Business
Imperial Petroleum Inc. Reports Second Quarter and Six Months 2023 Financial and Operating Results
ATHENS, Greece, Aug. 10, 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, Aug. 10, 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 second quarter and six months ended June 30, 2023. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 75.4% in Q2 23’ with 28 days of technical off hire and 129 days of vessel repositioning.68.5% of fleet calendar days equivalent to 734 days in Q2 23’ were dedicated to spot activity.Revenues of $59.0 million in Q2 23’ - up $47.7 million or 422.1% from Q2 22’.Net income of $16.8 million in Q2 23’ up by $16.7 million compared to Q2 22’.Adjusted Net income1 of $26.6 million in Q2 23’ up by $26.5 million compared to Q2 22’ or 26,500%.Adjusted EBITDA1 of $30.8 million in Q2 23’ up by $27.8 million or 926.7% from Q2 22’.Cash and cash equivalents including time deposits of $98.6 million as of June 30, 2023 – a strong cash balance in spite of utilizing within Q2 23’ an amount of $45.9 million for the repayment of all outstanding loans.As of June 30, 2023 Imperial Petroleum has zero debt on its balance sheet.In the 1H 23’ the Company generated a Net Income of $52.6 million corresponding to a basic EPS of $3.17.In the 1H 23’ the Company generated an Adjusted Net Income of $62.6 million corresponding to an Adjusted basic EPS1 of $3.79.Spin off of two of our four Handysize drybulk carriers to a separate listed entity called C3is Inc. on June 21, 2023.Imperial Petroleum retains an interest in C3is Inc. through ownership of 600,000 Series A Convertible Preferred Shares of C3is Inc.In July 2023, the Company sold its Aframax tanker to C3is Inc. for a consideration of $43 million. Second Quarter 2023 Results: Revenues for the three months ended June 30, 2023 amounted to $59.0 million, an increase of $47.7 million, or 422.1%, compared to revenues of $11.3 million for the three months ended June 30, 2022, primarily due to the increase of our average fleet by approximately six vessels leading to an increase in fleet calendar days by 97.8% (530 days) and an increase of tanker market rates leading to a rise in fleet daily revenue by approximately $35,500.Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2023 were $19.3 ...