Imperial Petroleum Inc. (IMPP) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you all for joining us at our Q4 in 12 months, 24 conference call. I'm Javi Vazquez, the CEO of Imperial Petroleum, and joining us today is Fenia Sakellaris, who will be discussing our financial performance. Before we commence our discussion, please read the Safe Harbor disclaimer on slide two. In essence, it is made clear that this presentation may contain some forward-looking statements as defined by the Private Securities and Litigation Reform Act. We raise the attention of our investors to the fact that such forward-looking statements are based upon current beliefs and expectations of Imperial Petroleum and are subject to risks and uncertainties which could cause future results to differ materially from these forward-looking statements. In addition, before we commence our discussion, we would like to clarify that during this call we will quote monetary amounts unless explicitly stated otherwise all in U.S. dollars. In slide 3, we summarize our key highlights for Q4-24 and 12 months-24. As a general remark, market conditions during the last quarter of 34 were somewhat atypical, as the expected seasonal strengthening failed to materialize. Geopolitical tensions, mild winter, along with opaque delays in unwinding, the production cuts brought upon a softness in the tanker market. In spite of a lack of strong market momentum, in the fourth quarter of 24, we managed to attain a strong operational utilization of 86%, attributed to an increase in time charter coverage with negligible quarterly technical off-hire. Indeed, in Q4, compared to the fourth quarter of 23, our time charter coverage increased by 180%, as two of our product anchors were under time charter employment for the whole period. Looking at the 12-month results, Our operat...