Financial Performance - Revenues for Q4 2024 were $26.2 million, a decrease of 12.4% compared to $29.9 million in Q4 2023, primarily due to lower spot market rates[5] - 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[5] - For the twelve months ended December 31, 2024, revenues totaled $147.5 million, a decline of 19.7% from $183.7 million in 2023, attributed to softer market spot rates[8] - Adjusted net income for the twelve months ended December 31, 2024 was $55.1 million, down from $74.4 million in 2023, with an Adjusted EPS of $1.70 compared to $3.39[8] - EBITDA for the twelve months ended December 31, 2024 was $59.2 million, while Adjusted EBITDA was $64.2 million[8] - Total revenues for Q4 2023 were $29,881,814, a decrease from $26,211,665 in Q4 2024, while total revenues for the twelve-month period decreased from $183,725,820 in 2023 to $147,479,980 in 2024[26] - Adjusted net income for Q4 2023 was $7,216,350, compared to $4,582,723 in Q4 2024, with a twelve-month adjusted net income of $74,382,103 in 2023, down to $55,144,556 in 2024[25] - EBITDA for Q4 2023 was $7,955,544, compared to $6,391,755 in Q4 2024, with a twelve-month EBITDA of $82,751,270 in 2023, decreasing to $59,242,475 in 2024[24] - The company reported a net income of $6,463,943 for Q4 2023, which decreased to $3,917,661 in Q4 2024, with a twelve-month net income of $71,134,002 in 2023, down to $50,157,772 in 2024[26] - Net income for the year decreased to $50,157,772 in 2024 from $71,134,002 in 2023, representing a decline of approximately 29.5%[28] Fleet and Operational Metrics - Fleet operational utilization reached 86.0% in Q4 2024, up from 68.5% in Q4 2023[5] - Fleet utilization increased from 95.3% in Q4 2023 to 99.8% in Q4 2024, while operational utilization rose from 68.5% to 86.0% during the same period[20] - The average number of vessels in the fleet increased from 9.00 in Q4 2023 to 11.00 in Q4 2024, with a total of 11 owned vessels by the end of both periods[20] - The fleet's total calendar days increased from 828 in Q4 2023 to 1,012 in Q4 2024, indicating enhanced operational capacity[20] Cash and Assets - Cash and cash equivalents, including time deposits, increased by 66.7% to $206.7 million as of December 31, 2024, compared to $124.0 million a year earlier[5] - Total current assets as of December 31, 2023, amounted to $183.18 million, a decrease from $188.78 million in 2022[27] - Total non-current assets reached $193.64 million, compared to $175.22 million in the previous year, indicating a growth of approximately 10.5%[27] - Total assets increased to $376.83 million, reflecting a rise from $354.49 million year-over-year[27] - Current liabilities were reported at $145.29 million, a slight increase from $140.37 million in 2022[27] - Total liabilities stood at $145.29 million, consistent with the previous year's figure, indicating stable financial obligations[27] - The company reported cash and cash equivalents of $91.92 million, a decrease from $127.97 million in the prior year, representing a decline of approximately 28%[27] - Trade receivables from related parties were $37.90 million, down from $68.21 million, showing a significant reduction of about 44.7%[27] - Inventories were valued at $72.91 million, a decrease from $91.12 million, indicating a reduction of approximately 20%[27] - The company has made investments in related parties totaling $12.79 million, consistent with the previous year[27] - Total cash and cash equivalents at the end of the year were $91,927,531, up from $78,353,531 at the beginning of the year, indicating an increase of approximately 17.5%[29] Strategic Plans and Management Insights - The company plans to acquire seven Japanese-built drybulk carriers, totaling approximately 443,000 dwt, expected to be delivered between February and May 2025[11] - CEO Harry Vafias emphasized the company's focus on fleet growth and maintaining profitability despite softer market conditions in 2024[12] - The company has contracted to acquire an additional seven drybulk carriers with an aggregate capacity of 443,000 deadweight tons, increasing the total fleet to 19 vessels[16] Cash Flow and Expenses - Net cash provided by operating activities was $77,695,426 in 2024, slightly down from $79,530,359 in 2023, indicating a decrease of about 2.3%[28] - Cash flows from investing activities showed a significant outflow of $94,651,169 in 2024 compared to a net inflow of $12,288,684 in 2023, reflecting a change of approximately 871.5%[28] - Proceeds from the sale of vessels increased to $41,153,578 in 2024 from $3,865,890 in 2023, marking a substantial increase of about 964.5%[28] - The company reported a depreciation expense of $16,991,900 in 2024, up from $15,629,116 in 2023, which is an increase of about 8.7%[28] - Share-based compensation rose to $3,397,082 in 2024 from $2,434,855 in 2023, reflecting an increase of approximately 39.6%[28] - The impairment loss recorded in 2023 was $8,996,023, while there was no impairment loss reported in 2024, indicating a significant reduction in losses[28] - The company experienced a net loss on the sale of vessels amounting to $1,589,702 in 2024, which was not present in 2023[28]

