Business
Imperial Petroleum Inc. Reports Second Quarter and Six Months 2024 Financial and Operating Results
ATHENS, Greece, Aug. 27, 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, Aug. 27, 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 second quarter and six months ended June 30, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 80.9% in Q2 24’- a stable performance when compared to the 80.6% utilization achieved in Q1 24’. In Q2 23’ our operational utilization was lower in the order of 75.4%.79.5% of fleet calendar days equivalent to 744 days in Q2 24’ were dedicated to spot activity.Delivery from an affiliated entity of the handysize drybulk carrier, the Neptulus (2012 built), on August 24, 2024Revenues of $47.0 million in Q2 24’ compared to $41.2 million in Q1 24’ equivalent to a 14.1% rise- and $59.0 million of revenues in Q2 23’.Net income of $19.5 million in Q2 24’- our second best performance thus far- up by $2.8 million when compared to Q1 24’ and $2.7 million when compared to Q2 23’.Cash and cash equivalents including time deposits of $129.8 million as of June 30, 2024.Receipt of $39 million due from C3is Inc on July 15th 2024, an amount owed from the sale of the aframax tanker Afrapearl II, thus enabling our current cash balance to climb at almost $190 million.An aggregate of 4.3 common shares were issued upon the exercise of Class E Warrants in the second quarter and the third quarter to date. Second Quarter 2024 Results: Revenues for the three months ended June 30, 2024 amounted to $47.0 million, a decrease of $12.0 million, or 20.3%, compared to revenues of $59.0 million for the three months ended June 30, 2023, primarily due to a decrease in voyage days by 11.7% (122 days) attributed mainly to the decrease of our average fleet by 1.5 vessels and a decrease of tanker market rates particularly for the suezmax tankers when compared to the same period of last year.Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2024 were $17.1 million and $6.5 million, respectively, compared to $19.3 million and $7.0 million, respectively, for the three months ended June 30, 2023. The $2.2 million decrease in voyage expenses is mainly attributed to a decline in our daily port expenses by approximately $2,200 due to decreased tr...