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Imperial Petroleum Inc. Reports First Quarter 2024 Financial and Operating Results

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Imperial Petroleum Inc. (NASDAQ: IMPP) announced its Q1 2024 financial results. The company reported revenues of $41.2 million, a drop from $65.4 million in Q1 2023, primarily due to a 38% decline in tanker market spot rates. However, net income rose by 157% from Q4 2023 to $16.7 million. The company has $67.0 million in cash and no debt. Operational utilization improved to 80.6% from Q4 2023. The average number of vessels owned decreased slightly to 9.84. The company also sold its Aframax tanker Gstaad Grace II for $42 million. CEO Harry Vafias expressed optimism regarding the company's financial health and future growth.

Positive
  • Net income increased by 157% from Q4 2023 to $16.7 million.
  • Operational utilization improved to 80.6% in Q1 2024.
  • Cash and cash equivalents stood at $67.0 million.
  • No outstanding debt during Q1 2024.
  • Interest income rose to $1.8 million from $1.3 million in Q1 2023.
  • Sale of Aframax tanker Gstaad Grace II for $42 million.
  • General and administrative costs slightly increased to $1.2 million due to stock-based compensation.
Negative
  • Revenues fell by $24.2 million (37%) year-on-year to $41.2 million.
  • Net income dropped from $35.7 million in Q1 2023 to $16.7 million.
  • Earnings per share decreased to $0.56 from $2.31 in Q1 2023.
  • Adjusted net income fell to $17.5 million from $36.0 million in Q1 2023.
  • The average number of vessels owned decreased slightly to 9.84 from 10.10.
  • Voyage expenses decreased to $13.5 million from $16.9 million.

Insights

Imperial Petroleum Inc. has reported a 37.8% increase in revenues from $29.9 million in Q4 2023 to $41.2 million in Q1 2024. This improvement is due to a decrease in commercial idle days, indicating better fleet utilization. However, year-over-year revenues show a 37% decline from $65.4 million in Q1 2023, primarily due to a 38% drop in spot market tanker rates.

The significant jump in net income to $16.7 million from $6.5 million in the previous quarter is noteworthy, though, it still falls short compared to $35.7 million in Q1 2023. Investors should monitor the impact of market fluctuations on revenues and net income. Additionally, the company's financial position is robust with $67.0 million in cash and no debt, providing flexibility for future investments or to weather market downturns.

From a retail investor perspective, the near-term outlook seems favorable given the improved quarterly performance and strong cash position. However, the long-term sustainability of these gains remains uncertain given the volatile nature of market rates and external geopolitical factors affecting the shipping industry.

The sale of the 2009-built Aframax tanker Gstaad Grace II for $42 million in April 2024 is a strategic move that aligns with Imperial Petroleum's focus on enhancing fleet efficiency. The removal of older vessels from the fleet can lead to reduced maintenance costs and improved operational efficiency. This sale also boosts the company's liquidity position, providing additional cash that could be deployed for new acquisitions or investments in modern, fuel-efficient vessels.

It's important to note that the fleet's operational utilization has improved to 80.6% in Q1 2024, up from 75% in Q4 2023. This is a positive indicator of the company's ability to capitalize on market opportunities effectively. However, year-on-year utilization has decreased from 85% in Q1 2023, which requires careful monitoring.

For retail investors, these operational shifts suggest a proactive approach by the company in managing its assets to adapt to market conditions. However, the potential impact of fluctuating spot market rates on future performance should be considered when evaluating long-term investment prospects.

Improved fleet utilization and strategic asset sales are key highlights. The 37.8% increase in revenues QoQ is promising, but a 37% revenue drop YoY due to lower tanker spot rates warrants attention. The net income jump from $6.5 million to $16.7 million QoQ is remarkable, yet lower compared to $35.7 million YoY. Strong liquidity with $67.0 million cash and no debt enhances financial stability. Fleet optimization continues with the sale of the Gstaad Grace II for $42 million. Investors should weigh improved operational metrics against industry volatility.

