Document and Entity Information
Document and Entity Information - shares | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-40930 | |
Entity Registrant Name | OCEANPAL INC. | |
Entity Central Index Key | 0001869467 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Address, Address Line One | Pendelis 26 | |
Entity Address, Address Line Two | Palaio Faliro | |
Entity Address, Postal Zip Code | 175 64 | |
Entity Address, City or Town | Athens | |
Entity Address, Country | GR | |
Title of 12(b) Security | Common Stock, $0.01 par value including the Preferred Stock Purchase Rights | |
Trading Symbol | OP | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,448,601 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Auditor Firm ID | 1457 | |
Auditor Name | Ernst & Young (Hellas) Certified Auditors Accountants S.A. | |
Auditor Location | Athens, Greece | |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Contact Personnel Name | Margarita Veniou | |
Entity Address, Address Line One | Pendelis 26 | |
Entity Address, Address Line Two | Palaio Faliro | |
Entity Address, Postal Zip Code | 175 64 | |
Entity Address, City or Town | Athens | |
Entity Address, Country | GR | |
Country Region | 30 | |
City Area Code | 210 | |
Local Phone Number | 9485-360 | |
Contact Personnel Fax Number | 9401-810 | |
Contact Personnel Email Address | mveniou@oceanpal.com | |
OceanPal Inc. Predecessors [Member] | ||
Entity Addresses [Line Items] | ||
Auditor Firm ID | 1457 | |
Auditor Name | Ernst & Young (Hellas) Certified Auditors Accountants S.A. | |
Auditor Location | Athens, Greece |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2(e)) | $ 14,841 | $ 8,454 |
Accounts receivable trade, net (Note 2(f)) | 2,963 | 4,252 |
Due from a related party (Note 3(a)) | $ 0 | $ 5 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Inventories (Note 2(g)) | $ 287 | $ 334 |
Prepaid expenses and other assets, net (Note 6) | 895 | 1,126 |
Insurance claims (Note 2(i)) | 1,058 | 0 |
Total current assets | 20,044 | 14,171 |
FIXED ASSETS: | ||
Vessels, net (Notes 2(j), 2(k) and 5) | 71,100 | 63,672 |
Total fixed assets | 71,100 | 63,672 |
OTHER NON-CURRENT ASSETS: | ||
Deferred charges, net (Notes 2(m) and 2(z)) | 2,056 | 1,175 |
Equity method investment (Notes 2(h) and 4) | 1,645 | 0 |
Total assets | 94,845 | 79,018 |
CURRENT LIABILITIES: | ||
Accounts payable, trade and other | 405 | 281 |
Due to related parties (Notes 3(a) and 3(b)) | $ 474 | $ 410 |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Dividends payable (Note 7(c)) | $ 110 | $ 240 |
Accrued liabilities | 898 | 1,154 |
Unearned revenue (Note 2(o)) | 399 | 374 |
Total current liabilities | 2,286 | 2,459 |
Commitments and contingencies (Note 6) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 520,459 issued and outstanding as of December 31, 2023, and 519,172 issued and outstanding as of December 31, 2022 (Note 7) | 5 | 5 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 7,448,601 issued and outstanding as of December 31, 2023, and 509,200 issued and outstanding as of December 31, 2022 (Note 7) | 74 | 5 |
Additional paid-in capital (Note 7) | 100,500 | 78,870 |
Accumulated deficit | (8,020) | (2,321) |
Total stockholders' equity | 92,559 | 76,559 |
Total liabilities and stockholders' equity | $ 94,845 | $ 79,018 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Jun. 08, 2023 | Dec. 31, 2022 | Aug. 12, 2022 | Jun. 14, 2022 | Apr. 02, 2022 | Nov. 29, 2021 | Apr. 14, 2021 |
STOCKHOLDERS' EQUITY: | ||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Preferred stock, shares issued (in shares) | 520,459 | 519,172 | ||||||
Preferred stock, shares outstanding (in shares) | 520,459 | 519,172 | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 500 | ||||
Common stock, shares issued (in shares) | 7,448,601 | 1,259,135 | 509,200 | 149,145 | 149,145 | 149,145 | 44,101 | |
Common stock, shares outstanding (in shares) | 7,448,601 | 1,259,135 | 509,200 | 149,145 | 149,145 | 149,145 | 44,101 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
REVENUES: | |||
Time charter revenues (Notes 2(f) and 2(o)) | $ 1,334,000 | $ 18,957,000 | $ 19,085,000 |
EXPENSES: | |||
Voyage expenses (Note 2(o)) | 54,000 | 1,940,000 | 3,680,000 |
Vessel operating expenses (Notes 2(p) and 9) | 360,000 | 10,421,000 | 6,880,000 |
Depreciation and amortization of deferred charges (Notes 2(l), 2(m) and 5) | 354,000 | 7,670,000 | 4,896,000 |
General and administrative expenses | 358,000 | 5,281,000 | 3,083,000 |
Management fees to related parties (Notes 3(a) and 3(b)) | 74,000 | 1,236,000 | 878,000 |
Other operating loss/(income) (Note 6) | 0 | 131,000 | (6,000) |
Operating (loss)/income | 134,000 | (7,722,000) | (326,000) |
OTHER INCOME: | |||
Changes in fair value of warrants' liability (Note 7(b)) | 0 | 6,222,000 | 0 |
Finance costs (Note 7(b)) | 0 | (909,000) | 0 |
Interest income | 0 | 504,000 | 0 |
Gain from equity method investment (Notes 2(h) and 4) | 0 | 2,000 | 0 |
Other expenses | 0 | (74,000) | 0 |
Total other income, net | 0 | 5,745,000 | 0 |
Net (loss)/income and comprehensive (loss)/income | 134,000 | (1,977,000) | (326,000) |
Net (loss)/income and comprehensive (loss)/income attributable to common stockholders | $ 65,000 | $ (6,707,000) | $ (2,674,000) |
(Loss)/ earnings per common share, basic (Note 8) (in dollars per share) | $ 1.47 | $ (2.02) | $ (17.18) |
(Loss)/ earnings per common share, diluted (Note 8) (in dollars per share) | $ 1.06 | $ (3.83) | $ (17.18) |
Weighted average number of common stock, basic (Note 8) (in shares) | 44,101 | 3,315,519 | 155,655 |
Weighted average number of common stock, diluted (Note 8) (in shares) | 61,378 | 3,372,207 | 155,655 |
Class A Warrants [Member] | |||
OTHER INCOME: | |||
Dividends | $ 0 | $ 0 | $ (1,012,000) |
Series C Preferred Stock [Member] | |||
OTHER INCOME: | |||
Deemed dividend upon redemption of Preferred Stock (Note 7(c)) | 0 | (2,549,000) | 0 |
Dividends | (69,000) | (991,000) | (950,000) |
Series D Preferred Stock [Member] | |||
OTHER INCOME: | |||
Deemed dividend upon redemption of Preferred Stock (Note 7(c)) | 0 | (154,000) | (134,000) |
Dividends | $ 0 | $ (1,036,000) | $ (252,000) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Preferred Stock [Member] Series B [Member] | Preferred Stock [Member] Series C [Member] | Preferred Stock [Member] Series D [Member] | Preferred Stock [Member] Series E [Member] | Common Stock [Member] | Common Stock [Member] Series C [Member] | Common Stock [Member] Series D [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Series B [Member] | Additional Paid-in Capital [Member] Series C [Member] | Additional Paid-in Capital [Member] Series D [Member] | Additional Paid-in Capital [Member] Series E [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Retained Earnings/(Accumulated Deficit) [Member] Series B [Member] | Retained Earnings/(Accumulated Deficit) [Member] Series C [Member] | Retained Earnings/(Accumulated Deficit) [Member] Series D [Member] | Retained Earnings/(Accumulated Deficit) [Member] Series E [Member] | Total | Series B [Member] | Series C [Member] | Series D [Member] | Series E [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net (loss) income | $ (1,862,852) | |||||||||||||||||||||
Net (loss) income | (3,795,959) | |||||||||||||||||||||
Net (loss) income | 750,983 | |||||||||||||||||||||
Balance at Apr. 14, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | ||||||||||||||
Balance (in shares) at Apr. 14, 2021 | 0 | 0 | 0 | 0 | 25 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net (loss) income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 134,000 | 134,000 | ||||||||||||||
Cancellation of common stock (Note 7(a)) | $ 0 | 0 | 0 | 0 | ||||||||||||||||||
Cancellation of common stock (Note 7(a)) (in shares) | (25) | |||||||||||||||||||||
Issuance of stock | $ 5,000 | $ 0 | $ 0 | 40,509,000 | $ 0 | $ 7,570,000 | 0 | $ 0 | $ 0 | 40,509,000 | $ 5,000 | $ 7,570,000 | ||||||||||
Issuance of stock (in shares) | 500,000 | 10,000 | 44,101 | |||||||||||||||||||
Dividends declared (Note 7(c)) | $ 0 | 0 | (69,000) | (69,000) | ||||||||||||||||||
Balance at Dec. 31, 2021 | $ 5,000 | $ 0 | $ 0 | $ 0 | $ 0 | 48,079,000 | 65,000 | 48,149,000 | ||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 500,000 | 10,000 | 0 | 0 | 44,101 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net (loss) income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (326,000) | (326,000) | ||||||||||||||
Issuance of 15,571,429 units (comprising from common stock or prefunded warrants and warrants) and 628,751 warrants at primary offering, net of issuance costs (Note 7(a)) | $ 1,000 | 10,694,000 | 0 | 10,695,000 | ||||||||||||||||||
Issuance of 15,571,429 units (comprising from common stock or prefunded warrants and warrants) and 628,751 warrants at primary offering, net of issuance costs (Note 7(a)) (in shares) | 65,357 | |||||||||||||||||||||
Issuance of 6,407 shares of common stock upon exercise of underwriters' over-allotment option and exercise of 2,430,000 Class A warrants (Note 7(a)) | $ 0 | 898,000 | 0 | 898,000 | ||||||||||||||||||
Issuance of 6,407 shares of common stock upon exercise of underwriters' over-allotment option and exercise of 2,430,000 Class A warrants (Note 7(a)) (in shares) | 6,407 | |||||||||||||||||||||
Issuance of stock | $ 0 | $ 17,600,000 | $ 0 | $ 17,600,000 | ||||||||||||||||||
Issuance of stock (in shares) | 25,000 | 6,407 | ||||||||||||||||||||
Issuance of common stock following exercise of warrants | $ 0 | 3,143,000 | 0 | 3,143,000 | ||||||||||||||||||
Issuance of common stock following exercise of warrants (in shares) | 33,280 | |||||||||||||||||||||
Compensation cost under the Equity Incentive Plan (Note 7(c)) | $ 0 | $ 0 | 568,000 | 0 | 568,000 | |||||||||||||||||
Compensation cost under the Equity Incentive Plan (Note 7(c)) (in shares) | 0 | |||||||||||||||||||||
Preferred Stock redemption and issuance of common stock | $ 0 | $ 4,000 | 130,000 | (134,000) | 0 | |||||||||||||||||
Preferred Stock redemption and issuance of common stock (in shares) | 360,055 | |||||||||||||||||||||
Preferred Stock redemption and issuance of common stock (in shares) | (15,828) | |||||||||||||||||||||
Dividends declared ($10 per share of common stock and Class A warrant) (Note 7(b)) | $ 0 | (1,767,000) | (448,000) | (2,215,000) | ||||||||||||||||||
Dividends declared and paid ($2 per share of common stock and Class A warrant) (Note 7(b)) | 0 | 0 | (886,000) | (886,000) | ||||||||||||||||||
Dividends declared (Note 7(c)) | $ 0 | $ 0 | 0 | (475,000) | (117,000) | (950,000) | (117,000) | |||||||||||||||
Dividends declared (Note 7(c)) | (475,000) | |||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 5,000 | $ 0 | $ 0 | $ 0 | $ 5,000 | 78,870,000 | (2,321,000) | 76,559,000 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 500,000 | 10,000 | 9,172 | 0 | 509,200 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net (loss) income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (1,977,000) | (1,977,000) | ||||||||||||||
Issuance of stock | $ 0 | $ 0 | 10,000,000 | $ 35,000 | 0 | $ 0 | 10,000,000 | $ 35,000 | ||||||||||||||
Issuance of stock (in shares) | 13,157 | 1,200 | 615,000 | |||||||||||||||||||
Issuance of common stock following exercise of warrants | $ 1,000 | 26,000 | 0 | 27,000 | ||||||||||||||||||
Issuance of common stock following exercise of warrants (in shares) | 135,000 | |||||||||||||||||||||
Issuance of 15,000,000 units (comprising from 615,000 shares of common stock, 2,700,000 prefunded warrants and 15,000,000 Class B warrants) at primary offering, net of issuance costs (the "February 2023 Registered Direct Offering") (Note 7(a)) | $ 6,000 | 6,693,000 | 0 | 6,699,000 | ||||||||||||||||||
Issuance of 15,000,000 units (comprising from 615,000 shares of common stock, 2,700,000 prefunded warrants and 15,000,000 Class B warrants) at primary offering, net of issuance costs (the "February 2023 Registered Direct Offering") (Note 7(a)) (in shares) | 615,000 | |||||||||||||||||||||
Retirement of fractional common shares in June reverse stock split (Note 7(a)) | $ 0 | 0 | 0 | 0 | ||||||||||||||||||
Retirement of fractional common shares in June reverse stock split (Note 7(a)) (in shares) | (65) | |||||||||||||||||||||
Compensation cost under the Equity Incentive Plan (Note 7(c)) | $ 0 | 0 | 1,893,000 | 0 | 1,893,000 | |||||||||||||||||
Compensation cost under the Equity Incentive Plan (Note 7(c)) (in shares) | 5,314 | |||||||||||||||||||||
Preferred Stock redemption and issuance of common stock | $ 0 | $ 0 | $ 20,000 | $ 36,000 | 134,000 | 2,513,000 | (154,000) | (2,549,000) | 0 | 0 | ||||||||||||
Preferred Stock redemption and issuance of common stock (in shares) | 3,649,474 | 1,977,491 | ||||||||||||||||||||
Preferred Stock redemption and issuance of common stock (in shares) | (9,793) | (8,591) | ||||||||||||||||||||
Alternative cashless exercise of private placement warrants (Note 7(b)) | $ 6,000 | 1,276,000 | 0 | 1,282,000 | ||||||||||||||||||
Alternative cashless exercise of private placement warrants (Note 7(b)) (in shares) | 562,501 | |||||||||||||||||||||
Dividends declared (Note 7(c)) | $ 0 | $ 0 | $ (306,000) | $ (713,000) | $ (991,000) | $ (968,000) | ||||||||||||||||
Dividends declared (Note 7(c)) | $ (685,000) | $ (255,000) | ||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 5,000 | $ 0 | $ 0 | $ 0 | $ 74,000 | $ 100,500,000 | $ (8,020,000) | $ 92,559,000 | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 500,000 | 5,521 | 13,738 | 1,200 | 7,448,601 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Units issued (in shares) | 15,571,429 |
Issuance of warrants | 628,751 |
Common stock dividends declared (in dollars per share) | $ / shares | $ 10 |
Common stock dividends declared and paid (in dollars per share) | $ / shares | $ 2 |
Class A Warrants [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Issuance of warrants | 2,430,000 |
Exercise of warrants | 4,156,000 |
Pre-Funded Warrants [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Exercise of warrants | 2,500,000 |
Common Stock [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Issuance of stock (in shares) | 6,407 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Nov. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows provided by Operating Activities: | ||||||
Net (loss) income | $ 134,000 | $ 750,983 | $ (1,977,000) | $ (326,000) | $ (3,795,959) | $ (1,862,852) |
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization of deferred charges (Note 5) | 354,000 | 2,192,911 | 7,670,000 | 4,896,000 | 2,151,977 | 2,479,432 |
Compensation cost on restricted stock awards (Note 7(c)) | 0 | 1,893,000 | 568,000 | |||
Finance costs (Note 7(b)) | 0 | 909,000 | 0 | |||
Changes in fair value of warrants' liability (Note 7(b)) | 0 | (6,222,000) | 0 | |||
Gain from equity method investment (Note 4) | 0 | (2,000) | 0 | |||
Asset impairment charge (Note 4) | 0 | 0 | 3,047,978 | |||
Vessel fair value adjustment (Note 4) | 0 | (200,500) | 0 | |||
(Increase) / Decrease in: | ||||||
Accounts receivable, trade, net | 24,000 | 169,243 | 1,289,000 | (3,441,000) | (725,324) | (302,696) |
Due from a related party | (70,000) | (14,418) | 5,000 | 65,000 | (1,167,746) | (1,891) |
Inventories | 23,000 | (26,611) | 47,000 | (148,000) | (13,199) | 392,255 |
Prepaid expenses and other assets, net | (460,000) | 231,000 | (666,000) | |||
Insurance claims | 0 | 941,488 | (1,058,000) | 0 | 1,145,969 | (2,078,347) |
Deferred charges | (152,000) | 0 | 152,000 | |||
Prepaid expenses | 191,097 | (155,786) | (403,488) | |||
Increase / (Decrease) in: | ||||||
Accounts payable, trade and other | 263,000 | 87,213 | 124,000 | 18,000 | (47,062) | (160,921) |
Due to related parties | 59,000 | (115,280) | 64,000 | 351,000 | (122,741) | 220,261 |
Accrued liabilities | 312,000 | (1,125,141) | (256,000) | 842,000 | 1,189,260 | 202,046 |
Unearned revenue | 228,000 | 135,080 | 25,000 | 146,000 | (155,877) | (90,092) |
Dry-dock costs | 0 | (5,535) | (1,927,000) | (944,000) | (826,180) | (2,234) |
Net cash provided by Operating Activities | 715,000 | 3,181,030 | 815,000 | 1,513,000 | (2,723,168) | 1,439,451 |
Cash Flows used in Investing Activities: | ||||||
Payments for vessel improvements and vessel acquisitions (Note 5) | (42,000) | (23,850) | (4,368,000) | (5,094,000) | (1,474,965) | 0 |
Payment for equity method investment (Note 4) | 0 | (1,643,000) | 0 | |||
Net cash used in Investing Activities | (42,000) | (23,850) | (6,011,000) | (5,094,000) | (1,474,965) | 0 |
Cash Flows provided by Financing Activities: | ||||||
Proceeds from Spin-Off (Note 3(c)) | 1,000,000 | 0 | 0 | |||
Proceeds from issuance of units and warrants (Note 7(a)) | 0 | 15,123,000 | 16,195,000 | |||
Proceeds from exercise of prefunded warrants (Note 7(a)) | 0 | 27,000 | 0 | |||
Proceeds from issuance of Series E Preferred Stock (Note 3(d) and 7(c)) | 0 | 35,000 | 0 | |||
Payments of equity issuance and financing costs (Note 7(a)) | 0 | (1,513,000) | (1,835,000) | |||
Payments of dividends on common stockholders and Class A warrant holders (Note 7(a)) | 0 | 0 | (3,101,000) | |||
Parent investment/(distribution), net | (3,196,728) | 4,235,856 | (1,504,222) | |||
Net cash provided by Financing Activities | 1,000,000 | (3,196,728) | 11,583,000 | 10,362,000 | 4,235,856 | (1,504,222) |
Net increase in cash and cash equivalents | 1,673,000 | (39,548) | 6,387,000 | 6,781,000 | 37,723 | (64,771) |
Cash and cash equivalents at beginning of the year/period | 0 | 39,638 | 8,454,000 | 1,673,000 | 1,915 | 66,686 |
Cash and cash equivalents at end of the year/period | 1,673,000 | $ 90 | 14,841,000 | 8,454,000 | $ 39,638 | $ 1,915 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Series C Preferred Stock dividends declared, not paid (Note 7(c)) | 0 | (110,000) | (240,000) | |||
Non-cash consideration for vessel acquisition through the issuance of Series D Preferred Stock (Note 7(c)) | 0 | (10,000,000) | (17,600,000) | |||
Alternative cashless exercise of private placement warrants (Note 7(b)) | 0 | 1,282,000 | 0 | |||
Issuance of common stock and preferred stock in exchange for entities' acquisition (Note 3(c)) | 47,084,000 | 0 | 0 | |||
Series C Preferred Stock [Member] | ||||||
Cash Flows provided by Financing Activities: | ||||||
Payments of dividends on Preferred Stock (Note 7(c)) | 0 | (1,121,000) | (780,000) | |||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Deemed dividend upon redemption of Preferred Stock (Note 7(c)) | 0 | (2,549,000) | 0 | |||
Series D Preferred Stock [Member] | ||||||
Cash Flows provided by Financing Activities: | ||||||
Payments of dividends on Preferred Stock (Note 7(c)) | 0 | (968,000) | (117,000) | |||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Deemed dividend upon redemption of Preferred Stock (Note 7(c)) | $ 0 | $ (154,000) | $ (134,000) |
COMBINED CARVE-OUT BALANCE SHEE
COMBINED CARVE-OUT BALANCE SHEET (Predecessor) | Dec. 31, 2020 USD ($) |
OceanPal Inc. Predecessors [Member] | |
CURRENT ASSETS: | |
Cash and cash equivalents (Note 2(e)) | $ 39,638 |
Accounts receivable, trade (Note 2(f)) | 1,035,069 |
Due from a related party | 1,169,637 |
Inventories (Note 2(g)) | 181,973 |
Insurance claims (Note 2(h)) | 941,488 |
Prepaid expenses | 869,662 |
Total current assets | 4,237,467 |
FIXED ASSETS: | |
Vessels, net (Note 4) | 32,249,299 |
Total fixed assets | 32,249,299 |
OTHER NON-CURRENT ASSETS: | |
Deferred charges, net (Notes 2(m) and 4) | 701,773 |
Total assets | 37,188,539 |
CURRENT LIABILITIES: | |
Accounts payable, trade and other | 133,566 |
Due to a related party | 115,280 |
Accrued liabilities | 1,637,623 |
Total current liabilities | 1,886,469 |
Commitments and contingencies (Note 5) | |
PARENT EQUITY: | |
Parent investment, net (Note 6) | 144,274,678 |
Accumulated deficit | (108,972,608) |
Total stockholders' equity | 35,302,070 |
Total liabilities and stockholders' equity | $ 37,188,539 |
COMBINED CARVE-OUT STATEMENTS O
COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Predecessor) - USD ($) | 11 Months Ended | 12 Months Ended | |
Nov. 29, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EXPENSES: | |||
Depreciation and amortization of deferred charges (Note 4) | $ 2,192,911 | $ 2,151,977 | $ 2,479,432 |
Vessel impairment charges (Note 4) | 0 | 0 | 3,047,978 |
OTHER EXPENSES | |||
Net (loss)/income and comprehensive (loss)/income | 750,983 | (3,795,959) | (1,862,852) |
OceanPal Inc. Predecessors [Member] | |||
REVENUES: | |||
Time charter revenues (Note 2(o)) | 11,342,529 | 9,410,671 | 12,370,182 |
EXPENSES: | |||
Voyage expenses (Note 2(o)) | 418,022 | 977,940 | 1,548,501 |
Vessel operating expenses (Note 2(p)) | 6,200,109 | 8,497,830 | 5,582,563 |
Depreciation and amortization of deferred charges (Note 4) | 2,192,911 | 2,151,977 | 2,479,432 |
General and administrative expenses (Note 6) | 1,104,894 | 1,265,051 | 809,205 |
Management fees to related parties (Note 3) | 683,121 | 756,000 | 728,300 |
Vessel impairment charges (Note 4) | 0 | 0 | 3,047,978 |
Vessel fair value adjustment (Note 4) | 0 | (200,500) | 0 |
Other loss/(income) | (9,427) | (241,668) | 37,055 |
Operating (loss)/income | 752,899 | (3,795,959) | (1,862,852) |
OTHER EXPENSES | |||
Finance costs | (1,916) | 0 | 0 |
Net (loss)/income and comprehensive (loss)/income | $ 750,983 | $ (3,795,959) | $ (1,862,852) |
COMBINED CARVE-OUT STATEMENTS_2
COMBINED CARVE-OUT STATEMENTS OF PARENTS' EQUITY (Predecessor) - USD ($) | Parent Company Investment, net OceanPal Inc. Predecessors [Member] | Retained Earnings [Member] OceanPal Inc. Predecessors [Member] | Retained Earnings [Member] | OceanPal Inc. Predecessors [Member] | Total |
Balance at Dec. 31, 2018 | $ 141,543,044 | $ (103,313,797) | $ 38,229,247 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Parent Distribution, net (Note 6) | (1,504,222) | (1,504,222) | |||
Net income and comprehensive income | (1,862,852) | (1,862,852) | $ (1,862,852) | ||
Balance at Dec. 31, 2019 | 140,038,822 | (105,176,649) | 34,862,173 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Parent Investment, net (Note 6) | 4,235,856 | 4,235,856 | |||
Net income and comprehensive income | (3,795,959) | (3,795,959) | (3,795,959) | ||
Balance at Dec. 31, 2020 | 144,274,678 | (108,972,608) | 35,302,070 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Parent Distribution, net (Note 6) | (3,196,728) | (3,196,728) | |||
Net income and comprehensive income | 750,983 | 750,983 | 750,983 | ||
Balance at Nov. 29, 2021 | $ 141,077,950 | $ (108,221,625) | $ 32,856,325 | ||
Balance at Apr. 14, 2021 | $ 0 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income and comprehensive income | 134,000 | 134,000 | |||
Balance at Dec. 31, 2021 | 65,000 | 48,149,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income and comprehensive income | (326,000) | (326,000) | |||
Balance at Dec. 31, 2022 | (2,321,000) | 76,559,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income and comprehensive income | (1,977,000) | (1,977,000) | |||
Balance at Dec. 31, 2023 | $ (8,020,000) | $ 92,559,000 |
COMBINED CARVE-OUT STATEMENTS_3
COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS (Predecessor) - USD ($) | 11 Months Ended | 12 Months Ended | |
Nov. 29, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows provided by Operating Activities: | |||
Net income/(loss) | $ 750,983 | $ (3,795,959) | $ (1,862,852) |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | |||
Depreciation and amortization of deferred charges | 2,192,911 | 2,151,977 | 2,479,432 |
Asset impairment charge (Note 4) | 0 | 0 | 3,047,978 |
Vessel fair value adjustment (Note 4) | 0 | (200,500) | 0 |
(Increase) / Decrease in: | |||
Accounts receivable, trade, net of allowance for doubtful accounts | 169,243 | (725,324) | (302,696) |
Due from a related party | (14,418) | (1,167,746) | (1,891) |
Inventories | (26,611) | (13,199) | 392,255 |
Insurance claims | 941,488 | 1,145,969 | (2,078,347) |
Prepaid expenses | 191,097 | (155,786) | (403,488) |
Increase / (Decrease) in: | |||
Accounts payable, trade and other | 87,213 | (47,062) | (160,921) |
Due to related parties | (115,280) | (122,741) | 220,261 |
Accrued liabilities | (1,125,141) | 1,189,260 | 202,046 |
Deferred revenue | 135,080 | (155,877) | (90,092) |
Dry-dock costs | (5,535) | (826,180) | (2,234) |
Net cash provided by Operating Activities | 3,181,030 | (2,723,168) | 1,439,451 |
Cash Flows used in Investing Activities: | |||
Payments for vessel improvements (Note 4) | (23,850) | (1,474,965) | 0 |
Net cash used in Investing Activities | (23,850) | (1,474,965) | 0 |
Cash Flows provided by Financing Activities: | |||
Parent investment/(distribution), net | (3,196,728) | 4,235,856 | (1,504,222) |
Net cash provided by Financing Activities | (3,196,728) | 4,235,856 | (1,504,222) |
Net increase in cash and cash equivalents | (39,548) | 37,723 | (64,771) |
Cash and cash equivalents at beginning of the year/period | 39,638 | 1,915 | 66,686 |
Cash and cash equivalents at end of the year/period | 90 | 39,638 | 1,915 |
OceanPal Inc. Predecessors [Member] | |||
Cash Flows provided by Operating Activities: | |||
Net income/(loss) | 750,983 | (3,795,959) | (1,862,852) |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | |||
Depreciation and amortization of deferred charges | 2,192,911 | 2,151,977 | 2,479,432 |
Asset impairment charge (Note 4) | $ 0 | $ 0 | $ 3,047,978 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of OceanPal Inc. (the ‘‘Company”, or “OceanPal”, or “OP”), and its wholly owned subsidiaries (collectively, the “Company”). OP was incorporated by Diana Shipping Inc. (“Diana Shipping” or “DSI”) on April 15, 2021, under the laws of the Republic of the Marshall Islands, having a share capital of 500 shares, par value $0.01 per share, issued to DSI. On June 24, 2021, OP filed a confidential registration statement on Form 20-F with the US Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, to effect a spin-off of three of DSI’s vessel owning subsidiaries together with working capital in exchange of common and preferred stock to DSI’s stockholders and DSI, respectively (the “Spin-Off”) (Note 3(c)). On November 29, 2021, the registration statement was declared effective. Upon Spin-Off consummation, the Company’s articles of incorporation and bylaws were amended. Under the amended articles of incorporation, the Company’s authorized share capital increased from 500 to one billion shares of common stock at par value $0.01 and 100,000,000 preferred stock at par value $0.01. In June 2023, the Company’s articles of incorporation and bylaws were further amended. The Company’s shares trade on the Nasdaq Capital Market under the ticker symbol “OP”. Effective December 22, 2022, and June 8, 2023, the Company effected a one-for-ten one-for-twenty The comparative consolidated financial statements for the period from inception (April 15, 2021) through December 31, 2021, include only the accounts of OceanPal Inc. from inception date April 15, 2021 through November 29, 2021, as the accounts of the Company’s wholly owned subsidiaries have been consolidated from November 30, 2021 (i.e. upon the Spin-Off consummation and the acquisition of the three ship-owning subsidiaries by the Company) when the operation of the Company’s vessels under OceanPal Inc.’s ownership started. Operations prior to November 30, 2021, consisted principally of organizational expenses. The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels. Each of the vessels is owned through a separate wholly owned subsidiary. As of December 31, 2023, the Company was the sole owner of all outstanding shares of the following subsidiaries: • Cypres Enterprises Corp. (“Cypres”), a company incorporated in the Republic of Panama on September 7, 2000, owner of the 2004 built Panamax dry bulk carrier Protefs, • Darien Compania Armadora S.A. (“Darien”), a company incorporated in the Republic of Panama on December 22, 1993, owner of the 2005 built Panamax dry bulk carrier Calipso, • Marfort Navigation Company Limited (“Marfort”), a company incorporated in the Republic of Cyprus on August 10, 2007, owner of the 2005 built Capesize dry bulk carrier Salt Lake City, • Darrit Shipping Company Inc. (“Darrit”), a company incorporated in the Republic of the Marshall Islands on June 02, 2022, owner of the 2005 built Capesize dry bulk carrier Baltimore, and • Fiji Shipping Company Inc. (“Fiji”), a company incorporated in the Republic of the Marshall Islands on January 27, 2023, owner of the 2005 built Panamax dry bulk carrier Melia (Notes 3(c) and 5). The Company operates its own fleet through Diana Wilhelmsen Management Limited (or “DWM”) (Note 3(a)) and Steamship Shipbroking Enterprises Inc. (or “Steamship”) (Note 3(b)). Uncertainties caused by worldwide health and geopolitical events: Given the dynamic nature of these circumstances, and as volatility continues, the full extent of the repercussions of the ongoing COVID-19 global pandemic and/or the Russo-Ukrainian and Israel-Hamas armed conflicts, and/or other ongoing hostilities occurring in the Middle East, including in the Gulf of Aden and the Red Sea, may have either a direct or indirect impact on the industry and on the Company’s business which is difficult to be predicted, insofar as it is possible that in the future third parties with whom the Company has or will have contracts that may be impacted by such events, i.e. current or future sanctions’ measures imposed in connection with the conflicts. The related financial reporting implications cannot be reasonably estimated at this time, although they could materially affect the Company’s business, results of operations and financial condition in the future. As a result, certain of the Company’s estimates and assumptions carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. The overall impact on the Company’s business, and the efficacy of any measures the Company takes in response to the challenges presented by these geopolitical events, will depend on how those events will further develop, the duration and extent of the restrictive measures that are associated with such events and their impact on global economy and trade, which is still uncertain. The Company is constantly monitoring the developing situation, as well as its charterers’ and other counterparties’ response to the market and continuously evaluates the effect on its operations. Also, the Company monitors inflation in the United States of America, Eurozone and other countries, including ongoing global prices pressures that are driving up energy and commodity prices in the wake of the armed conflicts in Ukraine and the Middle East, which continue to have a moderate effect on the Company’s operating expenses. |
