Imperial Petroleum (US:IMPP)2023-08-11 16:08Financial 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]