share of OceanPal common stock for every ten shares of Diana Shipping common stock.

Dividend Declaration

The Company declared a cash dividend on its common stock of $0.05 per share, for the fourth quarter ended December 31, 2021. The cash dividend will be payable on or about April 11, 2022 to all common shareholders of record as of April 1, 2022. The Company has 29.83 million shares of common stock issued and outstanding.

Fleet Employment Profile (As of March 22, 2022)
OceanPal Inc.’s fleet is employed as follows:
Vessel Sister
(USD Per
Com** Charterers Delivery
Date to
Redelivery Date to
2 Panamax Bulk Carriers
1 PROTEFS A $10,650 5.00% Reachy International (HK) Co.,
08-Feb-21 27-Mar-2022 – 20-May-2022 1
2004 73,630

2005 73,691

A $10,400 5.00% Viterra Chartering B.V.,
22-Jan-21 03-Dec-21
$18,750 5.00% Winking Shipping Limited 03-Dec-21 28-Dec-21
$17,100 5.00% Contango Shipping Pte Ltd. 28-Dec-21 21-Jan-22
$13,850 5.00% Hengdeli Deyesion International
Shipping Limited
24-Jan-22 16-Feb-22
$17,850 5.00% Atlantic Coal And Bulk Pte. Ltd. 18-Feb-22 10-Mar-2022
$24,500 5.00% Tongli Shipping Pte. Ltd. 10-Mar-2022 08-Jun-22 – 05-Aug-22
1 Capesize Bulk Carrier
3 SALT LAKE CITY $13,000 5.00% C Transport Maritime Ltd.,
09-Jan-21 1-Apr-2022 – 30-Jun-2022
2005 171,810
* 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 Based on latest information.
Summary of Selected Financial & Other Data (unaudited)
From April 15, 2021 to December 31,
INCOME STATEMENT DATA (in thousands of US Dollars)
Time charter revenues $ 1,334
Voyage expenses 54
Vessel operating expenses 360
Net income 134
Net income attributed to common stockholders 65
Average number of vessels 3
Number of vessels 3
Weighted average age of vessels 16.7
Ownership days 96
Available days 96
Operating days 96
Fleet utilization 100 %
Time charter equivalent (TCE) rate (1) $ 13,333
Daily vessel operating expenses (2) $ 3,750

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.