Imperial Petroleum Inc. Reports Second Quarter and Six Months 2024 Financial and Operating Results
Imperial Petroleum Inc. (NASDAQ: IMPP) reported its Q2 and H1 2024 financial results. Key highlights include:
- Q2 2024 revenues of $47.0 million, up 14.1% from Q1 2024 but down 20.3% year-over-year
- Q2 2024 net income of $19.5 million, up $2.8 million from Q1 2024 and $2.7 million year-over-year
- Cash and cash equivalents of $129.8 million as of June 30, 2024
- Fleet operational utilization of 80.9% in Q2 2024
- Delivery of handysize drybulk carrier Neptulus on August 24, 2024
- Receipt of $39 million from C3is Inc. on July 15, 2024, increasing current cash balance to nearly $190 million
The company's performance was driven by strong product tanker markets west of Suez. CEO Harry Vafias noted the company's recurring profitability, strong cash position, and zero leverage provide flexibility for future growth.
Imperial Petroleum Inc. (NASDAQ: IMPP) ha riportato i risultati finanziari del Q2 e del H1 2024. I punti salienti includono:
- Ricavi del Q2 2024 pari a 47,0 milioni di dollari, in aumento del 14,1% rispetto al Q1 2024 ma in calo del 20,3% rispetto all'anno precedente
- Utile netto del Q2 2024 di 19,5 milioni di dollari, in crescita di 2,8 milioni di dollari rispetto al Q1 2024 e di 2,7 milioni di dollari rispetto all'anno precedente
- Liquidità e equivalenti di liquidità pari a 129,8 milioni di dollari al 30 giugno 2024
- Utilizzo operativo della flotta dell'80,9% nel Q2 2024
- Consegna della nave bulk carrier handysize Neptulus il 24 agosto 2024
- Ricezione di 39 milioni di dollari da C3is Inc. il 15 luglio 2024, aumentando il saldo di liquidità corrente a quasi 190 milioni di dollari
Le performance dell'azienda sono state sostenute da mercati di petroliere da prodotto robusti a ovest del Suez. Il CEO Harry Vafias ha sottolineato la redditività ricorrente dell'azienda, la forte posizione di cassa e l'assenza di indebitamento, che offrono flessibilità per la crescita futura.
Imperial Petroleum Inc. (NASDAQ: IMPP) informó sobre sus resultados financieros del Q2 y del H1 2024. Los puntos destacados incluyen:
- Ingresos del Q2 2024 de 47,0 millones de dólares, un aumento del 14,1% en comparación con el Q1 2024, pero una disminución del 20,3% en comparación con el año anterior
- Ingreso neto del Q2 2024 de 19,5 millones de dólares, un aumento de 2,8 millones de dólares en comparación con el Q1 2024 y de 2,7 millones de dólares en comparación con el año anterior
- Efectivo y equivalentes de efectivo de 129,8 millones de dólares al 30 de junio de 2024
- Utilización operativa de la flota del 80,9% en el Q2 2024
- Entrega del buque de carga seca handysize Neptulus el 24 de agosto de 2024
- Recepción de 39 millones de dólares de C3is Inc. el 15 de julio de 2024, aumentando el saldo de efectivo actual a casi 190 millones de dólares
El desempeño de la empresa se vio impulsado por sólidos mercados de buques cisterna de productos al oeste de Suez. El CEO Harry Vafias señaló que la rentabilidad recurrente de la empresa, su sólida posición de caja y la ausencia de apalancamiento proporcionan flexibilidad para un crecimiento futuro.
임페리얼 페트롤리엄 주식회사(나스닥: IMPP)는 2024년 2분기 및 상반기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 2024년 2분기 매출 4,700만 달러, 2024년 1분기 대비 14.1% 증가, 그러나 전년 대비 20.3% 감소
- 2024년 2분기 순익 1,950만 달러, 2024년 1분기 대비 280만 달러, 전년 대비 270만 달러 증가
- 2024년 6월 30일 기준 현금 및 현금성 자산 1억 2,980만 달러
- 2024년 2분기 함대 운영 활용률 80.9%
- 2024년 8월 24일 Handysize 드라이 벌크선 Neptulus의 인도
- 2024년 7월 15일 C3is Inc.로부터 3,900만 달러 수령, 현재 현금 잔고를 거의 1억 9,000만 달러로 증가
회사의 실적은 수에즈 서쪽의 강력한 제품 탱커 시장에 의해 촉진되었습니다. CEO 해리 바피아스는 회사의 반복적인 수익성, 강력한 현금 위치 및 제로 레버리지로 미래 성장을 위한 유연성을 제공한다고 언급했습니다.