Significant Accounting Policies
Significant Accounting Policies - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | |
Significant Accounting Policies - Recent Accounting Pronouncements | 2. Significant Accounting Policies – Recent Accounting Pronouncements a) Principles of consolidation b) Use of estimates: c) Other comprehensive (loss)/ income: d) Foreign currency translation: e) Cash and cash equivalents: f) Accounts receivable, trade, net: nil receivables as all balances are usually settled within a year. g) Inventories: h) Equity method investments: Investments in the equity of entities over which the Company exercises significant influence but does not exercise control are accounted for by the equity method of accounting in accordance with ASC 321 “Investments-Equity securities”. In reaching such a conclusion, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received, if any, reduce the carrying amount of the investment. When the carrying value of an equity method investment equals or exceeds the Company’s interest because of losses, the Company does not recognize further losses, unless the Company has made advances, incurred obligations, or has made payments on behalf of the investee and is committed to provide further financial support to the investee. At each reporting period, the Company also evaluates whether a loss in the value of an investment that is other than a temporary decline should be recognized. In its assessment, the Company evaluates indicators such as market conditions, the investee’s performance, and the ability to sustain an earnings capacity that would justify the carrying amount of the investment and its ability to continue as a going concern. Measurement of the impairment loss is based on the fair value of the investment. (Note 4). i Insurance claims j) Vessels, net k) Impairment of long-lived assets: l) Vessel depreciation: m) Accounting for dry-docking costs n) Concentration of credit risk o) Accounting for revenues and expenses: p) Repairs and maintenance: q) (Loss)/Earnings per common share: r) Segment reporting: s) Fair value measurements t) Share based payments: u) Going concern: v) Financial instruments, credit losses w) Evaluation of nonmonetary transactions: x) Distinguishing liabilities from equity: The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. In its assessment, the Company analyzes key features of these financial instruments to determine whether they are more akin to equity or to debt. It then identifies any embedded features in those instruments and examines whether the identified embedded features fall under the definition of a derivative according to the provisions of ASC 815 or whether those features require bifurcation (other than those with de minimis value) or affect classification in permanent equity. Financial instruments meeting the classification of liability are initially measured at fair value and are subsequently remeasured at each balance sheet date with the offsetting adjustments recorded within the consolidated statements of . Upon settlement or termination, instruments classified as liabilities at fair value are marked to their fair value at the settlement date and then the liability gets settled. The Company values its instruments classified as liabilities using either the Black-Scholes option pricing model or other acceptable valuation models, including the binominal option pricing model (Note 7). y) Redemption of shares or convertible preferred stock for issuance of shares of common stock: z) Offering expenses: New Accounting Pronouncements - Not yet adopted In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The effective date for each amendment of the ASU 2023-06 will be, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in ASU 2023-06 should be applied prospectively. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, and early adoption is permitted. Upon adoption, a public entity will apply the ASU as of the beginning of the earliest period presented. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties (a) Diana Wilhelmsen Management Limited, or DWM: On November 29, 2021, the Company appointed DWM to provide management services for the vessels of the Company’s fleet pursuant to a management agreement, under which each of the vessel-owning subsidiaries pays, for each vessel, an aggregate of 1.25% on hire and on freight of the vessel’s gross income per month, plus either (i) $20,000 per month that the vessel is employed or available for employment or (ii) $10,000 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. Under the addenda on the management agreements, dated March 1, 2022, the fixed monthly management fee was amended to (i) $18,500 per month that the vessel is employed or available for employment or (ii) $9,250 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. The management agreements, as amended, may be terminated by either party on three months’ prior written notice. DWM is deemed a related party to the Company on the basis that certain members of the Company’s board of directors also act as members of the board of directors at DWM. Management fees charged by DWM for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, amounted to $1,319, $974 and $79, respectively. Of the management fees charged by DWM for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, $1,086, $737 and $62, respectively, are included in “Management fees to related parties” and $233, $237, and $17, respectively, are included in “Voyage expenses”, in the accompanying consolidated statements of . As of December 31, 2023 and 2022, amounts of $12 and $5, were due to and due from DWM, included in “Due to related parties” and “Due from a related party”, respectively, in the accompanying consolidated balance sheets. (b) Steamship Shipbroking Enterprises Inc. or Steamship: On November 29, 2021, the Company appointed Steamship to provide insurance, administrative and brokerage services pursuant to a management agreement for insurance-related services, a brokerage services agreement, and an administrative services agreement. Under each vessel-owning subsidiary’s insurance management agreement with Steamship, the vessel-owning subsidiary pays Steamship a fixed fee of either (i) $500 per month for each month that the vessel is employed or is available for employment or (ii) $250 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. These insurance management agreements may be terminated by either party on three months’ prior written notice. Under the brokerage services agreement, the Company pays Steamship a lumpsum commission and 2.5% on the hire agreed per charter party for each vessel, provided, however, that the Company and Steamship may agree to commissions on a percentage basis for specific deals. Up to December 31, 2022, as per the terms of the brokerage services agreement, the Company paid Steamship a fixed monthly fee of $95,000, which, with effect from January 1, 2023, was increased to $150,000 subject to the provisions of a new brokerage services agreement entered into with Steamship on March 7, 2023, the remaining terms of which remained unaltered. The new brokerage services agreement has an initial term of twelve months that commenced on January 1, 2023, and is automatically thereafter renewed for further periods of one . For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, aggregate brokerage fees amounted to $2,266, $1,614 and $178, respectively. Of the brokerage fees charged by Steamship for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, $1,800, $1,140 and $145, respectively, are included in “General and administrative expenses”, whereas, $466, $474 and $33, respectively, are included in “Voyage expenses” in the accompanying consolidated statements of . During 2023, in connection with the Company’s chemical tankers’ investment (Note 4), Steamship charged the Company one off brokerage fee amounting to $150 that is included in “Equity method investment” in the accompanying 2023 consolidated balance sheet. For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, accrued performance bonuses of $230, $185 and $ nil . As of December 31, 2023 and 2022, there was an amount of $462 and $410, respectively, due to Steamship, included in “Due to related parties” in the accompanying consolidated balance sheets, regarding outstanding fees for the services provided under the agreements discussed above and also resulting from amounts paid by Steamship on behalf of the Company. (c) Diana Shipping Inc., or DSI: Spin-Off: On November 29, 2021, the Company completed its Spin-Off from DSI. In connection with the Spin-Off, DSI contributed to the Company three ship-owning companies (Cypres, Darien and Marfort discussed in Note 1) together with $1,000 in working capital, whereas as of the same date, stockholders of DSI received one of the Company’s common shares for every 200 shares of DSI’s common stock owned at the close of business on November 3, 2021 (i.e., 44,101 shares). DSI also received 500,000 of the Company’s Series B Preferred Stock and 10,000 of the Company’s DSI did not distribute the Series B Preferred Stock or the Series C Preferred Stock to its stockholders in connection with the Spin-Off, and the Series B and Series C Preferred Stock are non-transferable. Pursuant to the Contribution and Conveyance agreement dated on November 8, 2021, as amended and restated on November 17, 2021, entered between the Company and DSI, DSI has indemnified the Company and the three above mentioned vessel-owning subsidiaries, for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the Company’s vessels prior to the effective date of the Spin-Off (November 29, 2021). Additionally, pursuant to a Right of First Refusal agreement entered with DSI, dated November 8, 2021, the Company has been granted a right of first refusal over six identified drybulk carriers owned by DSI, effective as of the consummation of the Spin-Off. According to this right of first refusal, the Company has been granted the right, but not the obligation, to purchase one or all of the six identified vessels when and if DSI determines to sell the vessels at fair market value at the time of sale. As of December 31, 2023, following the Company’s refusal to acquire two of the identified vessels and the acquisition of the M/V Melia in February 2023 and the M/V Baltimore in September 2022 (Note 5), two out of six identified vessels remained available for purchase by the Company pursuant to the exercise of the right of first refusal under the agreement entered between the Company and DSI. Furthermore, the Company as of November 2, 2021, has entered into a Non-Competition agreement with DSI pursuant to which DSI has agreed not to compete with the Company for vessel acquisition or chartering opportunities to the extent that such acquisition or chartering opportunities are suitable for the Company or one of the Company’s vessels. The Spin-Off was accounted for at fair values. The aggregate fair value of $46,040 for the three vessels contributed to the Company on November 29, 2021, was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done sales of vessels with similar characteristics, such as type, size and age at the specific dates (Note 5). The fair value of other assets contributed to the Company, mainly comprising lubricating oils and bunkers, amounting to $1,044 in aggregate, approximated their respective carrying value. The Series B Preferred Stock which has no economic interest was recorded at par, amounting to $5 and the Series C Preferred Stock has been recorded at a fair value of $7,570 determined based on valuation obtained by an independent third party for the purposes of the Spin-Off (Note 7(c)). Vessel acquisitions and issuances of Series D Preferred Stock: On June 13, 2022 and February 1, 2023, pursuant to the exercise of the right of first refusal discussed above, the Company, through Darrit and Fiji, entered into separate Memoranda of Agreement with DSI, as amended, to acquire the Capesize M/V Baltimore and the Panamax M/V Melia, for purchase prices of $22,000 and $14,000, respectively. Of the agreed purchase price for each vessel, $4,400 for Baltimore and $4,000 for Melia was paid in cash upon signing of each Memorandum of Agreement and the remaining amounts of $17,600 and $10,000, respectively, were paid upon delivery of each vessel to the Company, on September 20, 2022 and February 8, 2023, respectively, in the form of 25,000 and 13,157 shares of the Company’s Series D Preferred Stock, respectively . Series D Preferred Stock has been recorded at a fair value of $17,600 and $10,000, respectively determined based on valuations obtained by an independent third party for the purposes of the transactions (Note 7(c)). Each of the vessel In connection with the issuances of the Series D preferred stock for the acquisitions of the M/V Baltimore and the M/V Melia, DSI declared special stock dividends to all its stockholders of record as of November 28, 2022, and April 24, 2023, respectively, of all of the Company’s shares of Series D Preferred Stock held by DSI at that time. The dividends were paid on December 15, 2022, and June 9, 2023, respectively (Note 7(c)). Redemption of Series C Preferred Stock: On October 17, 2023, pursuant to the provisions of the Series C Preferred Stock statement of designations, DSI exercised its right to redeem 9,793 of its 10,000 Series C Preferred Stock, through the issuance to DSI of 3,649,474 conversion mechanism prescribed in the As a result of this redemption, the 9,793 207 which have been recorded at inception at a fair value of $ 7,414 As of December 31, 2023, and 2022, there was no (d) Issuance of Series E Preferred Stock: On March 20, 2023, the Company issued 1,200 shares of its newly designated Series E Perpetual Convertible Preferred Stock (the “Series E Preferred Stock”), par value $0.01 per share, to an affiliated company of its Chairperson, for a purchase price of $35. The Series E Preferred Stock votes with the common shares of the Company, and each share of the Series E Preferred Stock entitles the holder thereof to up to 25,000 votes on all matters submitted to a vote of the stockholders of the Company, subject up to 15% of the total number of votes entitled to be cast on matters put to stockholders of the Company. The issuance of shares of Series E Preferred Stock to the Company’s Chairperson was approved by an independent committee of the Company’s Board of Directors, which received a fairness opinion from an independent third party that the transaction was fair from a financial point of view to the Company (Note 7(c)). (e) Altair Travel Agency S.A. (“Altair”): The Company uses from time to time the services of a travel agent, Altair, on which the Company’s Chairperson, holds equity interests. Travel expenses charged by Altair for the year ended December 31, 2023 amounted to $55 and are mainly included in “Vessel operating expenses” and “ Deferred charges, net |
Equity Method Investment
Equity Method Investment | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investment [Abstract] | |
Equity Method Investment | 4. On August 29, 2023, the Company agreed to make a 27.5% two 6,600 $4,125, due in three equal installments of $1,375 27.5% As of December 31, 2023, the investment in RFSea amounted to $ 1,645 For the year ended December 31, 2023, the gain from this investment amounted to $2 and is presented in “Gain from equity method investment” in the accompanying 2023 consolidated statement of comprehensive (loss)/income. Furthermore, the Company incurred net transaction costs in connection with this transaction which amounted to $ 268 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2023 | |
Vessels, net [Abstract] | |
Vessels, net | 5. Vessels, net The amounts reflected in “Vessels, net” in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2021 $ 46,082 $ (354 ) $ 45,728 -Vessel acquisitions 22,000 - 22,000 -Additions for improvements 694 - 694 - Depreciation for the year - (4,750 ) (4,750 ) Balance, December 31, 2022 $ 68,776 $ (5,104 ) $ 63,672 -Vessel acquisition 14,064 - 14,064 -Additions for improvements 304 - 304 - Depreciation for the year - (6,940 ) (6,940 ) Balance, December 31, 2023 $ 83,144 $ (12,044 ) $ 71,100 Vessel acquisitions In June 2022, Darrit entered into a memorandum of agreement, as amended, to purchase from DSI, the Capesize dry bulk carrier M/V Baltimore, for the purchase price of $22,000 pursuant to the right of first refusal granted by DSI (Notes 3(c) and 7(c)). The vessel was delivered to the Company on September 20, 2022. In February 2023, Fiji entered into a memorandum of agreement, as amended, to purchase from DSI, the Panamax dry bulk carrier M/V Melia, for the purchase price of $14,000 pursuant to the right of first refusal granted by DSI (Notes 3(c) and 7(c)). The vessel was delivered to the Company on February 8, 2023. Predelivery expenses amounted to $64. Vessel improvements Vessel improvements mainly relate to the implementation of ballast water treatment system and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During 2023 and 2022, the additions to vessels’ cost amounted to $304 and $694, respectively. Change in scrap rate estimate Effective July 1, 2023, the Company changed the estimated scrap rate of all of its vessels from $250 per lightweight ton to $400 per lightweight ton. This change was made because the historical scrap rates over the past ten years have increased and as such the $250 rate was no longer considered representative. For 2023, this increase in the vessels’ salvage value has reduced depreciation and net loss by approximately $917 and basic and diluted loss per share by approximately $0.28 and $0.27, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies (a) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance, and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&I Association in which the Company’s vessels are entered. The Company’s vessels are subject to estimated total calls payable to their P&I Association and may be subject to supplementary calls which are calculated as a percentage of the net estimated total calls for each year and after deducting any applicable rebates, laid up returns and other deductions. A decision to levy supplementary calls is made by the Board of Directors of the Association at any time during or after the end of the relevant policy year. There is no limit to the number or amount of supplementary calls that can be levied in respect of a policy year. Supplementary calls, if any, are issued when they are announced and according to the period they relate to. The Company, so far, has not been made aware of any supplementary calls outstanding in respect of any policy year. The Company has certain outstanding amounts from disputes with two 19 170 (b) As of December 31, 2023, all of the Company’s vessels were fixed under time charter agreements, considered as operating leases and accounted for as per the provisions of ASC 842. The minimum contracted revenues expected to be generated (gross of charterers’ commissions), based on the existing commitments to non-cancelable time charter contracts as of December 31, 2023 and until their expiration dates, all falling with the first semester of 2024, are estimated at $4,038. (c) As of December 31, 2023, the total contractual obligations in connection with the Company’s chemical tankers’ investment amounted to $2,750, of which $1,375 is expected to be due in the fourth quarter of 2024 and $1,375 is expected to be due in the second quarter of 2025 (Note 4). |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | 7. Capital Stock and Changes in Capital Accounts (a) Common Stock As of April 15, 2021, the date of Company’s incorporation, the Company’s authorized share capital was 500 shares of common stock, par value $0.01 per share, issued to DSI. On November 29, 2021, the Company’s articles of incorporation were amended and restated. Under the Company’s amended and restated articles of incorporation, the Company’s authorized common stock consists of 1 billion shares of common stock, par value $0.01 per share, of which 44,101 shares were issued and outstanding on November 29, 2021, immediately upon the Spin-Off consummation (Note 3(c)) and remained issued and outstanding as of December 31, 2021 (all shares of common stock in registered form). As of December 31, 2023, and 2022, following the events described below, 7,448,601 and 509,200 shares of common stock were issued and outstanding (all shares of common stock in registered form). (i) Receipt of Nasdaq Notices and Reverse Stock Splits: On March 8, 2022, the Company received a written notification from Nasdaq indicating that because the closing bid price of the Company’s common shares for 30 consecutive business days, i.e., from January 21, 2022 to March 7, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the original applicable grace period to regain compliance was 180 days, or until September 5, 2022. On September 6, 2022, the Company was granted an additional 180-day period from the Nasdaq Capital Market, through March 6, 2023, to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. Effective December 22, 2022, the Company effected a one-for-ten one-for ten the number of the Company’s issued and outstanding common shares was reduced with no change in the number of the Company’s authorized shares or the par value of the Company’s common stock. As of January 6, 2023, the Company’s common stock remained at $1.00 per share or higher for ten consecutive days. As such, on January 9, 2023, the Company received a letter from the Nasdaq confirming that it regained compliance with the minimum bid price requirement. On March 27, 2023, the Company further received a written notification from Nasdaq indicating that because the closing bid price of the Company’s common shares for 32 consecutive business days, i.e., from February 8, 2023 to March 24, 2023, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance was 180 days, or until September 25, 2023. On May 24, 2023, pursuant to shareholder approval granted on May 3, 2023 which authorized the Company’s Board of Directors to effect one or more reverse stock splits of its issued common shares, in the aggregate ratio of not more than 1-for-250 one-for-20 (ii) Equity Offerings: January 2022 Underwritten Public Offering: On January 12, 2022, the Company filed a registration statement with the SEC on Form F-1, which was declared effective on January 20, 2022. On January 25, 2022, the Company closed an underwritten public offering of 15,571,429 units at a price of $0.77 per unit, 200 units consisting of one share of the Company’s common stock (or 200 prefunded warrants in lieu of one share of the Company’s common stock) and 200 Class A warrants to purchase one common share of the Company’s common stock and was immediately separated upon issuance (the “January 2022 Offering”). In particular, upon the closing of the offering, 65,357 shares of common stock, 2,500,000 prefunded warrants to purchase 12,500 shares of common stock, and 15,571,429 Class A warrants to purchase 77,857 shares of common stock were sold. In addition, the Company had previously agreed with certain of its’ executive officers and significant stockholders (the “selling stockholders”) to register their resale of shares of common stock, whereas an aggregate of 8,886 shares of common stock of certain of the selling stockholders were registered in connection with the January 2022 offering. As such, certain selling stockholders sold an aggregate of 3,143 shares of common stock in the primary offering. Each of the 3,143 shares of common stock sold by the selling stockholders on the primary offering was delivered to the underwriters with 200 additional Class A warrants to purchase one share of common stock (sold by the Company), on a firm commitment basis. In addition, the underwriter for the offering fully-exercised its option to purchase an additional 5,743 common shares sold from the selling stockholders and 6,407 common shares along with 2,430,000 Class A warrants to purchase 12,150 shares of common stock sold from the Company. Each of the 5,743 shares of common stock sold by the selling stockholders upon exercise of the underwriters’ over-allotment option, was sold with 200 Class A warrants (sold by the Company) to purchase one share of common stock, on a firm commitment basis. The Company did not receive any of the proceeds from the sale of common shares by the selling stockholders and only received the proceeds for the Class A warrants sold together with the selling stockholders’ shares of common stock (i.e., Class A warrants to purchase 8,886 shares of common stock in aggregate). The net proceeds received during 2022, under the January 2022 Offering, including the exercise of Class A and prefunded warrants discussed in Note 7(b) below and after deducting underwriting commissions and offering expenses paid by the Company, amounted to $14,736. The Company has recorded the excess of the proceeds received over the par value of common stock to additional paid in capital. February 2023 Registered Direct Offering and Concurrent Private Placement: On February 8, 2023, the Company closed a registered direct offering of 15,000,000 units, at a price of $1.01 per unit, with each twenty units consisting of one share of the Company’s common stock and twenty Class B warrants exercisable for one share of the Company’s common stock. The Company also offered to each purchaser, with respect to the purchase of units that would otherwise result in the purchaser’s beneficial ownership exceeding 4.99% of the Company’s outstanding common stock immediately following the consummation of the offering, the opportunity to purchase twenty prefunded warrants in lieu of one share of common stock. As a result of the above, on February 10, 2023, the Company issued and sold 15,000,000 units comprising of 615,000 shares of the Company’s common stock, 2,700,000 prefunded warrants to purchase 135,000 shares of common stock, and 15,000,000 Class B warrants to purchase 750,000 shares of the Company’s common stock. The Company, concurrently with this transaction, also conducted a private placement of 15,000,000 additional unregistered at that time warrants to purchase up to an aggregate 750,000 shares of the Company’s common stock (Note 7(b)). On February 23, 2023, the Company filed with the SEC a resale registration agreement on Form F-1 for the registration of the private placement warrants in this transaction, which was declared effective on March 8, 2023. The gross and net proceeds received in the February 2023 Registered Direct Offering and the Concurrent Private Placement, including the proceeds from the exercise of the 2,700,000 prefunded warrants discussed above, amounted to $15,150 and $13,296, respectively. (b) Warrants As discussed under 7(a)(ii) above, of the warrants, entitled to participate in the distribution of dividends by the Company, if and when declared, to the same extent that the holder would participate for each common share that such holder would be entitled to receive upon complete exercise of their Class A warrants (Notes 7(a) and 8). Further, as also discussed under 7(a)(ii) above, the Company, in connection with the February 2023 Registered Direct Offering and the Concurrent Private Placement, issued 15,000,000 Class B Warrants to purchase 750,000 common shares, 15,000,000 private placement warrants to purchase 750,000 common shares, and 2,700,000 prefunded warrants to purchase 135,000 common shares. The prefunded warrants were exercisable at an exercise price of $0.20 per common share and were exercisable at any time after their original issuance date (i.e., February 10, 2023) until they were exercised in full. The Class B warrants have an exercise price of $20.20 per common share and are exercisable at any time after their original issuance up to the date that is five years after their original issue date, i.e., February 10, 2028. The private placement warrants also had an exercise price of $20.20 per common share and an identical to the Class B warrants exercise period. Alternatively, the holder of each private placement warrant, could elect to exercise such warrants on a cashless basis at the rate of 0.75 common share per twenty warrants on or after the later of (i) the date the selling shareholders’ registration statement was declared effective, (ii) March 24, 2023, and (iii) the date the aggregate cumulative trading volume of the Company’s common shares beginning on February 8, 2023 exceeds 60 million shares. The latter of the above conditions was satisfied on June 8, 2023, and, as a result, from that date onwards holders of the private placement warrants could elect to exercise their warrants on an alternative cashless basis. As of December 31, 2023, all of the 2,700,000 prefunded warrants issued in the February 2023 Registered Direct Offering have been exercised. Further, during 2023, the Company received notices of alternative cashless exercises for all the 15,000,000 private placement warrants issued in the Concurrent Private Placement which resulted in the issuance of 562,501 shares of common stock. The Company in its assessment for the accounting of the Class B warrants, private placement warrants, and the prefunded warrants issued in the February 2023 Registered Direct Offering and the Concurrent Private Placement, has taken into consideration the provisions enumerated under ASC 480 and ASC 815 (Note 2(x)). With regards to the Class B warrants and the prefunded warrants, the Company determined that they are out of the scope of ASC 480 and, by further analyzing their key features, that classification in permanent equity is appropriate and no features required bifurcation. In its