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 ...

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 ...

ATHENS, Greece, May 14, 2024 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. 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. ABOUT IMPERIAL PET ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41095 IMPERIAL PETROLEUM INC. (Exact name of Registrant as specified in its charter) FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL R ...

Exhibit 99.1 IMPERIAL PETROLEUM INC. IMPERIAL PETROLEUM INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2023 FINANCIAL AND OPERATING RESULTS 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 Fourth Q ...

Financial Performance - Revenues for Q4 2023 were $29.9 million, a decrease of $8.0 million or 21.1% compared to Q4 2022, primarily due to lower average number of vessels and softer market conditions[5] - Net income for Q4 2023 was $6.5 million, down from $13.8 million in Q4 2022[5] - Total revenues for 12M 2023 reached $183.7 million, an increase of $86.7 million or 89.4% compared to 12M 2022, driven by improved market conditions and a larger fleet[7] - Net income for 12M 2023 was $71.1 million, marking a 141% increase from $29.5 million in 12M 2022[8] - Adjusted net income for 12M 2023 was $74.4 million, corresponding to an adjusted EPS of $3.39, compared to $29.6 million and $2.91 in the previous year[8] - EBITDA for 12M 2023 amounted to $82.8 million, with adjusted EBITDA of $86.0 million[8] - Net income for Q4 2023 was $6,463,943, down from $13,755,961 in Q4 2022, a decrease of 53.0%[27] - Net income for 2023 increased to $71,134,002, up from $29,510,928 in 2022, representing a growth of approximately 141%[29] Cash and Assets - Cash and cash equivalents as of December 31, 2023, were $124 million, approximately 50% higher than the current market capitalization[5] - Total current assets increased to $133.87 million as of December 31, 2023, compared to $118.78 million in 2022, reflecting a growth of approximately 12.7%[28] - Total non-current assets amounted to $231.95 million, up from $226.31 million in the previous year, indicating a growth of about 2.3%[28] - Total assets reached $365.82 million, representing an increase from $344.09 million in 2022, which is a growth of approximately 6.3%[28] - Cash and cash equivalents at the end of 2023 reached $91,927,512, up from $57,506,919 at the end of 2022, reflecting a growth of approximately 60%[29] - Total cash, cash equivalents, and restricted cash at the end of 2023 amounted to $91,927,512, compared to $57,506,919 at the end of 2022, marking an increase of about 60%[29] Fleet and Operations - Fleet operational utilization was 68.5% in Q4 2023, with 76% of fleet calendar days dedicated to spot activity[5] - Fleet utilization improved to 95.3% in Q4 2023 from 90.6% in Q4 2022[21] - The average number of vessels increased to 10.00 for the twelve months ended December 31, 2023, compared to 6.99 in 2022[21] - Total voyage days for the fleet increased to 3,481 in 2023 from 2,464 in 2022, reflecting a growth of 41.2%[21] - Total charter days for the fleet decreased to 1,058 in 2023 from 1,348 in 2022, a decline of 21.5%[21] - The company plans to acquire two tanker vessels for an aggregate price of $71 million, expected to be financed with cash-on-hand[10] - The company plans to acquire two additional tanker vessels by February 2024, increasing total fleet capacity to 791,716 deadweight tons[16] Shareholder Actions - The company repurchased 4,251,881 common shares for approximately $8.4 million under a $10 million share buyback program[5] - The weighted average number of shares increased significantly to 23,566,153 in Q4 2023 from 12,696,609 in Q4 2022, reflecting a dilution effect[27] Liabilities and Equity - Current liabilities were reported at $24.38 million, a slight increase from $24.31 million in the previous year, showing a marginal growth of 0.3%[28] - Total liabilities stood at $84.16 million, compared to $82.92 million in 2022, reflecting an increase of about 1.5%[28] - Stockholders' equity remained stable, indicating a solid financial position for the company[28] Cash Flow and Investments - Net cash provided by operating activities rose to $79,530,359 in 2023, compared to $40,898,062 in 2022, indicating an increase of about 94%[29] - Proceeds from equity offerings decreased to $29,070,586 in 2023 from $168,001,415 in 2022, a decline of about 83%[29] - Acquisition and improvement of vessels reduced significantly to $28,145,103 in 2023 from $118,678,560 in 2022, a decrease of approximately 76%[29] - Net cash used in investing activities improved to $12,288,684 in 2023, compared to a net cash outflow of $186,678,560 in 2022[29] Other Financial Metrics - The company reported a net gain on the sale of vessels of $3,865,890 in 2023, compared to no such gain in 2022[29] - The company experienced a significant unrealized foreign exchange loss of $426,040 in 2023, which was not present in 2022[29] - Interest paid increased to $1,735,054 in 2023 from $898,368 in 2022, representing an increase of approximately 93%[29]

