Business
Imperial Petroleum Inc. Reports Record Net Income of $35.7 Million for the First Quarter of 2023 Financial and Operating Results
ATHENS, Greece, May 08, 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, May 08, 2023 (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 first quarter ended March 31, 2023. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 85% in Q1 23’ with 6 days of technical off hire and 495 (54%) of our fleet days dedicated to spot activity.Delivery of 2 Handysize dry bulk carriers, the Glorieuse and the Eco Wildfire, towards the end of March 2023 - expanding our fleet to 12 vessels.Revenues of $65.4 million in Q1 23’ - up $60.3 million or 1,182% from Q1 22’.Record net income of $35.7 million in Q1 23’ up by $35.5 million compared to Q1 22’ or 17,750%.EBITDA1 of $39.9 million in Q1 23’ up $37.3 million or 1,435% from Q1 22’.Cash and cash equivalents, including time deposits, of $114.1 million as of March 31, 2023 of which approximately $45.5 million were utilized within April 2023 for the repayment of all outstanding loans.Proposed spin-off of two dry bulk carriers under a new Company called C3is Inc.Expect to regain compliance with the Nasdaq minimum bid price requirement, following a 1:15 reverse stock split which took effect on April 28, 2023. First Quarter 2023 Results: Revenues for the three months ended March 31, 2023 amounted to $65.4 million, an increase of $60.3 million, or 1,182%, compared to revenues of $5.1 million for the three months ended March 31, 2022, primarily due to the increase of our fleet by eight vessels and strong market rates, particularly in the tanker sector.Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2023 were $16.9 million and $6.9 million, respectively, compared to $0.5 million and $1.8 million, respectively, for the three months ended March 31, 2022. The $16.4 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 468 days (1,733%), as we are responsible for voyage expenses under spot charters unlike time charters, and the rise in daily bunker costs by $5,300. The $5.1 million increase in vessels’ operating expenses, was primarily due to the increase in the number of our vessels.Drydocking costs for the three months ended March 31, 2023 and 2022 was $0.6 million a...