assessment of the accounting treatment of the private placement warrants, the Company determined that the alternative cashless exercise of the private placement warrants precluded them from being considered indexed to the Company’s stock. In this respect, the Company initially recorded the private placement warrants as noncurrent liabilities at their fair value under Warrants’ liability on the accompanying consolidated balance sheet, with subsequent changes in their respective fair values recognized in line “Changes in fair value of warrants’ liability” in the accompanying consolidated statement of . Estimating fair values of liability-classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock. Because liability-classified financial instruments are recorded at fair value, the Company’s financial results reflected the volatility and changes in these estimates and assumptions until the respective liability was fully extinguished. As of the date the Company completed the 2023 February Registered Direct Offering and the concurrent private placement (i.e. February 10, 2023), the private placement warrants were valued using the Black-Scholes option pricing model at a fair value of $7,504 in aggregate, while the remaining gross proceeds of the offering amounting to $7,619 (net proceeds of $6,699) were allocated to common shares, prefunded warrants, and Class B warrants using the residual value method. Issuance costs amounting to $909 were expensed using the pro rata method by taking into account the portion of the liability recorded at inception and are included in “Finance costs” in the accompanying consolidated statements of . As mentioned above, pursuant to the exercises of all the private placement warrants during 2023, on an alternative cashless basis for 562,501 shares of common stock, the warrants were marked to their fair value at their respective settlement dates and then the respective warrants’ liability aggregating to an amount of $1,282 got settled with relevant transfers of $6 to par value and $1,276 to additional paid-in-capital within the accompanying consolidated statement of stockholders’ equity for the year ended December 31, 2023. The gain of $6,222 resulting from the settlement of the warrants’ liability throughout the period was accounted for as a change in fair value of the warrants’ liability and is presented in “Change in fair value of the warrants’ liability” in the accompanying consolidated statements of . The private placement warrants’ fair value as of their initial measurement and subsequent settlement dates per discussion above, was determined through Level 3 inputs of the fair value hierarchy as determined by management. The Company weighed the probability that such warrants were alternatively cashless exercised for common shares in the initial fair value measurement of the private placement warrants, while the Black-Scholes option pricing model was applied under the following assumptions: (a) expected volatility (b) risk free rate (c) market value of common stock of, which was the current market price at each fair value measurement date. Fair value sensitivity was driven by the stock price at the time of valuation and is limited in terms of the other parameters. As of December 31, 2023, and 2022, pursuant to the January 2022 Offering, 14,474,000 Class A warrants to purchase 72,370 shares of common stock remained available for exercise at an exercise price of $154 dollars per common share. As of December 31, 2023, all the 15,000,000 Class B warrants to purchase an aggregate 750,000 common shares in the February 2023 Registered Direct Offering remained available for exercise at an exercise price of $20.20 dollars per common share. Dividends to common stock and Class A warrant holders: On March 18, 2022, the Company’s Board of Directors declared a cash dividend of $10 per share for the fourth quarter ended December 31, 2021, to its common stockholders of record as of April 1, 2022. The Company had 149,145 shares of common stock issued and outstanding on the record date (April 1, 2022). Holders of the Company’s Class A warrants as of April 1, 2022, received a cash payment in the amount of $10 for each common share that such holder would be entitled to receive upon exercise of their Class A warrants. As of the record date (April 1, 2022), there were Class A warrants exercisable for an aggregate of 72,370 common shares. On April 11 and 13, 2022, the Company paid a dividend of $1,491 on common stock and of $724 on Class A warrant holders of record on April 1, 2022, amounting to $2,215 in aggregate. On May 30, 2022, the Company’s Board of Directors declared a cash dividend of $2 per share for the first quarter ended March 31, 2022, to its’ common stockholders of record as of June 14, 2022. The Company had 149,145 shares of common stock issued and outstanding on the record date (June 14, 2022). Holders of the Company’s Class A warrants as of June 14, 2022, received a cash payment in the amount of $2 for each common share that such holder would be entitled to receive upon exercise of their Class A warrants. As of record date June 14, 2022, there were Class A warrants exercisable for an aggregate of 72,370 common shares. On June 21, 2022, the Company paid a dividend of $299 on common stock and of $144 on Class A warrants holders of record on June 14, 2022, amounting to $443 in aggregate. On July 27, 2022, the Company’s Board of Directors declared a cash dividend of $2 per share for the second quarter ended June 30, 2022, to its’ common stockholders of record as of August 12, 2022. The Company had 149,145 shares of common stock issued and outstanding on the record date (August 12, 2022). Holders of the Company’s Class A warrants as of August 12, 2022, received a cash payment in the amount of $2 for each common share that such holder would be entitled to receive upon exercise of their Class A warrants. As of record date August 12, 2022, there were Class A warrants exercisable for an aggregate of 72,370 common shares. On August 31, 2022, the Company paid a dividend of $299 on common stock and of $144 on Class A warrants holders of record on August 12, 2022, amounting to $443 in aggregate. (c) Preferred Stock As of December 31, 2023, and 2022, the Company’s authorized preferred stock consisted of 100,000,000 shares of preferred stock, par value $0.01 per share, designated as Series A Participating Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock. As of December 31, 2023, and 2022, there were no Series A Participating Preferred Stock issued and outstanding. (i) Series B Preferred Stock As of December 31, 2023 and 2022, the Company had outstanding 500,000 Series B Preferred Stock, with par value $0.01 per share, issued to DSI. The Series B Preferred Stock votes with the common shares of the Company, and each share of Series B Preferred Stock entitles the holder thereof to 2,000 votes on all matters on which the Company’s stockholders are entitled to vote of up to 34% of the total number of votes entitled to be cast for all matters for which the Company’s stockholders are entitled to vote on, but with no economic rights. To the extent the aggregate voting power of any holder of Series B Preferred Stock, together with any affiliate of such holder, would exceed 49% of the total number of votes that may be cast on any matter submitted to a vote of the Company’s stockholders, the number of votes of the Series B Preferred Stock shall be automatically reduced so that such holder’s aggregate voting power, together with any affiliate of such holder, is not more than 49%. Furthermore, the Series B Preferred Stock has no dividend, distribution or liquidation rights and cannot be transferred without the consent of the Company except to the holder’s affiliates or successors. (ii) Series C Preferred Stock The Series C Preferred Stock, with liquidation preference $1,000 per share, has no voting rights except (1) in respect of amendments to the articles of incorporation which would adversely alter the preferences, powers or rights of the Series C Preferred Stock or (2) in the event that the Company proposes to issue any parity stock if the cumulative dividends payable on outstanding Series C Preferred Stock are in arrears or any senior stock. Also, holders of Series C Preferred Stock, rank prior to (i) the holders of common shares, (ii) if issued, any Series A Participating Preferred Stock, the Series B Preferred Stock and (iii) any other class or series of capital stock established after their original issuance date (i.e. November 29, 2021) with respect to dividends, distributions and payments upon liquidation. The Series C Preferred Stock has a cumulative preferred dividend accruing from the date of original issuance which is payable on the 15th day of January, April, July and October of each year at the dividend rate of 8.0% per annum, and is convertible into common shares at the holders’ option commencing upon the first anniversary of the original issuance date, at a conversion price equal to the lesser of $1,300.00 (subject to change under anti-dilution provisions) and the 10-trading day trailing VWAP of the common shares, or at any time after the issuance date (i.e. November 29, 2021) in case of any fundamental change (i.e. liquidation, change of control, dissolution or winding up of the affairs) of the Company. The Series C Preferred Stock is also optionally redeemable at the holder’s option in case of fundamental change, if the holder does not exercise its conversion right discussed above, and optionally redeemable at the option of the holder in case of certain corporate events as defined in the statement of designations of the Series C Preferred Stock. The holder, however, is prohibited from converting the Series C Preferred Stock into common shares to the extent that, as a result of such conversion, the holder (together with its affiliates) would beneficially own more than 49% of the total outstanding common shares of the Company. The Series C Preferred Stock is not mandatorily redeemable and does not meet any other criteria under ASC 480 to be classified as liability, and under the Company’s assessment is classified in permanent equity, according to the Company’s accounting policy (Note 2(x)). In particular, the Company assessed that certain of the aforementioned features requiring bifurcation under ASC 815 had de minimis value at inception and in each measurement date, while others were clearly and closely related to the host instrument thus no bifurcation was required or falling under the scope exceptions from derivative accounting. As of December 31, 2023, the Series C Preferred Stock remained outside the scope of ASC 480, classified as permanent equity, while all features requiring bifurcation under ASC 815 at inception, were determined of de minimis value upon reassessment as of December 31, 2023. Further, on October 17, 2023, DSI elected to redeem 9,793 of the 10,000 Series C Preferred Stock issued to DSI in the Spin-Off (Note 3(c)). The 10,000 Series C Preferred Stock issued in the Spin-Off have been recorded at inception at a fair value of $7,570 determined based on valuation obtained by an independent third party for such purpose. As a result of the above and the issuance of Series C Preferred Stock discussed below (Note 7(v)) as of December 31, 2023, and 2022, the Company had 5,521 and 10,000 shares of Series C Preferred Stock issued and outstanding, respectively, with par value of $0.01 per share. Dividend payments and declarations on Series C Preferred Stock: On January 17, 2023, pursuant to a dividend declared on December 27, 2022, the Company paid a quarterly dividend of $20 per share, or $240 in aggregate, on its outstanding 10,000 Series C Preferred Stock and the 1,982 shares of Series C Preferred Stock awarded to the Company’s board of directors on April 15, 2022, for the period from October 15, 2022, up to and including January 14, 2023. On April 17, 2023, pursuant to a dividend declared on March 27, 2023, the Company paid a quarterly dividend of $20 per share, or $268 in the aggregate on i) the Company’s outstanding 10,000 Series C Preferred Stock, ii) the 1,982 shares of Series C Preferred Stock awarded to the Company’s board of directors on April 15, 2022, for the period from January 15, 2023 up to and including April 14, 2023, and iii) the 3,332 shares of Series C Preferred Stock awarded to the Company’s board of directors on March 7, 2023, for the period from March 7, 2023 up to and including April 14, 2023. On July 17, 2023, pursuant to a dividend declared on June 28, 2023, the Company paid a quarterly dividend of $20 per share, or $307 in the aggregate on the Company’s then outstanding 15,314 Series C Preferred Stock, to Series C Preferred Stockholders of record date July 14, 2023, for the period from April 15, 2023 up to and including July 14, 2023. On October 16, 2023, pursuant to a dividend declared on September 25, 2023, the Company paid a dividend of $20 per share, or $306 in the aggregate on the Company’s then outstanding 15,314 Series C Preferred Stock, to Series C Preferred Stockholders of record date October 13, 2023, for the period from July 15, 2023 up to and including October 14, 2023. For the year ended December 31, 2022, dividends declared and paid on Series C Preferred Stock at $20.0 per share amounted to $950 and $780, respectively. (iii) Series D Preferred Stock The Series D Preferred Stock, with liquidation preference $1,000 per share, has no voting rights except (1) in respect of amendments to the articles of incorporation which would adversely alter the preferences, powers or rights of the Series D Preferred Stock or (2) in the event that the Company proposes to issue any parity stock if the cumulative dividends payable on outstanding Series D Preferred Stock are in arrears or any senior stock. Also, holders of Series D Preferred Stock, rank equal to Series C Preferred Stock, prior to (i) the holders of common shares, (ii) if issued, any Series A Participating Preferred Stock, and any Series B Preferred Stock and (iii) any other class or series of capital stock established after their original issuance date (September 21, 2022) with respect to dividends, distributions and payments upon liquidation. The Series D Preferred Stock has a cumulative preferred dividend accruing from the date of original issuance (i.e. September 21, 2022) which is payable on the 15th day of January, April, July and October of each year at the dividend rate of 7.0% per annum, and is convertible into common shares at the holders’ option at any time after the original issuance date, at a conversion price equal to the 10-trading day trailing VWAP of the common shares. The Series D Preferred Stock is also optionally redeemable at the holder’s option in case of fundamental change or in case of certain corporate events as defined in the statement of designation of the Series D Preferred Stock. Holders of the Series D Preferred Stock, however, are prohibited from converting the Series D Preferred Stock into common shares to the extent that, as a result of such conversion, holders (together with their affiliates) would beneficially own more than 49% of the total outstanding common shares of the Company. Issuances of Series D Preferred Stock to DSI and DSI special stock dividends: As discussed under Note 3(c) above, The 25,000 and 13,157 Series D Preferred Stock issued have been recorded at inception at a fair value of $17,600 and $10,000 determined based on valuations obtained by an independent third party for the purposes of each acquisition (Note 3(c)). convert the shares of the Company’s Series D Preferred Stock into the Company’s shares of common stock on the Baltimore Stock Dividend and the Melia Stock Dividend payment dates and distributing the Company’s shares of common stock to each of its common stockholders. DSI common stockholders, in their sole discretion, were given the opportunity to opt out, in whole but not in part, of the conversion of the shares of Series D Preferred Stock into the Company’s shares of common stock and instead receive shares of Series D Preferred Stock in connection with the Special Stock Dividends. DSI’s stockholders electing to receive shares of the Company’s Series D Preferred Stock by opting out of the automatic conversion, received a number of shares of Series D Preferred Stock equal to such common stockholder’s pro-rata portion of all the shares of the Company’s Series D Preferred Stock, rounded down to the nearest whole number. Any fractional shares of the Series D Preferred Stock that would otherwise be distributed were converted into shares of common stock of the Company at the applicable conversion rate and sold, and the net proceeds therefrom were delivered to such common stockholder. DSI’s common stockholders receiving shares of common stock of the Company received the pro-rata number of shares of common stock of the Company to which they were entitled following conversion, rounded down to the nearest whole number, and any fractional shares were aggregated and sold, and the net proceeds thereof were delivered to DSI’s common stockholders. All of the fractional share calculations and the payment of cash in lieu thereof were determined at the stockholder nominee level. Other Series D Preferred Stock redemptions: During 2023, one holder of the Company’s Series D preferred stock, unaffiliated with the Company, exercised his right to redeem one share of Series D Preferred Stock to common stock, resulting in the issuance of 385 shares of common stock of the Company. Following the conclusion of the above transactions, as of December 31, 2023 and 2022, the Company had 13,738 and 9,172 shares of Series D Preferred Stock, respectively, issued and outstanding. The Series D Preferred Stock is not mandatorily redeemable and does not meet any other criteria under ASC 480 to be classified as liability and under the Company’s assessment are classified in equity, according to the Company’s accounting policy (Note 2(x)). In particular, the Company assessed that certain of the features requiring bifurcation under ASC 815 had de minimis value at inception and in each measurement date, while others were clearly and closely related to the host instrument thus no bifurcation was required. As of December 31, 2023, the Series D Preferred Stock remained outside the scope of ASC 480, classified as permanent equity, while . Dividend payments and declarations on Series D Preferred Stock: On January 17, 2023, the Company declared and paid a quarterly dividend of $17.5 per share on its then outstanding 9,172 Series D Preferred Stock, amounting to $161, for the period from October 15, 2022, up to and including January 14, 2023. On April 17, 2023, the Company declared and paid a quarterly dividend of $17.5 per share or $327 in the aggregate on i) the Company’s previously outstanding Series D Preferred Stock (9,172 shares) for the period from January 15, 2023 up to and including April 14, 2023, and ii) the 13,157 shares of Series D Preferred Stock issued in connection with the acquisition of M/V Melia, for the period from February 8, 2023 up to and including April 14, 2023. On July 17, 2023, pursuant to a dividend declared on June 30, 2023, the Company paid a quarterly dividend of $17.5 per share or $240 in the aggregate on the Company’s outstanding then 13,739 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date July 14, 2023, for the period from April 15, 2023 up to and including July 14, 2023. On October 16, 2023, the Company declared and paid a quarterly dividend of $17.5 per share or $240 in the aggregate on the Company’s then outstanding 13,739 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date October 13, 2023, for the period from July 15, 2023 up to and including October 14, 2023. For the year ended December 31, 2022, dividends declared and paid on Series D Preferred Stock, at $17.50 per share, amounted to $117 and $117, respectively, as regards the period from September 21, 2022 (original issuance date) to October 14, 2022, to Series D Preferred Stockholders of record date October 14, 2022 (i.e. 25,000). (iv) Series E Preferred Stock As discussed under Note 3(d) above, on March 20, 2023, the Company issued 1,200 shares of its newly designated Series E Perpetual Convertible Preferred Stock (the “Series E Preferred Stock”), par value $0.01 per share, to an affiliated entity to the Company’s Chairperson for a purchase price of $35. The Series E Preferred Stock has no dividend or liquidation rights. The Series E Preferred Stock votes with the common shares of the Company, and each share of the Series E Preferred Stock entitles the holder thereof to up to 25,000 votes, on all matters submitted to a vote of the stockholders of the Company, subject up to 15% of the total number of votes entitled to be cast on matters put to stockholders of the Company. The Series E Preferred Stock is convertible, at the election of the holder, in whole or in part, into shares of the Company’s common stock at a conversion price equal to the 10-trading day trailing VWAP of the Company’s common stock, subject to certain adjustments, at any time after (i) the cancellation of all of the Company’s Series B Preferred Stock or (ii) the transfer for all of the Company’s Series B Preferred Stock (collectively a “Series B Event”). The 15% limitation discussed above shall terminate upon the occurrence of a Series B Event. The Series E Preferred Stock is transferable only to the holder’s immediate family members and to affiliated persons or entities, with the Company’s p |
(Loss)_Earnings per Share
(Loss)/Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
(Loss)/Earnings per Share [Abstract] | |
(Loss)/Earnings per Share | 8. (Loss)/Earnings per Share All of the Company’s common stock issued and outstanding (including any restricted shares issued under the Company’s amended and restated equity incentive plan) have equal rights to vote and participate in dividends, subject to forfeiture provisions as set forth in the respective stock award agreements, as applicable. Furthermore, the Class A warrants are entitled to receive dividends which are not refundable, and therefore are considered participating securities for basic earnings per share calculation purposes. The Class A warrants do not participate in losses. For the year ended December 31, 2023, the Company declared and paid aggregate cash dividends on its Series C preferred stock of $991 and $1,121, respectively. With regards to the Series D preferred stock, during the year ended December 31, 2023, the Company declared and paid aggregate cash dividends of $968, which excludes any amounts accrued in prior periods, as applicable. Also, during the year ended December 31, 2023, in connection with the M/V Melia Stock Dividend and the DSI Series C preferred stock redemption, the Company recorded deemed dividends amounting to $154 and $2,549, respectively. No dividends were declared on the Company’s common stock and its Class A warrants during 2023. Also, during 2022, in connection with the M/V Baltimore Stock Dividend, the Company recorded a deemed dividend amounting to $134. For the year ended December 31, 2023, the calculation of basic loss per share does not treat the non-vested shares (considered non-participating securities) as outstanding until the time/service-based vesting restrictions have lapsed. The dilutive effect, if any, of the Company’s share-based compensation arrangements (following assumed conversion of the Series C preferred stock to common under the “if converted method”) and the Class A, Class B, and private placement warrants, is computed using the treasury stock method, which assumes that the “proceeds” upon exercise of these awards or warrants are used to purchase common shares at the average market price for the period. The dilutive effect, if any, from the conversion of outstanding Series C and Series D preferred stock is calculated with the “if converted” method, to the extent that such conversion would not result in beneficial ownership by the preferred stockholders of more than 49% of the total outstanding common shares of the Company, in accordance with the terms of the respective agreements governing the Series C and Series D preferred stock. The dilutive effect, if any, from the conversion of outstanding Series E Preferred Stock is calculated with the “if converted” method, to the extent the contingencies triggering such conversion are satisfied by the end of the reporting period (Note 7(iv)). Incremental shares are the number of shares assumed issued under the i) treasury stock method and the ii) “if converted” method weighted for the periods the non-vested shares, warrants and convertible preferred stock were outstanding. For the year ended December 31, 2023, the computation of diluted earnings per share reflects the potential dilution resulting from the exercise of the outstanding private placement warrants during the period using the treasury stock method which resulted in 56,688 incremental common shares. During 2023, no incremental shares were calculated from the application of the treasury stock method on i) the Class A and Class B warrants and ii) the share-based compensation arrangements (following assumed conversion of the Series C Preferred Stock to common under the “if converted” method) and the “if converted” method for the Series C and Series D preferred stock, because to do so would be anti-dilutive. In addition, for the year ended December 31, 2023, the Company has not applied the if converted method to the Series E Preferred Stock, since none of the contingencies triggering such conversion were satisfied as of December 31, 2023. Similarly, for the year ended December 31, 2022, no incremental shares were calculated from the application of the treasury stock method for i) the Class A warrants and ii) the share-based compensation arrangements (following assumed conversion of Series C Preferred Stock to common under the “if converted method”) and the “if converted” method for the Series C and Series D preferred stock as the effect of such shares was anti-dilutive. For the period from inception date (April 15, 2021) through December 31, 2021, the computation of diluted earnings per share reflects the potential dilution from conversion of the outstanding Series C Preferred Stock calculated with the “if converted” method described above and resulted in 17,277 shares Also, net (loss)/income in each year/period is adjusted by the amount of dividends declared and/or accumulated on the Series C and D preferred stock, deemed dividends on the Series C and Series D preferred stock in connection with redemptions incurred in the year/period, dividends on Class A warrants and undistributed earnings on Class A warrants, as applicable in each period, as follows: December 31, 2023 December 31, 2022 From April 15, 2021 through December 31, 2021 Net (loss)/income and comprehensive (loss)/income $ (1,977 ) $ (326 ) $ 134 Less deemed dividend on Series C Preferred Stock upon issuance of common stock (2,549 ) - - Less deemed dividend on Series D Preferred Stock upon issuance of common stock (154 ) (134 ) - Less dividends on Series C Preferred Stock (991 ) (950 ) (69 ) Less dividends on Series D Preferred Stock (1,036 ) (252 ) - Less dividends on Class A warrants - (1,012 ) - Net (loss)/income and comprehensive (loss)/income attributable to common stockholders for basic (loss)/ earnings per share purposes $ (6,707 ) $ (2,674 ) $ 65 Less changes in fair value of warrants’ liability (6,222 ) - - Net (loss)/earnings and comprehensive (loss)/earnings attributable to common stockholders for diluted (loss)/earnings per share purposes $ (12,929 ) $ (2,674 ) $ 65 Weighted average number of common stock, basic 3,315,519 155,655 44,101 Effect of dilutive securities 56,688 - 17,277 Weighted average number of common stock, diluted 3,372,207 155,655 61,378 (Loss)/ Earnings per share, basic $ (2.02 ) $ (17.18 ) $ 1.47 (Loss)/ Earnings per share, diluted $ (3.83 ) $ (17.18 ) $ 1.06 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Vessel Operating Expenses [Abstract] | |
