Welcome to our dedicated page for Imperial Petroleum Common Shares news (Ticker: IMPP), a resource for investors and traders seeking the latest updates and insights on Imperial Petroleum Common Shares stock.
Imperial Petroleum Inc. (Symbol: IMPP) is a prominent player in the international seaborne transportation sector. Based out of 4180 Luna Pier Rd, Luna Pier, Michigan, United States, the company provides essential services to oil producers, refineries, and commodities traders worldwide. IMPERIAL PETROLEUM INC. is distinguished by its robust fleet, which includes six medium-range product tankers that transport a variety of refined petroleum products such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals.
In addition to its core fleet, Imperial Petroleum Inc. has expanded its capacity significantly. The company now owns a total of nine vessels, comprising five M.R. product tankers, two suezmax tankers, and two handysize dry bulk carriers, with a total capacity of 628,000 deadweight tons (dwt). Furthermore, it is slated to acquire two more tankers—one aframax and one product tanker—by the end of January 2024. Once these deliveries are completed, the fleet will boast an aggregate capacity of 791,716 dwt, making it a formidable player in the industry.
Imperial Petroleum Inc. is publicly traded on the Nasdaq Capital Market, with its common shares listed under the symbol 'IMPP' and its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock under the symbol 'IMPPP'. This dual listing underscores the company's strong financial positioning and investor confidence. The company’s operational and financial updates are regularly communicated to stakeholders, reinforcing transparency and trust.
Imperial Petroleum Inc. emphasizes its forward-looking strategies and maintains a vigilant approach towards market risks and economic conditions. The company’s management team leverages historical operating trends and external data to navigate uncertainties. Key factors influencing the company’s performance include global economic health, market conditions, charter rates, demand fluctuations, and regulatory compliance. The company is also mindful of geopolitical tensions, such as the conflicts in Ukraine and Gaza, which may impact shipping routes and operational continuity.
With a commitment to excellence and a clear strategic vision, Imperial Petroleum Inc. continues to drive forward in the competitive seaborne transportation industry, providing reliable, high-capacity service to its global clients.
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.
Imperial Petroleum Inc. (Nasdaq: IMPP) announced the delivery of the Eco Bushfire, a 2011 dry bulk carrier, valued at $20.5 million. The company secured a $17.0 million term loan for its subsidiaries, repayable in 16 installments, with a final balloon payment of $8.2 million. Additionally, a commitment letter for a $30.8 million secured credit facility was made for financing two crude tankers. The company also secured time charters for its vessels, with rates around $40,000 and $50,000 per day, while noting current market rates for spot charters at approximately $35,000 for Suezmax and $16,000 for Handysize.
Imperial Petroleum Inc. (Nasdaq: IMPP) has announced a dividend of approximately $0.546875 per share for its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on September 30, 2022, to shareholders on record as of September 27, 2022. This dividend relates to the period following the last payment on June 30, 2022. There are currently 795,878 shares of Series A Preferred outstanding. The company operates a fleet of vessels, with plans to increase its capacity to approximately 737,000 deadweight tons after acquiring additional dry bulk carriers.
Imperial Petroleum Inc. (Nasdaq: IMPP) announced on September 14, 2022, that its Annual Meeting of Shareholders was adjourned due to lack of quorum and will reconvene on October 13, 2022. Shareholders of record as of July 22, 2022, are urged to vote on proposals regarding the election of a director and the appointment of independent auditors. The company owns 8 vessels and plans to acquire 2 additional dry bulk carriers, increasing its fleet capacity to approximately 737,000 deadweight tons.
FAQ
What is the current stock price of Imperial Petroleum Common Shares (IMPP)?
What is the market cap of Imperial Petroleum Common Shares (IMPP)?
What does Imperial Petroleum Inc. do?
Where is Imperial Petroleum Inc. located?
What types of products does Imperial Petroleum Inc. transport?
How large is Imperial Petroleum Inc.'s fleet?
Where are Imperial Petroleum Inc.'s shares listed?
What recent achievements has Imperial Petroleum Inc. made?
Who can I contact for more information about Imperial Petroleum Inc.?
What are the financial strengths of Imperial Petroleum Inc.?
What are the key risks facing Imperial Petroleum Inc.?
When will Imperial Petroleum Inc.'s new tankers be delivered?
