ATHENS, GREECE, December 6, 2023 – OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported a net loss of $3.4 million and a net loss attributed to common stockholders of $3.9 million for the third quarter of 2023. Time charter revenues for the same period were $3.9 million. This compares to net income of $1.1 million and net income attributed to common stockholders of $403 thousand for the third quarter of 2022. Time charter revenues for the same period were $5.1 million.

Net loss for the nine months ended September 30, 2023, amounted to $2.0 million and net loss attributed to common stockholders amounted to $3.9 million. Time charter revenues for the same period were $13.1 million. This compares to net income for the nine months ended September 30, 2022, of $2.2 million and net income attributed to common stockholders of $216 thousand. Time charter revenues for the same period were $13.4 million.