Imperial Petroleum Inc. (NASDAQ: IMPP) a publié ses résultats financiers pour le 2ème trimestre et le 1er semestre 2024. Les points clés incluent :
- Chiffre d'affaires du 2ème trimestre 2024 de 47,0 millions de dollars, en hausse de 14,1 % par rapport au 1er trimestre 2024 mais en baisse de 20,3 % par rapport à l'année précédente
- Résultat net du 2ème trimestre 2024 de 19,5 millions de dollars, en hausse de 2,8 millions de dollars par rapport au 1er trimestre 2024 et de 2,7 millions de dollars par rapport à l'année précédente
- Trésorerie et équivalents de trésorerie de 129,8 millions de dollars au 30 juin 2024
- Taux d'utilisation opérationnelle de la flotte de 80,9 % au 2ème trimestre 2024
- Livraison du navire bulk carrier handysize Neptulus le 24 août 2024
- Réception de 39 millions de dollars de C3is Inc. le 15 juillet 2024, augmentant le solde de trésorerie actuel à près de 190 millions de dollars
La performance de l'entreprise a été soutenue par des marchés de navires-citernes de produits robustes à l'ouest de Suez. Le PDG Harry Vafias a souligné la rentabilité récurrente de l'entreprise, sa solide position de trésorerie et son absence d'endettement offrent une flexibilité pour une croissance future.
Imperial Petroleum Inc. (NASDAQ: IMPP) hat seine Finanzberichte für das 2. Quartal und das 1. Halbjahr 2024 veröffentlicht. Wichtige Highlights sind:
- Einnahmen im 2. Quartal 2024 von 47,0 Millionen US-Dollar, ein Anstieg von 14,1 % im Vergleich zum 1. Quartal 2024, jedoch ein Rückgang von 20,3 % im Jahresvergleich
- Nettogewinn im 2. Quartal 2024 von 19,5 Millionen US-Dollar, ein Anstieg um 2,8 Millionen US-Dollar im Vergleich zum 1. Quartal 2024 und um 2,7 Millionen US-Dollar im Jahresvergleich
- Zahlungsmittel und Zahlungsmitteläquivalente in Höhe von 129,8 Millionen US-Dollar zum 30. Juni 2024
- Operative Flottenauslastung von 80,9 % im 2. Quartal 2024
- Lieferung des Handysize-Transporters Neptulus am 24. August 2024
- Erhalt von 39 Millionen US-Dollar von C3is Inc. am 15. Juli 2024, was den aktuellen Kassenbestand auf fast 190 Millionen US-Dollar erhöht
Die Leistung des Unternehmens wurde durch starke Märkte für Produkttanker westlich des Suezkanals angetrieben. CEO Harry Vafias bemerkte, dass die wiederkehrende Rentabilität des Unternehmens, die starke Liquiditätsposition und die Nullverschuldung Flexibilität für zukünftiges Wachstum bieten.
- Q2 2024 net income of $19.5 million, up from both Q1 2024 and Q2 2023
- Strong cash position with $129.8 million in cash and cash equivalents as of June 30, 2024
- Receipt of $39 million from C3is Inc., boosting cash balance to nearly $190 million
- Zero debt leverage, providing financial flexibility
- Improved fleet operational utilization of 80.9% in Q2 2024 compared to 75.4% in Q2 2023
- Q2 2024 revenues of $47.0 million, down 20.3% year-over-year
- Decrease in voyage days by 11.7% due to reduction in average fleet size
- Decline in tanker market rates, particularly for suezmax tankers
- Net loss of $1.6 million on sale of Aframax tanker Gstaad Grace II
Insights
Imperial Petroleum's Q2 2024 results show a mixed financial picture. While net income increased to
The company's strong cash position of
The acquisition of the Neptulus handysize drybulk carrier indicates a strategic move to diversify the fleet. Overall, while profitability remains solid, the year-over-year revenue decline and market undervaluation warrant close monitoring for long-term performance trends.