ATHENS, Greece, May 16, 2024 (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 its unaudited financial and operating results for the three months ended March 31, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Fleet operational utilization of 80.6% in Q1 24’, an improved performance compared to Q4 23’, mainly due to a 29.3% (65 days) decrease in commercial idle days. In Q1 23’our operational utilization was 85.0%.
  • 75.0% of fleet calendar days, equivalent to 671 days, in Q1 24’ were dedicated to spot activity.
  • Revenues of $41.2 million in Q1 24’, compared to $29.9 million in Q4 23’, equivalent to a 37.8% rise and $65.4 million of revenues in Q1 23’.
  • Net Income of $16.7 million in Q1 24’ compared to net income of $6.5 million in Q4 23’ equivalent to a 157% increase- and net income of $35.7 million in Q1 23’.
  • Cash and cash equivalents and time deposits of $67.0 million as of March 31, 2024.
  • On April 17, 2024, we agreed to sell our 2009 built aframax tanker Gstaad Grace II for $42 million. The vessel was delivered to its new owners on April 26, 2024.

First Quarter 2024 Results:

  • Revenues for the three months ended March 31, 2024 amounted to $41.2 million, a decrease of $24.2 million, or 37%, compared to revenues of $65.4 million for the three months ended March 31, 2023, primarily due to an average year on year decline in tanker market spot rates by 38%. It is noted that during the period ended March 31, 2023 tanker market rates were at peak levels mainly due to the sharp effect of the Russian Ukraine conflict on tanker rates which normalized in the following quarters.
  • Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2024 were $13.5 million and $6.0 million, respectively, compared to $16.9 million and $6.9 million, respectively, for the three months ended March 31, 2023. The $3.4 million decrease in voyage expenses is mainly due to longer haul spot voyages and lower transit through the Suez canal compared to the same period of last year which led to decreased port expenses by $1.4 million (33.7%) and decreased commissions by $2.2 million due to lower revenues. The $0.9 million decrease in operating expenses is due to the slight decrease in the average number of our vessels.
  • Drydocking costs for the three months ended March 31, 2024 and 2023 were $0.6 million and $0.6 million, respectively. During the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024, while during the three months ended March 31, 2023 one of our handysize drybulk carriers underwent its drydocking.
  • General and administrative costs for the three months ended March 31, 2024 and 2023 were $1.2 million and $1.0 million, respectively. This change is mainly attributed to the increase in stock-based compensation costs, partly offset by a reduction in reporting expenses due to the spin-off of C3is Inc. which was completed in June 2023.
  • Depreciation for the three months ended March 31, 2024 and 2023 was $4.0 million and $4.1 million, respectively. The change is attributable to the slight decrease in the average number of our vessels.
  • Interest and finance costs for the three months ended March 31, 2024 and 2023 were $0.002 million and $1.4 million, respectively, as there was no debt outstanding during the three months ended March 31, 2024.
  • Interest income for the three months ended March 31, 2024 and 2023 was $1.8 million and $1.3 million, respectively. The increase is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which is receivable by July 2024.
  • As a result of the above, for the three months ended March 31, 2024, the Company reported net income of $16.7 million, compared to net income of $35.7 million for the three months ended March 31, 2023. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2024 was 27.6 million compared to 15.1 million shares for the three months ended March 31, 2023. Earnings per share, basic, for the three months ended March 31, 2024, amounted to $0.56, compared to earnings per share, basic, of $2.31 for the three months ended March 31, 2023.
  • Adjusted net income was $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the three months ended March 31, 2024 compared to an Adjusted net income of $36.0 million corresponding to an Adjusted EPS, basic, of $2.33 for the same period of last year.
  • EBITDA for the three months ended March 31, 2024 amounted to $18.9 million, while Adjusted EBITDA for the three months ended March 31, 2024 amounted to $19.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 9.84 vessels were owned by the Company during the three months ended March 31, 2024 compared to 10.10 vessels for the same period of 2023.

