Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenues of $32.1 million, a 22.5% increase from Q4 2024, and net income of $11.3 million, which is a 190% increase compared to the previous quarter [6][20][25] - The average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year [5][21] - The company ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [6][22] Business Line Data and Key Metrics Changes - Seven out of the company's 13 ships are currently under time charter employment, with four product tankers having charter expiration dates between May 25 and August 27 [6][7] - The company reported a decrease in voyage costs to $10.5 million, which is $3.1 million lower than Q1 2024, attributed to increased time charter activity [21][22] Market Data and Key Metrics Changes - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] - The OPEC announcement to increase output by 500,000 barrels per day positively affected tanker rates [13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven ships by Q3 2025, which will increase its fleet size by 60% [16][17] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and minimizing operational costs [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter began with a low pace but gained momentum, indicating a positive outlook despite market softness [20][25] - The company remains confident in its diversified fleet and expects to continue generating profits without debt [25][26] Other Important Information - The company has maintained recurring profitability since Q4 2021 and has a debt-free balance sheet [22][25] - The daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - In Q1 2025, Imperial Petroleum generated revenues of $32.1 million and net income of $11.3 million, marking a 22.5% increase in revenue and a 190% increase in net income compared to Q4 2024 [6][21][25] - The company has maintained profitability since Q4 2021 and ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [5][22][25] Business Line Data and Key Metrics Changes - The performance of product tankers improved in Q1 2025, with the company benefiting from increased time charter coverage, as seven out of thirteen ships are currently under time charter employment [6][19] - Voyage costs decreased to $10.5 million, down $3.1 million from Q1 2024, attributed to increased time charter activity and reduced spot days [21] Market Data and Key Metrics Changes - Average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year, reflecting broader market softness [5][21] - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven new ships by Q3 2025, which will increase its fleet size by 60% [16][18] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and reducing volatility, as dry bulk carriers typically have a less volatile market cycle than tankers [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the positive momentum in Q1 2025 despite a soft market [25] - The company remains optimistic about the tanker market in the short to medium term due to OPEC's production increases and ongoing sanctions on Russian oil [13][24] Other Important Information - The company reported a basic earnings per share of $0.32 for Q1 2025 and noted a 10% increase in available cash during the quarter [22][23] - Imperial Petroleum's daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary Question: What are the expectations for the tanker market moving forward? - Management indicated that the tanker market outlook is positive in the short to medium term, primarily due to OPEC's decision to increase output and the ongoing sanctions on Russian oil [13][24] Question: How is the company managing its fleet expansion? - The company is strategically adding dry bulk carriers to diversify its fleet and reduce operational volatility, with plans to increase its fleet size significantly by Q3 2025 [16][17]

Financial Performance - Revenues for Q1 2025 were $32.1 million, a 22.1% decrease compared to $41.2 million in Q1 2024 due to stronger market rates in the previous year[8] - Net income for Q1 25' was $11.3 million, compared to $16.7 million in Q1 24', also attributed to higher revenue generation in the stronger market of Q1 24'[8] - EBITDA for Q1 25' was $14.7 million[8] - Cash and cash equivalents, including time deposits, totaled $227.4 million, approximately 170% higher than the company's current market capitalization[8] - Income from time deposits was $2.2 million for Q1 25'[36] Fleet Operations and Expansion - Fleet operational utilization was 84.2% for Q1 25', compared to 86% in Q4 24' and 80.6% in Q1 24'[8] - Approximately 47% of Q1 25' fleet calendar days were dedicated to time charter activity, while 53% were dedicated to spot activity[8] - The company took delivery of the drybulk carrier Supra Pasha (2012 built) on April 26th, 2025, with the remaining six drybulk carriers expected to be delivered by June 25'[8] - The company is adding seven drybulk carriers, increasing fleet size by 60% in both vessel number and deadweight tonnage (dwt) capacity[21] Market Dynamics - Tanker rates in Q1 25' were stronger than in the second half of 2024, influenced by OFAC sanctions imposed in March 2025[13] - A one-year time charter (TC) rate for a Kamsarmax vessel in March 2025 was estimated at around $14,100 per day, while spot day rates for Supramax vessels were close to $10,000[24] - Total capital commitment for the drybulk vessel acquisitions is $129 million, to be paid within Q3 25'[27]