Vessel Operating Expenses | 9. Vessel Operating Expenses The amounts reflected in “Vessel Operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income are analyzed as follows: December 31, December 31, From April 15, 2021 through December 31, Vessel Operating Expenses 2023 2022 2021 Crew & crew related costs $ 5,254 $ $3,770 $ 248 Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling 2,865 1,769 19 Lubricants 638 415 31 Insurances 781 534 39 Annual taxes and registration fees 232 151 10 Other 651 241 13 Total Vessel operating expenses $ 10,421 $ 6,880 $ 360 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in “Vessel operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income. The Company is potentially subject to a four percent U.S. federal income tax on 50% of its gross income derived by its charters that begin or end in the United States. However, under Section 883 of the Internal Revenue Code of the United States (the “Code”), a corporation is exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country that grants an equivalent exemption from tax to corporations organized in the United States (an “equivalent exemption”); and (b) either (i) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified stockholders”, which is referred to as the “50% Ownership Test” or (ii) its common stock is “primarily and regularly traded on an established securities market” in the United States or in a country that grants an “equivalent exemption”, which is referred to as the “Publicly-Traded Test.” The Company and each of its subsidiaries expects it qualifies for this statutory tax exemption for the 2023 taxable year, and the Company takes this position for United States federal income tax return reporting purposes. Therefore, the Company does not expect to have any U.S. federal income tax liability in any of the year ended December 31, 2023. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures | 11. Financial Instruments and Fair Value Disclosures Concentration of credit risk: For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021 charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2023 2022 2021 A 25% - - B 16% 20% - C 10% - - D - 14% - E - 12% - F - 11% 32% G - - 35% H - - 26% The maximum aggregate amount of loss due to credit risk that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant time charter parties, amounted to $1,640, $215 and $811 as of December 31, 2023, 2022 and 2021, respectively. Fair value of assets and liabilities The principal financial assets of the Company consist of cash at banks, accounts receivable trade, net, insurance claims, and amounts due from related party(ies). The principal financial liabilities of the Company consist of accounts payable, trade and other, and amounts due to related party(ies). During 2023, the Company also incurred fair value measurements with regards to the settled as of December 31, 2023 private placement warrants. Cash and cash equivalents, accounts receivable, insurance claims, amounts due from related party/(ies) and accounts payable: Warrants’ liability: The private placement warrants were initially recorded at fair value on their issuance date and subsequent settlement dates with the offsetting adjustments recorded in “Change in fair value of warrants’ liability” within the consolidated statements of . The fair value of the private placement warrants at issuance date (i.e., February 10, 2023), and subsequent settlement dates (as set forth below), has been determined through Level 3 inputs of the fair value hierarchy (Note 7(b)). The non-recurring fair value measurements related to the warrants’ liability during 2023, were as follows: Non-recurring fair value measurements (warrants’ liability settlement dates): • At partial settlement date as of June 8, 2023, a fair value of $286; • At partial settlement date as of June 15, 2023, a fair value of $276; • At partial settlement date as of June 16, 2023, a fair value of $141; • At partial settlement date as of June 20, 2023, a fair value of $58; • At partial settlement date as of July 10, 2023, a fair value of $33; • At partial settlement date as of August 9, 2023, a fair value of $268; and • At final settlement date as of September 29, 2023, a fair value of $220. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events (a) Dividend Payments on Series C and Series D Preferred Stock On January 16, 2024, the Company paid a cash dividend on its then outstanding Series C Preferred Stock i) issued to Diana Shipping Inc. and ii) awarded on April 15, 2022, and March 7, 2023 as part of the 2021 Equity Incentive Plan (i.e. 5,521 shares in aggregate), for the period from October 15, 2023 to January 14, 2024, inclusive, in the aggregate amount of $ . On January 16, 2024, the Company also paid a dividend of $240 in the aggregate on the Company’s then outstanding 13,738 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date January 12, 2024, for the period from October 15, 2023 up to and including January 14, 2024. (b) Redemption of Series D Preferred Stock During the period from January 1, 2024, to April 10, 2024, holders of the Company’s Series D preferred stock unaffiliated with the Company, exercised their right to redeem nine Series D Preferred Stock to common stock, resulting in the issuance of 3,376 shares of common stock of the Company. (c) Restricted stock award and cash bonus On February 21, 2024, the Company’s Board of Directors approved the award of 3,332 shares of restricted Series C Preferred Stock to the Company’s directors, pursuant to the Company’s amended , as annual bonus. The cost of these awards will be recognized in income ratably over the restricted shares vesting period which will be two years. The Board of Directors also approved an aggregate performance cash bonus of $230 to Steamship, which has been accrued for as of December 31, 2023, in the accompanying consolidated financial statements. (d) Amendment and restatement to 2021 Equity Incentive Plan On April 10, 2024, the Company further amended and restated its 2021 Equity Incentive Plan so that the maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the 2021 Equity Incentive Plan, as amended and restated, is 2,000,000. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Basis of Presentation and General Information [Abstract] | ||
Basis of Presentation and General Information | 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of OceanPal Inc. (the ‘‘Company”, or “OceanPal”, or “OP”), and its wholly owned subsidiaries (collectively, the “Company”). OP was incorporated by Diana Shipping Inc. (“Diana Shipping” or “DSI”) on April 15, 2021, under the laws of the Republic of the Marshall Islands, having a share capital of 500 shares, par value $0.01 per share, issued to DSI. On June 24, 2021, OP filed a confidential registration statement on Form 20-F with the US Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, to effect a spin-off of three of DSI’s vessel owning subsidiaries together with working capital in exchange of common and preferred stock to DSI’s stockholders and DSI, respectively (the “Spin-Off”) (Note 3(c)). On November 29, 2021, the registration statement was declared effective. Upon Spin-Off consummation, the Company’s articles of incorporation and bylaws were amended. Under the amended articles of incorporation, the Company’s authorized share capital increased from 500 to one billion shares of common stock at par value $0.01 and 100,000,000 preferred stock at par value $0.01. In June 2023, the Company’s articles of incorporation and bylaws were further amended. The Company’s shares trade on the Nasdaq Capital Market under the ticker symbol “OP”. Effective December 22, 2022, and June 8, 2023, the Company effected a one-for-ten one-for-twenty The comparative consolidated financial statements for the period from inception (April 15, 2021) through December 31, 2021, include only the accounts of OceanPal Inc. from inception date April 15, 2021 through November 29, 2021, as the accounts of the Company’s wholly owned subsidiaries have been consolidated from November 30, 2021 (i.e. upon the Spin-Off consummation and the acquisition of the three ship-owning subsidiaries by the Company) when the operation of the Company’s vessels under OceanPal Inc.’s ownership started. Operations prior to November 30, 2021, consisted principally of organizational expenses. The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels. Each of the vessels is owned through a separate wholly owned subsidiary. As of December 31, 2023, the Company was the sole owner of all outstanding shares of the following subsidiaries: • Cypres Enterprises Corp. (“Cypres”), a company incorporated in the Republic of Panama on September 7, 2000, owner of the 2004 built Panamax dry bulk carrier Protefs, • Darien Compania Armadora S.A. (“Darien”), a company incorporated in the Republic of Panama on December 22, 1993, owner of the 2005 built Panamax dry bulk carrier Calipso, • Marfort Navigation Company Limited (“Marfort”), a company incorporated in the Republic of Cyprus on August 10, 2007, owner of the 2005 built Capesize dry bulk carrier Salt Lake City, • Darrit Shipping Company Inc. (“Darrit”), a company incorporated in the Republic of the Marshall Islands on June 02, 2022, owner of the 2005 built Capesize dry bulk carrier Baltimore, and • Fiji Shipping Company Inc. (“Fiji”), a company incorporated in the Republic of the Marshall Islands on January 27, 2023, owner of the 2005 built Panamax dry bulk carrier Melia (Notes 3(c) and 5). The Company operates its own fleet through Diana Wilhelmsen Management Limited (or “DWM”) (Note 3(a)) and Steamship Shipbroking Enterprises Inc. (or “Steamship”) (Note 3(b)). Uncertainties caused by worldwide health and geopolitical events: Given the dynamic nature of these circumstances, and as volatility continues, the full extent of the repercussions of the ongoing COVID-19 global pandemic and/or the Russo-Ukrainian and Israel-Hamas armed conflicts, and/or other ongoing hostilities occurring in the Middle East, including in the Gulf of Aden and the Red Sea, may have either a direct or indirect impact on the industry and on the Company’s business which is difficult to be predicted, insofar as it is possible that in the future third parties with whom the Company has or will have contracts that may be impacted by such events, i.e. current or future sanctions’ measures imposed in connection with the conflicts. The related financial reporting implications cannot be reasonably estimated at this time, although they could materially affect the Company’s business, results of operations and financial condition in the future. As a result, certain of the Company’s estimates and assumptions carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. The overall impact on the Company’s business, and the efficacy of any measures the Company takes in response to the challenges presented by these geopolitical events, will depend on how those events will further develop, the duration and extent of the restrictive measures that are associated with such events and their impact on global economy and trade, which is still uncertain. The Company is constantly monitoring the developing situation, as well as its charterers’ and other counterparties’ response to the market and continuously evaluates the effect on its operations. Also, the Company monitors inflation in the United States of America, Eurozone and other countries, including ongoing global prices pressures that are driving up energy and commodity prices in the wake of the armed conflicts in Ukraine and the Middle East, which continue to have a moderate effect on the Company’s operating expenses. | |
OceanPal Inc. Predecessors [Member] | ||
Basis of Presentation and General Information [Abstract] | ||
Basis of Presentation and General Information | 1. Basis of Presentation and General Information OceanPal Inc., (the “Company”, or “OceanPal”), was incorporated by Diana Shipping Inc. (or ”DSI” or “Parent”), as a wholly owned subsidiary, on April 15, 2021 under the laws of the Republic of the Marshall Islands, having an authorized share capital of 500 shares, par value $0.01 per share, issued to the Parent. The Company was formed to serve as the holding company of the following three of the Parent’s vessel-owning subsidiaries (the “Subsidiaries”, or “OceanPal Inc. Predecessors”): ● Cypres Enterprises Corp., a company incorporated in the Republic of Panama on September 7, 2000, owner of the 2004 built Panamax dry bulk carrier Protefs, ● Darien Compania Armadora S.A., a company incorporated in the Republic of Panama on December 22, 1993, owner of the 2005 built Panamax dry bulk carrier Calipso and ● Marfort Navigation Company Limited, a company incorporated in the Republic of Cyprus on August 10, 2007, owner of the 2005 built Capesize dry bulk carrier Salt Lake City; As of November 29, 2021, the Parent contributed the Subsidiaries to OceanPal and, as the sole shareholder of the Company, distributed the Company’s common shares to its shareholders on a pro rata basis upon consummation of a spin-off transaction (Note 9 (a)). The accompanying predecessor combined carve-out financial statements are those of the Subsidiaries for the period presented using the historical carrying costs of the assets and the liabilities of the ship-owning companies above from the dates of their incorporation. The Company is a global provider of shipping transportation services, specializing in the ownership of vessels. Each of our vessels is owned through a separate wholly-owned subsidiary. In 2020, the outbreak of the COVID-19 virus had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry in which the OceanPal Inc. Predecessors operated. The impact of the outbreak of COVID-19 virus resulted in low time charter rates throughout the year, decreased revenues and increased crew and dry-docking costs. For 2021, there were signs of improvement in the dry-bulk market and overall operations, though the impact of the outbreak of COVID-19 is still present. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a result, many of the estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as charterers’ response to the severe market disruption and is taking necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company. |
Significant Policies (Predecess
Significant Policies (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | ||
Significant Accounting Policies - Recent Accounting Pronouncements | 2. Significant Accounting Policies – Recent Accounting Pronouncements a) Principles of consolidation b) Use of estimates: c) Other comprehensive (loss)/ income: d) Foreign currency translation: e) Cash and cash equivalents: f) Accounts receivable, trade, net: nil receivables as all balances are usually settled within a year. g) Inventories: h) Equity method investments: Investments in the equity of entities over which the Company exercises significant influence but does not exercise control are accounted for by the equity method of accounting in accordance with ASC 321 “Investments-Equity securities”. In reaching such a conclusion, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received, if any, reduce the carrying amount of the investment. When the carrying value of an equity method investment equals or exceeds the Company’s interest because of losses, the Company does not recognize further losses, unless the Company has made advances, incurred obligations, or has made payments on behalf of the investee and is committed to provide further financial support to the investee. At each reporting period, the Company also evaluates whether a loss in the value of an investment that is other than a temporary decline should be recognized. In its assessment, the Company evaluates indicators such as market conditions, the investee’s performance, and the ability to sustain an earnings capacity that would justify the carrying amount of the investment and its ability to continue as a going concern. Measurement of the impairment loss is based on the fair value of the investment. (Note 4). i Insurance claims j) Vessels, net k) Impairment of long-lived assets: l) Vessel depreciation: m) Accounting for dry-docking costs n) Concentration of credit risk o) Accounting for revenues and expenses: p) Repairs and maintenance: q) (Loss)/Earnings per common share: r) Segment reporting: s) Fair value measurements t) Share based payments: u) Going concern: v) Financial instruments, credit losses w) Evaluation of nonmonetary transactions: x) Distinguishing liabilities from equity: The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. In its assessment, the Company analyzes key features of these financial instruments to determine whether they are more akin to equity or to debt. It then identifies any embedded features in those instruments and examines whether the identified embedded features fall under the definition of a derivative according to the provisions of ASC 815 or whether those features require bifurcation (other than those with de minimis value) or affect classification in permanent equity. Financial instruments meeting the classification of liability are initially measured at fair value and are subsequently remeasured at each balance sheet date with the offsetting adjustments recorded within the consolidated statements of . Upon settlement or termination, instruments classified as liabilities at fair value are marked to their fair value at the settlement date and then the liability gets settled. The Company values its instruments classified as liabilities using either the Black-Scholes option pricing model or other acceptable valuation models, including the binominal option pricing model (Note 7). y) Redemption of shares or convertible preferred stock for issuance of shares of common stock: z) Offering expenses: New Accounting Pronouncements - Not yet adopted In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The effective date for each amendment of the ASU 2023-06 will be, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in ASU 2023-06 should be applied prospectively. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, and early adoption is permitted. Upon adoption, a public entity will apply the ASU as of the beginning of the earliest period presented. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. | |
OceanPal Inc. Predecessors [Member] | ||
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | ||
Significant Accounting Policies - Recent Accounting Pronouncements | 2. Significant Policies a) Basis of presentation: The accompanying combined carve-out financial statements include the accounts of the legal entities comprising OceanPal Inc. Predecessors as discussed in Note 1. OceanPal Inc. Predecessors have historically operated as part of the Parent and not as a standalone company. Financial statements representing the historical operations of Parent’s business have been derived from Parent’s historical accounting records and are presented on a carve-out basis. All revenues, costs, assets and liabilities directly associated with the business activity of OceanPal Inc. Predecessors are included in the combined carve-out financial statements. The combined financial statements are prepared in conformity with the U.S. generally accepted accounting principles and reflect the financial position, results of operations and comprehensive income/(loss) and cash flows associated with the business activity of the OceanPal Inc. Predecessors as they were historically managed. The combined carve-out statements of operations also reflect intercompany expense allocations made to OceanPal Inc. Predecessors by DSI of certain general and administrative expenses from Parent (Note 6). However, amounts recognized by OceanPal Inc. Predecessors are not necessarily representative of the amounts that would have been reflected in the financial statements had the OceanPal Inc. Predecessors operated independently of Parent as the OceanPal Inc. Predecessors would have had additional administrative expenses, including legal, professional, treasury and regulatory compliance and other costs normally incurred by a listed public entity. Management has estimated these additional administrative expenses to be $1,104,894, $1,265,051 and $809,205, respectively, for the period from January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively. Both the OceanPal Inc. Predecessors and DSI consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessors during the periods presented. The allocations may not, however, reflect the expense the OceanPal Inc. Predecessors have incurred as an independent, publicly traded company for the periods presented. OceanPal Inc. Predecessors have no common capital structure for the combined business and, accordingly, has not presented historical earnings per share. b) Use of Estimates: The preparation of combined carve-out financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. c) Other Comprehensive Income / (Loss): OceanPal Inc. Predecessors have no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. d) Foreign Currency: The functional currency of OceanPal Inc. Predecessors is the U.S. dollar because the OceanPal Inc. Predecessors vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars. OceanPal Inc. Predecessors’ accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are included in “Other income/(loss)” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). e) Cash and Cash Equivalents: OceanPal Inc. Predecessors consider time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months to be cash equivalents. f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of allowance for credit loss, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss, however OceanPal Inc. Predecessors assess their accounts receivable, trade and their credit risk relating to their charterers. No provision for doubtful accounts receivable has been recorded in the accompanying statements of comprehensive income/ (loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019. g) Inventories: Inventories consist of lubricants which are stated, on a consistent basis, at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Amounts removed from inventory are also determined by the first in first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. h) Insurance claims. Claims receivable are recorded on accrual basis, net of deductibles, through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation. i) Vessel, net: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. As at balance sheet date, vessels are stated at cost less accumulated depreciation expense and impairment charge, if any. j) Vessels held for sale: OceanPal Inc. Predecessors classify assets as being held for sale when the respective criteria are met. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The fair value less cost to sell of an asset held for sale is assessed at each reporting period it remains classified as held for sale. When the plan to sell an asset changes, the asset is reclassified as held and used, measured at the lower of its carrying amount before it was recorded as held for sale, adjusted for depreciation, and the asset’s fair value at the date of the decision not to sell. k) Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount plus unamortized dry-docking costs of an asset may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of an asset over its remaining useful life and its eventual disposition is less than its carrying amount plus unamortized dry-docking costs, OceanPal Inc. Predecessors evaluate the asset for impairment loss. Measurement of impairment loss is based on the fair value of the asset, determined mainly by third party valuations. OceanPal Inc. Predecessors undiscounted projected net operating cash flows by considering the historical and estimated vessels’ performance and utilization with the significant assumption being future charter rates for the unfixed days, using the most recent 10 year average of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. In 2019, the 1 year time charter rates did not include the rate for 2010, as it had been previously considered by Parent well above the average. Other than that, historical ten-year blended average one-year time charter rates are in line with the OceanPal Inc. Predecessors’ overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the OceanPal Inc. Predecessors’ operating fleet and they cover at least a full business cycle, where applicable. Other assumptions used in developing estimates of future undiscounted cash flow are charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance; vessel operating expenses; fleet utilization, and the vessels’ residual value if sold for scrap. Assumptions are in line with the OceanPal Inc. Predecessors’ historical performance and expectations for future fleet utilization under their current fleet deployment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and its fair value is recognized in the OceanPal Inc. Predecessors’ accounts as impairment loss. No impairment loss was identified or recorded in 2019, in 2020 and in the period from January 1, 2021, to November 29, 2021 due to this exercise. However, an impairment charge amounting to $3,047,978 recorded in 2019 for vessel Calipso, which was classified as held for sale (Note 4). l) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the OceanPal Inc. Predecessors’ vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. m) Accounting for Dry-Docking Costs: OceanPal Inc. Predecessors follow the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment (Note 4). n) Concentration of Credit Risk: Financial instruments, which potentially subject OceanPal Inc. Predecessors to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. OceanPal Inc. Predecessors place temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the OceanPal Inc. Predecessors’ investment strategy. OceanPal Inc. Predecessors limit their credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally do not require collateral for accounts receivable and do not have any agreements to mitigate credit risk. o) Accounting for Revenues and Expenses: Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. OceanPal Inc. Predecessors incur voyage expenses that mainly include commissions because all of vessels are employed under time charters that require the charterer to bear voyage expenses such as bunkers (fuel oil), port and canal charges. When a vessel is delivered to a charterer, bunkers are purchased by the charterer and sold back to OceanPal Inc. Predecessors on the redelivery of the vessel. Bunker gain, or loss, result when a vessel is redelivered by her charterer and delivered to the next charterer at different bunker prices, or quantities. For the period From January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively, the OceanPal Inc. Predecessors incurred gain on bunkers amounting to $330,454, and loss on bunkers amounting to $287,352 and $229,481, respectively, resulting mainly from the difference in the value of bunkers paid by OceanPal Inc. Predecessors when the vessel is redelivered to OceanPal Inc. Predecessors from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by OceanPal Inc. Predecessors when the vessel is delivered to a new charterer. This gain/loss is included in “Voyage expenses” in the accompanying combined carve-out statements of comprehensive income / (loss). Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. OceanPal Inc. Predecessors, as lessors, have elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as OceanPal Inc. Predecessors have assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. p) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying combined carve-out statements of operations and comprehensive income/(loss). q) Segmental Reporting: OceanPal Inc. Predecessors engage in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and OceanPal Inc. Predecessors do not evaluate the operating results for each type of dry bulk vessels (Panamax or Capesize) for the purpose of making decisions about allocating resources and assessing performance. r) Fair Value Measurements: OceanPal Inc. Predecessors classify and discloses their assets and liabilities carried at fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. s) Going concern: Management evaluates, at each reporting period, whether there are conditions or events that raise substantial doubt about OceanPal Inc. Predecessors’ ability to continue as a going concern within one year from the date the combined carve-out financial statements are issued. t) Financial Instruments, credit losses: At each reporting date, OceanPal Inc. Predecessors evaluate financial assets for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses OceanPal Inc. Predecessors consider available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts. No allowance for credit loss has been recorded in the accompanying statements of comprehensive income/(loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019. Recent Accounting Pronouncements — Not yet adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. OceanPal Inc. Predecessors have assessed the impact of this new accounting guidance and the adoption of this ASU is not expected to have a material impact on the combined carve-out financial statements and related disclosures. In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The impact of this new accounting guidance and the adoption of this ASU has been assessed and it is expected that it does not have a material impact on the OceanPal Inc. Predecessors’ combined carve-out financial statements and related disclosures. |
Transactions with Related Par_2
Transactions with Related Parties (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Transactions with Related Parties [Abstract] | ||
