Imperial Petroleum (US:IMPP) globenewswire.comยท2024-05-16 12:15Core Viewpoint - Imperial Petroleum Inc. reported its unaudited financial and operational results for Q1 2024, showing a significant increase in net income compared to the previous quarter, despite a year-over-year decline in revenues due to lower tanker market rates [1][6]. Financial Highlights - Revenues for Q1 2024 were $41.2 million, a 37.8% increase from $29.9 million in Q4 2023, but a 37% decrease from $65.4 million in Q1 2023 [4][25]. - Net income for Q1 2024 was $16.7 million, representing a 157% increase from $6.5 million in Q4 2023, but a decrease from $35.7 million in Q1 2023 [4][25]. - Earnings per share (EPS) for Q1 2024 was $0.56, down from $2.31 in Q1 2023 [4][25]. - Adjusted net income for Q1 2024 was $17.5 million, with an adjusted EPS of $0.59, compared to $36.0 million and $2.33 in Q1 2023 [4][25]. Operational Performance - Fleet operational utilization was 80.6% in Q1 2024, down from 85.0% in Q1 2023, with 75.0% of fleet calendar days dedicated to spot activity [4][15]. - The average number of vessels owned during Q1 2024 was 9.84, compared to 10.10 in Q1 2023 [4][15]. - The company experienced a 29.3% decrease in commercial idle days, contributing to improved fleet utilization [4]. Expenses and Costs - Voyage expenses decreased to $13.5 million in Q1 2024 from $16.9 million in Q1 2023, primarily due to longer haul spot voyages and reduced transit through the Suez Canal [4][25]. - General and administrative costs increased to $1.2 million in Q1 2024 from $1.0 million in Q1 2023, attributed to higher stock-based compensation [4][25]. - Interest and finance costs were significantly lower in Q1 2024 at $0.002 million compared to $1.4 million in Q1 2023, as there was no debt outstanding [4][25]. Cash Position - As of March 31, 2024, cash and cash equivalents totaled $67.0 million, down from $91.9 million at the end of 2023 [4][25]. - The company agreed to sell an aframax tanker for $42 million, which was delivered to new owners on April 26, 2024 [4]. Market Context - The decline in revenues year-over-year was primarily due to a 38% drop in average tanker market spot rates, which had peaked in the previous year due to geopolitical tensions [4][25]. - The CEO expressed optimism about the company's financial health, highlighting a strong cash position and no bank debt, while noting ongoing market turbulence [6].