Business
Imperial Petroleum Inc. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results
ATHENS, Greece, Feb. 13, 2025 (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, 2025 (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, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 86.0% in Q4 24’ versus 68.5% in Q4 23’.Almost 180% increase in Q4 24’ time charter days compared to Q4 23’, as two of our product tankers and one newly acquired bulk carrier were under time charter (“TC”) employment for the whole period.For the 12M 24’ period our operational utilization was 78.3%. 69% of our fleet calendar days were dedicated to spot activity, while 29% to time charter activity.Delivery of the product tanker, Clean Imperial on January 10, 2025. With this vessel addition, our tanker fleet totals nine ships.Revenues of $26.2 million in Q4 24’ compared to $29.9 million in Q4 23’, representing a 12.4% decline due primarily to decreased spot market rates.Net income of $3.9 million in Q4 24’ compared to $6.5 million in Q4 23’. In Q4 24’ we incurred a $3.3 million foreign exchange loss.Cash and cash equivalents including time deposits of $206.7 million as of December 31, 2024, compared to $124.0 million as of December 31, 2023, representing a 66.7% increase.For the 12M 24’ period our net income was $50.2 million, while our operating cash flow amounted to $77.7 million.Recurring profitability and a debt-free capital structure facilitate robust cash flow generation and low breakeven points. Fourth Quarter 2024 Results: Revenues for the three months ended December 31, 2024 amounted to $26.2 million, a decrease of $3.7 million, or 12.4%, compared to revenues of $29.9 million for the three months ended December 31, 2023, primarily due to a decrease in the spot market rates.Voyage expenses and vessels’ operating expenses fo r the three months ended December 31, 2024 were $8.5 million and $6.7 million, respectively, compared to $13.8 million and $5.7 million, respectively, for the three months ended December 31, 2023. The $5.3 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline of spot days by 10.3%. The decline in spot days along with the decrease in the Suez C...