ATHENS, GREECE, February 13, 2024 - IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2023.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  • Fleet operational utilization of 68.5% in Q4 23’ mainly due to vessel repositioning for commercial reasons and the drydocking of two vessels.
  • 76% of fleet calendar days equivalent to 629 days in Q4 23’ were dedicated to spot activity.
  • Revenues of $29.9 million in Q4 23’ compared to $37.9 million in Q4 22’ mainly due to a lower average number of vessels and softer market conditions particularly in the East.
  • Net Income of $6.5 million in Q4 23’ compared to net income of $13.8 million in Q4 22’.
  • Revenues of $183.7 million in 12M 23’, an $86.7 million or 89.4% increase compared to 12M 22’, due to the improved market conditions for the majority of the year and a larger fleet by approximately three vessels.
  • Net Income of $71.1 million in 12M 23’ marking a 141% increase compared to the net income of $29.5 million in 12M 22’.
  • Cash and cash equivalents and time deposits, of $124 million as of December 31, 2023- which is about 50% higher than our current market capitalization.
  • Under the $10 million share buyback program announced on September 7, 2023, the Company has repurchased to date a total of 4,251,881 common shares for a total amount of approximately $8.4 million.
  • As a means to further enhance shareholders value, the Company repurchased 5.8 million of outstanding warrants within Q4 22’.

ATHENS, GREECE  February 9, 2024. Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services, announced today that it will release its fourth quarter and twelve months financial results for the period ended December 31, 2023 before the market opens in New York on February 13, 2024.

Athens, Greece, December 14, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”),  a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, today announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Shares”), payable on January 2, 2024 to holders of record as of December 27, 2023. The dividend payment relates to the period from the last dividend payment date for the Series A Preferred Shares on September 30, 2023 through December 29, 2023.

There are 795,878 Series A Preferred Shares outstanding as of the date hereof. The Series A Preferred Shares trade on the Nasdaq Capital Market under the ticker symbol “IMPPP”.

Athens, Greece, December 22, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, today announced that all 13,875 shares of its Series C Cumulative Convertible Perpetual Preferred Stock, (the “Series C Convertible Preferred Stock”), have been converted by the holder, Flawless Management Inc., into 6,932,043 shares of the Company’s Common Stock.

ATHENS, Greece, December 6, 2023 -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today that it has agreed to repurchase 2,457,989 Class C Warrants and 693,335 Class D Warrants from certain institutional investors for an aggregate purchase price of approximately $0.85 million.

About Imperial Petroleum Inc.

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of nine vessels: five M.R. product tankers, two suezmax tankers and two handysize dry bulk carriers with a total capacity of 628,000 deadweight tons (dwt) and has agreed to acquire two additional tankers, one aframax and one product tanker which will be delivered up until the end of January 2024. Following these deliveries, the Company will own a fleet of eleven vessels with an aggregate capacity of 791,716 dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.