OceanPal Inc. (OP) 10-Year Financial Performance & Capital Metrics

OP • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutOceanPal Inc. focuses on the provision of ocean-going transportation services. The company owns and operates drybulk carriers that transport major bulks, such as iron ore, coal, and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers. As of November 29, 2021, its fleet consisted of 3 dry bulk vessels, which include 2 Panamax and 1 Capesize vessels. The company is based in Athens, Greece.Show more

Revenue $26M +35.6%
EBITDA -$11M -20759.6%
Net Income -$18M -803.5%
EPS (Diluted) -2.64 +31.1%
Gross Margin 8.98% -69.3%
EBITDA Margin -42.2% -15285.7%
Operating Margin -70.21% -72.4%
Net Margin -69.5% -566.4%
ROE -20.19% -763.6%
ROIC -17.47% -119.9%
Debt/Equity -
Interest Coverage -165.55 -1848.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 15.7%
✓Trading at only 0.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 6 (bottom 6%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y15.75%

3Y168.08%

TTM-12.05%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-46.39%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1324.83%

ROCE

10Y Avg-7.65%

5Y Avg-8.11%

3Y Avg-10.02%

Latest-20.4%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.37M	9.41M	1.33M	19.09M	18.96M	25.7M
Revenue Growth %	-	-0.24%	-0.86%	13.31%	-0.01%	0.36%
Cost of Goods Sold+	7.13M	9.48M	408K	10.56M	13.42M	23.39M
COGS % of Revenue	0.58%	1.01%	0.31%	0.55%	0.71%	0.91%
Gross Profit+	5.24M	-65.1K	926K	8.53M	5.54M	2.31M
Gross Margin %	0.42%	-0.01%	0.69%	0.45%	0.29%	0.09%
Gross Profit Growth %	-	-1.01%	15.22%	8.21%	-0.35%	-0.58%
Operating Expenses+	4.62M	3.73M	792K	8.85M	13.26M	20.35M
OpEx % of Revenue	0.37%	0.4%	0.59%	0.46%	0.7%	0.79%
Selling, General & Admin	809.21K	2.02M	901.02K	3.96M	6.52M	6.21M
SG&A % of Revenue	0.07%	0.21%	0.68%	0.21%	0.34%	0.24%
Research & Development	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-
Other Operating Expenses	3.81M	1.71M	-109.02K	4.89M	6.74M	14.14M
Operating Income+	-1.86M	-3.8M	134K	-326K	-7.72M	-18.05M
Operating Margin %	-0.15%	-0.4%	0.1%	-0.02%	-0.41%	-0.7%
Operating Income Growth %	-	-1.04%	1.04%	-3.43%	-22.69%	-1.34%
EBITDA+	1.19M	-1.64M	488K	4.57M	-52K	-10.85M
EBITDA Margin %	0.1%	-0.17%	0.37%	0.24%	-0%	-0.42%
EBITDA Growth %	-	-2.39%	1.3%	8.36%	-1.01%	-207.6%
D&A (Non-Cash Add-back)	0	2.15M	354K	4.9M	7.67M	7.2M
EBIT	1.19M	-3.8M	134K	-326K	-1.07M	-17.75M
Net Interest Income+	0	0	0	0	-405K	203K
Interest Income	0	0	0	0	504K	312K
Interest Expense	0	0	0	0	909K	109K
Other Income/Expense	0	0	0	0	5.75M	183K
Pretax Income+	-1.86M	-3.8M	134K	-326K	-1.98M	-17.86M
Pretax Margin %	-0.15%	-0.4%	0.1%	-0.02%	-0.1%	-0.69%
Income Tax+	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%
Net Income+	-1.86M	-3.8M	134K	-326K	-1.98M	-17.86M
Net Margin %	-0.15%	-0.4%	0.1%	-0.02%	-0.1%	-0.69%
Net Income Growth %	-	-1.04%	1.04%	-3.43%	-5.06%	-8.03%
Net Income (Continuing)	-1.86M	-3.8M	134K	-326K	-1.98M	-17.86M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-42.24	-86.07	1.06	-17.18	-3.83	-2.64
EPS Growth %	-	-1.04%	1.01%	-17.21%	0.78%	0.31%
EPS (Basic)	-42.24	-86.07	1.47	-17.20	-3.90	-2.64
Diluted Shares Outstanding	52.92K	52.92K	73.65K	62.26K	134.89K	298.61K
Basic Shares Outstanding	52.92K	52.92K	52.92K	62.26K	132.62K	298.61K
Dividend Payout Ratio	-	-	12.5%	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	10.41M	4.24M	3.2M	14.17M	20.04M	14.11M
Cash & Short-Term Investments	1.92K	39.64K	1.67M	8.45M	14.84M	7.16M
Cash Only	1.92K	39.64K	1.67M	8.45M	14.84M	7.16M
Short-Term Investments	0	0	0	0	0	0
Accounts Receivable	309.75K	2.2M	881K	4.26M	2.96M	3.06M
Days Sales Outstanding	9.14	85.51	241.05	81.42	57.05	43.51
Inventory	168.77K	181.97K	186K	334K	287K	1.6M
Days Inventory Outstanding	8.64	7.01	166.4	11.54	7.81	24.93
Other Current Assets	9.22M	941.49K	0	0	1.29M	2.29M
Total Non-Current Assets+	25.47M	32.95M	45.88M	64.85M	74.8M	75.35M
Property, Plant & Equipment	25.46M	32.25M	45.73M	63.67M	71.1M	71.26M
Fixed Asset Turnover	0.49x	0.29x	0.03x	0.30x	0.27x	0.36x
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	1.65M	2.97M