The tanker market shows signs of volatility and regional disparities. Imperial Petroleum's strategic positioning of product tankers west of Suez proved beneficial, highlighting the importance of fleet deployment decisions in maximizing profitability. The
The company's fleet utilization of
The addition of the Neptulus to the fleet and the diverse vessel types (MR product tankers, Suezmax tankers and Handysize drybulk carriers) indicate a strategy to balance market exposure across different shipping segments, potentially mitigating risks associated with individual market volatility.
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 the80.6% utilization achieved in Q1 24’. In Q2 23’ our operational utilization was lower in the order of75.4% . 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, 2024
- Revenues of
$47.0 million in Q2 24’ compared to$41.2 million in Q1 24’ equivalent to a14.1% 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 , or20.3% , compared to revenues of$59.0 million for the three months ended June 30, 2023, primarily due to a decrease in voyage days by11.7% (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 transit through Suez Canal, partially offset by an increase in our daily bunker costs by approximately$800. T he$0.5 million decrease in vessels’ operating expenses was primarily due to the decrease of our fleet by an average of 1.5 vessels. - Drydocking costs for the three months ended June 30, 2024 and 2023 were nil and
$0.7 million , respectively. During three months ended June 30, 2023 one of our Handysize drybulk carriers the Eco Glorieuse underwent drydocking. - General and administrative costs for the three months ended June 30, 2024 and 2023 were
$1.5 million and$1.5 million , respectively. - Depreciation for the three months ended June 30, 2024 and 2023 was
$4.2 million and$4.6 million , respectively. The change is attributable to the decrease in the average number of our vessels. - Other operating income for the three months ended June 30, 2024 was
$1.9 million and related to the collection of a claim in in connection with repairs undertaken in prior years. - Net loss on sale of vessel for the three months ended June 30, 2024 was
$1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party. - Impairment loss for the three months ended June 30, 2023 stood at
$9.0 million , and related to the spin-off of two of our drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of the impairment loss. - Interest and finance costs for the three months ended June 30, 2024 and 2023 were
$0.00 6 million and$0.5 million , respectively. During the three months ended June 30, 2023 the Company repaid all of its outstanding debt whereas there is no debt during the three months ended June 30, 2024. The$0.5 million charges for the three months ended June 30, 2023 relate mainly to the full amortization of loan related charges following the repayment of the Company’s outstanding debt. - Interest income for the three months ended June 30, 2024 and 2023 was
$2.0 million and$0.9 million , respectively. The increase is mainly attributed to the$0.8 million of accrued interest income – related party for the three months ended June 30, 2024 in connection with the$38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was collected in July 2024. - As a result of the above, for the three months ended June 30, 2024, the Company reported net income of
$19.5 million , compared to net income of$16.8 million for the three months ended June 30, 2023. Dividends paid on Series A Preferred Shares amounted to$0.4 million for the three months ended June 30, 2024. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2024 was 28.0 million. Earnings per share, basic and diluted, for the three months ended June 30, 2024 amounted to$0.64 and$0.56 , respectively, compared to earnings per share, basic and diluted, of$0.91 and$0.73 , respectively for the three months ended June 30, 2023. - Adjusted net income1 was
$22.2 million corresponding to an Adjusted EPS1, basic of$0.73 for the three months ended June 30, 2024 compared to an Adjusted net income of$26.6 million corresponding to an Adjusted EPS, basic, of$1.46 for the same period of last year. - EBITDA1 for the three months ended June 30, 2024 amounted to
$21.8 million , while Adjusted EBITDA1 for the three months ended June 30, 2024 amounted to$24.4 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 10.3 vessels were owned by the Company during the three months ended June 30, 2024 compared to 11.8 vessels for the same period of 2023.
