Core Viewpoint - Imperial Petroleum Inc. reported its unaudited financial and operational results for Q4 and the full year 2024, highlighting a decline in revenues and net income due to decreased spot market rates, while maintaining a strong cash position and operational utilization improvements [1][2][3]. Financial Highlights Fourth Quarter 2024 Results - Fleet operational utilization increased to 86.0% in Q4 2024 from 68.5% in Q4 2023 [4]. - Time charter days rose by almost 180% compared to Q4 2023, with two product tankers and one bulk carrier under time charter for the entire period [4]. - Revenues decreased to $26.2 million in Q4 2024, down 12.4% from $29.9 million in Q4 2023, primarily due to lower spot market rates [4][6]. - Net income for Q4 2024 was $3.9 million, down from $6.5 million in Q4 2023, impacted by a $3.3 million foreign exchange loss [4][7]. - Cash and cash equivalents increased by 66.7% to $206.7 million as of December 31, 2024, compared to $124.0 million a year earlier [4][11]. Twelve Months 2024 Results - Total revenues for the year were $147.5 million, a decrease of 19.7% from $183.7 million in 2023, attributed to softer market spot rates [6][11]. - Net income for the year was $50.2 million, down from $71.1 million in 2023 [11]. - Earnings per share for 2024 were $1.54 (basic) and $1.40 (diluted), compared to $3.22 and $2.93 in 2023 [11][30]. - EBITDA for the year amounted to $59.2 million, with adjusted EBITDA at $64.2 million [11][30]. Operational Highlights - The average number of vessels owned increased to 10.4 in 2024 from 10.0 in 2023 [11]. - The fleet's total capacity reached 751,000 deadweight tons (dwt), with plans to acquire an additional seven drybulk carriers [17][12]. - The company maintained a debt-free capital structure, facilitating robust cash flow generation [4][11]. Management Commentary - The CEO emphasized the company's consistent profitability and cash flow generation despite softer market conditions in 2024 compared to the previous year [13]. - The focus moving forward will be on fleet growth and sustaining profitable momentum [13].

ATHENS, Greece, Feb. 10, 2025 (GLOBE NEWSWIRE) -- 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, 2024 before the market opens in New York on February 13, 2025. On February 13, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operati ...

Financial Performance - Revenues for Q3 2024 were $33.0 million, a 12.2% increase from $29.4 million in Q3 2023[5] - Adjusted net income for Q3 2024 was $10.9 million, up 142.2% from $4.5 million in Q3 2023[5] - Revenues for the nine months ended September 30, 2024 were $121.3 million, a decrease of 21.1% from $153.8 million in the same period of 2023[8] - Net income for the nine months ended September 30, 2024 was $46.2 million, down from $64.7 million in the same period of 2023[8] - EBITDA for the nine months ended September 30, 2024 was $52.9 million, compared to $67.2 million for the same period in 2023[8] - Adjusted net income for Q3 2024 was $10,897,717, compared to $4,527,954 in Q3 2023, reflecting a significant increase of about 141%[23] - Basic earnings per share (EPS) decreased to $0.29 in Q3 2024 from $0.56 in Q3 2023, reflecting a decline of about 48%[24] - Net income for the nine-month period ended September 30, 2023, was $64,670,059, compared to $46,240,111 in 2024, reflecting a decrease of approximately 28.5%[27] Cash and Assets - Cash and cash equivalents were approximately $200 million as of September 30, 2024, a 58.7% increase from $126 million a year earlier[5] - Total current assets amounted to $183.18 billion, a decrease from $188.78 billion in the previous period[26] - Cash and cash equivalents were reported at $91.92 billion, down from $121.67 billion[26] - Total non-current assets reached $193.64 billion, compared to $252.84 billion previously[26] - Total assets stood at $376.83 billion, a decline from $541.44 billion[26] - Current liabilities were $145.29 billion, a decrease from $168.28 billion[26] - Total liabilities amounted to $145.29 billion, down from $168.28 billion[26] - Stockholders' equity was reported at $362.30 billion, compared to $473.41 billion in the previous period[26] - Retained earnings were $97.60 billion, reflecting a decrease from $142.54 billion[26] Fleet and Operations - Fleet operational utilization was 65.6% in Q3 2024, down from 70.5% in Q3 2023[5] - The average number of vessels owned during Q3 2024 was 10.4, compared to 9.1 in Q3 2023[6] - Fleet utilization improved to 92.9% in Q3 2024 from 88.6% in Q3 2023, indicating enhanced operational efficiency[19] - The average number of vessels increased to 10.41 in Q3 2024 from 9.14 in Q3 2023, with a total of 11 owned vessels by the end of Q3 2024[19] - Total charter days for the fleet increased to 261 in Q3 2024 from 180 in Q3 2023, indicating a rise of approximately 45%[19] - The company has contracted to acquire a product tanker with approximately 40,000 dwt capacity, expected to be delivered in Q1 2025[10] - The company has also contracted to acquire seven drybulk carriers, aggregating approximately 443,000 dwt, expected to be delivered between January and May 2025[10] - The company has contracted to acquire an additional 40,000 dwt M.R. product tanker and seven drybulk carriers with a total capacity of 443,000 dwt, expanding its fleet to 19 vessels[15] Investment and Financing Activities - Net cash provided by operating activities for the nine-month period in 2023 was $73,730,889, while in 2024 it was $68,616,299, indicating a decline of about 6.4%[27] - Proceeds from the sale of vessels increased from $3,865,890 in 2023 to $41,153,578 in 2024, marking a substantial rise of about 964.5%[27] - Acquisition and improvement of vessels rose sharply from $(27,684,795) in 2023 to $(74,593,568) in 2024, indicating an increase of approximately 169.5%[27] - Net cash used in investing activities shifted from $(32,560,355) in 2023 to $1,757,530 in 2024, showing a significant turnaround[27] - Proceeds from equity offerings were $27,950,586 in 2023, while there were no proceeds in 2024, indicating a decrease of 100%[27] - Loan repayments in 2023 amounted to $(70,438,500), with no repayments recorded in 2024, reflecting a significant change in financing strategy[27] Other Financial Metrics - The company reported total voyage expenses of $12,558,037 in Q3 2024, slightly up from $12,206,039 in Q3 2023, reflecting a marginal increase of about 3%[25] - Cash and cash equivalents at the end of the period increased significantly from $49,149,246 in 2023 to $167,148,589 in 2024, representing a growth of approximately 239.5%[27] - The unrealized foreign exchange loss on time deposits was recorded at $580,990 in 2024, which was not present in 2023[27] - Share-based compensation increased from $1,682,448 in 2023 to $2,732,020 in 2024, representing an increase of approximately 62.3%[27] Strategic Focus - The company is focusing on market expansion and new product development strategies moving forward[26]