Transactions with Related Parties | 3. Transactions with Related Parties (a) Diana Wilhelmsen Management Limited, or DWM: On November 29, 2021, the Company appointed DWM to provide management services for the vessels of the Company’s fleet pursuant to a management agreement, under which each of the vessel-owning subsidiaries pays, for each vessel, an aggregate of 1.25% on hire and on freight of the vessel’s gross income per month, plus either (i) $20,000 per month that the vessel is employed or available for employment or (ii) $10,000 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. Under the addenda on the management agreements, dated March 1, 2022, the fixed monthly management fee was amended to (i) $18,500 per month that the vessel is employed or available for employment or (ii) $9,250 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. The management agreements, as amended, may be terminated by either party on three months’ prior written notice. DWM is deemed a related party to the Company on the basis that certain members of the Company’s board of directors also act as members of the board of directors at DWM. Management fees charged by DWM for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, amounted to $1,319, $974 and $79, respectively. Of the management fees charged by DWM for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, $1,086, $737 and $62, respectively, are included in “Management fees to related parties” and $233, $237, and $17, respectively, are included in “Voyage expenses”, in the accompanying consolidated statements of . As of December 31, 2023 and 2022, amounts of $12 and $5, were due to and due from DWM, included in “Due to related parties” and “Due from a related party”, respectively, in the accompanying consolidated balance sheets. (b) Steamship Shipbroking Enterprises Inc. or Steamship: On November 29, 2021, the Company appointed Steamship to provide insurance, administrative and brokerage services pursuant to a management agreement for insurance-related services, a brokerage services agreement, and an administrative services agreement. Under each vessel-owning subsidiary’s insurance management agreement with Steamship, the vessel-owning subsidiary pays Steamship a fixed fee of either (i) $500 per month for each month that the vessel is employed or is available for employment or (ii) $250 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. These insurance management agreements may be terminated by either party on three months’ prior written notice. Under the brokerage services agreement, the Company pays Steamship a lumpsum commission and 2.5% on the hire agreed per charter party for each vessel, provided, however, that the Company and Steamship may agree to commissions on a percentage basis for specific deals. Up to December 31, 2022, as per the terms of the brokerage services agreement, the Company paid Steamship a fixed monthly fee of $95,000, which, with effect from January 1, 2023, was increased to $150,000 subject to the provisions of a new brokerage services agreement entered into with Steamship on March 7, 2023, the remaining terms of which remained unaltered. The new brokerage services agreement has an initial term of twelve months that commenced on January 1, 2023, and is automatically thereafter renewed for further periods of one . For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, aggregate brokerage fees amounted to $2,266, $1,614 and $178, respectively. Of the brokerage fees charged by Steamship for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, $1,800, $1,140 and $145, respectively, are included in “General and administrative expenses”, whereas, $466, $474 and $33, respectively, are included in “Voyage expenses” in the accompanying consolidated statements of . During 2023, in connection with the Company’s chemical tankers’ investment (Note 4), Steamship charged the Company one off brokerage fee amounting to $150 that is included in “Equity method investment” in the accompanying 2023 consolidated balance sheet. For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, accrued performance bonuses of $230, $185 and $ nil . As of December 31, 2023 and 2022, there was an amount of $462 and $410, respectively, due to Steamship, included in “Due to related parties” in the accompanying consolidated balance sheets, regarding outstanding fees for the services provided under the agreements discussed above and also resulting from amounts paid by Steamship on behalf of the Company. (c) Diana Shipping Inc., or DSI: Spin-Off: On November 29, 2021, the Company completed its Spin-Off from DSI. In connection with the Spin-Off, DSI contributed to the Company three ship-owning companies (Cypres, Darien and Marfort discussed in Note 1) together with $1,000 in working capital, whereas as of the same date, stockholders of DSI received one of the Company’s common shares for every 200 shares of DSI’s common stock owned at the close of business on November 3, 2021 (i.e., 44,101 shares). DSI also received 500,000 of the Company’s Series B Preferred Stock and 10,000 of the Company’s DSI did not distribute the Series B Preferred Stock or the Series C Preferred Stock to its stockholders in connection with the Spin-Off, and the Series B and Series C Preferred Stock are non-transferable. Pursuant to the Contribution and Conveyance agreement dated on November 8, 2021, as amended and restated on November 17, 2021, entered between the Company and DSI, DSI has indemnified the Company and the three above mentioned vessel-owning subsidiaries, for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the Company’s vessels prior to the effective date of the Spin-Off (November 29, 2021). Additionally, pursuant to a Right of First Refusal agreement entered with DSI, dated November 8, 2021, the Company has been granted a right of first refusal over six identified drybulk carriers owned by DSI, effective as of the consummation of the Spin-Off. According to this right of first refusal, the Company has been granted the right, but not the obligation, to purchase one or all of the six identified vessels when and if DSI determines to sell the vessels at fair market value at the time of sale. As of December 31, 2023, following the Company’s refusal to acquire two of the identified vessels and the acquisition of the M/V Melia in February 2023 and the M/V Baltimore in September 2022 (Note 5), two out of six identified vessels remained available for purchase by the Company pursuant to the exercise of the right of first refusal under the agreement entered between the Company and DSI. Furthermore, the Company as of November 2, 2021, has entered into a Non-Competition agreement with DSI pursuant to which DSI has agreed not to compete with the Company for vessel acquisition or chartering opportunities to the extent that such acquisition or chartering opportunities are suitable for the Company or one of the Company’s vessels. The Spin-Off was accounted for at fair values. The aggregate fair value of $46,040 for the three vessels contributed to the Company on November 29, 2021, was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done sales of vessels with similar characteristics, such as type, size and age at the specific dates (Note 5). The fair value of other assets contributed to the Company, mainly comprising lubricating oils and bunkers, amounting to $1,044 in aggregate, approximated their respective carrying value. The Series B Preferred Stock which has no economic interest was recorded at par, amounting to $5 and the Series C Preferred Stock has been recorded at a fair value of $7,570 determined based on valuation obtained by an independent third party for the purposes of the Spin-Off (Note 7(c)). Vessel acquisitions and issuances of Series D Preferred Stock: On June 13, 2022 and February 1, 2023, pursuant to the exercise of the right of first refusal discussed above, the Company, through Darrit and Fiji, entered into separate Memoranda of Agreement with DSI, as amended, to acquire the Capesize M/V Baltimore and the Panamax M/V Melia, for purchase prices of $22,000 and $14,000, respectively. Of the agreed purchase price for each vessel, $4,400 for Baltimore and $4,000 for Melia was paid in cash upon signing of each Memorandum of Agreement and the remaining amounts of $17,600 and $10,000, respectively, were paid upon delivery of each vessel to the Company, on September 20, 2022 and February 8, 2023, respectively, in the form of 25,000 and 13,157 shares of the Company’s Series D Preferred Stock, respectively . Series D Preferred Stock has been recorded at a fair value of $17,600 and $10,000, respectively determined based on valuations obtained by an independent third party for the purposes of the transactions (Note 7(c)). Each of the vessel In connection with the issuances of the Series D preferred stock for the acquisitions of the M/V Baltimore and the M/V Melia, DSI declared special stock dividends to all its stockholders of record as of November 28, 2022, and April 24, 2023, respectively, of all of the Company’s shares of Series D Preferred Stock held by DSI at that time. The dividends were paid on December 15, 2022, and June 9, 2023, respectively (Note 7(c)). Redemption of Series C Preferred Stock: On October 17, 2023, pursuant to the provisions of the Series C Preferred Stock statement of designations, DSI exercised its right to redeem 9,793 of its 10,000 Series C Preferred Stock, through the issuance to DSI of 3,649,474 conversion mechanism prescribed in the As a result of this redemption, the 9,793 207 which have been recorded at inception at a fair value of $ 7,414 As of December 31, 2023, and 2022, there was no (d) Issuance of Series E Preferred Stock: On March 20, 2023, the Company issued 1,200 shares of its newly designated Series E Perpetual Convertible Preferred Stock (the “Series E Preferred Stock”), par value $0.01 per share, to an affiliated company of its Chairperson, for a purchase price of $35. The Series E Preferred Stock votes with the common shares of the Company, and each share of the Series E Preferred Stock entitles the holder thereof to up to 25,000 votes on all matters submitted to a vote of the stockholders of the Company, subject up to 15% of the total number of votes entitled to be cast on matters put to stockholders of the Company. The issuance of shares of Series E Preferred Stock to the Company’s Chairperson was approved by an independent committee of the Company’s Board of Directors, which received a fairness opinion from an independent third party that the transaction was fair from a financial point of view to the Company (Note 7(c)). (e) Altair Travel Agency S.A. (“Altair”): The Company uses from time to time the services of a travel agent, Altair, on which the Company’s Chairperson, holds equity interests. Travel expenses charged by Altair for the year ended December 31, 2023 amounted to $55 and are mainly included in “Vessel operating expenses” and “ Deferred charges, net | |
OceanPal Inc. Predecessors [Member] | ||
Transactions with Related Parties [Abstract] | ||
Transactions with Related Parties | 3. Transactions with Related Parties a) Diana Wilhelmsen Management Limited, or DWM: DWM is a joint venture established by Diana Ship Management Inc., a wholly owned subsidiary of the Parent, and Wilhelmsen Ship Management Holding Limited, an unaffiliated third party, each holding 50% of DWM. The DWM office is located in Athens, Greece. Effective July 1, 2020 Wilhelmsen Ship Management Holding Limited, was replaced by Wilhelmsen Ship Management Holding AS, which assumed all the liabilities and obligations of the former company under the Joint venture agreement. Until October 8, 2019, DWM provided management services to the OceanPal Predecessors’ fleet for a fixed monthly fee and commercial services charged as a percentage of the vessels’ gross revenues pursuant to management agreements between the vessel owning companies and DWM. Management fees to DWM for 2019 amounted to $554,000 and are included in “Management fees to related parties” in the accompanying 2019 combined carve-out statement of comprehensive income/(loss). Commercial fees in 2019, amounted to $192,550, and are included in “Voyage expenses”. As at December 31, 2020 there was an amount of $1,169,637 due from DWM mainly related to Protefs’ environmental incident (Note 5), included in “Due from a related party” in the accompanying combined carve-out balance sheet. Since October 9, 2019 and up to May 24, 2021, DWM provided technical management services to the vessels through Diana Shipping Services S.A. (Note 3(b)) and since May 24, 2021 directly. For the provision of management services, the vessels pay monthly fees which for the period from May 24, 2021 until November 29, 2021 amounted to $373,484 and are included in “Management fees to related parties” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). In addition, the vessels pay a commercial fee, which is a percentage of the daily hire, and which for the period from May 24, 2021 to November 29, 2021 amounted to $80,896 and is included in “Voyage expenses” in the accompanying combined carve-out statement of comprehensive income/(loss). b) Diana Shipping Services S.A., or DSS: From October 8, 2019 until May 24, 2021, the fleet vessels were managed by DSS, a wholly owned subsidiary of the Parent, for a fixed monthly fee and a commission on the vessels’ gross revenues. DSS was outsourcing the management of the vessels to DWM from October 8, 2019 until May 24, 2021 and since May 24, 2021, provides insurance services to the vessels for a fixed monthly fee of $500. During the period from January 1, 2021 to May 24, 2021, during 2020, and during the period from October 9, 2019 to December 31, 2019, respectively, management fees to DSS amounted to $300,300, $756,000 and $174,300, respectively and are included in “Management fees to related parties” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). During the period from May 24, 2021 to November 29, 2021, insurance service fees to DSS amounted to $9,337 and are included in “Management fees to related parties” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). Similarly, commissions charged by DSS for the period from January 1, 2021 to May 24, 2021, for 2020 and from October 9, 2019 to December 31, 2019, respectively amounted to $94,672, 186,223 and $63,721, respectively and are included in “Voyage expenses” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). As at December 31, 2020, there was an amount of $115,280 respectively, due to DSS, separately presented in “Due to a related party” in the accompanying combined carve-out balance sheet. |
Vessels (Predecessor)
Vessels (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Vessels, Net [Abstract] | ||
Vessels | 5. Vessels, net The amounts reflected in “Vessels, net” in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2021 $ 46,082 $ (354 ) $ 45,728 -Vessel acquisitions 22,000 - 22,000 -Additions for improvements 694 - 694 - Depreciation for the year - (4,750 ) (4,750 ) Balance, December 31, 2022 $ 68,776 $ (5,104 ) $ 63,672 -Vessel acquisition 14,064 - 14,064 -Additions for improvements 304 - 304 - Depreciation for the year - (6,940 ) (6,940 ) Balance, December 31, 2023 $ 83,144 $ (12,044 ) $ 71,100 Vessel acquisitions In June 2022, Darrit entered into a memorandum of agreement, as amended, to purchase from DSI, the Capesize dry bulk carrier M/V Baltimore, for the purchase price of $22,000 pursuant to the right of first refusal granted by DSI (Notes 3(c) and 7(c)). The vessel was delivered to the Company on September 20, 2022. In February 2023, Fiji entered into a memorandum of agreement, as amended, to purchase from DSI, the Panamax dry bulk carrier M/V Melia, for the purchase price of $14,000 pursuant to the right of first refusal granted by DSI (Notes 3(c) and 7(c)). The vessel was delivered to the Company on February 8, 2023. Predelivery expenses amounted to $64. Vessel improvements Vessel improvements mainly relate to the implementation of ballast water treatment system and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During 2023 and 2022, the additions to vessels’ cost amounted to $304 and $694, respectively. Change in scrap rate estimate Effective July 1, 2023, the Company changed the estimated scrap rate of all of its vessels from $250 per lightweight ton to $400 per lightweight ton. This change was made because the historical scrap rates over the past ten years have increased and as such the $250 rate was no longer considered representative. For 2023, this increase in the vessels’ salvage value has reduced depreciation and net loss by approximately $917 and basic and diluted loss per share by approximately $0.28 and $0.27, respectively. | |
OceanPal Inc. Predecessors [Member] | ||
Vessels, Net [Abstract] | ||
Vessels | 4. Vessels On December 24, 2019, Darien Compania Armadora S.A. entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel Calipso, for a sale price of $7,275,000 before commissions. On December 31, 2019, the vessel was measured at the lower of its carrying amount or fair value less costs to sell and was classified in current assets as Vessel held for sale, according to the provisions of ASC 360, as all criteria required for this classification were then met. The classification of Calipso In February 2020, the buyers of Calipso The amounts reflected in Vessels, net in the accompanying combined carve-out balance sheet as of December 31, 2020 are analyzed as follows: Accumulated Vessel Cost Depreciation Net Book Value Balance, December 31, 2019 $ 38,600,196 $ (13,139,306 ) $ 25,460,890 – Additions for improvements 1,474,965 — 1,474,965 – Vessel fair value adjustment 200,500 — 200,500 – Vessel transferred from held for sale 7,129,500 — 7,129,500 – Depreciation for the period — (2,016,556 ) (2,016,556 ) Balance, December 31, 2020 $ 47,405,161 $ (15,155,862 ) $ 32,249,299 Vessels’ depreciation expense for the period from January 1, 2021 through November 29, 2021, and for the years ended December 31, 2020 and 2019, amounted to $1.97 million, $2.02 million, and $2.27 million, respectively, and is included in “Depreciation and amortization of deferred charges” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). |
Commitments and Contingencies (
Commitments and Contingencies (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 6. Commitments and Contingencies (a) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance, and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&I Association in which the Company’s vessels are entered. The Company’s vessels are subject to estimated total calls payable to their P&I Association and may be subject to supplementary calls which are calculated as a percentage of the net estimated total calls for each year and after deducting any applicable rebates, laid up returns and other deductions. A decision to levy supplementary calls is made by the Board of Directors of the Association at any time during or after the end of the relevant policy year. There is no limit to the number or amount of supplementary calls that can be levied in respect of a policy year. Supplementary calls, if any, are issued when they are announced and according to the period they relate to. The Company, so far, has not been made aware of any supplementary calls outstanding in respect of any policy year. The Company has certain outstanding amounts from disputes with two 19 170 (b) As of December 31, 2023, all of the Company’s vessels were fixed under time charter agreements, considered as operating leases and accounted for as per the provisions of ASC 842. The minimum contracted revenues expected to be generated (gross of charterers’ commissions), based on the existing commitments to non-cancelable time charter contracts as of December 31, 2023 and until their expiration dates, all falling with the first semester of 2024, are estimated at $4,038. (c) As of December 31, 2023, the total contractual obligations in connection with the Company’s chemical tankers’ investment amounted to $2,750, of which $1,375 is expected to be due in the fourth quarter of 2024 and $1,375 is expected to be due in the second quarter of 2025 (Note 4). | |
OceanPal Inc. Predecessors [Member] | ||
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 5. Commitments and Contingencies a) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Subsidiaries’ vessels. OceanPal Inc. Predecessors accrue for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Subsidiaries’ vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&I Association in which the Subsidiaries’ vessels are entered. b) On July 9, 2020, DWM placed a security bond in the amount of $1.75 million for any potential fines or penalties for alleged violations of law concerning maintenance of books and records and the handling of oil wastes of the vessel Protefs, as a consequence of a environmental incident involving the vessel in 2020. As this amount was paid by the ship owning company of Protefs, a portion of the security bond relating to DWM, amounting to $1 million, was included in “Due from related parties”, as of December 31, 2020 in the accompanying combined carve-out balance sheet. As of December 31, 2020, vessel Protefs also recorded an accrual of about $1.0 million, as the Parent determined that Protefs could be liable for part of a fine related to this incident, as part of its management agreement with DWM and recognized an expense which is presented in “Vessel operating expenses” in the combined carve-out statements of operations and comprehensive income/(loss) for the year ended December 31, 2020, representing the OceanPal Inc. Predecessors’ best estimate for the liability of Protefs in relation to this incident. In February 2021, DWM entered into a plea agreement with the United States pursuant to which DWM, as defendant, agreed to waive indictment, plead guilty pursuant to the terms thereof, accepted a fine of $2.0 million and the placement of DWM on probation for four years, subject to court approval. On September 23, 2021, in the sentencing hearing of the Protefs case, the judge accepted DWM’s guilty pleas, adjudged DWM guilty and imposed the agreed upon sentence of a combined fine of $2 million, a total special assessment and a four-year term of probation. The total amount of the fine was settled during 2021 through the security bond placed by DWM on July 9, 2020, whereas the remaining balance of the fine amounting to $0.25 million was settled by the ship owning company of Protefs. c) As at November 29, 2021, all of the vessels were fixed under time charter agreements, considered as operating leases accounted for as per ASC 842 requirements. The minimum contractual gross charter revenues expected to be generated from fixed and non-cancelable time charter contracts existing as at November 29, 2021 and until their expiration is estimated at $3.1 million |
Parent Investment, Net (Predece
Parent Investment, Net (Predecessor) | 11 Months Ended |
Nov. 29, 2021 | |
OceanPal Inc. Predecessors [Member] | |
Parent Investment, Net [Abstract] | |
Parent Investment, Net | 6. Parent Investment, net Parent investment, net consists of the amounts contributed by the Parent to finance part of the acquisition cost of the vessels, intercompany amounts due to or from the Parent which are forgiven and treated as contributions or distributions of capital and other general and administrative expenses allocated to the OceanPal Inc. Predecessors by Parent. Allocated general and administrative expenses include expenses of Parent such as executive’s cost, legal, treasury, regulatory compliance and other costs. These expenses were allocated on a pro rata basis, based on the number of ownership days of the Subsidiaries’ vessels compared to the number of ownership days of the total DSI fleet. Such allocations are believed to be reasonable, but may not reflect the actual costs if the OceanPal Inc. Predecessors had operated as a standalone company. For the period from January 1, 2021 through November 29, 2021, and for 2019, capital distribution amounted to $3.2 million and $1.5 million, respectively. Capital contribution during 2020 amounted to $4.2 million. As part of Parent, OceanPal Inc. Predecessors are dependent upon Parent for all of their working capital and financing requirements, as Parent uses a centralized approach to cash management and financing of their operations. Financial transactions relating to OceanPal Inc. Predecessor are accounted for through the Parent equity account and reflected in the combined carve-out statements of Parent’s equity as an increase or decrease in Parent investment. Accordingly, none of Parent’s cash, cash equivalents or debt at the corporate level have been assigned to the OceanPal Inc. Predecessors in the combined carve-out financial statements. Parent equity, net represents Parent’s interest in the recorded net assets of the OceanPal Inc. Predecessors. All significant intercompany accounts and transactions between the businesses comprising the OceanPal Inc. Predecessors have been eliminated in the accompanying combined carve-out financial statements. |
Fair Value Measurements and Ris
Fair Value Measurements and Risk Management (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Financial Instruments and Risk Management [Abstract] | ||
Fair Value Measurements and Risk Management | 11. Financial Instruments and Fair Value Disclosures Concentration of credit risk: For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021 charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2023 2022 2021 A 25% - - B 16% 20% - C 10% - - D - 14% - E - 12% - F - 11% 32% G - - 35% H - - 26% The maximum aggregate amount of loss due to credit risk that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant time charter parties, amounted to $1,640, $215 and $811 as of December 31, 2023, 2022 and 2021, respectively. Fair value of assets and liabilities The principal financial assets of the Company consist of cash at banks, accounts receivable trade, net, insurance claims, and amounts due from related party(ies). The principal financial liabilities of the Company consist of accounts payable, trade and other, and amounts due to related party(ies). During 2023, the Company also incurred fair value measurements with regards to the settled as of December 31, 2023 private placement warrants. Cash and cash equivalents, accounts receivable, insurance claims, amounts due from related party/(ies) and accounts payable: Warrants’ liability: The private placement warrants were initially recorded at fair value on their issuance date and subsequent settlement dates with the offsetting adjustments recorded in “Change in fair value of warrants’ liability” within the consolidated statements of . The fair value of the private placement warrants at issuance date (i.e., February 10, 2023), and subsequent settlement dates (as set forth below), has been determined through Level 3 inputs of the fair value hierarchy (Note 7(b)). The non-recurring fair value measurements related to the warrants’ liability during 2023, were as follows: Non-recurring fair value measurements (warrants’ liability settlement dates): • At partial settlement date as of June 8, 2023, a fair value of $286; • At partial settlement date as of June 15, 2023, a fair value of $276; • At partial settlement date as of June 16, 2023, a fair value of $141; • At partial settlement date as of June 20, 2023, a fair value of $58; • At partial settlement date as of July 10, 2023, a fair value of $33; • At partial settlement date as of August 9, 2023, a fair value of $268; and • At final settlement date as of September 29, 2023, a fair value of $220. | |
OceanPal Inc. Predecessors [Member] | ||
Financial Instruments and Risk Management [Abstract] | ||
Fair Value Measurements and Risk Management | 7. Fair Value Measurements and Risk Management The carrying values of cash, accounts receivable, due from related parties and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Financial instruments, which potentially subject OceanPal Predecessors to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The ability and willingness of each of the OceanPal Inc. Predecessors’ counterparties to perform their obligations under a contract depend upon a number of factors that are beyond the OceanPal Inc. Predecessors’ control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. The credit risk with financial institutions is limited as it has temporary cash investments, consisting mostly of deposits, placed with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. The credit risk with accounts receivable is limited by performing ongoing credit evaluations of the customers’ financial condition and by receiving payments of hire in advance. Generally, no collateral is required for accounts receivable whereas OceanPal Inc. Predecessors do not have any agreements to mitigate credit risk. During the period from January 1, 2021, to November 29, 2021 and during 2020 and 2019, charterers that individually accounted for 10% or more of the OceanPal Inc. Predecessors time charter revenues were as follows: January 1, 2021 to Charterer November 29, 2021 2020 2019 C Transport Maritime LTD 38% Vitera Chartering 29% Reachy International 28% Cargill International S.A. 34% 33% Phaethon International Co AG. 34% Uniper Global Commodities, Dusseldorf GE 22% Crystal Sea Shipping Co., Limited 10% 12% Hadson Shipping Lines Inc. 30% Glencore Agriculture BV 22% |
Income Taxes (Predecessor)
Income Taxes (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Income Taxes [Abstract] | ||
Income Taxes | 10. Income Taxes Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in “Vessel operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income. The Company is potentially subject to a four percent U.S. federal income tax on 50% of its gross income derived by its charters that begin or end in the United States. However, under Section 883 of the Internal Revenue Code of the United States (the “Code”), a corporation is exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country that grants an equivalent exemption from tax to corporations organized in the United States (an “equivalent exemption”); and (b) either (i) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified stockholders”, which is referred to as the “50% Ownership Test” or (ii) its common stock is “primarily and regularly traded on an established securities market” in the United States or in a country that grants an “equivalent exemption”, which is referred to as the “Publicly-Traded Test.” The Company and each of its subsidiaries expects it qualifies for this statutory tax exemption for the 2023 taxable year, and the Company takes this position for United States federal income tax return reporting purposes. Therefore, the Company does not expect to have any U.S. federal income tax liability in any of the year ended December 31, 2023. | |
OceanPal Inc. Predecessors [Member] | ||
Income Taxes [Abstract] | ||
Income Taxes | 8. Income Taxes Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying combined carve-out statements of operations. The vessel-owning companies with vessels that have called on the United States are obliged to file tax returns with the Internal Revenue Service. However, pursuant to the Internal Revenue Code of the United States, U.S. source income from the international operations of ships is generally exempt from U.S. tax. The applicable tax is 50% of 4% of U.S.-related gross transportation income unless an exemption applies. Each of the subsidiaries expects it qualifies for this statutory tax exemption for the period from January 1, 2021 to November 29, 2021, 2020 and 2019 taxable years, and they take this position for United States federal income tax return reporting purposes. |
Subsequent Events (Predecessor)