Core Viewpoint - Imperial Petroleum Inc. reported a decline in revenues and net income for Q1 2025 compared to Q1 2024, primarily due to decreased spot market tanker rates, but showed significant improvement in comparison to Q4 2024 [4][9]. Operational and Financial Highlights - Fleet operational utilization was 83.8% in Q1 2025, down from 86% in Q4 2024 and up from 80.6% in Q1 2024 [4]. - Revenues for Q1 2025 were $32.1 million, a decrease of 22.1% from $41.2 million in Q1 2024, attributed to stronger market rates in the previous year [4][28]. - Net income for Q1 2025 was $11.3 million, down from $16.7 million in Q1 2024, with an EPS of $0.32 compared to $0.56 in the same period last year [4][7]. - EBITDA for Q1 2025 was $14.7 million, with an adjusted EBITDA of $15.6 million [7][23]. - Cash and cash equivalents, including time deposits, totaled $227.4 million as of March 31, 2025, which is 167.5% higher than the current market capitalization of approximately $85 million [4][9]. Fleet and Employment - The company owns a total of 13 vessels with a combined capacity of 807,000 deadweight tons (dwt) and has contracted to acquire an additional six drybulk carriers, increasing the fleet to 19 vessels with a total capacity of 1.2 million dwt by mid-2025 [13][15]. - As of May 23, 2025, the fleet includes seven M.R. product tankers, two Suezmax tankers, and four Handysize drybulk carriers [13]. Cost and Expense Management - Voyage expenses decreased to $10.5 million in Q1 2025 from $13.5 million in Q1 2024, primarily due to increased time charter activity [4][28]. - Vessels' operating expenses increased to $7.1 million in Q1 2025 from $6.0 million in Q1 2024, attributed to an increase in fleet size [4][28]. - Drydocking costs were nil in Q1 2025, compared to $0.6 million in Q1 2024 [4]. Interest and Foreign Exchange - Interest income for Q1 2025 was $2.2 million, up from $1.0 million in Q1 2024, due to higher time deposits [7]. - The company reported a foreign exchange gain of $1.7 million in Q1 2025, compared to a loss of $0.8 million in Q1 2024 [7]. Management Commentary - The CEO expressed confidence in the company's growth trajectory, highlighting the expansion of the fleet and the achievement of a debt-free capital structure [9].

Company Overview - Imperial Petroleum Inc. is a ship-owning company that provides petroleum products, crude oil, and drybulk seaborne transportation services [4] - The company owns a total of thirteen vessels, including seven M.R. product tankers, two suezmax tankers, three handysize drybulk carriers, and one panamax drybulk carrier, with a total capacity of 807,000 deadweight tons (dwt) [4] - Imperial Petroleum has contracted to acquire an additional six drybulk carriers with an aggregate capacity of 387,000 dwt, which will increase the fleet to a total of 19 vessels [4] - The company's shares are listed on the Nasdaq Capital Market under the symbols "IMPP" for common stock and "IMPPP" for 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock [4] Upcoming Financial Results - The company will release its first quarter financial results for the period ended March 31, 2025, before the market opens in New York on May 23, 2025 [1] - A conference call will be hosted by the company's management on May 23, 2025, at 10:00 am ET to discuss the results and the company's operations and outlook [1]

