Business
Imperial Petroleum Inc. Reports Fourth Quarter and Twelve Months 2021 Financial and Operating Results
ATHENS, Greece, March 29, 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, March 29, 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 fourth quarter and twelve months ended December 31, 2021. These financial results were based on the accounts of Imperial Petroleum Inc. and its wholly owned subsidiaries which were prepared using the historical carrying costs of the assets and the liabilities of the subsidiaries from their dates of incorporation. OPERATIONAL AND FINANCIAL HIGHLIGHTS1 As of March 28, 2022, we had raised $27 million in total net proceeds, after underwriting discounts, from our first public offering in February 2022 and $64 million in total net proceeds, after underwriting discounts, from our second public offering in March 2022.In March 2022, we entered into agreements to acquire two MR product tankers from a related party for an aggregate price of $31 million; the first vessel was delivered on March 28, 2022 and the second will be delivered by the end of May 2022.Declaration of a dividend on our 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock ($0.546875 per preferred share) payable on March 30, 2022 to holders of record on March 25, 2022.Fleet operational utilization of 92.9% in Q4 21’ compared to 97.0% in the same period of the previous year; the weak spot market led to a rise in commercial off-hire days.Revenues of $4.0 million in Q4 21’, marking a decrease of $1.6 million compared to Q4 20’ due to the sharp drop in both time charter and spot rates.Net loss of $1.5 million for Q4 21’ corresponding to a loss per share of $0.34.EBITDA1 of $0.8 million in Q4 21’.For 12M 2021, EBITDA1 came in at $5.2 million, while net loss amounted to $3.6 million. Fourth Quarter 2021 Results: Revenues for the three months ended December 31, 2021 amounted to $4.0 million, a decrease of $1.6 million, or 28.6%, compared to revenues of $5.6 million for the three months ended December 31, 2020, mainly due to the weakening of the tanker market.Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2021 were $0.9 million and $1.8 million, respectively, compared to $1.2 million and $1.8 million, respectively, for the three months ended December 31, 2020....