Subsequent Events (Predecessor) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 12. Subsequent Events (a) Dividend Payments on Series C and Series D Preferred Stock On January 16, 2024, the Company paid a cash dividend on its then outstanding Series C Preferred Stock i) issued to Diana Shipping Inc. and ii) awarded on April 15, 2022, and March 7, 2023 as part of the 2021 Equity Incentive Plan (i.e. 5,521 shares in aggregate), for the period from October 15, 2023 to January 14, 2024, inclusive, in the aggregate amount of $ . On January 16, 2024, the Company also paid a dividend of $240 in the aggregate on the Company’s then outstanding 13,738 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date January 12, 2024, for the period from October 15, 2023 up to and including January 14, 2024. (b) Redemption of Series D Preferred Stock During the period from January 1, 2024, to April 10, 2024, holders of the Company’s Series D preferred stock unaffiliated with the Company, exercised their right to redeem nine Series D Preferred Stock to common stock, resulting in the issuance of 3,376 shares of common stock of the Company. (c) Restricted stock award and cash bonus On February 21, 2024, the Company’s Board of Directors approved the award of 3,332 shares of restricted Series C Preferred Stock to the Company’s directors, pursuant to the Company’s amended , as annual bonus. The cost of these awards will be recognized in income ratably over the restricted shares vesting period which will be two years. The Board of Directors also approved an aggregate performance cash bonus of $230 to Steamship, which has been accrued for as of December 31, 2023, in the accompanying consolidated financial statements. (d) Amendment and restatement to 2021 Equity Incentive Plan On April 10, 2024, the Company further amended and restated its 2021 Equity Incentive Plan so that the maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the 2021 Equity Incentive Plan, as amended and restated, is 2,000,000. | |
OceanPal Inc. Predecessors [Member] | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 9. Subsequent Events a) Contribution by Parent of the three ship-owning companies to OceanPal Inc.: On November 29, 2021, the spin-off transaction was materialized and the three ship-owning companies were contributed to the Company by the Parent. Following the spin-off consummation OceanPal Inc. and Diana Shipping are independent publicly traded companies with separate independent boards of directors. b) Uncertainties caused by the Russo-Ukrainian War: The recent outbreak of war between Russia and the Ukraine has disrupted supply chains and caused instability in the global economy, while the United States and the European Union, among other countries, announced sanctions against Russia, including sanctions targeting the Russian oil sector, among those a prohibition on the import of oil from Russia to the United States. The ongoing conflict could result in the imposition of further economic sanctions against Russia and the Company’s business may be adversely impacted. |
Significant Accounting Polici_2
Significant Accounting Policies - Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | |
Principles of consolidation | a) Principles of consolidation |
Use of estimates | b) Use of estimates: |
Other comprehensive income/(loss) | c) Other comprehensive (loss)/ income: |
Foreign currency translation | d) Foreign currency translation: |
Cash and cash equivalents | e) Cash and cash equivalents: |
Accounts receivable, trade, net | f) Accounts receivable, trade, net: nil receivables as all balances are usually settled within a year. |
Inventories | g) Inventories: |
Equity method investments | h) Equity method investments: Investments in the equity of entities over which the Company exercises significant influence but does not exercise control are accounted for by the equity method of accounting in accordance with ASC 321 “Investments-Equity securities”. In reaching such a conclusion, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received, if any, reduce the carrying amount of the investment. When the carrying value of an equity method investment equals or exceeds the Company’s interest because of losses, the Company does not recognize further losses, unless the Company has made advances, incurred obligations, or has made payments on behalf of the investee and is committed to provide further financial support to the investee. At each reporting period, the Company also evaluates whether a loss in the value of an investment that is other than a temporary decline should be recognized. In its assessment, the Company evaluates indicators such as market conditions, the investee’s performance, and the ability to sustain an earnings capacity that would justify the carrying amount of the investment and its ability to continue as a going concern. Measurement of the impairment loss is based on the fair value of the investment. (Note 4). |
Insurance claims | i Insurance claims |
Vessels, net | j) Vessels, net |
Impairment of long-lived assets | k) Impairment of long-lived assets: |
Vessel depreciation | l) Vessel depreciation: |
Accounting for dry-docking costs | m) Accounting for dry-docking costs |
Concentration of credit risk | n) Concentration of credit risk |
Accounting for revenues and expenses | o) Accounting for revenues and expenses: |
Repairs and maintenance | p) Repairs and maintenance: |
(Loss)/Earnings per common share | q) (Loss)/Earnings per common share: |
Segment reporting | r) Segment reporting: |
Fair value measurements | s) Fair value measurements |
Share based payments | t) Share based payments: |
Going concern | u) Going concern: |
Financial instruments, credit losses | v) Financial instruments, credit losses |
Evaluation of nonmonetary transactions | w) Evaluation of nonmonetary transactions: |
Distinguishing liabilities from equity | x) Distinguishing liabilities from equity: The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. In its assessment, the Company analyzes key features of these financial instruments to determine whether they are more akin to equity or to debt. It then identifies any embedded features in those instruments and examines whether the identified embedded features fall under the definition of a derivative according to the provisions of ASC 815 or whether those features require bifurcation (other than those with de minimis value) or affect classification in permanent equity. Financial instruments meeting the classification of liability are initially measured at fair value and are subsequently remeasured at each balance sheet date with the offsetting adjustments recorded within the consolidated statements of . Upon settlement or termination, instruments classified as liabilities at fair value are marked to their fair value at the settlement date and then the liability gets settled. The Company values its instruments classified as liabilities using either the Black-Scholes option pricing model or other acceptable valuation models, including the binominal option pricing model (Note 7). |
Redemption of shares or convertible preferred stock for issuance of shares of common stock | y) Redemption of shares or convertible preferred stock for issuance of shares of common stock: |
Offering expenses | z) Offering expenses: |
New Accounting Pronouncements - Not yet adopted | New Accounting Pronouncements - Not yet adopted In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The effective date for each amendment of the ASU 2023-06 will be, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in ASU 2023-06 should be applied prospectively. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, and early adoption is permitted. Upon adoption, a public entity will apply the ASU as of the beginning of the earliest period presented. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. |
Significant Policies (Predece_2
Significant Policies (Predecessor) (Policies) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | ||
Use of Estimates | b) Use of estimates: | |
Other Comprehensive Income / (Loss) | c) Other comprehensive (loss)/ income: | |
Foreign Currency Translation | d) Foreign currency translation: | |
Cash and Cash Equivalents | e) Cash and cash equivalents: | |
Accounts Receivable, Trade | f) Accounts receivable, trade, net: nil receivables as all balances are usually settled within a year. | |
Inventories | g) Inventories: | |
Vessels, net | j) Vessels, net | |
Impairment of Long-Lived Assets | k) Impairment of long-lived assets: | |
Vessel Depreciation | l) Vessel depreciation: | |
Concentration of Credit Risk | n) Concentration of credit risk | |
Accounting for Revenues and Expenses | o) Accounting for revenues and expenses: | |
Repairs and Maintenance | p) Repairs and maintenance: | |
Segmental Reporting | r) Segment reporting: | |
Fair Value Measurements | s) Fair value measurements | |
Going concern | u) Going concern: | |
Financial Instruments, credit losses | v) Financial instruments, credit losses | |
Recent Accounting Pronouncements -Not yet adopted | New Accounting Pronouncements - Not yet adopted In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The effective date for each amendment of the ASU 2023-06 will be, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in ASU 2023-06 should be applied prospectively. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, and early adoption is permitted. Upon adoption, a public entity will apply the ASU as of the beginning of the earliest period presented. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures. | |
OceanPal Inc. Predecessors [Member] | ||
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | ||
Basis of presentation | a) Basis of presentation: The accompanying combined carve-out financial statements include the accounts of the legal entities comprising OceanPal Inc. Predecessors as discussed in Note 1. OceanPal Inc. Predecessors have historically operated as part of the Parent and not as a standalone company. Financial statements representing the historical operations of Parent’s business have been derived from Parent’s historical accounting records and are presented on a carve-out basis. All revenues, costs, assets and liabilities directly associated with the business activity of OceanPal Inc. Predecessors are included in the combined carve-out financial statements. The combined financial statements are prepared in conformity with the U.S. generally accepted accounting principles and reflect the financial position, results of operations and comprehensive income/(loss) and cash flows associated with the business activity of the OceanPal Inc. Predecessors as they were historically managed. The combined carve-out statements of operations also reflect intercompany expense allocations made to OceanPal Inc. Predecessors by DSI of certain general and administrative expenses from Parent (Note 6). However, amounts recognized by OceanPal Inc. Predecessors are not necessarily representative of the amounts that would have been reflected in the financial statements had the OceanPal Inc. Predecessors operated independently of Parent as the OceanPal Inc. Predecessors would have had additional administrative expenses, including legal, professional, treasury and regulatory compliance and other costs normally incurred by a listed public entity. Management has estimated these additional administrative expenses to be $1,104,894, $1,265,051 and $809,205, respectively, for the period from January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively. Both the OceanPal Inc. Predecessors and DSI consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessors during the periods presented. The allocations may not, however, reflect the expense the OceanPal Inc. Predecessors have incurred as an independent, publicly traded company for the periods presented. OceanPal Inc. Predecessors have no common capital structure for the combined business and, accordingly, has not presented historical earnings per share. | |
Use of Estimates | b) Use of Estimates: The preparation of combined carve-out financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Other Comprehensive Income / (Loss) | c) Other Comprehensive Income / (Loss): OceanPal Inc. Predecessors have no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. | |
Foreign Currency Translation | d) Foreign Currency: The functional currency of OceanPal Inc. Predecessors is the U.S. dollar because the OceanPal Inc. Predecessors vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars. OceanPal Inc. Predecessors’ accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are included in “Other income/(loss)” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). | |
Cash and Cash Equivalents | e) Cash and Cash Equivalents: OceanPal Inc. Predecessors consider time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months to be cash equivalents. | |
Accounts Receivable, Trade | f) Accounts Receivable, Trade: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of allowance for credit loss, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss, however OceanPal Inc. Predecessors assess their accounts receivable, trade and their credit risk relating to their charterers. No provision for doubtful accounts receivable has been recorded in the accompanying statements of comprehensive income/ (loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019. | |
Inventories | g) Inventories: Inventories consist of lubricants which are stated, on a consistent basis, at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Amounts removed from inventory are also determined by the first in first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. | |
Insurance claims | h) Insurance claims. Claims receivable are recorded on accrual basis, net of deductibles, through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation. | |
Vessels, net | i) Vessel, net: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. As at balance sheet date, vessels are stated at cost less accumulated depreciation expense and impairment charge, if any. | |
Vessels held for sale | j) Vessels held for sale: OceanPal Inc. Predecessors classify assets as being held for sale when the respective criteria are met. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The fair value less cost to sell of an asset held for sale is assessed at each reporting period it remains classified as held for sale. When the plan to sell an asset changes, the asset is reclassified as held and used, measured at the lower of its carrying amount before it was recorded as held for sale, adjusted for depreciation, and the asset’s fair value at the date of the decision not to sell. | |
Impairment of Long-Lived Assets | k) Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount plus unamortized dry-docking costs of an asset may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of an asset over its remaining useful life and its eventual disposition is less than its carrying amount plus unamortized dry-docking costs, OceanPal Inc. Predecessors evaluate the asset for impairment loss. Measurement of impairment loss is based on the fair value of the asset, determined mainly by third party valuations. OceanPal Inc. Predecessors undiscounted projected net operating cash flows by considering the historical and estimated vessels’ performance and utilization with the significant assumption being future charter rates for the unfixed days, using the most recent 10 year average of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. In 2019, the 1 year time charter rates did not include the rate for 2010, as it had been previously considered by Parent well above the average. Other than that, historical ten-year blended average one-year time charter rates are in line with the OceanPal Inc. Predecessors’ overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the OceanPal Inc. Predecessors’ operating fleet and they cover at least a full business cycle, where applicable. Other assumptions used in developing estimates of future undiscounted cash flow are charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance; vessel operating expenses; fleet utilization, and the vessels’ residual value if sold for scrap. Assumptions are in line with the OceanPal Inc. Predecessors’ historical performance and expectations for future fleet utilization under their current fleet deployment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and its fair value is recognized in the OceanPal Inc. Predecessors’ accounts as impairment loss. No impairment loss was identified or recorded in 2019, in 2020 and in the period from January 1, 2021, to November 29, 2021 due to this exercise. However, an impairment charge amounting to $3,047,978 recorded in 2019 for vessel Calipso, which was classified as held for sale (Note 4). | |
Vessel Depreciation | l) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the OceanPal Inc. Predecessors’ vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. | |
Accounting for Dry-Docking Costs | m) Accounting for Dry-Docking Costs: OceanPal Inc. Predecessors follow the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment (Note 4). | |
Concentration of Credit Risk | n) Concentration of Credit Risk: Financial instruments, which potentially subject OceanPal Inc. Predecessors to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. OceanPal Inc. Predecessors place temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the OceanPal Inc. Predecessors’ investment strategy. OceanPal Inc. Predecessors limit their credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally do not require collateral for accounts receivable and do not have any agreements to mitigate credit risk. | |
Accounting for Revenues and Expenses | o) Accounting for Revenues and Expenses: Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. OceanPal Inc. Predecessors incur voyage expenses that mainly include commissions because all of vessels are employed under time charters that require the charterer to bear voyage expenses such as bunkers (fuel oil), port and canal charges. When a vessel is delivered to a charterer, bunkers are purchased by the charterer and sold back to OceanPal Inc. Predecessors on the redelivery of the vessel. Bunker gain, or loss, result when a vessel is redelivered by her charterer and delivered to the next charterer at different bunker prices, or quantities. For the period From January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively, the OceanPal Inc. Predecessors incurred gain on bunkers amounting to $330,454, and loss on bunkers amounting to $287,352 and $229,481, respectively, resulting mainly from the difference in the value of bunkers paid by OceanPal Inc. Predecessors when the vessel is redelivered to OceanPal Inc. Predecessors from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by OceanPal Inc. Predecessors when the vessel is delivered to a new charterer. This gain/loss is included in “Voyage expenses” in the accompanying combined carve-out statements of comprehensive income / (loss). Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. OceanPal Inc. Predecessors, as lessors, have elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as OceanPal Inc. Predecessors have assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. | |
Repairs and Maintenance | p) Repairs and Maintenance: All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying combined carve-out statements of operations and comprehensive income/(loss). | |
Segmental Reporting | q) Segmental Reporting: OceanPal Inc. Predecessors engage in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and OceanPal Inc. Predecessors do not evaluate the operating results for each type of dry bulk vessels (Panamax or Capesize) for the purpose of making decisions about allocating resources and assessing performance. | |
Fair Value Measurements | r) Fair Value Measurements: OceanPal Inc. Predecessors classify and discloses their assets and liabilities carried at fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. | |
Going concern | s) Going concern: Management evaluates, at each reporting period, whether there are conditions or events that raise substantial doubt about OceanPal Inc. Predecessors’ ability to continue as a going concern within one year from the date the combined carve-out financial statements are issued. | |
Financial Instruments, credit losses | t) Financial Instruments, credit losses: At each reporting date, OceanPal Inc. Predecessors evaluate financial assets for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses OceanPal Inc. Predecessors consider available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts. No allowance for credit loss has been recorded in the accompanying statements of comprehensive income/(loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019. | |
Recent Accounting Pronouncements -Not yet adopted | Recent Accounting Pronouncements — Not yet adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. OceanPal Inc. Predecessors have assessed the impact of this new accounting guidance and the adoption of this ASU is not expected to have a material impact on the combined carve-out financial statements and related disclosures. In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The impact of this new accounting guidance and the adoption of this ASU has been assessed and it is expected that it does not have a material impact on the OceanPal Inc. Predecessors’ combined carve-out financial statements and related disclosures. |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Vessels, net [Abstract] | |
Vessels, Net | The amounts reflected in “Vessels, net” in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2021 $ 46,082 $ (354 ) $ 45,728 -Vessel acquisitions 22,000 - 22,000 -Additions for improvements 694 - 694 - Depreciation for the year - (4,750 ) (4,750 ) Balance, December 31, 2022 $ 68,776 $ (5,104 ) $ 63,672 -Vessel acquisition 14,064 - 14,064 -Additions for improvements 304 - 304 - Depreciation for the year - (6,940 ) (6,940 ) Balance, December 31, 2023 $ 83,144 $ (12,044 ) $ 71,100 |
(Loss)_Earnings per Share (Tabl
(Loss)/Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
(Loss)/Earnings per Share [Abstract] | |
(Loss)/Earnings per Share | December 31, 2023 December 31, 2022 From April 15, 2021 through December 31, 2021 Net (loss)/income and comprehensive (loss)/income $ (1,977 ) $ (326 ) $ 134 Less deemed dividend on Series C Preferred Stock upon issuance of common stock (2,549 ) - - Less deemed dividend on Series D Preferred Stock upon issuance of common stock (154 ) (134 ) - Less dividends on Series C Preferred Stock (991 ) (950 ) (69 ) Less dividends on Series D Preferred Stock (1,036 ) (252 ) - Less dividends on Class A warrants - (1,012 ) - Net (loss)/income and comprehensive (loss)/income attributable to common stockholders for basic (loss)/ earnings per share purposes $ (6,707 ) $ (2,674 ) $ 65 Less changes in fair value of warrants’ liability (6,222 ) - - Net (loss)/earnings and comprehensive (loss)/earnings attributable to common stockholders for diluted (loss)/earnings per share purposes $ (12,929 ) $ (2,674 ) $ 65 Weighted average number of common stock, basic 3,315,519 155,655 44,101 Effect of dilutive securities 56,688 - 17,277 Weighted average number of common stock, diluted 3,372,207 155,655 61,378 (Loss)/ Earnings per share, basic $ (2.02 ) $ (17.18 ) $ 1.47 (Loss)/ Earnings per share, diluted $ (3.83 ) $ (17.18 ) $ 1.06 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Vessel Operating Expenses [Abstract] | |
Vessel Operating Expenses | The amounts reflected in “Vessel Operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income are analyzed as follows: December 31, December 31, From April 15, 2021 through December 31, Vessel Operating Expenses 2023 2022 2021 Crew & crew related costs $ 5,254 $ $3,770 $ 248 Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling 2,865 1,769 19 Lubricants 638 415 31 Insurances 781 534 39 Annual taxes and registration fees 232 151 10 Other 651 241 13 Total Vessel operating expenses $ 10,421 $ 6,880 $ 360 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Fair Value Disclosures [Abstract] | |
Revenue from Charterers | For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021 charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2023 2022 2021 A 25% - - B 16% 20% - C 10% - - D - 14% - E - 12% - F - 11% 32% G - - 35% H - - 26% |
Vessels (Predecessor) (Tables)
Vessels (Predecessor) (Tables) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Vessels, Net [Abstract] | ||
Vessels, net | The amounts reflected in “Vessels, net” in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2021 $ 46,082 $ (354 ) $ 45,728 -Vessel acquisitions 22,000 - 22,000 -Additions for improvements 694 - 694 - Depreciation for the year - (4,750 ) (4,750 ) Balance, December 31, 2022 $ 68,776 $ (5,104 ) $ 63,672 -Vessel acquisition 14,064 - 14,064 -Additions for improvements 304 - 304 - Depreciation for the year - (6,940 ) (6,940 ) Balance, December 31, 2023 $ 83,144 $ (12,044 ) $ 71,100 | |
OceanPal Inc. Predecessors [Member] | ||
Vessels, Net [Abstract] | ||
Vessels, net | The amounts reflected in Vessels, net in the accompanying combined carve-out balance sheet as of December 31, 2020 are analyzed as follows: Accumulated Vessel Cost Depreciation Net Book Value Balance, December 31, 2019 $ 38,600,196 $ (13,139,306 ) $ 25,460,890 – Additions for improvements 1,474,965 — 1,474,965 – Vessel fair value adjustment 200,500 — 200,500 – Vessel transferred from held for sale 7,129,500 — 7,129,500 – Depreciation for the period — (2,016,556 ) (2,016,556 ) Balance, December 31, 2020 $ 47,405,161 $ (15,155,862 ) $ 32,249,299 |
Fair Value Measurements and R_2
Fair Value Measurements and Risk Management (Predecessor) (Tables) | 11 Months Ended | 12 Months Ended |
Nov. 29, 2021 | Dec. 31, 2023 | |
Financial Instruments and Risk Management [Abstract] | ||
Revenue from Charterers | For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021 charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows: Charterer 2023 2022 2021 A 25% - - B 16% 20% - C 10% - - D - 14% - E - 12% - F - 11% 32% G - - 35% H - - 26% | |
OceanPal Inc. Predecessors [Member] | ||
Financial Instruments and Risk Management [Abstract] | ||
Revenue from Charterers | During the period from January 1, 2021, to November 29, 2021 and during 2020 and 2019, charterers that individually accounted for 10% or more of the OceanPal Inc. Predecessors time charter revenues were as follows: January 1, 2021 to Charterer November 29, 2021 2020 2019 C Transport Maritime LTD 38% Vitera Chartering 29% Reachy International 28% Cargill International S.A. 34% 33% Phaethon International Co AG. 34% Uniper Global Commodities, Dusseldorf GE 22% Crystal Sea Shipping Co., Limited 10% 12% Hadson Shipping Lines Inc. 30% Glencore Agriculture BV 22% |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) | 9 Months Ended | ||||||
Jun. 08, 2023 | Dec. 22, 2022 | Dec. 31, 2021 Subsidiary | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Nov. 29, 2021 $ / shares shares | Apr. 14, 2021 $ / shares shares | |
Basis of Presentation and General Information [Abstract] | |||||||
Common stock, shares authorized (in shares) | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 500 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Number of subsidiaries acquired through spin-off transaction | Subsidiary | 3 | ||||||
Preferred stock, shares authorized (in shares) | shares | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Reverse stock split ratio | 0.05 | 0.1 |
Significant Accounting Polici_3
Significant Accounting Policies - Recent Accounting Pronouncements, Accounts Receivable Trade (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Trade [Abstract] | |||
Allowance for doubtful accounts | $ 33 | $ 15 |
Significant Accounting Polici_4
Significant Accounting Policies - Recent Accounting Pronouncements, Insurance claims (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Vessel | Dec. 31, 2022 USD ($) | |
Insurance Claims [Abstract] | |||
Number of vessels with insurance recoveries | Vessel | 1 | ||
Insurance claim recoveries incurred | $ | $ 0 | $ 1,058 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies - Recent Accounting Pronouncements, Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment of Long-Lived Assets [Abstract] | |||
Historical blended average year for calculating undiscounted projected net operating cash flows | 10 years | ||
Effective fleet utilization percentage | 98% | ||
Impairment loss | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies - Recent Accounting Pronouncements, Vessel Depreciation (Details) | Dec. 31, 2023 |
Vessel Depreciation [Abstract] | |
Estimated useful life | 25 years |
Significant Accounting Polici_7
Significant Accounting Policies - Recent Accounting Pronouncements, Accounting for Revenues and Expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting for Revenues and Expenses [Abstract] | |||
Gain/(loss) on bunkers | $ 63 | $ (186) | $ (1,949) |
Significant Accounting Polici_8
Significant Accounting Policies - Recent Accounting Pronouncements, Segmental Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segmental Reporting [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polici_9
Significant Accounting Policies - Recent Accounting Pronouncements, Financial Instruments, Credit losses (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments, Credit Losses [Abstract] | |||
Provision for credit losses | $ 0 | $ 0 | $ 0 |
Significant Accounting Polic_10
Significant Accounting Policies - Recent Accounting Pronouncements, Offering Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Offering Expenses [Abstract] | ||
Deferred offering expenses | $ 59 | $ 376 |
Transactions with Related Par_3
Transactions with Related Parties, Diana Wilhelmsen Management Limited (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 01, 2022 | Nov. 29, 2021 | |
Transactions with Related Parties [Abstract] | |||||
Due to related parties | $ 474,000 | $ 410,000 | |||
Due from a related party | 0 | 5,000 | |||
Related Party [Member] | DWM [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Due to related parties | $ 12,000 | ||||
Due from a related party | 5,000 | ||||
Related Party [Member] | DWM [Member] | Management Services [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Monthly percentage fee on hire and on freight of vessel's gross income | 1.25% | ||||
Monthly management fee per vessel employed or available for employment | $ 18,500 | $ 20,000 | |||
Monthly management fee per vessel laid-up and not available for employment | $ 9,250 | $ 10,000 | |||
Minimum period vessel is laid-up and not available for employment | 15 days | ||||
Notice period to terminate agreement | 3 months | ||||
Fees charged by related party | $ 79,000 | $ 1,319,000 | 974,000 | ||
