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Imperial Petroleum Inc. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results
IMPPImperial Petroleum (IMPP) Newsfilter·2025-02-13 14:20

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 26.2millioninQ42024,down12.426.2 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 3.9million,downfrom3.9 million, down from 6.5 million in Q4 2023, impacted by a 3.3millionforeignexchangeloss[4][7].−Cashandcashequivalentsincreasedby66.73.3 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 124.0millionayearearlier[4][11].TwelveMonths2024Results−Totalrevenuesfortheyearwere124.0 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 183.7millionin2023,attributedtosoftermarketspotrates[6][11].−Netincomefortheyearwas183.7 million in 2023, attributed to softer market spot rates [6][11]. - Net income for the year was 50.2 million, down from 71.1millionin2023[11].−Earningspersharefor2024were71.1 million in 2023 [11]. - Earnings per share for 2024 were 1.54 (basic) and 1.40(diluted),comparedto1.40 (diluted), compared to 3.22 and 2.93in2023[11][30].−EBITDAfortheyearamountedto2.93 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].