ATHENS, GREECE, December 2, 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 third quarter and nine months ended September 30, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of 65.6% in Q3 24’ versus 70.5% in Q3 23’.
- Increased idle time in Q3 24’ compared to the same period of last year mainly due to seasonal factors, the drydocking of a product tanker and the minor incident of one of our product tankers which, remained off hire for the whole of Q3 24’.
- Spot activity in Q3 24’ in the order of 65.7%, reduced compared to previous quarter, due to a rise in tanker time charter activity.
- Revenues of $33.0 million in Q3 24’ compared to $29.4 million in Q3 23’ equivalent to a 12.2% increase.
- Net income of $10.1 million in Q3 24’ compared to $12.1 million in Q3 23’.
- Adjusted net income of $10.9 million in Q3 24’ versus $4.5 million in Q3 23’ up by $6.4 million or 142.2%.
- Cash and cash equivalents including time deposits slightly below $200 million as of September 30, 2024 versus $126 million as of September 30, 2023- equivalent to a 58.7% rise.
- For the 9M 24’ period our total net income was $46.2 million while our operating cash flows amounted to $68.0 million.
ATHENS, GREECE November 27, 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 third quarter and nine months financial results for the period ended September 30, 2024 before the market opens in New York on December 2, 2024.
On December 2, 2024 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
ATHENS, GREECE, 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, September 15, 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 September 30, 2024 to holders of record as of September 25, 2024. The dividend payment relates to the period from the last dividend payment date for the Series A Preferred Shares on June 30, 2024 through September 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 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.