Business
Imperial Petroleum Announces the Full Repayment of All Outstanding Loans
ATHENS, Greece, April 26, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products,
About this update from Imperial Petroleum Inc.
[{"type":"text","content":"ATHENS, Greece, April 26, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that the Company recently repaid early and in full its sole remaining loan with a $16.0 million outstanding balance from Alpha Bank. This loan was secured with first priority mortgages on product tankers Clean Nirvana and Clean Justice. Following the recent early repayment of all outstanding debt – approximately $69 million in total, the Company’s fleet of twelve vessels is now completely unencumbered. The repayment of all indebtedness will save approximately $10.3 million per annum in principal loan repayments and about $5 million per annum in finance costs basis current level of LIBOR rates. The combination of a high cash balance and unencumbered fleet, positions the Company well for future growth. About IMPERIAL PETROLEUM INC. IMPERIAL PETROLEUM INC. is a ship-owning - company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and four Handysize dry bulk carriers with a total capacity of 808,000 deadweight tons (dwt). IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively. Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptio...