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Vessels | 6 Months Ended | 9 Months Ended | 11 Months Ended
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Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Nov. 29, 2021
Vessels, net | 4.Advances for vessel acquisitions and Vessels, net Vessel Acquisition On June 13, 2022, the Company signed, through its wholly-owned subsidiary Darrit Shipping Company Inc., a Memorandum of Agreement, as amended, to acquire from DSI, a Capesize dry bulk vessel, the m/v Baltimore, of 177,243 dwt, for a purchase price of $22,000. Of the purchase price, 20% or $4,400 was paid in cash upon signing of the Memorandum of Agreement and is included in Advances for vessel acquisitions in the accompanying unaudited interim consolidated balance sheet as of June 30, 2022. The vessel was delivered to the Company on September 20, 2022 and the Company paid the balance of the purchase price in shares of its newly issued Series D preferred stock, the terms of which were mutually agreed between the Company and DSI Note 9(d)). The purchase of this vessel was made pursuant to the Company’s exercise of a right of first refusal granted to the Company by DSI on six identified vessels based on an agreement dated November 8, 2021 (Note 3(c)). The acquisition of the vessel was approved by a committee of independent members of the Company’s Board of Directors. Vessels’ contribution On November 29, 2021, entities Cypres Enterprises Corp., Darien Compania Armadora S.A., and Marfort Navigation Company Limited, whose substantially all assets were vessels Protefs, Calipso and Salt Lake City, respectively, were contributed to the Company by Diana Shipping in connection with the Spin-Off (Note 3(c)). Vessel improvements Vessel improvements mainly relate to the implementation of ballast water treatment and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During the period ended December 31, 2021, and June 30, 2022, the additions to vessels’ cost amounted to $42 and $378, respectively. 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
– Additions for improvements | ​ |  | 378 | ​ |  | — | ​ |  | 378
– Depreciation for the period | ​ |  | — | ​ |  | (2,024) | ​ |  | (2,024)
Balance, June 30, 2022 | ​ | $ | 46,460 | ​ | $ | (2,378) | ​ | $ | 44,082
​ |  | 4. Vessels, net Vessels’ contribution On November 29, 2021, entities Cypres Enterprises Corp., Darien Compania Armadora S.A., and Marfort Navigation Company Limited, whose substantially all assets were vessels Protefs, Calipso and Salt Lake City, respectively, were contributed to the Company by Diana Shipping in connection with the Spin-Off (Note 3(c)). Vessel improvements Vessel improvements mainly relate to the implementation of ballast water treatment and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During the period ended December 31, 2021, the additions to vessels’ cost amounted to $42. The amounts reflected in Vessels, net in the accompanying consolidated balance sheet are analyzed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​
​ |  | Vessel Cost |  | Depreciation |  | Net Book Value
– Vessels contributed by DSI | ​ | $ | 46,040 |  | ​ | — |  | $ | 46,040
– Additions and improvements | ​ |  | 42 |  | ​ | — |  | ​ | 42
– Depreciation for the period | ​ |  | — |  | ​ | (354) |  | ​ | (354)
Balance, December 31, 2021 | ​ | $ | 46,082 | ​ | $ | (354) | ​ | $ | 45,728
​ |
OceanPal Inc. Predecessors |  |  |  |
Vessels, net |  | 3.Vessels The amounts reflected in Vessels, net in the accompanying combined carve-out balance sheets are analyzed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​
​ |  | Vessel Cost |  | Depreciation |  | Net Book Value
Balance, December 31, 2020 | ​ | $ | 47,405,161 | ​ | $ | (15,155,862) | ​ | $ | 32,249,299
– Additions for improvements | ​ |  | 29,477 | ​ |  | — | ​ |  | 29,477
– Depreciation for the period | ​ |  | — | ​ |  | (1,071,390) | ​ |  | (1,071,390)
Balance, June 30, 2021 | ​ | $ | 47,434,638 | ​ | $ | (16,227,252) | ​ | $ | 31,207,386
​ |  | 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 as held for sale on December 31, 2019 resulted in impairment of $3,047,978 including the write off of the unamortized drydocking costs as the vessel was measured at the lower of its carrying value and fair value (sale price) less costs to sell and is separately presented in “Vessel impairment charges” in the accompanying 2019 combined carve-out statement of comprehensive income / (loss). In February 2020, the buyers of Calipso elected to exercise their right to cancel the contract as a result of the vessel’s missing the cancelling date due to unforeseen events, unrelated to the condition of the vessel. Following this cancelation of the memorandum of agreement, on March 8, 2020, the vessel was withdrawn from the market as per management’s decision and was recorded at its fair value at that date, amounting to $7.33 million, as held and used, according to the provisions of ASC 360. The vessel’s fair value was determined through Level 2 inputs of the fair value hierarchy by taking into consideration a third party valuation which was based on the last done deals of sale of vessels with similar characteristics, such as type, size and age. The valuation of the vessel at fair value resulted in a gain of $200,500 separately presented in “Vessel fair value adjustment” in the 2020 accompanying combined carve-out statement of comprehensive income / (loss). 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).

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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