How does OP's latest earnings surprise compare to past quarters?

OceanPal Inc. (OP) reported a net loss of $8.2 million for the fourth quarter of 2024 (Q4 2024), compared to a net income of $58 thousand in the same period of 2023. This significant swing to a loss highlights the company's ongoing financial challenges. Despite an increase in vessel revenues to $5.8 million in Q4 2024, compared to $5.7 million in Q4 2023, it was not enough to offset the rising daily vessel operating expenses, which increased by 12.6% to $6,568 in 2024. The net loss for the full year 2024 widened to $17.9 million from $2.0 million in 2023, primarily due to these increased expenses and a declining fleet utilization rate. 1. **Significant Increase in Losses**: The net loss in Q4 2024 is notably higher than in any other quarter over the past year, with Q3 2024 showing a reduced net loss of $0.2 million compared to $3.4 million in Q3 2023. This trend indicates a worsening financial performance, which may impact the company's market positioning and stakeholder confidence. 2. **Revenue Comparison**: Vessel revenues have shown an increase from $3.9 million in Q3 2023 to $7.5 million in Q3 2024, and a rise from $19.0 million in FY 2023 to $25.7 million in FY 2024. However, these increases have not translated into profitability due to the higher operational costs. 3. **Operational Efficiency**: The fleet utilization rate declined to 96.8% in 2024 from 99.1% in 2023, and the company sold two Capesize vessels, which may indicate strategic efforts to reduce costs but at the expense of operational capacity. In conclusion, OP's latest earnings surprise is worse than its performance in past quarters, with a significant increase in losses despite some growth in vessel revenues. The company's financial performance continues to be impacted by rising operational expenses and a declining fleet utilization rate.