Business
Imperial Petroleum Inc. Reports First Quarter 2022 Financial and Operating Results
ATHENS, Greece, June 14, 2022 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP), the “Company”), a ship-owning company providing petroleum product
About this update from Imperial Petroleum Inc.
[{"type":"text","content":"ATHENS, Greece, June 14, 2022 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP), the “Company”), a ship-owning company providing petroleum product and crude oil seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2022. OPERATIONAL AND FINANCIAL HIGHLIGHTS As of June 10, 2022, we had raised $135 million in total net proceeds, after underwriting discounts, from our public offerings. In addition, on June 13, 2022, we entered into agreements for warrant exercises expected to result in additional net proceeds to us of $21 million.On March 28, 2022, we took delivery of the product tanker Clean Nirvana.Subsequent to March 31, 2022 we took delivery of three additional tanker vessels: the product tanker Clean Justice was delivered on May 31, 2022, while our recently acquired suezmax vessels, the Suez Protopia and the Suez Enchanted, were each delivered on June 3, 2022.Within the course of five months we doubled the number of our vessels to 8 and tripled fleet capacity to 682,000 dwt.Fleet operational utilization of 98.9% in Q1 22’ - only 4 days commercial and 0 days technical off-hire.Revenues of $5.1 million in Q1 22’, same level as in Q1 21’ but approximately 28% higher than our revenues in Q4 21’ as a result of improved market rates.Net income of $0.2 million and EBITDA1 of $2.6 million in Q1 22’ compared to net loss of $0.4 million in Q1 21’ and net loss of $1.5 million in Q4 21’.Cash to date of about $55 million expected to increase to $76 million with the conclusion of the warrant transaction recently announced. First Quarter 2022 Results: Revenues for the three months ended March 31, 2022 and 2021 amounted to $5.1 million.Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2022 were $0.5 million and $1.8 million, respectively, compared to $1.4 million and $1.7 million, respectively, for the three months ended March 31, 2021. The $0.9 million decrease in voyage expenses is mainly due to the decrease of spot days by 120 days (81.6%) partially offset by the year on year increase in bunker costs. Vessels’ operating expenses remained stable.General and administrative expenses for the three months ended March 31, 2022 and 2021 were $0.1 million.Depreciation for the three months ended March 31, 2022 and 2021 was $2....