Six Months 2024 Results:
- Revenues for the six months ended June 30, 2024 amounted to
$88.2 million , a decrease of$36.3 million , or29.2% , compared to revenues of$124.5 million for the six months ended June 30, 2023, primarily due to a year to date decline of daily suezmax freight rates by almost25% . - Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2024 were
$30.6 million and$12.5 million , respectively, compared to$36.1 million and$13.9 million , respectively, for the six months ended June 30, 2023. The$5.5 million decrease in voyage expenses is mainly attributed to decreased port expenses by approximately$3.0 million due to decreased transit through Suez Canal and decreased voyage commissions by approximately$1.1 in conjunction with lower freight rates. The$1.4 million decrease in vessels’ operating expenses was primarily due to the decrease in the average number of vessels in our fleet. - Drydocking costs for the six months ended June 30, 2024 and 2023 were
$0.6 million and$1.3 million , respectively. This decrease is due to the fact that during the six months ended June 30, 2024 one tanker vessel underwent drydocking while in the same period of last year two of our Handysize drybulk carriers underwent drydocking. - General and administrative costs for the six months ended June 30, 2024 and 2023 were
$2.7 million and$2.5 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 six months ended June 30, 2024 was
$8.2 million , a$0.5 million decrease from$8.7 million for the same period of last year, due to the decrease in the average number of our vessels. - Other operating income for the six months ended June 30, 2024 was
$1.9 million and related to the collection of a claim in connection with repairs undertaken in prior years. - Net loss on sale of vessel for the six months ended June 30, 2024 was
$1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party. - Impairment loss for the six months period ended June 30, 2023 stood at
$9.0 million , and related to the spin-off of two of four drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of impairment loss. - Interest and finance costs for the six months ended June 30, 2024 and 2023 were
$0.00 8 million and$1.8 million , respectively. The$1.8 million of costs for the six months ended June 30, 2023 relate mainly to$1.3 million of interest charges incurred up to the full repayment of all outstanding loans concluded in April 2023 along with the full amortization of$0.5 million of loan related charges following the repayment of the Company’s outstanding debt. - Interest income for the six months ended June 30, 2024 and 2023 was
$3.8 million and$2.1 million , respectively. The increase is mainly attributed to 1.5mil of accrued interest income – related party for the six months ended June 30, 2024 in connection with the$38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was receivable by July 2024. - As a result of the above, the Company reported net income for the six months ended June 30, 2024 of
$36.2 million , compared to a net income of$52.6 million for the six months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2024 was 27.8 million. Earnings per share, basic and diluted, for the six months ended June 30, 2024 amounted to$1.20 and$1.06 , respectively compared to earnings per share, basic and diluted, of$3.17 and$2.78 for the six months ended June 30, 2023. - Adjusted Net Income was
$39.7 million corresponding to an Adjusted EPS, basic of$1.32 for the six months ended June 30, 2024 compared to adjusted net income of$62.6 million , or$3.79 EPS, basic, for the same period of last year. - EBITDA for the six months ended June 30, 2024 amounted to
$40.6 million while Adjusted EBITDA for the six months ended June 30, 2024 amounted to$44.1 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 10.1 vessels were owned by the Company during the six months ended June 30, 2024 compared to 10.9 vessels for the same period of 2023.
- As of June 30, 2024, cash and cash equivalents including time deposits amounted to
$129.8 million and total debt amounted to nil.
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
Fleet Employment Table
As of August 27, 2024, the profile and deployment of our fleet is the following:
| Name | Year Built | Country Built | Vessel Size (dwt) | Vessel Type | Employment Status | 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 | Time Charter | August 2027 | |||||||||||||||||||
| 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 | August 2024 | |||||||||||||||||||
| Glorieuse | 2012 | Japan | 38,000 | Handysize drybulk | Time Charter | September 2024 | |||||||||||||||||||
| Neptulus | 2012 | Japan | 33,000 | Handysize drybulk | Time Charter | August 2024 | |||||||||||||||||||
| Fleet Total | 711,000 dwt | ||||||||||||||||||||||||
| (1) | Earliest date charters could expire. |
CEO Harry Vafias Commented
In Q2 24 we managed to turn a typically weak seasonal period to our second most profitable quarter thus far, as we generated a net profit of
Conference Call details:
On August 27, 2024 at 11:00 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/BI4888ca9812574a5fb23bfdfa933b77d6
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 twelve vessels, eleven vessels in the water - six M.R. product tankers, two suezmax tankers and three handysize drybulk carriers - with a total capacity of 711,000 deadweight tons (dwt), and one M.R product tanker of 40,000 dwt capacity, that will be delivered in the fourth quarter of 2024. IMPERIAL PETROLEUM INC.’s shares of common stock and
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 impact of any lingering 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, 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, 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.