Financial Performance - Revenues reached $59 million in Q2 2023, an increase of approximately $48 million, or about 422%, compared to Q2 2022[5] - Adjusted EBITDA was $30.8 million in Q2 2023, up by $27.8 million, representing a 927% increase from Q2 2022[5] - Adjusted Net Income was $26.6 million in Q2 2023, a significant increase of $26.5 million compared to Q2 2022, equivalent to a 26,500% rise[5] - The company generated an Adjusted Net Income of $62.6 million in the first half of 2023, resulting in an Adjusted basic EPS of $3.79[14] - As of June 30, 2023, the company had approximately $98.6 million in cash and cash equivalents, including time deposits[14] Fleet and Operations - TCE revenues in Q2 2023 were $40.4 million, with an average daily TCE per vessel of approximately $38,700[5] - Fleet operational utilization was 75.4% in Q2 2023[37] - 68.5% of fleet calendar days in Q2 2023, equivalent to 734 days, were dedicated to spot activity[37] Market Outlook - Modern Tanker spot daily charter rates are depicted below[8] - Global oil production is expected to increase by 1.8 million barrels per day in 2023 and by 1.6 million barrels per day in 2024, reaching an output of 106.7 million barrels per day in 2027[42]

Financial Data and Key Metrics Changes - The company generated a net income of approximately $53 million for the first half of 2023, translating to a basic EPS of about $3.2, and an adjusted net income of $62.6 million, resulting in an adjusted basic EPS of $3.79, which is significantly higher than the current share price [4][11][26] - Revenues for Q2 2023 reached $59 million, an increase of $47.7 million compared to Q2 2022, driven by a 98% increase in fleet calendar days and a rise in fleet daily revenue of approximately $34,000 [5][7] - Adjusted EBITDA for Q2 2023 was $31 million, representing a 927% increase compared to Q2 2022 [7] Business Line Data and Key Metrics Changes - The fleet operational utilization for Q2 2023 was 76%, with 67% of fleet calendar days dedicated to spot activity [3] - Daily time charter equivalent per vessel for Q2 2023 was approximately $39,000, with a return on equity of 30% based on the trailing 12 months [15][26] Market Data and Key Metrics Changes - The tanker market remains strong, although seasonal factors have affected performance, particularly in Q2 2023 [25][33] - The global oil production is expected to increase by 1.8 million barrels per day in 2023 and by another 1.6 million barrels in 2024, reaching an output of 107 million barrels by 2027 [30] Company Strategy and Development Direction - The company aims to grow its fleet, targeting 16 ships within the next three to six months, despite recent transactions [39] - The company has completed the spin-off of two handysize dry bulk ships to a separate company, C3is, which is expected to have promising growth potential [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the tanker market is currently affected by seasonal factors but expects supply tightness, particularly in Europe, to bolster tanker trade in the fourth quarter [32] - The company emphasized its strong financial position, being debt-free with a cash balance of around $100 million, which enables further fleet expansion [10][12] Other Important Information - The company incurred a $9 million impairment charge related to the spin-off of two dry bulk carriers, which is a non-cash item [6] - Voyage costs increased by $15 million due to a rise in spot days and daily port expenses [35] Q&A Session Summary Question: Plans for share buyback due to low stock price - Management indicated that if strong results continue and the stock price does not reflect this, the board should discuss potential buyback options [45] Question: Strategy regarding fleet expansion and dry bulk transactions - Management clarified that the goal is to grow the fleet and that they are open to buying and selling ships according to market cycles [48] Question: Concerns about related party transactions - Management defended the related party transactions, stating that they have been profitable in the past and that impairments are non-cash items that protect against future losses [53][55]