Fleet Employment Table

As of May 16, 2024, the profile and deployment of our fleet is the following:

                             
Name  Year
Built
   Country
Built
   Vessel Size
(dwt)
   Vessel
Type
   Employment
Status
   Daily Charter
Rate
   Expiration of
Charter(1)
 
Tankers                                   
Magic Wand   2008    Korea    47,000    MR product tanker    Spot         
Clean Thrasher   2008    Korea    47,000    MR product tanker    Spot           
Clean Sanctuary (ex. Falcon Maryam)   2009    Korea    46,000    MR product tanker    Spot           
Clean Nirvana   2008    Korea    50,000    MR product tanker    Spot           
Clean Justice   2011    Japan    46,000    MR product tanker    Spot           
Aquadisiac  2008   Korea   51,000   MR product tanker   Spot         
Suez Enchanted   2007    Korea    160,000    Suezmax tanker    Spot           
Suez Protopia   2008    Korea    160,000    Suezmax tanker    Spot           
Drybulk Carriers                                   
Eco Wildfire   2013    Japan    33,000    Handysize drybulk    Time Charter    $18,200    June 2024 
Glorieuse   2012    Japan    38,000    Handysize drybulk    Time Charter    $13,000    May 2024 
Fleet Total             678,000 dwt                     
                             
(1)Earliest date charters could expire.

CEO Harry Vafias Commented

Year 2024 commenced quite favorably for Imperial Petroleum; $16.7 million of net income for the first quarter of this year, which is almost 160% higher than our profitability in the last quarter of 2023, fills us with optimism. The market continues to be governed by turbulence which directs longer haul voyages and is sustaining charter rates at firm levels. The financial health of Imperial Petroleum is undisputable with large cash pile and no bank debt; Going forward we will remain focused on the growth of our Company.

Conference Call details:

On May 16, 2024 at 09:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI52fe1de4b58b412dada1845a63e07141

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

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 ten vessels - six M.R. product tankers, two suezmax tankers and two handysize drybulk carriers - with a total capacity of 678,000 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, 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 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 any financing arrangements, performance of counterparty to our vessel sale agreement, 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, the conflict on Israel and Gaza, the potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or 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.

Fleet List and Fleet Deployment        
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com

Company Contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2023 and March 31, 2024.

FLEET DATAQ1 2023Q1 2024
Average number of vessels (1)10.109.84
Period end number of owned vessels in fleet1211
Total calendar days for fleet (2)909895
Total voyage days for fleet (3)903878
Fleet utilization (4)99.3%98.1%
Total charter days for fleet (5)408207
Total spot market days for fleet (6)495671
Fleet operational utilization (7)85.0%80.6%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars,
except number of shares)
Three Months Period Ended March 31,
 20232024
Net Income – Adjusted Net Income  
Net income35,724,10216,654,604
Plus share based compensation301,541858,810
Adjusted Net Income36,025,64317,513,414
   
Net income - EBITDA  
Net income35,724,10216,654,604
Plus interest and finance costs1,351,6032,430
Less interest income(1,279,216)(1,785,878)
Plus depreciation4,088,8524,027,061
EBITDA39,885,34118,898,217
   
Net income - Adjusted EBITDA  
Net income35,724,10216,654,604
Plus share based compensation301,541858,810
Plus interest and finance costs1,351,6032,430
Less interest income(1,279,216)(1,785,878)
Plus depreciation4,088,8524,027,061
Adjusted EBITDA40,186,88219,757,027
   
EPS   
Numerator  
Net income35,724,10216,654,604
Less: Cumulative dividends on preferred shares(435,246)(435,246)
Less: Undistributed earnings allocated to non-vested shares(463,737)(856,950)
Net income attributable to common shareholders, basic34,825,11915,362,408
Denominator  
Weighted average number of shares, basic15,054,40627,613,661
EPS – Basic2.310.56
   