Q4 & 12M 2024 Selected Company Financial Data ($ millions) 2 Key Highlights Financial & Operating Results February 13, 2025 Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," ...

Financial Data and Key Metrics Changes - For Q4 2024, revenues were approximately $26 million, a decline of $3.5 million compared to Q4 2023, primarily due to lower market rates [10][24] - Operating income for Q4 2024 was close to $5 million, with net income at $3.9 million, impacted by a $3.3 million foreign exchange loss [10][42] - For the full year 2024, net income reached about $50 million, with an annual operating cash flow close to $78 million [11][43] - EBITDA for Q4 2024 was $6.4 million, while for the full year it was $59.2 million, with earnings per share of $1.54 [27][61] Business Line Data and Key Metrics Changes - Operational utilization for Q4 2024 was 86%, with a significant increase in time charter coverage by 180% compared to Q4 2023 [8][40] - For the entire year, operational utilization averaged 78.3%, with 69% of fleet calendar days dedicated to spot activity and 29% to time charter activity [9][41] Market Data and Key Metrics Changes - The tanker market experienced a decline in daily rates, with standard product tankers dropping from approximately $33,000 at the end of Q4 2023 to $22,000 at the end of Q4 2024 [25][58] - Suezmax tankers saw a similar decline, with rates falling from about $60,000 to $30,000 during the same period [25][58] - The overall tanker market was positive despite a year-on-year decline of over 30% from multiyear highs [48] Company Strategy and Development Direction - The company aims to continue its fleet growth plans and maintain profitability while seeking opportunities for enhancement [35][66] - Upcoming vessel deliveries are scheduled for Q2 2025, with related payments expected in the second half of 2025 [31][64] Management's Comments on Operating Environment and Future Outlook - The management noted that market conditions in 2024 were softer than in 2023, influenced by geopolitical tensions and a mild winter [4][34] - Oil demand is expected to grow steadily in 2025, driven by emerging economies and a recovery in Chinese oil demand, although short-term impacts from currency depreciation may affect import volumes [16][49] - Geopolitical risks and trade tariffs could significantly impact global energy trade and oil tanker markets [19][52] Other Important Information - The company maintains a debt-free balance sheet with a cash base of approximately $207 million, reflecting a 67% increase in available cash during 2024 [29][62] - The fleet book value increased by 15% due to the expansion strategy, and equity base grew by 16% [30][62] Q&A Session Summary Question: What are the expectations for the tanker market in 2025? - The tanker market is expected to see a 2% growth in oil tanker trade, driven by non-OPEC countries, with the U.S. anticipated to lead in growth [50] Question: How does the company plan to address the challenges posed by geopolitical risks? - The company is focused on maintaining operational efficiency and exploring new opportunities to mitigate risks associated with geopolitical events [35][66]

Imperial Petroleum (IMPP) Q4 2024 Earnings Call February 13, 2025 10:00 AM ET Company Participants Harry Vafias - President, CEO & ChairmanIfigeneia Sakellari - Interim CFO Operator Good day, and thank you for standing by. Welcome to the Imperial Petroleum Inc. Q4 twenty twenty four and twelve months twenty twenty four Financial and Operating Results Conference Call and Webcast. All participants will be in listen only mode during the conference with no question and answer session. Please note that today's c ...

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 ...