Related Party [Member] | DWM [Member] | Management Services [Member] | Management Fees to Related Parties [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Fees charged by related party | 62,000 | 1,086,000 | 737,000 | ||
Related Party [Member] | DWM [Member] | Management Services [Member] | Voyage Expenses [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Fees charged by related party | $ 17,000 | $ 233,000 | $ 237,000 |
Transactions with Related Par_4
Transactions with Related Parties, Steamship Shipbroking Enterprises Inc. (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 29, 2021 | |
Transactions with Related Parties [Abstract] | ||||
Equity method investment | $ 1,645,000 | $ 0 | ||
Due to related parties | 474,000 | 410,000 | ||
Related Party [Member] | Steamship [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Accrued performance bonus | 230,000 | |||
Due to related parties | 462,000 | 410,000 | ||
Related Party [Member] | Steamship [Member] | General and Administration Expenses [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Accrued performance bonus | 230,000 | 185,000 | ||
Related Party [Member] | Steamship [Member] | Insurance and Administrative Management Fees [Member] | Management Fees to Related Parties [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Fees charged by related party | 12,000 | $ 150,000 | 141,000 | |
Related Party [Member] | Steamship [Member] | Insurance-Related Services [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Monthly management fee per vessel employed or available for employment | $ 500 | |||
Monthly management fee per vessel laid-up and not available for employment | 250 | |||
Minimum period vessel is laid-up and not available for employment | 15 days | |||
Notice period to terminate agreement | 3 months | |||
Related Party [Member] | Steamship [Member] | Administrative Services [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Notice period to terminate agreement | 30 days | |||
Monthly fee | $ 10,000 | |||
Term of agreement | 12 months | |||
Renewal term of agreement | 12 months | |||
Related Party [Member] | Steamship [Member] | Brokerage Services [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Percentage fee on hire agreed per charter party for each vessel | 2.50% | |||
Monthly fee | 150,000 | $ 95,000 | ||
Term of agreement | 12 months | |||
Renewal term of agreement | 1 year | |||
Fees charged by related party | 178,000 | $ 2,266,000 | 1,614,000 | |
Equity method investment | 150,000 | |||
Related Party [Member] | Steamship [Member] | Brokerage Services [Member] | General and Administration Expenses [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Fees charged by related party | 145,000 | 1,800,000 | 1,140,000 | |
Related Party [Member] | Steamship [Member] | Brokerage Services [Member] | Voyage Expenses [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Fees charged by related party | $ 33,000 | $ 466,000 | $ 474,000 |
Transactions with Related Par_5
Transactions with Related Parties, Diana Shipping Inc. (Details) | 1 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 17, 2023 USD ($) $ / shares shares | Jun. 09, 2023 USD ($) shares | Feb. 08, 2023 USD ($) shares | Feb. 01, 2023 USD ($) | Dec. 15, 2022 USD ($) shares | Sep. 21, 2022 USD ($) shares | Sep. 20, 2022 USD ($) shares | Jun. 13, 2022 USD ($) | Nov. 29, 2021 USD ($) Vessel Subsidiary shares | Feb. 28, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Nov. 29, 2021 USD ($) | Dec. 31, 2023 USD ($) Vessel shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Nov. 08, 2021 Vessel | Nov. 03, 2021 shares | Apr. 14, 2021 USD ($) | |
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Preferred share recorded at par | $ 5,000 | $ 5,000 | ||||||||||||||||||
Payment for vessel acquisition | $ 42,000 | $ 23,850 | 4,368,000 | 5,094,000 | $ 1,474,965 | $ 0 | ||||||||||||||
Issuance of stock | 40,509,000 | |||||||||||||||||||
Due to related parties | 474,000 | 410,000 | ||||||||||||||||||
Due from related parties | $ 0 | 5,000 | ||||||||||||||||||
M/V Baltimore [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Purchase price | $ 22,000,000 | |||||||||||||||||||
M/V Melia [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Purchase price | $ 14,000,000 | |||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock | 5,000 | |||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock | $ 7,570,000 | |||||||||||||||||||
Consecutive trading day period | 10 days | |||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock | $ 10,000,000 | $ 17,600,000 | ||||||||||||||||||
Consecutive trading day period | 10 days | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock (in shares) | shares | 44,101 | 615,000 | 6,407 | |||||||||||||||||
Issuance of stock | $ 0 | |||||||||||||||||||
Redemption shares cancelled and retired (in shares) | shares | 25 | |||||||||||||||||||
Common Stock [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | shares | 3,649,474 | |||||||||||||||||||
Common Stock [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | shares | 1,977,491 | 360,055 | ||||||||||||||||||
DSI [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock (in shares) | shares | 10,000 | |||||||||||||||||||
Fair value of non-cash consideration | $ 7,570,000 | |||||||||||||||||||
Shares redeemed (in shares) | shares | 9,793 | |||||||||||||||||||
DSI [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Shares redeemed (in shares) | shares | 8,590 | 15,828 | ||||||||||||||||||
DSI [Member] | Common Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | shares | 1,977,106 | 360,055 | ||||||||||||||||||
Related Party [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Shares redeemed (in shares) | shares | 1 | |||||||||||||||||||
Related Party [Member] | Common Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | shares | 385 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Number of vessel-owning subsidiaries contributed | Subsidiary | 3 | |||||||||||||||||||
Working capital contributed | $ 1,000,000 | 1,000,000 | ||||||||||||||||||
Number of drybulk carriers where the Company has been granted a right of first refusal | Vessel | 6 | |||||||||||||||||||
Number of identified vessels refused | Vessel | 3 | |||||||||||||||||||
Number of identified vessels available for purchase | Vessel | 2 | |||||||||||||||||||
Number of identified vessels | Vessel | 6 | |||||||||||||||||||
Number of vessels contributed to entity | Vessel | 3 | |||||||||||||||||||
Fair value of other assets | $ 1,044,000 | 1,044,000 | ||||||||||||||||||
Fair value of non-cash consideration | $ 10,000,000 | $ 17,600,000 | ||||||||||||||||||
Due to related parties | $ 0 | $ 0 | ||||||||||||||||||
Due from related parties | $ 0 | $ 0 | ||||||||||||||||||
Related Party [Member] | DSI [Member] | M/V Baltimore [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Purchase price | $ 22,000,000 | |||||||||||||||||||
Payment for vessel acquisition | $ 4,400,000 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | M/V Melia [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Purchase price | $ 14,000,000 | |||||||||||||||||||
Payment for vessel acquisition | $ 4,000,000 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Minimum [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Number of vessels the Company has the right, but not the obligation, to purchase | Vessel | 1 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Maximum [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Number of vessels the Company has the right, but not the obligation, to purchase | Vessel | 6 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock (in shares) | shares | 500,000 | |||||||||||||||||||
Economic interest of preferred share | $ 0 | 0 | ||||||||||||||||||
Preferred share recorded at par | $ 5,000 | 5,000 | ||||||||||||||||||
Related Party [Member] | DSI [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock (in shares) | shares | 10,000 | 10,000 | ||||||||||||||||||
Preferred stock, fair value | $ 7,570,000 | $ 7,570,000 | ||||||||||||||||||
Fair value of non-cash consideration | $ 7,414,000 | |||||||||||||||||||
Shares redeemed (in shares) | shares | 9,793 | |||||||||||||||||||
Consecutive trading day period | 10 days | |||||||||||||||||||
Redemption shares cancelled and retired (in shares) | shares | 9,793 | |||||||||||||||||||
Number of shares available for issuance (in shares) | shares | 207 | |||||||||||||||||||
Excess value of common stock | $ 2,549,000 | |||||||||||||||||||
Excess value of common stock (in dollars per shares) | $ / shares | $ 0.7 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock (in shares) | shares | 13,157 | 25,000 | 25,000 | |||||||||||||||||
Fair value of non-cash consideration | $ 10,000,000 | $ 17,600,000 | ||||||||||||||||||
Shares redeemed (in shares) | shares | 9,793 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Series D Preferred Stock [Member] | M/V Baltimore [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock | $ 17,600,000 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Series D Preferred Stock [Member] | M/V Melia [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Issuance of stock | $ 10,000,000 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Common Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Share exchange ratio | 200 | 200 | ||||||||||||||||||
Number of issued and outstanding common shares distributed (in shares) | shares | 44,101 | |||||||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | shares | 3,649,474 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Level 1 [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Fair value of non-cash consideration | $ 9,963,000 | |||||||||||||||||||
Related Party [Member] | DSI [Member] | Level 1 [Member] | Series D Preferred Stock [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Fair value of non-cash consideration | $ 6,683,000 | $ 11,277,000 | ||||||||||||||||||
Related Party [Member] | DSI [Member] | Level 2 [Member] | ||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||
Fair value of vessels | $ 46,040,000 | $ 46,040,000 |
Transactions with Related Par_6
Transactions with Related Parties, Issuance of Series E Preferred Stock (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Mar. 20, 2023 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Vote $ / shares | Dec. 31, 2022 $ / shares | Nov. 29, 2021 $ / shares | |
Transactions with Related Parties [Abstract] | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Purchase price | $ 40,509 | ||||
Series E Preferred Stock [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Shares issued (in shares) | shares | 1,200 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Purchase price | $ 35 | ||||
Series E Preferred Stock [Member] | Maximum [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Number of votes per share | Vote | 25,000 | ||||
Percentage of total number of votes | 15% | ||||
Affiliated Company of Chairperson, Mrs. Semiramis Paliou [Member] | Series E Preferred Stock [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Shares issued (in shares) | shares | 1,200 | ||||
Purchase price | $ 35 |
Transactions with Related Par_7
Transactions with Related Parties, Investment in Chemical Tanker Newbuildings (Details) $ in Thousands | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment Vessel t | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Aug. 29, 2023 USD ($) | |
Transactions with Related Parties [Abstract] | |||||
Committed aggregate obligation | $ 2,750 | $ 2,750 | |||
Equity method investment | $ 1,645 | 1,645 | $ 0 | ||
Gain on equity method investment | $ 0 | $ 2 | $ 0 | ||
RFSea [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Ownership percentage | 27.50% | ||||
Number of chemical tankers under construction | Vessel | 2 | ||||
Dwt | t | 6,600 | ||||
Committed aggregate obligation | $ 4,125 | ||||
Number of payment installments | Installment | 3 | ||||
Payment installment | $ 1,375 | ||||
Number of payment installments remaining | Installment | 2 | 2 | |||
Equity method investment | $ 1,645 | $ 1,645 | |||
Gain on equity method investment | 2 | ||||
Net transaction costs | 268 | ||||
Maximum loss exposure | $ 4,125 | $ 4,125 |
Transactions with Related Par_8
Transactions with Related Parties, Altair Travel Agency S.A (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Related Party [Member] | Altair [Member] | |
Transactions with Related Parties [Abstract] | |
Travel expenses | $ 55 |
Equity Method Investment (Detai
Equity Method Investment (Details) $ in Thousands | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment Vessel t | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Aug. 29, 2023 USD ($) | |
Transactions with Related Parties [Abstract] | |||||
Committed aggregate obligation | $ 2,750 | $ 2,750 | |||
Equity method investment | $ 1,645 | 1,645 | $ 0 | ||
Gain on equity method investment | $ 0 | $ 2 | $ 0 | ||
RFSea [Member] | |||||
Transactions with Related Parties [Abstract] | |||||
Ownership percentage | 27.50% | ||||
Number of chemical tankers under construction | Vessel | 2 | ||||
Dwt | t | 6,600 | ||||
Committed aggregate obligation | $ 4,125 | ||||
Number of payment installments | Installment | 3 | ||||
Payment installment | $ 1,375 | ||||
Number of payment installments remaining | Installment | 2 | 2 | |||
Equity method investment | $ 1,645 | $ 1,645 | |||
Gain on equity method investment | 2 | ||||
Net transaction costs | 268 | ||||
Maximum loss exposure | $ 4,125 | $ 4,125 |
Vessels, net (Details)
Vessels, net (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Net Book Value [Abstract] | |||||
Beginning balance | $ 63,672 | ||||
Ending balance | 71,100 | $ 63,672 | |||
Vessels, Net [Abstract] | |||||
Estimated scrap rate per light-weight ton | $ 400 | $ 250 | |||
Term in which historical scrap rates increased | 10 years | ||||
Decrease in depreciation | $ (917) | ||||
Decrease in basic loss per share (in dollars per share) | $ (0.28) | ||||
Decrease in diluted loss per share (in dollars per share) | $ (0.27) | ||||
Vessels [Member] | |||||
Vessel Cost [Abstract] | |||||
Beginning balance | $ 68,776 | 46,082 | |||
Vessel acquisitions | 14,064 | 22,000 | |||
Additions for improvements | 304 | 694 | |||
Ending balance | 83,144 | 68,776 | |||
Accumulated Depreciation [Abstract] | |||||
Beginning balance | (5,104) | (354) | |||
Depreciation for the year | (6,940) | (4,750) | |||
Ending balance | (12,044) | (5,104) | |||
Net Book Value [Abstract] | |||||
Beginning balance | 63,672 | 45,728 | |||
Vessel acquisitions | 14,064 | 22,000 | |||
Additions for improvements | 304 | 694 | |||
Depreciation for the period | (6,940) | (4,750) | |||
Ending balance | $ 71,100 | $ 63,672 | |||
M/V Baltimore [Member] | |||||
Vessel Cost [Abstract] | |||||
Vessel acquisitions | $ 22,000 | ||||
Net Book Value [Abstract] | |||||
Vessel acquisitions | $ 22,000 | ||||
M/V Melia [Member] | |||||
Vessel Cost [Abstract] | |||||
Vessel acquisitions | $ 14,000 | ||||
Net Book Value [Abstract] | |||||
Vessel acquisitions | 14,000 | ||||
Vessels, Net [Abstract] | |||||
Vessel predelivery expenses | $ 64 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) Charterer | |
Commitments and Contingencies [Abstract] | |
Pollution coverage per vessel per incident | $ 1,000,000 |
Estimated loss contingencies | 19 |
Non-cancelable time charter contract revenue, 2024 | 4,038 |
Total contractual obligation | 2,750 |
Contractual obligation due in 2024 | 1,375 |
Contractual obligation due in 2025 | $ 1,375 |
Outstanding Amounts from Disputes with Charterers [Member] | |
Commitments and Contingencies [Abstract] | |
Number of charterers with payment disputes | Charterer | 2 |
Allowances for doubtful accounts | $ 170 |
Outstanding Amounts from Disputes with Charterers [Member] | Prepaid Expenses and Other Assets, Net [Member] | |
Commitments and Contingencies [Abstract] | |
Amounts outstanding from disputes | $ 236 |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts, Common Stock (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||||
Jun. 08, 2023 shares | May 03, 2023 | Feb. 10, 2023 USD ($) shares | Feb. 08, 2023 shares $ / shares | Dec. 22, 2022 | Jan. 25, 2022 USD ($) shares Warrant $ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Jan. 06, 2023 $ / shares | Aug. 12, 2022 shares | Jun. 14, 2022 shares | Apr. 02, 2022 shares | Nov. 29, 2021 $ / shares shares | Apr. 14, 2021 $ / shares shares | |
Common Stock [Abstract] | |||||||||||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 500 | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Common stock, shares issued (in shares) | 1,259,135 | 7,448,601 | 509,200 | 149,145 | 149,145 | 149,145 | 44,101 | ||||||||
Common stock, shares outstanding (in shares) | 1,259,135 | 7,448,601 | 509,200 | 149,145 | 149,145 | 149,145 | 44,101 | ||||||||
Reverse stock split ratio | 0.05 | 0.1 | |||||||||||||
Units issued (in shares) | 15,000,000 | 15,571,429 | |||||||||||||
Issuance of warrants | 628,751 | ||||||||||||||
Net proceeds from offering | $ | $ 0 | $ 15,123 | $ 16,195 | ||||||||||||
Gross proceeds | $ | $ 7,619 | ||||||||||||||
Net proceeds | $ | $ 6,699 | ||||||||||||||
Pre-Funded Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of warrants | 2,700,000 | 2,700,000 | |||||||||||||
Warrants to purchase shares (in shares) | 135,000 | ||||||||||||||
Exercise of warrants | 2,700,000 | 2,500,000 | |||||||||||||
Class A Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of warrants | 2,430,000 | ||||||||||||||
Warrants to purchase shares (in shares) | 72,370 | ||||||||||||||
Exercise of warrants | 4,156,000 | ||||||||||||||
Class B Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of warrants | 15,000,000 | 15,000,000 | |||||||||||||
Private Placement Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of warrants | 15,000,000 | ||||||||||||||
Warrants to purchase shares (in shares) | 750,000 | ||||||||||||||
Exercise of warrants | 15,000,000 | ||||||||||||||
Over-Allotment Option [Member] | Class A Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of warrants | 2,430,000 | ||||||||||||||
Underwritten Public Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Units issued (in shares) | 15,571,429 | ||||||||||||||
Unit price (in dollars per share) | $ / shares | $ 0.77 | ||||||||||||||
Number of securities included in each unit (in shares) | 200 | ||||||||||||||
Net proceeds from offering | $ | $ 14,736 | ||||||||||||||
Underwritten Public Offering [Member] | Pre-Funded Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of securities called by each warrant (in shares) | 1 | ||||||||||||||
Number of warrants in a unit | Warrant | 200 | ||||||||||||||
Issuance of warrants | 2,500,000 | ||||||||||||||
Underwritten Public Offering [Member] | Class A Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of securities called by each warrant (in shares) | 1 | ||||||||||||||
Number of warrants in a unit | Warrant | 200 | ||||||||||||||
Issuance of warrants | 15,571,429 | ||||||||||||||
February 2023 Registered Direct Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Units issued (in shares) | 15,000,000 | ||||||||||||||
Unit price (in dollars per share) | $ / shares | $ 1.01 | ||||||||||||||
Number of securities called by each warrant (in shares) | 1 | ||||||||||||||
Maximum beneficial ownership | 4.99% | ||||||||||||||
Number of warrants in a unit | 20 | ||||||||||||||
Issuance of stock (in shares) | 615,000 | ||||||||||||||
Warrants to purchase shares (in shares) | 135,000 | ||||||||||||||
Gross proceeds | $ | $ 15,150 | ||||||||||||||
Net proceeds | $ | $ 13,296 | ||||||||||||||
February 2023 Registered Direct Offering [Member] | Pre-Funded Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of securities included in each unit (in shares) | 20 | ||||||||||||||
Exercise of warrants | 2,700,000 | ||||||||||||||
February 2023 Registered Direct Offering [Member] | Class B Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of securities included in each unit (in shares) | 20 | ||||||||||||||
Warrants to purchase shares (in shares) | 750,000 | ||||||||||||||
Exercise of warrants | 15,000,000 | ||||||||||||||
February 2023 Registered Direct Offering [Member] | Private Placement Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Warrants to purchase shares (in shares) | 750,000 | ||||||||||||||
Concurrent Private Placement [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Units issued (in shares) | 15,000,000 | ||||||||||||||
Maximum [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Reverse stock split ratio | 0.004 | ||||||||||||||
Maximum [Member] | Class B Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Warrants to purchase shares (in shares) | 750,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 1 | ||||||||||||||
Issuance of stock (in shares) | 44,101 | 615,000 | 6,407 | ||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of stock (in shares) | 6,407 | ||||||||||||||
Warrants to purchase shares (in shares) | 12,150 | ||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of stock (in shares) | 65,357 | ||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | Pre-Funded Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Warrants to purchase shares (in shares) | 12,500 | ||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | Class A Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Warrants to purchase shares (in shares) | 77,857 | ||||||||||||||
Common Stock [Member] | February 2023 Registered Direct Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of securities included in each unit (in shares) | 1 | ||||||||||||||
Selling Stockholders [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Common stock registered for resale (in shares) | 8,886 | ||||||||||||||
Selling Stockholders [Member] | Common Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of stock (in shares) | 5,743 | ||||||||||||||
Selling Stockholders [Member] | Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of stock (in shares) | 3,143 | ||||||||||||||
Selling Stockholders [Member] | Common Stock [Member] | Underwritten Public Offering [Member] | Class A Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Warrants to purchase shares (in shares) | 8,886 | ||||||||||||||
DSI [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Share capital (in shares) | 500 | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts, Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Feb. 10, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 08, 2023 | |
Warrants [Abstract] | |||||
Issuance of warrants | 628,751 | ||||
Aggregate cumulative trading volume (in shares) | 60,000,000 | ||||
Gross proceeds | $ 7,619 | ||||
Net proceeds | $ 6,699 | ||||
Issuance costs | $ 0 | $ 909 | $ 0 | ||
Alternative cashless exercise of private placement warrants | 1,282 | ||||
Gain on changes in fair value of warrants' liability | $ 0 | $ 6,222 | $ 0 | ||
Common Stock [Member] | |||||
Warrants [Abstract] | |||||
Issuance of common stock following exercise of warrants (in shares) | 135,000 | 33,280 | |||
Shares issued after alternative cashless exercise of private placement warrants (in shares) | 562,501 | ||||
Alternative cashless exercise of private placement warrants | $ 6 | ||||
Additional Paid-in Capital [Member] | |||||
Warrants [Abstract] | |||||
Alternative cashless exercise of private placement warrants | $ 1,276 | ||||
Prefunded Warrants [Member] | |||||
Warrants [Abstract] | |||||
Warrants exercised | 2,700,000 | 2,500,000 | |||
Issuance of warrants | 2,700,000 | 2,700,000 | |||
Common shares called by warrants (in shares) | 135,000 | ||||
Warrant exercise price (in dollars per shares) | $ 0.2 | ||||
Class A Warrants [Member] | |||||
Warrants [Abstract] | |||||
Warrants exercised | 4,156,000 | ||||
Issuance of warrants | 2,430,000 | ||||
Common shares called by warrants (in shares) | 72,370 | ||||
Warrant exercise price (in dollars per shares) | $ 154 | ||||
Term of warrants | 5 years | ||||
Warrants outstanding | 14,474,000 | ||||
Class B Warrants [Member] | |||||
Warrants [Abstract] | |||||
Issuance of warrants | 15,000,000 | 15,000,000 | |||
Warrant exercise price (in dollars per shares) | $ 20.2 | ||||
Term of warrants | 5 years | ||||
Warrants outstanding | 15,000,000 | ||||
Class B Warrants [Member] | Maximum [Member] | |||||
Warrants [Abstract] | |||||
Common shares called by warrants (in shares) | 750,000 | ||||
Private Placement Warrants [Member] | |||||
Warrants [Abstract] | |||||
Warrants exercised | 15,000,000 | ||||
Issuance of warrants | 15,000,000 | ||||
Common shares called by warrants (in shares) | 750,000 | ||||
Warrant exercise price (in dollars per shares) | $ 20.2 | ||||
Term of warrants | 5 years | ||||
Common shares called by twenty warrants on cashless basis (in shares) | 0.75 | ||||
Warrants that can be exercised per common share on cashless basis | 20 | ||||
Fair value of warrants | $ 7,504 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts, Dividend to Common Stock and Class A Warrant Holders (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||||||||||
Aug. 31, 2022 | Jun. 21, 2022 | Apr. 13, 2022 | Apr. 13, 2022 | Apr. 11, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 08, 2023 | Aug. 12, 2022 | Jul. 27, 2022 | Jun. 14, 2022 | May 30, 2022 | Apr. 02, 2022 | Mar. 18, 2022 | Nov. 29, 2021 | |
Dividends [Abstract] | ||||||||||||||||
Common stock, shares issued (in shares) | 7,448,601 | 509,200 | 1,259,135 | 149,145 | 149,145 | 149,145 | 44,101 | |||||||||
Common stock, shares outstanding (in shares) | 7,448,601 | 509,200 | 1,259,135 | 149,145 | 149,145 | 149,145 | 44,101 | |||||||||
Dividends paid | $ 0 | $ 0 | $ 3,101 | |||||||||||||
Dividend Declared 2021-Q4 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Dividends paid | $ 2,215 | |||||||||||||||
Dividend Declared 2022-Q1 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Dividends paid | $ 443 | |||||||||||||||
Dividend Declared 2022-Q2 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Dividends paid | $ 443 | |||||||||||||||
Class A Warrants [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash payment received for each common share upon exercise of warrants (in dollars per share) | $ 154 | |||||||||||||||
Warrants exercisable for aggregate of common shares (in shares) | 72,370 | |||||||||||||||
Dividends paid | $ 1,012 | |||||||||||||||
Class A Warrants [Member] | Dividend Declared 2021-Q4 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash payment received for each common share upon exercise of warrants (in dollars per share) | $ 10 | |||||||||||||||
Warrants exercisable for aggregate of common shares (in shares) | 72,370 | |||||||||||||||
Dividends paid | $ 724 | |||||||||||||||
Class A Warrants [Member] | Dividend Declared 2022-Q1 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash payment received for each common share upon exercise of warrants (in dollars per share) | $ 2 | |||||||||||||||
Warrants exercisable for aggregate of common shares (in shares) | 72,370 | |||||||||||||||
Dividends paid | 144 | |||||||||||||||
Class A Warrants [Member] | Dividend Declared 2022-Q2 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash payment received for each common share upon exercise of warrants (in dollars per share) | $ 2 | |||||||||||||||
Warrants exercisable for aggregate of common shares (in shares) | 72,370 | |||||||||||||||
Dividends paid | 144 | |||||||||||||||
Common Stock [Member] | Dividend Declared 2021-Q4 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash dividend, declare date | Mar. 18, 2022 | |||||||||||||||
Cash dividend, declared (in dollars per share) | $ 10 | |||||||||||||||
Dividend payable, date of record | Apr. 01, 2022 | |||||||||||||||
Dividends paid | $ 1,491 | |||||||||||||||
Common Stock [Member] | Dividend Declared 2022-Q1 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash dividend, declare date | May 30, 2022 | |||||||||||||||
Cash dividend, declared (in dollars per share) | $ 2 | |||||||||||||||
Dividend payable, date of record | Jun. 14, 2022 | |||||||||||||||
Dividends paid | $ 299 | |||||||||||||||
Common Stock [Member] | Dividend Declared 2022-Q2 [Member] | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Cash dividend, declare date | Jul. 27, 2022 | |||||||||||||||
Cash dividend, declared (in dollars per share) | $ 2 | |||||||||||||||
Dividend payable, date of record | Aug. 12, 2022 | |||||||||||||||
Dividends paid | $ 299 |
Capital Stock and Changes in _5
Capital Stock and Changes in Capital Accounts, Preferred Stock (Details) - $ / shares | Dec. 31, 2023 | Oct. 16, 2023 | Oct. 13, 2023 | Jul. 17, 2023 | Jul. 14, 2023 | Apr. 17, 2023 | Mar. 20, 2023 | Feb. 08, 2023 | Jan. 17, 2023 | Dec. 31, 2022 | Oct. 14, 2022 | Sep. 21, 2022 | Nov. 29, 2021 |
Preferred Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, shares issued (in shares) | 520,459 | 519,172 | |||||||||||
Preferred stock, shares outstanding (in shares) | 520,459 | 519,172 | |||||||||||
Series A Participating Preferred Stock [Member] | |||||||||||||
Preferred Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Preferred Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock, shares outstanding (in shares) | 500,000 | 500,000 | |||||||||||
Series C Preferred Stock [Member] | |||||||||||||
Preferred Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock, shares issued (in shares) | 5,521 | 10,000 | |||||||||||
Preferred stock, shares outstanding (in shares) | 5,521 | 15,314 | 15,314 | 10,000 | 10,000 | 10,000 | |||||||
Series D Preferred Stock [Member] | |||||||||||||
Preferred Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Preferred stock, shares issued (in shares) | 13,738 | 9,172 | 25,000 | ||||||||||
Preferred stock, shares outstanding (in shares) | 13,738 | 13,739 | 13,739 | 9,172 | 9,172 | 9,172 | |||||||
Series E Preferred Stock [Member] | |||||||||||||
Preferred Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Capital Stock and Changes in _6
Capital Stock and Changes in Capital Accounts, Series B Preferred Stock (Details) | 12 Months Ended | ||
Dec. 31, 2023 Vote $ / shares shares | Dec. 31, 2022 $ / shares shares | Nov. 29, 2021 $ / shares | |
Preferred Stock [Abstract] | |||
Preferred stock, shares outstanding (in shares) | shares | 520,459 | 519,172 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Series B Preferred Stock [Member] | |||
