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Vessels (Tables)

6 Months Ended

9 Months Ended

11 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Nov. 29, 2021

Summary of vessels, net

​

​	​	​	​	​	​	​	​	​	​
​		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

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	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

Summary of vessels, net

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	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

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

X

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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