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 periods ended June 30, 2023 and June 30, 2024.
| FLEET DATA | Q2 2023 | Q2 2024 | 6M 2023 | 6M 2024 |
| Average number of vessels (1) | 11.8 | 10.3 | 10.9 | 10.1 |
| Period end number of owned vessels in fleet | 10 | 10 | 10 | 10 |
| Total calendar days for fleet (2) | 1,072 | 936 | 1,981 | 1,831 |
| Total voyage days for fleet (3) | 1,044 | 922 | 1,947 | 1,800 |
| Fleet utilization (4) | ||||
| Total charter days for fleet (5) | 310 | 178 | 718 | 385 |
| Total spot market days for fleet (6) | 734 | 744 | 1,229 | 1,415 |
| Fleet operational utilization (7) | ||||
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 impairment loss, net loss on sale of vessel and 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, impairment loss, net loss on sale of vessel 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) | Second Quarter Ended June 30th, | Six Months Period Ended June 30th, | ||
| 2023 | 2024 | 2023 | 2024 | |
| Net Income - Adjusted Net Income | ||||
| Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
| Plus net loss on sale of vessel | -- | 1,589,702 | -- | 1,589,702 |
| Plus impairment loss | 8,996,023 | -- | 8,996,023 | -- |
| Plus share based compensation | 789,648 | 1,036,562 | 1,091,189 | 1,895,372 |
| Adjusted Net Income | 26,612,156 | 22,150,702 | 62,637,799 | 39,664,116 |
| Net income - EBITDA | ||||
| Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
| Plus interest and finance costs | 459,166 | 5,797 | 1,810,769 | 8,227 |
| Less interest income | (851,930) | (1,987,726) | (2,131,146) | (3,773,604) |
| Plus depreciation | 4,601,209 | 4,208,008 | 8,690,061 | 8,235,069 |
| EBITDA | 21,034,930 | 21,750,517 | 60,920,271 | 40,648,734 |
| Net income - Adjusted EBITDA | ||||
| Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
| Plus net loss on sale of vessel | -- | 1,589,702 | -- | 1,589,702 |
| Plus impairment loss | 8,996,023 | -- | 8,996,023 | -- |
| Plus share based compensation | 789,648 | 1,036,562 | 1,091,189 | 1,895,372 |
| Plus interest and finance costs | 459,166 | 5,797 | 1,810,769 | 8,227 |
| Less interest income | (851,930) | (1,987,726) | (2,131,146) | (3,773,604) |
| Plus depreciation | 4,601,209 | 4,208,008 | 8,690,061 | 8,235,069 |
| Adjusted EBITDA | 30,820,601 | 24,376,781 | 71,007,483 | 44,133,808 |
| EPS | ||||
| Numerator | ||||
| Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
| Less: Cumulative dividends on preferred shares | (620,246) | (435,246) | (1,055,494) | (870,492) |
| Less: Undistributed earnings allocated to non-vested shares | (856,309) | (1,137,477) | (977,828) | (1,985,920) |
| Net income attributable to common shareholders, basic | 15,349,930 | 17,951,715 | 50,517,265 | 33,322,630 |
| Denominator | ||||
| Weighted average number of shares | 16,816,597 | 27,965,872 | 15,940,369 | 27,789,766 |
| EPS - Basic | 0.91 | 0.64 | 3.17 | 1.20 |
| Adjusted EPS | ||||
| Numerator | ||||
| Adjusted net income | 26,612,156 | 22,150,702 | 62,637,799 | 39,664,116 |
| Less: Cumulative dividends on preferred shares | (620,246) | (435,246) | (1,055,494) | (870,492) |
| Less: Undistributed earnings allocated to non-vested shares | (1,373,366) | (1,293,969) | (1,169,371) | (2,181,937) |
| Adjusted net income attributable to common shareholders, basic | 24,618,544 | 20,421,487 | 60,412,934 | 36,611,687 |
| Denominator | ||||
| Weighted average number of shares | 16,816,597 | 27,965,872 | 15,940,369 | 27,789,766 |
| Adjusted EPS | 1.46 | 0.73 | 3.79 | 1.32 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
| Quarters Ended June 30, | Six Month Periods Ended June 30, | ||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||
| Revenues | |||||||||||
| Revenues | 59,044,221 | 47,041,881 | 124,465,322 | 88,245,162 | |||||||
| Expenses | |||||||||||
| Voyage expenses | 18,522,418 | 16,524,695 | 34,600,245 | 29,488,302 | |||||||
