Imperial Petroleum Announces the Full Repayment of its $23.2 Million Outstanding Loan with DNB ASA Bank

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq: IMPP) has repaid its $23.2 million loan with DNB ASA Bank, significantly reducing its total debt to approximately $45 million. This loan was secured against multiple vessels, including the product tankers Magic Wand, Clean Sanctuary, and Clean Thrasher, as well as the Aframax tanker Stealth Berana. The company operates a fleet of twelve vessels, with eight unencumbered. The repayment reflects the company's ongoing strategy to strengthen its balance sheet and positions it favorably within the maritime transportation sector.

Positive

• Early repayment of $23.2 million loan enhances financial stability.
• Total debt reduced to $45 million, indicating improved debt management.
• Eight out of twelve vessels are unencumbered, providing operational flexibility.

Negative

• None.

ATHENS, Greece, April 03, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that the Company recently repaid early and in full the $23.2 million outstanding loan with DNB ASA Bank. This loan was secured with first priority mortgages against the product tankers Magic Wand, Clean Sanctuary and Clean Thrasher and against our Aframax tanker the Stealth Berana. Following this loan repayment Imperial Petroleum’s total debt is in the region of $45 million. The Company currently owns and operates a fleet of twelve vessels, eight of which are unencumbered.

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and four Handysize dry bulk carriers with a total capacity of 808,000 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

FAQ

What is the recent financial news about Imperial Petroleum (IMPP)?

Imperial Petroleum has repaid a $23.2 million loan, reducing its total debt to approximately $45 million.

How many vessels does Imperial Petroleum (IMPP) operate?

Imperial Petroleum operates a fleet of twelve vessels.

What impact does the loan repayment have on Imperial Petroleum's financial status?

The loan repayment improves Imperial Petroleum's financial stability and reduces its overall debt.

Which bank did Imperial Petroleum (IMPP) repay its loan to?

Imperial Petroleum repaid its loan to DNB ASA Bank.