Financial Data and Key Metrics Changes - In Q3 2024, revenues increased to $33 million, a 12.2% rise compared to $29.4 million in Q3 2023, attributed to a 1.3% increase in average fleet size and improved performance of product tankers [20] - EBITDA for Q3 2024 was $12.2 million, with net income at $10.1 million, resulting in an EPS of $0.29 [21] - Adjusted net income, excluding non-cash items, was $10.9 million, marking a 142% increase compared to Q3 2023 [22] - The company ended Q3 2024 with approximately $200 million in cash and zero debt, enhancing its financial stability [8][27] Business Line Data and Key Metrics Changes - The operational utilization rate for the quarter was 65.6%, impacted by drydocking and idleness of a product tanker [6] - Daily time charter equivalent decreased by 37% compared to the previous quarter but remained stable year-over-year [7] Market Data and Key Metrics Changes - Spot rates for product tankers were 57% lower than in Q2 2024, while Suezmax rates declined by 30% [10] - Global tanker ton mile demand fell by 4.8% in Q3 2024, influenced by a significant drop in Chinese oil imports [12] - The tanker fleet is experiencing a record low growth rate in 2024, with expectations of increased deliveries in 2025 and 2026 [15] Company Strategy and Development Direction - The company maintains a strong liquidity position and zero debt, allowing it to navigate market volatility effectively [8][24] - Future considerations include geopolitical tensions and their potential impact on the tanker and broader shipping markets [25] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a weak market environment, the company achieved profitability, with a net profit of nearly $46 million year-to-date [27] - There are cautious expectations for a seasonal uptick in product tanker rates as winter approaches, but rates are not expected to reach last year's levels [14] Other Important Information - The company incurred increased voyage costs due to new EU emission regulations, impacting overall expenses [21] - The drybulk market saw flat earnings for handysize bulkers, primarily due to a slowdown in the Chinese economy [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may not have occurred or was not included in the records [31]

The following summarizes the current employment of our fleet: 1 Fleet Developments TableofContents | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------|-------------------------------------------| | S t a t e m e n t o f C o m p r e h e n s i v e I n c o m e D a t a | F o r t h e s i x - m e n d e d 2 0 2 3 | o n t h p e r i o d s u n e 3 0 , 2 0 2 4 | | R e v e n u e s | 1 2 4,4 6 5,3 2 2 | 8 8,2 4 5,1 6 2 | | Vo y a g ...

I LI I 1 l i t 1 rgaydos Note: I have covered Imperial Petroleum Inc. (NASDAQ:IMPP) previously, so investors should view this as an update to my earlier articles on the osmpany. On Tuesday, Imperial Petroleum reported decent Q2/2024 results with stable fleet utilization and consistent cash generation: | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------------------------------------------------|-------|-------|-------|-------|-------| | Imperial Petroleum - Key F ...

ATHENS, Greece, Aug. 23, 2024 (GLOBE NEWSWIRE) -- 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 second quarter and six months financial results for the period ended June 30, 2024 before the market opens in New York on August 27, 2024. On August 27, 2024 at 11:00 am ET, the company's management will host a conference call to discuss the results and the company's operations and out ...

ATHENS, Greece, June 13, 2024 (GLOBE NEWSWIRE) -- 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 July 1, 2024, to holders of record as of June 26, 2024. The dividend payment relates to the period from the last dividend payment da ...

Disclaimer Key Highlights Financial 3 Q1 2024Financial & Operating Results May 16, 2024 2 Fleet operational utilization of 80.6% in Q1 24' an improved performance compared to Q4 23' mainly due to a 29.3% (65 days) reduction of commercial off hire days. In Q1 23'our operational utilization was 85%. In Q1 24', 75% of fleet calendar days equivalent to 671 days, were dedicated to spot activity. On April 17, 2024 we agreed to sell our 2009 built aframax tanker Gstaad Grace II (ex. Stealth Haralambos) for a consi ...

ATHENS, Greece, May 16, 2024 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the "Company"), a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services, announced today its unaudited financial and operating results for the three months ended March 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS First Quarter 2024 Results: Fleet Employment Table As of May 16, 2024, the profile and deployment of our fleet is the following: | Name | Year | Country | Ves ...