| Voyage expenses - related party | 736,269 | 587,970 | 1,546,799 | 1,102,384 | |||||||
| Vessels' operating expenses | 6,885,309 | 6,389,255 | 13,761,185 | 12,340,816 | |||||||
| Vessels' operating expenses - related party | 89,333 | 77,500 | 154,333 | 159,500 | |||||||
| Drydocking costs | 696,934 | -- | 1,318,310 | 625,457 | |||||||
| Management fees – related party | 473,880 | 411,840 | 871,640 | 805,640 | |||||||
| General and administrative expenses | 1,487,436 | 1,476,204 | 2,466,405 | 2,683,372 | |||||||
| Depreciation | 4,601,209 | 4,208,008 | 8,690,061 | 8,235,069 | |||||||
| Other operating income | -- | (1,900,000) | -- | (1,900,000) | |||||||
| Impairment loss | 8,996,023 | -- | 8,996,023 | -- | |||||||
| Net loss on sale of vessel | -- | 1,589,702 | -- | 1,589,702 | |||||||
| Total expenses | 42,448,811 | 29,359,174 | 72,405,001 | 55,130,242 | |||||||
| Income from operations | 16,555,410 | 17,676,707 | 52,060,321 | 33,114,920 | |||||||
| Other (expenses)/income | |||||||||||
| Interest and finance costs | (459,166) | (5,797) | (1,810,769) | (8,227) | |||||||
| Interest income | 851,930 | 1,221,907 | 2,131,146 | 2,257,168 | |||||||
| Interest income – related party | -- | 765,819 | -- | 1,516,436 | |||||||
| Dividend income from related party | 20,833 | 189,584 | 20,833 | 379,167 | |||||||
| Foreign exchange (loss)/gain | (142,522) | (323,782) | 149,056 | (1,080,422) | |||||||
| Other income, net | 271,075 | 1,847,731 | 490,266 | 3,064,122 | |||||||
| Net Income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 | |||||||
| Earnings per share1 | |||||||||||
| - Basic | 0.91 | 0.64 | 3.17 | 1.20 | |||||||
| - Diluted | 0.73 | 0.56 | 2.78 | 1.06 | |||||||
| Weighted average number of shares | |||||||||||
| -Basic | 16,816,597 | 27,965,872 | 15,940,369 | 27,789,766 | |||||||
| -Diluted | 21,366,486 | 32,069,815 | 18,304,134 | 31,515,129 | |||||||
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
| December 31, | June 30, | ||||||
| 2023 | 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 91,927,512 | 69,738,832 | |||||
| Time deposits | 32,099,810 | 60,012,100 | |||||
| Receivables from related parties | 37,906,821 | 39,552,371 | |||||
| Trade and other receivables | 13,498,813 | 18,538,547 | |||||
| Other current assets | 302,773 | 637,833 | |||||
| Inventories | 7,291,123 | 8,706,419 | |||||
| Advances and prepayments | 161,937 | 604,824 | |||||
| Total current assets | 183,188,789 | 197,790,926 | |||||
| Non current assets | |||||||
| Operating lease right-of-use asset | -- | 114,912 | |||||
| Vessels, net | 180,847,252 | 201,878,424 | |||||
| Investment in related party | 12,798,500 | 12,796,417 | |||||
| Total non current assets | 193,645,752 | 214,789,753 | |||||
| Total assets | 376,834,541 | 412,580,679 | |||||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Trade accounts payable | 8,277,118 | 5,568,261 | |||||
| Payable to related parties | 2,324,334 | 3,476,164 | |||||
| Accrued liabilities | 3,008,500 | 3,208,264 | |||||
| Operating lease liability, current portion | -- | 72,704 | |||||
| Deferred income | 919,116 | 1,408,181 | |||||
| Total current liabilities | 14,529,068 | 13,733,574 | |||||
| Non current liabilities | |||||||
| Operating lease liability, non-current portion | -- | 42,208 | |||||
| Total non current liabilities | -- | 42,208 | |||||
| Total liabilities | 14,529,068 | 13,775,782 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Capital stock | 332,573 | 345,835 | |||||
| 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 | 273,924,745 | |||||
| Retained earnings | 97,607,873 | 132,916,423 | |||||
| Total stockholders' equity | 362,305,473 | 398,804,897 | |||||
| Total liabilities and stockholders' equity | 376,834,541 | 412,580,679 | |||||
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
| Six Month Periods Ended June 30, | |||||||
