Imperial Petroleum (IMPP) GlobeNewswire·2025-05-23 13:15Core 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 41.2 million in Q1 2024, attributed to stronger market rates in the previous year [4][28]. - Net income for Q1 2025 was 16.7 million in Q1 2024, with an EPS of 0.56 in the same period last year [4][7]. - EBITDA for Q1 2025 was 15.6 million [7][23]. - Cash and cash equivalents, including time deposits, totaled 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 13.5 million in Q1 2024, primarily due to increased time charter activity [4][28]. - Vessels' operating expenses increased to 6.0 million in Q1 2024, attributed to an increase in fleet size [4][28]. - Drydocking costs were nil in Q1 2025, compared to 2.2 million, up from 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].