ATHENS, GREECE, August 27, 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 second quarter and six months ended June 30, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of 80.9% in Q2 24’- a stable performance when compared to the 80.6% utilization achieved in Q1 24’. In Q2 23’ our operational utilization was lower in the order of 75.4%.
- 5% of fleet calendar days equivalent to 744 days in Q2 24’ were dedicated to spot activity.
- Delivery from an affiliated entity of the handysize drybulk carrier, the Neptulus (2012 built), on August 24, 2024
- Revenues of $47.0 million in Q2 24’ compared to $41.2 million in Q1 24’ equivalent to a 14.1% rise- and $59.0 million of revenues in Q2 23’.
- Net income of $19.5 million in Q2 24’- our second best performance thus far- up by $2.8 million when compared to Q1 24’ and $2.7 million when compared to Q2 23’.
- Cash and cash equivalents including time deposits of $129.8 million as of June 30, 2024.
- Receipt of $39 million due from C3is Inc on July 15th 2024, an amount owed from the sale of the aframax tanker Afrapearl II, thus enabling our current cash balance to climb at almost $190 million.
- An aggregate of 4.3 common shares were issued upon the exercise of Class E Warrants in the second quarter and the third quarter to date.
ATHENS, GREECE, May 16, 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 three months ended March 31, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of 80.6% in Q1 24’ an improved performance compared to Q4 23’ mainly due to a 29.3% (65 days) decrease in commercial idle days. In Q1 23’our operational utilization was 85.0%.
- 0% of fleet calendar days, equivalent to 671 days, in Q1 24’ were dedicated to spot activity.
- Revenues of $41.2 million in Q1 24’ compared to $29.9 million in Q4 23’ equivalent to a 37.8% rise- and $65.4 million of revenues in Q1 23’.
- Net Income of $16.7 million in Q1 24’ compared to net income of $6.5 million in Q4 23’ equivalent to a 157% increase- and net income of $35.7 million in Q1 23’.
- Cash and cash equivalents and time deposits of $67.0 million as of March 31, 2024.
- On April 17, 2024, we agreed to sell our 2009 built aframax tanker Gstaad Grace II for $42 million. The vessel was delivered to its new owners on April 26, 2024.
Athens, Greece, March 14, 2024 – 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 April 1, 2024 to holders of record as of March 26, 2024. The dividend payment relates to the period from the last dividend payment date for the Series A Preferred Shares on December 30, 2023 through March 29, 2024.
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 May 14, 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 first quarter financial results for the period ended March 31, 2024 before the market opens in New York on May 16, 2024.
On May 16, 2024 at 09:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
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’.