Business
Imperial Petroleum Inc. Reports Third Quarter and Nine Months 2021 Financial and Operating Results
ATHENS, Greece, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum product
About this update from Imperial Petroleum Inc.
[{"type":"text","content":"ATHENS, Greece, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum product and crude oil seaborne transportation services, today announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2021. These financial results were prepared on a carve-out basis from the financial statements of StealthGas Inc., which was our parent company prior to the completion of our spin-off on December 3, 2021, and, accordingly, do not reflect any adjustments for the spin-off, including the incurrence of debt and issuance of common shares and Series A preferred shares in conjunction therewith. OPERATIONAL AND FINANCIAL HIGHLIGHTS Successful spin-off of StealthGas Inc.’s four tankers to our newly listed company Imperial Petroleum Inc.; this was concluded on December 3, 2021.Our newly listed company currently owns four standard tankers (three product tankers (MR2s) and one aframax tanker) with an average age of 12.9 years.Fleet operational utilization of 84.8% in Q3 '21 compared to 87% in the same period of the previous year due to a prolonged weak tanker market.Currently all of our vessels are on period charters, the majority of which have charterers’ extension options. About 67% of fleet days are secured on period employment for the first quarter of 2022.Revenues of $4.1 million in Q3 '21, marking a decrease of $1.7 million compared to Q3 '20 due to the sharp drop in revenues stemming from the weak spot market and one of our product tankers being idle for 39% of the quarter.Net loss of $0.9 million for Q3 '21.In Q4 '21 we incurred senior secured bank debt of $28 million.Declaration of an initial dividend on our 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock ($0.1640625 per preferred share) payable on December 30, 2021 to holders of record on December 27, 2021. Third Quarter 2021 Results: Revenues for the three months ended September 30, 2021 amounted to $4.1 million, marking a decrease of $1.7 million, or 29.3%, compared to revenues of $5.8 million for the three months ended September 30, 2020, mainly due to a soft spot market and one of our product tankers being idle 36 days thus producing 67% (c. $1.7 million) less revenue compared to the same period of last year.Voyage expenses and vessels’ operati...