| 2023 | 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net income for the period | 52,550,587 | 36,179,042 | |||||
| Adjustments to reconcile net income to net cash | |||||||
| provided by operating activities: | |||||||
| Depreciation | 8,690,061 | 8,235,069 | |||||
| Amortization of deferred finance charges | 474,039 | -- | |||||
| Non-cash lease expense | 31,349 | 35,086 | |||||
| Share based compensation | 1,091,189 | 1,895,372 | |||||
| Impairment loss | 8,996,023 | -- | |||||
| Net loss on sale of vessel | -- | 1,589,702 | |||||
| Unrealized foreign exchange loss on time deposits | -- | 773,620 | |||||
| Dividend income from related party | (20,833) | (379,167) | |||||
| Changes in operating assets and liabilities: | |||||||
| (Increase)/decrease in | |||||||
| Trade and other receivables | (3,360,823) | (5,039,734) | |||||
| Other current assets | (136,130) | (335,060) | |||||
| Inventories | (2,062,365) | (1,415,296) | |||||
| Changes in operating lease liabilities | (31,349) | (35,086) | |||||
| Advances and prepayments | (373,262) | (442,887) | |||||
| Due from related parties | (42,042) | (1,645,550) | |||||
| Increase/(decrease) in | |||||||
| Trade accounts payable | 500,001 | (1,861,518) | |||||
| Due to related parties | (2,709,982) | 1,058,531 | |||||
| Accrued liabilities | 1,020,949 | 199,764 | |||||
| Deferred income | (801,066) | 489,065 | |||||
| Net cash provided by operating activities | 63,816,346 | 39,300,953 | |||||
| Cash flows from investing activities | |||||||
| Dividends income received | -- | 381,250 | |||||
| Proceeds from sale of vessel, net | -- | 41,153,578 | |||||
| Acquisition and improvement of vessels | (26,284,405) | (72,856,860) | |||||
| Increase in bank time deposits | (61,912,900) | (91,715,140) | |||||
| Maturity of bank time deposits | 68,000,000 | 63,029,230) | |||||
| Net cash used in investing activities | (20,197,305) | (60,007,942) | |||||
| Cash flows from financing activities | |||||||
| Proceeds from equity offerings | 12,095,253 | -- | |||||
| Proceeds from warrants exercise | -- | 1,800,000 | |||||
| Stock issuance costs | (198,587) | -- | |||||
| Stock repurchase | -- | (2,504,498) | |||||
| Dividends paid on preferred shares | (870,494) | (777,193) | |||||
| Loan repayments | (70,438,500) | -- | |||||
| Cash retained by C3is Inc. at spin-off | (5,000,000) | -- | |||||
| Net cash used in financing activities | (64,412,328) | (1,481,691) | |||||
| Net decrease in cash and cash equivalents | (20,793,287) | (22,188,680) | |||||
| Cash and cash equivalents at beginning of period | 57,506,919 | 91,927,512 | |||||
| Cash and cash equivalents at end of period | 36,713,632 | 69,738,832 | |||||
| Cash breakdown | |||||||
| Cash and cash equivalents | 36,713,632 | 69,738,832 | |||||
| Total cash and cash equivalents shown in the statements of cash flows | 36,713,632 | 69,738,832 | |||||
| Supplemental Cash Flow Information | ||||||||
| Interest paid | 1,735,054 | -- | ||||||
| Non-cash investing activity - Vessels’ improvements included in liabilities | 322,527 | 11,981 | ||||||
| Non-cash investing activity – Dividend income from related party included in Investment in related party | -- | 160,417 | ||||||
| Non-cash financing activity – Dividends declared on Preferred Shares Series C included in Balances with related parties | 185,000 | -- | ||||||
| Non-cash financing activity – Dividend on preferred series A included in payables to related parties | -- | 93,299 | ||||||
| Distribution of net assets of C3is Inc. to shareholders and warrantholders | 20,957,952 | -- | ||||||
FAQ
What was Imperial Petroleum's (IMPP) net income for Q2 2024?
How much cash does Imperial Petroleum (IMPP) have as of June 30, 2024?
What was Imperial Petroleum's (IMPP) fleet operational utilization in Q2 2024?
Did Imperial Petroleum (IMPP) acquire any new vessels in 2024?