Preferred Stock [Abstract] | |||
Preferred stock, shares outstanding (in shares) | shares | 500,000 | 500,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Number of votes per share | Vote | 2,000 | ||
Maximum percentage of preferred stock voting rights | 34% | ||
Maximum percentage of voting rights related to preferred stock holders and affiliates | 49% |
Capital Stock and Changes in _7
Capital Stock and Changes in Capital Accounts, Series C Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Oct. 17, 2023 | Nov. 29, 2021 | Dec. 31, 2023 | Oct. 13, 2023 | Jul. 14, 2023 | Apr. 17, 2023 | Jan. 17, 2023 | Dec. 31, 2022 | Apr. 14, 2021 | |
Preferred Stock [Abstract] | |||||||||
Threshold beneficial ownership percentage | 49% | ||||||||
Preferred stock, shares issued (in shares) | 520,459 | 519,172 | |||||||
Preferred stock, shares outstanding (in shares) | 520,459 | 519,172 | |||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Series C Preferred Stock [Member] | |||||||||
Preferred Stock [Abstract] | |||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | ||||||||
Preferred stock, dividend rate | 8% | ||||||||
Consecutive trading day period | 10 days | ||||||||
Preferred stock, shares issued (in shares) | 5,521 | 10,000 | |||||||
Preferred stock, shares outstanding (in shares) | 5,521 | 15,314 | 15,314 | 10,000 | 10,000 | 10,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||
Series C Preferred Stock [Member] | DSI [Member] | |||||||||
Preferred Stock [Abstract] | |||||||||
Shares redeemed (in shares) | 9,793 | ||||||||
Share issued during period (in shares) | 10,000 | ||||||||
Fair value of stock issued | $ 7,570 | ||||||||
Series C Preferred Stock [Member] | Maximum [Member] | |||||||||
Preferred Stock [Abstract] | |||||||||
Preferred stock, conversion price (in dollars per share) | $ 1,300 |
Capital Stock and Changes in _8
Capital Stock and Changes in Capital Accounts, Dividend payments and declarations on Series C Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 25, 2023 | Jun. 28, 2023 | Apr. 17, 2023 | Mar. 07, 2023 | Jan. 17, 2023 | Apr. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 13, 2023 | Jul. 14, 2023 | |
Dividends [Abstract] | |||||||||||
Preferred stock, shares outstanding (in shares) | 520,459 | 519,172 | |||||||||
Series C Preferred Stock [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Preferred stock dividend paid per share (in dollars per share) | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | ||||||
Dividends declared on preferred stock | $ 69 | $ 991 | $ 950 | ||||||||
Dividends paid on preferred stock | $ 306 | $ 307 | $ 268 | $ 240 | $ 0 | $ 1,121 | $ 780 | ||||
Preferred stock, shares outstanding (in shares) | 10,000 | 10,000 | 5,521 | 10,000 | 15,314 | 15,314 | |||||
Series C Preferred Stock [Member] | 2021 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Awards granted (in shares) | 3,332 | 1,982 | |||||||||
Series C Preferred Stock [Member] | Dividend Declared December 27, 2022 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date to be paid | Jan. 17, 2023 | ||||||||||
Dividend payable, date declared | Dec. 27, 2022 | ||||||||||
Series C Preferred Stock [Member] | Dividend Declared March 27, 2023 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date to be paid | Apr. 17, 2023 | ||||||||||
Dividend payable, date declared | Mar. 27, 2023 | ||||||||||
Series C Preferred Stock [Member] | Dividend Declared June 28, 3023 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date to be paid | Jul. 17, 2023 | ||||||||||
Dividend payable, date declared | Jun. 28, 2023 | ||||||||||
Dividend payable, date of record | Jul. 14, 2023 | ||||||||||
Series C Preferred Stock [Member] | Dividend Declared September 25, 2023 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date to be paid | Oct. 16, 2023 | ||||||||||
Dividend payable, date declared | Sep. 25, 2023 | ||||||||||
Dividend payable, date of record | Oct. 13, 2023 |
Capital Stock and Changes in _9
Capital Stock and Changes in Capital Accounts, Series D Preferred Stock (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||||
Oct. 17, 2023 shares | Oct. 16, 2023 USD ($) $ / shares shares | Jul. 17, 2023 USD ($) $ / shares shares | Jun. 09, 2023 USD ($) $ / shares shares | Apr. 17, 2023 USD ($) $ / shares shares | Feb. 08, 2023 USD ($) $ / shares shares | Jan. 17, 2023 USD ($) $ / shares shares | Dec. 15, 2022 USD ($) $ / shares shares | Sep. 21, 2022 USD ($) $ / shares shares | Sep. 20, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) Dividend $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Oct. 14, 2022 shares | Nov. 29, 2021 $ / shares | |
Preferred Stock [Abstract] | |||||||||||||||
Threshold beneficial ownership percentage | 49% | ||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Preferred stock, shares issued (in shares) | 520,459 | 519,172 | |||||||||||||
Preferred stock, shares outstanding (in shares) | 520,459 | 519,172 | |||||||||||||
DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Number of special stock dividends declared | Dividend | 2 | ||||||||||||||
Related Party [Member] | DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Fair value of stock issued | $ | $ 10,000 | $ 17,600 | |||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||
Preferred stock, dividend rate | 7% | ||||||||||||||
Consecutive trading day period | 10 days | ||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | 0.01 | 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock, stated value (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||
Preferred stock, aggregate liquidation preference | $ | $ 13,157 | $ 25,000 | |||||||||||||
Deemed dividend upon redemption of preferred stock | $ | $ 154 | $ 134 | $ 0 | $ 154 | $ 134 | ||||||||||
Deemed dividend per share upon redemption of preferred stock (in dollars per share) | $ / shares | $ 0.0779 | $ 0.0372 | |||||||||||||
Preferred stock dividend paid per share (in dollars per share) | $ / shares | $ 17.5 | $ 17.5 | $ 17.5 | $ 17.5 | $ 17.5 | ||||||||||
Preferred stock, shares issued (in shares) | 13,738 | 9,172 | 25,000 | ||||||||||||
Preferred stock, shares outstanding (in shares) | 13,739 | 13,739 | 9,172 | 9,172 | 13,738 | 9,172 | |||||||||
Dividends paid on preferred stock | $ | $ 240 | $ 240 | $ 327 | $ 161 | $ 0 | $ 968 | $ 117 | ||||||||
Preferred stock, dividends declared (in dollars per share) | $ / shares | $ 117 | ||||||||||||||
Dividend payable, date declared | Oct. 16, 2023 | Jul. 17, 2023 | Apr. 17, 2023 | Jan. 17, 2023 | Dec. 31, 2022 | ||||||||||
Dividend payable, date of record | Oct. 13, 2023 | Jul. 14, 2023 | Oct. 14, 2022 | ||||||||||||
Dividend payable, date to be paid | Oct. 16, 2023 | Jul. 17, 2023 | Apr. 17, 2023 | Jan. 17, 2023 | Dec. 31, 2022 | ||||||||||
Series D Preferred Stock [Member] | DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares redeemed (in shares) | 8,590 | 15,828 | |||||||||||||
Shares distributed (in shares) | 4,567 | 9,172 | |||||||||||||
Series D Preferred Stock [Member] | Related Party [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares redeemed (in shares) | 1 | ||||||||||||||
Series D Preferred Stock [Member] | Related Party [Member] | DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares issued (in shares) | 13,157 | 25,000 | 25,000 | ||||||||||||
Fair value of stock issued | $ | $ 10,000 | $ 17,600 | |||||||||||||
Shares redeemed (in shares) | 9,793 | ||||||||||||||
Preferred stock, shares issued (in shares) | 13,157 | ||||||||||||||
Series D Preferred Stock [Member] | Level 1 [Member] | Related Party [Member] | DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Fair value of stock issued | $ | $ 6,683 | $ 11,277 | |||||||||||||
Common Stock [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares issued (in shares) | 44,101 | 615,000 | 6,407 | ||||||||||||
Common Stock [Member] | DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | 1,977,106 | 360,055 | |||||||||||||
Common Stock [Member] | Related Party [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | 385 | ||||||||||||||
Common Stock [Member] | Related Party [Member] | DSI [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | 3,649,474 | ||||||||||||||
Common Stock [Member] | Series D Preferred Stock [Member] | |||||||||||||||
Preferred Stock [Abstract] | |||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | 1,977,491 | 360,055 |
Capital Stock and Changes in_10
Capital Stock and Changes in Capital Accounts, Series E Preferred Stock (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Mar. 20, 2023 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Vote $ / shares | Dec. 31, 2022 $ / shares | Nov. 29, 2021 $ / shares | |
Preferred Stock [Abstract] | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Issuance of stock | $ 40,509 | ||||
Series E Preferred Stock [Member] | |||||
Preferred Stock [Abstract] | |||||
Shares issued (in shares) | shares | 1,200 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Issuance of stock | $ 35 | ||||
Consecutive trading day period | 10 days | ||||
Series E Preferred Stock [Member] | Maximum [Member] | |||||
Preferred Stock [Abstract] | |||||
Number of votes per share | Vote | 25,000 | ||||
Percentage of total number of votes | 15% | ||||
Series E Preferred Stock [Member] | Affiliated Company of Chairperson, Mrs. Semiramis Paliou [Member] | |||||
Preferred Stock [Abstract] | |||||
Shares issued (in shares) | shares | 1,200 | ||||
Issuance of stock | $ 35 |
Capital Stock and Changes in_11
Capital Stock and Changes in Capital Accounts, Equity Incentive Plan (Details) - 2021 Equity Incentive Plan [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Apr. 15, 2023 | Mar. 07, 2023 | Apr. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 23, 2022 | |
General and Administration Expenses [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Compensation cost | $ 1,893 | $ 568 | |||||
Restricted Shares [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Unrecognized compensation cost | $ 1,808 | $ 1,022 | |||||
Average period to recognize compensation cost | 8 months 23 days | 1 year 3 months 14 days | |||||
Series C Preferred Stock [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares reserved for issuance (in shares) | 4,686 | ||||||
Series C Preferred Stock [Member] | Executive Management and Non-Executive Directors [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Awards granted (in shares) | 3,332 | 1,982 | |||||
Fair value of awards granted | $ 2,679 | $ 1,590 | |||||
Vesting period | 2 years | 2 years | |||||
Series C Preferred Stock [Member] | Restricted Shares [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Awards granted (in shares) | 3,332 | 1,982 | |||||
Awards vested (in shares) | 991 | ||||||
Discount factor | 12.50% | 12.70% | |||||
Risk-free rate | 3.40% | 1% | |||||
Representative beta | 1.3 | 1.3 | |||||
Equity market average return | 10.40% | 10% | |||||
Awards outstanding (in shares) | 4,323 | 1,982 | |||||
Series C Preferred Stock [Member] | Maximum [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Number of shares authorized (in shares) | 10,000 |
(Loss)_Earnings per Share (Deta
(Loss)/Earnings per Share (Details) - USD ($) | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||
Oct. 16, 2023 | Sep. 25, 2023 | Jul. 17, 2023 | Jun. 28, 2023 | Jun. 09, 2023 | Apr. 17, 2023 | Jan. 17, 2023 | Dec. 15, 2022 | Dec. 31, 2021 | Nov. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Dividends paid on common stock and Class A warrants | $ 0 | $ 0 | $ 3,101,000 | |||||||||||
Threshold beneficial ownership percentage | 49% | |||||||||||||
Incremental shares attributable to share-based compensation arrangements (in shares) | 0 | 0 | ||||||||||||
Dilution from conversion of stock (in shares) | 17,277 | |||||||||||||
Net (loss) income | $ 134,000 | $ 750,983 | $ (1,977,000) | $ (326,000) | $ (3,795,959) | $ (1,862,852) | ||||||||
Comprehensive (loss)/income | 134,000 | (1,977,000) | (326,000) | |||||||||||
Net (loss)/income and comprehensive (loss)/income attributable to common stockholders | 65,000 | (6,707,000) | (2,674,000) | |||||||||||
Less changes in fair value of warrants' liability | 0 | (6,222,000) | 0 | |||||||||||
Net (loss)/earnings and comprehensive (loss)/earnings attributable to common stockholders for diluted (loss)/earnings per share purposes | $ 65,000 | $ (12,929,000) | $ (2,674,000) | |||||||||||
Weighted average number of common stock, basic (in shares) | 44,101 | 3,315,519 | 155,655 | |||||||||||
Effect of dilutive securities (in shares) | 17,277 | 56,688 | 0 | |||||||||||
Weighted average number of common stock, diluted (in shares) | 61,378 | 3,372,207 | 155,655 | |||||||||||
(Loss)/ Earnings per share, basic (in dollars per share) | $ 1.47 | $ (2.02) | $ (17.18) | |||||||||||
(Loss)/ Earnings per share, diluted (in dollars per share) | $ 1.06 | $ (3.83) | $ (17.18) | |||||||||||
Class A Warrants [Member] | ||||||||||||||
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Dividends declared on common stock and Class A warrants | $ 0 | |||||||||||||
Dividends paid on common stock and Class A warrants | $ 1,012,000 | |||||||||||||
Incremental shares attributable to warrants (in shares) | 0 | 0 | ||||||||||||
Less dividends on preferred stock and warrants | $ 0 | $ 0 | $ (1,012,000) | |||||||||||
Class B Warrants [Member] | ||||||||||||||
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Incremental shares attributable to warrants (in shares) | 0 | 0 | ||||||||||||
Private Placement Warrants [Member] | ||||||||||||||
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Incremental shares attributable to warrants (in shares) | 56,688 | |||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Dividends declared on preferred stock | 69,000 | $ 991,000 | $ 950,000 | |||||||||||
Dividends paid on preferred stock | $ 306,000 | $ 307,000 | $ 268,000 | $ 240,000 | 0 | 1,121,000 | 780,000 | |||||||
Less deemed dividend on Preferred Stock upon redemption for issuance of common stock | 0 | (2,549,000) | 0 | |||||||||||
Less dividends on preferred stock and warrants | (69,000) | (991,000) | (950,000) | |||||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Dividends declared on preferred stock | 968,000 | 117,000 | ||||||||||||
Dividends declared on preferred stock, excluding amounts accrued in prior periods | 968,000 | 117,000 | ||||||||||||
Dividends paid on preferred stock | $ 240,000 | $ 240,000 | $ 327,000 | $ 161,000 | 0 | 968,000 | 117,000 | |||||||
Less deemed dividend on Preferred Stock upon redemption for issuance of common stock | $ (154,000) | $ (134,000) | 0 | (154,000) | (134,000) | |||||||||
Less dividends on preferred stock and warrants | $ 0 | (1,036,000) | (252,000) | |||||||||||
Common Stock [Member] | ||||||||||||||
Earnings/(Loss) per Share [Abstract] | ||||||||||||||
Dividends declared on common stock and Class A warrants | $ 0 | |||||||||||||
Dividends paid on common stock and Class A warrants | $ 2,089,000 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Vessel Operating Expenses [Abstract] | |||
Crew & crew related costs | $ 248 | $ 5,254 | $ 3,770 |
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling | 19 | 2,865 | 1,769 |
Lubricants | 31 | 638 | 415 |
Insurances | 39 | 781 | 534 |
Annual taxes and registration fees | 10 | 232 | 151 |
Other | 13 | 651 | 241 |
Total Vessel operating expenses | $ 360 | $ 10,421 | $ 6,880 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Federal tax rate on U.S. source shipping income | 4% |
Minimum stock ownership percentage for tax exemption | 50% |
Percentage of gross income subject to tax | 50% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures, Concentration of Credit Risk (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues [Abstract] | |||
Maximum aggregate amount of loss due to credit risk | $ 811 | $ 1,640 | $ 215 |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer A [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 0% | 25% | 0% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer B [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 0% | 16% | 20% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer C [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 0% | 10% | 0% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer D [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 0% | 0% | 14% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer E [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 0% | 0% | 12% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer F [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 32% | 0% | 11% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer G [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 35% | 0% | 0% |
Revenues [Member] | Charterer Concentration Risk [Member] | Charterer H [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 26% | 0% | 0% |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures, Fair Value of Assets and Liabilities (Details) - Private Placement Warrants [Member] - USD ($) $ in Thousands | Sep. 29, 2023 | Aug. 09, 2023 | Jul. 10, 2023 | Jun. 20, 2023 | Jun. 16, 2023 | Jun. 15, 2023 | Jun. 08, 2023 | Feb. 10, 2023 |
Financial Instruments and Fair Value Disclosures [Abstract] | ||||||||
Fair value | $ 7,504 | |||||||
Nonrecurring [Member] | ||||||||
Financial Instruments and Fair Value Disclosures [Abstract] | ||||||||
Fair value | $ 220 | $ 268 | $ 33 | $ 58 | $ 141 | $ 276 | $ 286 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Feb. 21, 2024 | Jan. 16, 2024 | Oct. 16, 2023 | Sep. 25, 2023 | Jul. 17, 2023 | Jun. 28, 2023 | Apr. 17, 2023 | Mar. 07, 2023 | Jan. 17, 2023 | Apr. 15, 2022 | Apr. 10, 2024 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 13, 2023 | Jul. 14, 2023 | |
Dividend Payments on Series C and Series D Preferred Stock [Abstract] | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | 520,459 | 519,172 | ||||||||||||||
Related Party [Member] | Steamship [Member] | ||||||||||||||||
Restricted Stock Award and Cash Bonus [Abstract] | ||||||||||||||||
Accrued performance bonus | $ 230 | |||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||
Dividend Payments on Series C and Series D Preferred Stock [Abstract] | ||||||||||||||||
Dividends paid on preferred stock | $ 306 | $ 307 | $ 268 | $ 240 | $ 0 | $ 1,121 | $ 780 | |||||||||
Preferred stock, shares outstanding (in shares) | 10,000 | 10,000 | 5,521 | 10,000 | 15,314 | 15,314 | ||||||||||
Series C Preferred Stock [Member] | Restricted Shares [Member] | 2021 Equity Incentive Plan [Member] | ||||||||||||||||
Restricted Stock Award and Cash Bonus [Abstract] | ||||||||||||||||
Awards granted (in shares) | 3,332 | 1,982 | ||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Dividend Payments on Series C and Series D Preferred Stock [Abstract] | ||||||||||||||||
Dividend payable, date to be paid | Oct. 16, 2023 | Jul. 17, 2023 | Apr. 17, 2023 | Jan. 17, 2023 | Dec. 31, 2022 | |||||||||||
Dividends paid on preferred stock | $ 240 | $ 240 | $ 327 | $ 161 | $ 0 | $ 968 | $ 117 | |||||||||
Preferred stock, shares outstanding (in shares) | 13,739 | 13,739 | 9,172 | 9,172 | 13,738 | 9,172 | ||||||||||
Dividend payable, date of record | Oct. 13, 2023 | Jul. 14, 2023 | Oct. 14, 2022 | |||||||||||||
Series D Preferred Stock [Member] | Related Party [Member] | ||||||||||||||||
Redemption of Series D Preferred Stock | ||||||||||||||||
Shares redeemed (in shares) | 1 | |||||||||||||||
Subsequent Event [Member] | 2021 Equity Incentive Plan [Member] | ||||||||||||||||
Amendment and Restatement to 2021 Equity Incentive Plan [Abstract] | ||||||||||||||||
Number of shares authorized (in shares) | 2,000,000 | |||||||||||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | Restricted Shares [Member] | ||||||||||||||||
Restricted Stock Award and Cash Bonus [Abstract] | ||||||||||||||||
Awards granted (in shares) | 3,332 | |||||||||||||||
Vesting period | 2 years | |||||||||||||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | ||||||||||||||||
Redemption of Series D Preferred Stock | ||||||||||||||||
Shares redeemed (in shares) | 9 | |||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||||
Redemption of Series D Preferred Stock | ||||||||||||||||
Shares issued upon redemption of preferred stock (in shares) | 3,376 | |||||||||||||||
Subsequent Event [Member] | Dividend Paid January 16, 2024 [Member] | Series C Preferred Stock [Member] | ||||||||||||||||
Dividend Payments on Series C and Series D Preferred Stock [Abstract] | ||||||||||||||||
Dividend payable, date to be paid | Jan. 16, 2024 | |||||||||||||||
Dividends paid on preferred stock | $ 110 | |||||||||||||||
Preferred stock, shares outstanding (in shares) | 5,521 | |||||||||||||||
Subsequent Event [Member] | Dividend Paid January 16, 2024 [Member] | Series D Preferred Stock [Member] | ||||||||||||||||
Dividend Payments on Series C and Series D Preferred Stock [Abstract] | ||||||||||||||||
Dividend payable, date to be paid | Jan. 16, 2024 | |||||||||||||||
Dividends paid on preferred stock | $ 240 | |||||||||||||||
Preferred stock, shares outstanding (in shares) | 13,738 | |||||||||||||||
Dividend payable, date of record | Jan. 12, 2024 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Predecessor) (Details) | 7 Months Ended | 9 Months Ended | ||||
Nov. 29, 2021 Subsidiary $ / shares shares | Dec. 31, 2021 Subsidiary | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Apr. 15, 2021 $ / shares shares | Apr. 14, 2021 $ / shares shares | |
Basis of Presentation and General Information [Abstract] | ||||||
Common stock, shares authorized | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 500 | ||
Common stock, par value (in dollar per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of subsidiaries acquired through spin-off transaction | Subsidiary | 3 | |||||
OceanPal Inc. Predecessors [Member] | ||||||
Basis of Presentation and General Information [Abstract] | ||||||
Common stock, shares authorized | shares | 500 | |||||
Common stock, par value (in dollar per share) | $ / shares | $ 0.01 | |||||
Number of subsidiaries acquired through spin-off transaction | Subsidiary | 3 |
Significant Policies (Predece_3
Significant Policies (Predecessor) (Details) - USD ($) | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Nov. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | ||||||
Historical blended average year for calculating undiscounted projected net operating cash flows | 10 years | |||||
Impairment loss | $ 0 | $ 0 | $ 0 | |||
Estimated useful life | 25 years | |||||
Provision for credit losses | $ 0 | $ 0 | $ 0 | |||
OceanPal Inc. Predecessors [Member] | ||||||
Significant Accounting Policies - Recent Accounting Pronouncements [Abstract] | ||||||
Historical blended average year for calculating undiscounted projected net operating cash flows | 10 years | |||||
Term for time charter rates | 1 year | 1 year | ||||
Impairment loss | $ 0 | $ 0 | $ 0 | |||
Vessel impairment charges | $ 3,047,978 | 3,047,978 | ||||
Estimated useful life | 25 years | |||||
Gain on bunkers | $ 330,454 | (287,352) | (229,481) | |||
Administrative expenses | 1,104,894 | 1,265,051 | 809,205 | |||
Provision for doubtful accounts receivable | 0 | 0 | 0 | |||
Provision for credit losses | $ 0 | $ 0 | $ 0 |
Transactions with Related Par_9
Transactions with Related Parties, Diana Wilhelmsen Management Limited (Predecessor) (Details) - USD ($) | 6 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Nov. 29, 2021 | Dec. 31, 2021 | Nov. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2020 | |
Transactions with Related Parties [Abstract] | |||||||
Voyage expenses | $ 54,000 | $ 1,940,000 | $ 3,680,000 | ||||
Due from a related party | $ 0 | 5,000 | |||||
Related Party [Member] | Diana Wilhelmsen Management Limited | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from a related party | $ 5,000 | ||||||
OceanPal Inc. Predecessors [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from a related party | $ 1,169,637 | ||||||
OceanPal Inc. Predecessors [Member] | Related Party [Member] | Diana Wilhelmsen Management Limited | |||||||
Transactions with Related Parties [Abstract] | |||||||
Variable fee on hire and on freight | 50% | ||||||
Amount agreed to be paid for each vessel | $ 554,000 | $ 192,550 | |||||
Voyage expenses | $ 80,896 | ||||||
Due from a related party | $ 1,169,637 | ||||||
OceanPal Inc. Predecessors [Member] | Related Party [Member] | Diana Wilhelmsen Management Limited | Management Fees to Related Parties [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Management fees | $ 373,484 |
Transactions with Related Pa_10
Transactions with Related Parties, Diana Shipping Services S.A. (Predecessor) (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2019 | May 24, 2021 | Nov. 29, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Transactions with Related Parties [Abstract] | |||||||||
Voyage expenses | $ 54,000 | $ 1,940,000 | $ 3,680,000 | ||||||
Due to a related party | $ 474,000 | $ 410,000 | |||||||
OceanPal Inc. Predecessors [Member] | |||||||||
Transactions with Related Parties [Abstract] | |||||||||
Due to a related party | $ 115,280 | ||||||||
OceanPal Inc. Predecessors [Member] | Related Party [Member] | Diana Shipping Services S.A. [Member] | |||||||||
Transactions with Related Parties [Abstract] | |||||||||
Management fees to related parties | $ 500 | ||||||||
Voyage expenses | $ 63,721 | $ 94,672 | 186,223 | ||||||
Due to a related party | 115,280 | ||||||||
OceanPal Inc. Predecessors [Member] | Related Party [Member] | Diana Shipping Services S.A. [Member] | Management Fees to Related Parties [Member] | |||||||||
Transactions with Related Parties [Abstract] | |||||||||
Management fees to related parties | $ 174,300 | $ 9,337 | $ 300,300 | $ 756,000 |
Vessels (Predecessor) (Details)
Vessels (Predecessor) (Details) - USD ($) | 11 Months Ended | 12 Months Ended | ||||
Dec. 24, 2019 | Nov. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 08, 2020 | |
Net Book Value [Abstract] | ||||||
Beginning balance | $ 63,672,000 | |||||
Ending balance | $ 71,100,000 | |||||
OceanPal Inc. Predecessors [Member] | ||||||
Vessels [Abstract] | ||||||
Sale price | $ 7,275,000 | |||||
Vessel impairment charges | $ 3,047,978 | $ 3,047,978 | ||||
Vessel fair value adjustment | $ 200,500 | |||||
Vessel Cost [Abstract] | ||||||
Beginning balance | 47,405,161 | 38,600,196 | ||||
Additions for improvements | 1,474,965 | |||||
Vessel transferred from held for sale | 7,129,500 | |||||
Ending balance | 47,405,161 | 38,600,196 | ||||
Accumulated Depreciation [Abstract] | ||||||
Beginning balance | (15,155,862) | (13,139,306) | ||||
Depreciation for the period | 1,970,000 | (2,016,556) | 2,270,000 | |||
Ending balance | (15,155,862) | (13,139,306) | ||||
Net Book Value [Abstract] | ||||||
Beginning balance | $ 32,249,299 | 25,460,890 | ||||
Additions for improvements | 1,474,965 | |||||
Vessel fair value adjustment | 200,500 | |||||
Depreciation for the period | (2,016,556) | |||||
Vessel transferred from held for sale | 7,129,500 | |||||
Ending balance | $ 32,249,299 | $ 25,460,890 | ||||
OceanPal Inc. Predecessors [Member] | Calipso | ||||||
Vessels [Abstract] | ||||||
Fair value | $ 7,330,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Predecessor) (Details) - OceanPal Inc. Predecessors [Member] - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Jul. 09, 2020 | Nov. 29, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |||
Vessels covered for pollution per vessel per incident | $ 1,000,000 | ||
Minimum charter revenues expected to be generated from fixed and non-cancelable time charter contracts | 3,100 | ||
Diana Wilhelmsen Management Limited | |||
Commitments and Contingencies [Abstract] | |||
Potential fines or penalties | $ 1,750 | ||
Payment of security bond | $ 1,000 | ||
Accrual payments | 250 | $ 1,000 | |
Fine | $ 2,000 | ||
Probation period | 4 years |
Parent Investment, Net (Prede_2
Parent Investment, Net (Predecessor) (Details) - OceanPal Inc. Predecessors [Member] - USD ($) | 11 Months Ended | 12 Months Ended | |
Nov. 29, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Parent Investment, Net [Abstract] | |||
Capital distributions to Parent | $ 3,200,000 | $ 1,500,000 | |
Capital contributions by Parent | $ 4,200,000 | ||
Amount of parent investment | $ 0 |
Fair Value Measurements and R_3
Fair Value Measurements and Risk Management (Predecessor) (Details) - OceanPal Inc. Predecessors [Member] - Revenue Benchmark - Customer Concentration Risk [Member] | 11 Months Ended | 12 Months Ended | |
Nov. 29, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
C Transport Maritime LTD | |||
Revenues [Abstract] | |||
Concentration risk percentage | 38% | ||
Vitera Chartering | |||
Revenues [Abstract] | |||
Concentration risk percentage | 29% | ||
Reachy International | |||
Revenues [Abstract] | |||
Concentration risk percentage | 28% | ||
Cargill International S.A. | |||
Revenues [Abstract] | |||
Concentration risk percentage | 34% | 33% | |
Phaethon International Co AG. | |||
Revenues [Abstract] | |||
Concentration risk percentage | 34% | ||
Uniper Global Commodities, Dusseldorf GE | |||
Revenues [Abstract] | |||
Concentration risk percentage | 22% | ||
Crystal Sea Shipping Co., Limited | |||
Revenues [Abstract] | |||
Concentration risk percentage | 10% | 12% | |
Hadson Shipping Lines Inc. | |||
Revenues [Abstract] | |||
Concentration risk percentage | 30% | ||
Glencore Agriculture BV | |||
Revenues [Abstract] | |||
Concentration risk percentage | 22% |
Income Taxes (Predecessor) (Det
Income Taxes (Predecessor) (Details) - OceanPal Inc. Predecessors [Member] | 11 Months Ended |
Nov. 29, 2021 | |
Income Taxes [Abstract] | |
Applicable tax rate as percentage of 4% of U.S. related gross transportation income | 50% |
Percentage of U.S. related gross transportation income | 4% |
Subsequent Events (Predecesso_2
Subsequent Events (Predecessor) (Details) - Related Party [Member] - DSI [Member] | Nov. 29, 2021 Subsidiary |
Transactions with Related Parties [Abstract] | |
Number of vessel-owning subsidiaries contributed | 3 |
OceanPal Inc. Predecessors [Member] | |
Transactions with Related Parties [Abstract] | |
Number of vessel-owning subsidiaries contributed | 3 |