Adjusted EPS  
Numerator  
Adjusted net income36,025,64317,513,414
Less: Cumulative dividends on preferred shares(435,246)(435,246)
Less: Undistributed earnings allocated to non-vested shares(467,700)(902,326)
Adjusted net income attributable to common shareholders, basic35,122,69716,175,842
Denominator  
Weighted average number of shares, basic15,054,40627,613,661
Adjusted EPS2.330.59

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

      For The Three Months Ended March 31,
      2023 2024
      
Revenues       
 Revenues   65,421,101 41,203,281
         
Expenses       
 Voyage expenses   16,077,827 12,963,607
 Voyage expenses - related party  810,530 514,414
 Vessels' operating expenses  6,875,876 5,951,561
 Vessels' operating expenses - related party 65,000 82,000
 Drydocking costs   621,376 625,457
 Management fees - related party   397,760 393,800
 General and administrative expenses  978,969 1,207,168
 Depreciation   4,088,852 4,027,061
Total expenses   29,916,190 25,765,068
         
Income from operations   35,504,911 15,438,213
         
Other (expenses)/income      
 Interest and finance costs  (1,351,603) (2,430)
 Interest income   1,279,216 1,035,261
 Interest income - related party   - 750,617
 Dividend income from related party  - 189,583
 Foreign exchange gain/(loss)   291,578 (756,640)
Other income, net   219,191 1,216,391
         
Net Income   35,724,102 16,654,604
         
Earnings per share       
- Basic    2.31 0.56
- Diluted    2.31 0.50
Weighted average number of shares      
-Basic    15,054,406 27,613,661
-Diluted    15,054,406 30,951,012

Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

     December 31, March 31,
     2023 2024
        
Assets      
Current assets     
 Cash and cash equivalents 91,927,512 35,331,381
 Time deposits  32,099,810 31,628,000
 Receivable from related parties 37,906,821 38,786,553
 Trade and other receivables 13,498,813 16,747,942
 Other current assets  302,773 834,802
 Inventories  7,291,123 7,865,379
 Advances and prepayments 161,937 207,473
Total current assets  183,188,789 131,401,530
        
Non current assets     
 Operating lease right-of-use assets - 132,448
 Vessels, net  180,847,252 248,873,394
 Investment in related party 12,798,500 12,796,416
Total non current assets  193,645,752 261,802,258
Total assets   376,834,541 393,203,788
        
Liabilities and Stockholders' Equity    
Current liabilities     
 Trade accounts payable 8,277,118 6,681,701
 Payable to related parties 2,324,334 5,256,860
 Accrued liabilities  3,008,500 4,203,686
 Operating lease liabilities, current portion  - 72,704
 Deferred income  919,116 49,950
Total current liabilities  14,529,068 16,264,901
        
Non current liabilities     
Operating lease liabilities, non-current portion  - 59,744
Total non current liabilities  - 59,744
Total liabilities  14,529,068 16,324,645
        
Commitments and contingencies    
        
        
Stockholders' equity     
 Capital stock 332,573 332,573
 Preferred stock, Series A 7,959 7,959
 Preferred stock, Series B 160 160
 Treasury stock (5,885,727) (8,390,225)
 Additional paid-in capital 270,242,635 271,101,445
 Retained earnings  97,607,873 113,827,231
Total stockholders' equity  362,305,473 376,879,143
Total liabilities and stockholders' equity376,834,541 393,203,788


Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars

       For The Three Months Ended March 31,
       2023 2024
       
Cash flows from operating activities      
 Net income for the period    35,724,102 16,654,604
          
