Welcome to our dedicated page for Imperial Petrole news (Ticker: IMPP), a resource for investors and traders seeking the latest updates and insights on Imperial Petrole stock.
Imperial Petroleum Inc (IMPP) provides essential seaborne transportation services for refined petroleum products and chemicals through its specialized fleet operations. This centralized news resource offers investors and industry professionals timely updates on corporate developments within the global energy logistics market.
Access comprehensive coverage of IMPP's operational milestones including fleet expansions, regulatory compliance achievements, and strategic partnerships. Our curated news collection features verified press releases alongside market analysis relevant to maritime fuel transportation and commodities logistics.
Key updates include contract announcements with oil producers, operational efficiency reports, and industry participation in energy supply chain initiatives. The content maintains focus on IMPP's core competencies in medium-range product tanker management and international shipping operations.
Bookmark this page for streamlined access to IMPP's evolving market position and operational updates. Regularly updated content ensures stakeholders remain informed about this critical player in petroleum product transportation.
Imperial Petroleum Inc. (Nasdaq: IMPP) announced the termination of its ATM equity offering program, previously executed with Maxim Group LLC and Virtu Americas LLC. The program resulted in the issuance and sale of 50,780,137 shares, generating approximately US$12.5 million in gross proceeds. Following this, the company operates a fleet of twelve vessels, which will expand to include two additional vessels by the end of March 2023, increasing its total deadweight tonnage capacity to around 808,000 dwt. The company continues to navigate risks associated with market conditions, operational costs, and external factors affecting the shipping industry.
Imperial Petroleum Inc. (Nasdaq: IMPP) has agreed to acquire two handysize drybulk carriers for $25.5 million and 13,875 shares of Series C Convertible Preferred Stock. The vessels, built in Japan in 2012 and 2013, have a combined capacity of around 71,000 dwt. These acquisitions, expected to close by the end of March 2023, were approved by independent directors and supported by a fairness opinion from an advisor. The Series C shares carry a 5.00% annual dividend, convertible into common stock after six months. Following the acquisition, Imperial Petroleum's fleet will total 12 vessels with a capacity of 808,000 dwt.
IMPERIAL PETROLEUM (NASDAQ: IMPP) reported impressive financial results for Q4 2022, with revenues soaring to $37.9 million, an increase of 847.5% year-over-year. Net income stood at $13.8 million, a significant turnaround from a loss of $1.5 million in Q4 2021. The company generated a total net income of $29.5 million for 2022, marking a 1,020% increase. The fleet utilization was 79.4%, with a strong focus on spot market activities. The company maintains a solid cash position of $118.9 million and a manageable debt of $70 million. CEO Harry Vafias highlighted successful market navigation and anticipates continued growth in 2023.
Imperial Petroleum Inc. announced the release of its fourth quarter and twelve months’ financial results for the period ending December 31, 2022, scheduled for February 15, 2023, before the market opens in New York.
The company's management will host a conference call on the same day at 11:00 am ET to discuss the financial results, operations, and future outlook. Participants can pre-register for the call to receive dial-in details and can also access a live and archived webcast of the discussion on the company’s website. Imperial Petroleum owns ten vessels and is publicly traded under the ticker IMPP.
Imperial Petroleum Inc. (Nasdaq: IMPP) announced the election of George Xiradakis as Class I director during its annual stockholders' meeting held in Athens on December 20, 2022. Xiradakis will serve until the next meeting in 2025. Additionally, stockholders ratified the appointment of Deloitte Certified Public Accountants S.A. as independent auditors for the fiscal year ending December 31, 2022. Imperial Petroleum operates a fleet of 10 vessels, including product tankers and dry bulk carriers, with a total capacity of approximately 737,000 deadweight tons.
Imperial Petroleum Inc. (Nasdaq: IMPP) announced a $0.546875 per share dividend on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on December 30, 2022 to shareholders of record as of December 27, 2022. This payment covers the period from the last dividend payment on September 30, 2022 to December 29, 2022. As of now, there are 795,878 Series A Preferred Shares outstanding, trading under the ticker IMPPP.
Imperial Petroleum Inc. (Nasdaq: IMPP) has received a 180-day extension from Nasdaq to comply with the minimum bid price requirement of $1.00 per share. The new deadline is June 12, 2023. If the bid price remains above $1.00 for 10 consecutive trading days, compliance will be regained. The company has indicated it may consider a reverse stock split to meet the requirement. Until then, trading of the common stock will continue without immediate effect. The company will monitor its stock price closely and explore options to resolve this issue.
IMPERIAL PETROLEUM INC. (NASDAQ: IMPP) reported significant financial results for Q3 2022, achieving revenues of $42.6 million, up 277% from Q2 2022, and net income of $15.5 million, marking a 15,400% increase. The fleet operational utilization reached 86.3%, with a total of 8.1 vessels owned. EBITDA rose to $18.7 million, while cash and time deposits amounted to $92.4 million. The company noted a strong market environment and plans for future growth. A conference call will provide further insights on October 24, 2022.
Imperial Petroleum Inc. will announce its third quarter and nine-month financial results on October 24, 2022, prior to the market opening in New York. A conference call is scheduled for 11:00 am ET on the same day, where the management will discuss the results and operational outlook.
The company owns a fleet of 10 vessels, including five M.R. product tankers and two Suezmax tankers, with a combined capacity of approximately 737,000 deadweight tons (dwt).
Imperial Petroleum Inc. (Nasdaq: IMPP) announced that its Annual Meeting of Shareholders reconvened on October 13, 2022, but was adjourned due to a lack of quorum. The meeting has been rescheduled to December 20, 2022, at 11:00 a.m. Greek local time. A new record date of October 28, 2022, is set for stockholders to vote in person or by proxy. No changes were made to the proposals for the annual meeting. Imperial Petroleum operates a fleet of 10 vessels, including tankers and drybulk carriers, providing transportation services for petroleum products and crude oil.