Fleet Capacity and Utilization - As of April 15, 2025, the total cargo carrying capacity of the combined fleet will be 1,194,000 dwt after the delivery of contracted vessels [366]. - In the year ended December 31, 2023, the fleet's total operational utilization was 75.1%, with 66.4% of calendar days operated in the spot market [371]. - The average number of vessels increased from 7.0 in 2022 to 10.0 in 2023, and further to 10.39 in 2024 [379]. - Total voyage days for the fleet rose from 2,464 in 2022 to 3,481 in 2023, and projected to reach 3,700 in 2024 [379]. - The fleet's operational utilization is expected to vary based on market conditions, with a focus on maximizing spot market exposure during favorable periods [372]. Financial Performance - Voyage revenues increased from $97.02 million in 2022 to $183.73 million in 2023, with a projected revenue of $147.48 million in 2024 [381]. - Revenues for the year ended December 31, 2024 were $147.5 million, a decrease of $36.2 million or 19.7% compared to $183.7 million in 2023, primarily due to softer market spot rates [406]. - Net income for the year ended December 31, 2024 was $50.2 million, down from $71.1 million in 2023, reflecting a decrease of $20.9 million or 29.4% [417]. - Net income for the year ended December 31, 2023, was $71.1 million, up from $29.5 million in 2022, reflecting improved profitability [428]. Operating Expenses - The total daily operating expenses increased from $7,119 in 2022 to $8,377 in 2023, reflecting rising operational costs [379]. - Voyage expenses rose from $33.81 million in 2022 to $62.53 million in 2023, with an expected decrease to $52.02 million in 2024 [381]. - General and administrative expenses increased by $3.1 million or 172.2% to $4.9 million for the year ended December 31, 2023, primarily due to a rise in stock-based compensation costs [425]. - Vessel operating expenses increased to $26.4 million in 2024 from $25.6 million in 2023, an increase of $0.8 million or 3.1% due to fleet size increase [408]. - Dry docking costs significantly decreased to $1.7 million in 2024 from $6.6 million in 2023, reflecting fewer vessels undergoing dry docking [409]. Charter Rates and Revenues - The adjusted average charter rate increased from $25,654 in 2022 to $34,816 in 2023, before decreasing to $25,799 in 2024 [379]. - Charter equivalent revenues grew from $63.21 million in 2022 to $121.19 million in 2023, with a forecast of $95.46 million in 2024 [381]. - Average daily spot market rates for standard product tankers decreased to $22,000 in 2024 from $33,000 in 2023, and for standard suezmax tankers decreased to $30,000 from $60,000 [406]. Debt and Cash Position - As of December 31, 2024, the company had no outstanding bank debt after repaying $70 million in the first half of 2023 [391]. - Cash and cash equivalents as of December 31, 2024, totaled $206.7 million, with $29.1 million raised in gross proceeds from equity offerings during 2023 [430]. - The company had no outstanding bank debt as of December 31, 2024, after repaying $70.0 million in the first half of 2023 [682]. Future Plans and Acquisitions - The company plans to evaluate vessel purchase opportunities to expand the fleet and enhance earnings and cash flow [374]. - The company expects to acquire seven drybulk carriers for a total purchase price of $129 million, with payment anticipated in the third quarter of 2025 [432]. - The company had contracts to acquire five supramax drybulk carriers and two kamsarmax drybulk carriers, with deliveries expected in 2025 [366]. Market Conditions and Trends - Crude tanker deadweight tonnage (dwt) demand rose by 6.6% in 2022 and is estimated to increase by 6.7% in 2023, while product tanker demand is expected to grow by around 10% in 2023 [455]. - The Baltic Dry Index (BDI) fluctuated between a low of 965 and a high of 3,369 in 2022, with a notable high of 3,346 in December 2023 [459]. - The crude tanker trading fleet is estimated to have increased by 2.0% in 2023, while the product tanker fleet grew by approximately 0.5% [455]. Currency and Inflation Impact - Approximately 11.8% of the company's expenses were incurred in currencies other than U.S. dollars in 2024 [683]. - The company does not hedge foreign currency exposures as the amounts involved are not economically significant [683]. - Inflation had a moderate impact on expenses, particularly in 2022, with milder effects in 2023 and 2024 [389].

Core Viewpoint - Imperial Petroleum Inc. announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on March 31, 2025, to holders of record as of March 26, 2025, covering the period from December 30, 2024, to March 29, 2025 [1] Company Overview - Imperial Petroleum Inc. is a ship-owning company that provides petroleum products, crude oil, and drybulk seaborne transportation services [3] - The company owns a total of twelve vessels, including seven M.R. product tankers, two suezmax tankers, and three handysize drybulk carriers, with a total capacity of 751,000 deadweight tons (dwt) [3] - Imperial Petroleum has contracted to acquire an additional seven drybulk carriers with an aggregate capacity of 443,000 dwt, which will increase its fleet to a total of 19 vessels [3] - The company's common stock and Series A Preferred Shares are listed on the Nasdaq Capital Market under the symbols "IMPP" and "IMPPP," respectively [3][2] Dividend Information - The dividend payment of $0.546875 per share is related to the period from the last dividend payment date on December 30, 2024, through March 29, 2025 [1] - As of the date of the announcement, there are 795,878 Series A Preferred Shares outstanding [2]

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]

Financial Performance - Net income for the 12 months of 2024 was $50.2 million[9, 32] - Cash and cash equivalents, including time deposits, reached $206.7 million as of December 31, 2024, a 66.7% increase compared to approximately $124 million as of December 31, 2023[9] - Revenues in Q4 2024 were $26.2 million, a 12.4% decrease from $29.9 million in Q4 2023, attributed to decreased market rates, particularly for crude tankers[9, 33] - EBITDA for Q4 2024 was $6.4 million[9, 33] - Operating cash flow for the 12 months of 2024 amounted to $77.7 million[9] Fleet Operations - Fleet operational utilization was 86% for Q4 2024, compared to 68.5% in Q4 2023[9] - Operational utilization for the 12 months of 2024 was 78.3%, with approximately 69% of fleet calendar days dedicated to spot activity and almost 29% to time charter activity[9] - Time charter coverage for the remainder of 2025 is about 23%[10] Market Outlook - Oil tankers trade growth for 2025 is anticipated to reach 2%[14] - The company notes that sanctions on the dark fleet imposed in January 2025 have begun to favor compliant tanker fleets[18]

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]