Adjustments to reconcile net income to net cash     
provided by operating activities:      
 Depreciation    4,088,852 4,027,061
 Amortization of deferred finance charges  134,427 -
 Non-cash lease expense  16,316 17,550
 Share based compensation   301,541 858,810
 Unrealized foreign exchange loss on time deposits   - 799,150
 Dividend income from related party   - (189,583)
          
Changes in operating assets and liabilities:     
 (Increase)/decrease in       
 Trade and other receivables   (7,689,495) (3,249,129)
 Other current assets    (487,804) (532,029)
 Inventories    (2,435,614) (574,256)
 Changes in operating lease liabilities   (16,316) (17,550)
 Advances and prepayments   19,540 (45,536)
 Due from related parties   - (879,732)
 Increase/(decrease) in       
 Trade accounts payable   476,307 (1,100,028)
 Due to related parties   633,383 2,839,227
 Accrued liabilities    605,944 903,784
 Deferred income    (406,022) (869,166)
Net cash provided by operating activities  30,965,161 18,643,177
          
Cash flows from investing activities      
 Dividend income received   - 191,667
 Acquisition and improvement of vessels  (25,923,656) (72,257,190)
 Purchase of bank time deposits   (18,536,290) (31,695,420)
 Maturity of bank time deposits   68,000,000 31,368,080
Net cash provided by/(used in) investing activities   23,540,054 (72,392,863)
          
Cash flows from financing activities      
 Proceeds from equity offering   12,095,255 -
 Stock issuance costs    (120,954) -
 Stock repurchase   - (2,504,498)
 Dividends paid on preferred shares   (435,246) (341,947)
 Loan repayments    (24,576,000) -
Net cash used in financing activities (13,036,945) (2,846,445)
          
Net increase/(decrease) in cash, cash equivalents and restricted cash 41,468,270 (56,596,131)
Cash, cash equivalents and restricted cash at beginning of period  57,506,919 91,927,512
Cash, cash equivalents and restricted cash at end of period  98,975,189 35,331,381
Cash breakdown     
 Cash and cash equivalents   95,519,418 35,331,381
 Restricted cash, current   2,855,771 -
 Restricted cash, non current   600,000 -
Total cash, cash equivalents and restricted cash shown in the statements of cash flows98,975,189 35,331,381
Supplemental Cash Flow Information:      
Non cash investing activity – Vessel improvements included in liabilities655,333
Non cash investing activity – Dividend income from related party included in Investment in related party160,416
Non cash financing activity – Dividend on preferred series A included in payable to related parties93,299

FAQ

What were Imperial Petroleum's Q1 2024 revenues?

Imperial Petroleum reported revenues of $41.2 million for Q1 2024.

How did Imperial Petroleum's net income perform in Q1 2024?

The net income for Q1 2024 was $16.7 million, a 157% increase from Q4 2023.

What was the earnings per share (EPS) for Imperial Petroleum in Q1 2024?

The EPS for Q1 2024 was $0.56, compared to $2.31 in Q1 2023.

How much did Imperial Petroleum's revenues decline year-on-year in Q1 2024?

Revenues declined by $24.2 million, or 37%, year-on-year in Q1 2024.

Did Imperial Petroleum have any debt during Q1 2024?

Imperial Petroleum had no outstanding debt during Q1 2024.

What were the voyage expenses for Imperial Petroleum in Q1 2024?

Voyage expenses were $13.5 million in Q1 2024.

What was the operational utilization rate for Imperial Petroleum in Q1 2024?

The operational utilization rate was 80.6% in Q1 2024.

How many vessels did Imperial Petroleum own on average in Q1 2024?

Imperial Petroleum owned an average of 9.84 vessels in Q1 2024.

What was the interest income for Imperial Petroleum in Q1 2024?

Interest income for Q1 2024 was $1.8 million.

What major sale did Imperial Petroleum make in April 2024?

Imperial Petroleum sold its Aframax tanker Gstaad Grace II for $42 million in April 2024.

Imperial Petroleum Inc. Common Shares

NASDAQ:IMPP

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