Business
Imperial Petroleum Inc. Reports Fourth Quarter and Twelve Months 2023 Financial and Operating Results
ATHENS, Greece, Feb. 13, 2024 (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, Feb. 13, 2024 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2023. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 68.5% in Q4 23’ mainly due to vessel repositioning for commercial reasons and the drydocking of two vessels.76% of fleet calendar days equivalent to 629 days in Q4 23’ were dedicated to spot activity.Revenues of $29.9 million in Q4 23’ compared to $37.9 million in Q4 22’ mainly due to a lower average number of vessels and softer market conditions, particularly in the East.Net Income of $6.5 million in Q4 23’ compared to net income of $13.8 million in Q4 22’.Revenues of $183.7 million in 12M 23’, an $86.7 million or 89.4% increase compared to 12M 22’, due to the improved market conditions for the majority of the year and a larger fleet by approximately three vessels.Net Income of $71.1 million in 12M 23’ marking a 141% increase compared to the net income of $29.5 million in 12M 22’.Cash and cash equivalents and time deposits, of $124 million as of December 31, 2023- which is about 50% higher than our current market capitalization.Under the $10 million share buyback program announced on September 7, 2023, the Company has repurchased to date a total of 4,251,881 common shares for a total amount of approximately $8.4 million.As a means to further enhance shareholders value, the Company repurchased 5.8 million of outstanding warrants within Q4 22’. Fourth Quarter 2023 Results: Revenues for the three months ended December 31, 2023 amounted to $29.9 million, a decrease of $8.0 million, or 21.1%, compared to revenues of $37.9 million for the three months ended December 31, 2022, primarily due to a lower average number of vessels and softer market conditions in the East market, leading to higher idle and repositioning time.Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2023 were $13.8 million and $5.7 million, respectively, compared to $10.5 million and $6.4 million, respectively, for the three months ended December 31, 2022. The $3.3 million increase in voyage expenses is mainly due to an inc...