Imperial Petroleum Inc. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results

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].