Other Non-Current Assets	11.01K	701.77K	152K	1.18M	2.06M	1.12M
Total Assets+	35.89M	37.19M	49.08M	79.02M	94.84M	89.46M
Asset Turnover	0.34x	0.25x	0.03x	0.24x	0.20x	0.29x
Asset Growth %	-	0.04%	0.32%	0.61%	0.2%	-0.06%
Total Current Liabilities+	1.02M	1.89M	931K	2.46M	2.29M	5.09M
Accounts Payable	180.63K	133.57K	263K	281K	405K	1.85M
Days Payables Outstanding	9.25	5.14	235.28	9.71	11.02	28.91
Short-Term Debt	0	0	0	0	0	0
Deferred Revenue (Current)	155.88K	0	228K	374K	399K	184K
Other Current Liabilities	238.02K	-115.28K	0	650K	110K	0
Current Ratio	10.18x	2.25x	3.44x	5.76x	8.77x	2.77x
Quick Ratio	10.02x	2.15x	3.24x	5.63x	8.64x	2.46x
Cash Conversion Cycle	8.53	87.37	172.17	83.25	53.84	39.53
Total Non-Current Liabilities+	0	133.57K	0	655K	0	0
Long-Term Debt	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	0
Total Liabilities	1.02M	1.89M	931K	2.46M	2.29M	5.09M
Total Debt+	0	0	0	0	0	0
Net Debt	-1.92K	-39.64K	-1.67M	-8.45M	-14.84M	-7.16M
Debt / Equity	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-0.00x	-	-3.43x	-1.85x	-	-
Interest Coverage	-	-	-	-	-8.50x	-165.55x
Total Equity+	34.86M	35.3M	48.15M	76.56M	92.56M	84.37M
Equity Growth %	-	0.01%	0.36%	0.59%	0.21%	-0.09%
Book Value per Share	658.76	667.07	653.72	1229.63	686.19	282.55
Total Shareholders' Equity	34.86M	35.3M	48.15M	76.56M	92.56M	84.37M
Common Stock	140.04M	144.27M	88K	102K	74K	75K
Retained Earnings	-105.18M	-108.97M	65K	-2.32M	-8.02M	-25.91M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	140.04M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.44M	-2.72M	715K	1.51M	815K	-3.53M
Operating CF Margin %	0.12%	-0.29%	0.54%	0.08%	0.04%	-0.14%
Operating CF Growth %	-	-2.89%	1.26%	1.12%	-0.46%	-5.33%
Net Income	-1.86M	-3.8M	134K	-326K	-1.98M	-17.86M
Depreciation & Amortization	2.48M	2.15M	354K	4.9M	7.67M	0
Stock-Based Compensation	0	0	0	568K	1.89M	2.78M
Deferred Taxes	0	0	0	-4.9M	0	0
Other Non-Cash Items	3.05M	-200.5K	0	4.9M	-5.32M	13.38M
Working Capital Changes	-2.23M	-878.69K	227K	-3.63M	-1.46M	-1.82M
Change in Receivables	-302.7K	-725.32K	-46K	-3.44M	1.29M	-101K
Change in Inventory	392.25K	-13.2K	23K	-148K	47K	-1.31M
Change in Payables	-160.92K	-47.06K	263K	18K	124K	1.45M
Cash from Investing+	0	-1.47M	-42K	-5.09M	-6.01M	-2.52M
Capital Expenditures	0	-1.47M	-42K	-5.09M	-4.37M	-18.91M
CapEx % of Revenue	-	0.16%	0.03%	0.27%	0.23%	0.74%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	0	0	17.77M
Cash from Financing+	-1.5M	4.24M	1M	10.36M	11.58M	-1.64M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	-1.5M	0	-1.67M	-3.1M	-2.09M	-1.64M
Share Repurchases	-	-	-	-	-	-
Other Financing	0	4.24M	2.67M	-2.73M	-1.49M	0
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	1.44M	-4.2M	673K	-3.58M	-3.55M	-22.44M
FCF Margin %	0.12%	-0.45%	0.5%	-0.19%	-0.19%	-0.87%
FCF Growth %	-	-3.92%	1.16%	-6.32%	0.01%	-5.31%
FCF per Share	27.20	-79.33	9.14	-57.52	-26.34	-75.14
FCF Conversion (FCF/Net Income)	-0.77x	0.72x	5.34x	-4.64x	-0.41x	0.20x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.34%	-10.82%	0.32%	-0.52%	-2.34%	-20.19%
Return on Invested Capital (ROIC)	-	-8.12%	0.25%	-0.43%	-7.94%	-17.47%
Gross Margin	42.35%	-0.69%	69.42%	44.67%	29.21%	8.98%
Net Margin	-15.06%	-40.34%	10.04%	-1.71%	-10.43%	-69.5%
Interest Coverage	-	-	-	-	-8.50x	-165.55x
FCF Conversion	-0.77x	0.72x	5.34x	-4.64x	-0.41x	0.20x
Revenue Growth	-	-23.92%	-85.83%	1330.66%	-0.67%	35.58%

Revenue by Segment

	2024
Tanker	934K
Tanker Growth	-

Frequently Asked Questions

Growth & Financials

OceanPal Inc. (OP) reported $19.4M in revenue for fiscal year 2024. This represents a 57% increase from $12.4M in 2019.

OceanPal Inc. (OP) grew revenue by 35.6% over the past year. This is strong growth.

OceanPal Inc. (OP) reported a net loss of $18.8M for fiscal year 2024.

Dividend & Returns

Yes, OceanPal Inc. (OP) pays a dividend with a yield of 100.00%. This makes it attractive for income-focused investors.

OceanPal Inc. (OP) has a return on equity (ROE) of -20.2%. Negative ROE indicates the company is unprofitable.

OceanPal Inc. (OP) had negative free cash flow of $20.2M in fiscal year 2024, likely due to heavy capital investments.

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