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:
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Name |
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Year Built |
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Country Built |
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Vessel Size (dwt) |
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Vessel Type |
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Employment Status |
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Daily Charter Rate |
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Expiration of
Charter(1) |
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Tankers |
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Magic
Wand |
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2008 |
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Korea |
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47,000 |
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MR product tanker |
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Spot |
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Clean
Thrasher |
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2008 |
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Korea |
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47,000 |
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MR product
tanker |
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Spot |
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Clean
Sanctuary (ex. Falcon Maryam) |
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2009 |
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Korea |
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46,000 |
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MR product
tanker |
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Spot |
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Clean
Nirvana |
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2008 |
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Korea |
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50,000 |
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MR product
tanker |
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Spot |
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Clean
Justice |
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2011 |
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Japan |
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46,000 |
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MR product
tanker |
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Spot |
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Aquadisiac |
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2008 |
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Korea |
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51,000 |
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MR product
tanker |
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Spot |
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Suez
Enchanted |
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2007 |
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Korea |
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160,000 |
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Suezmax
tanker |
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Spot |
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Suez
Protopia |
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2008 |
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Korea |
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160,000 |
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Suezmax
tanker |
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Spot |
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Drybulk Carriers |
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Eco
Wildfire |
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2013 |
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Japan |
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33,000 |
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Handysize
drybulk |
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Time
Charter |
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$18,200 |
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June
2024 |
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Glorieuse |
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2012 |
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Japan |
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38,000 |
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Handysize
drybulk |
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Time
Charter |
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$13,000 |
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May
2024 |
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Fleet Total |
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678,000 dwt |
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(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 DATA |
Q1 2023 |
Q1 2024 |
Average number of vessels (1) |
10.10 |
9.84 |
Period end
number of owned vessels in fleet |
12 |
11 |
Total
calendar days for fleet (2) |
909 |
895 |
Total voyage
days for fleet (3) |
903 |
878 |
Fleet
utilization (4) |
99.3% |
98.1% |
Total
charter days for fleet (5) |
408 |
207 |
Total spot
market days for fleet (6) |
495 |
671 |
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, |
|
2023 |
2024 |
Net
Income – Adjusted Net Income |
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Net
income |
35,724,102 |
16,654,604 |
Plus share
based compensation |
301,541 |
858,810 |
Adjusted Net Income |
36,025,643 |
17,513,414 |
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Net
income - EBITDA |
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Net
income |
35,724,102 |
16,654,604 |
Plus
interest and finance costs |
1,351,603 |
2,430 |
Less
interest income |
(1,279,216) |
(1,785,878) |
Plus
depreciation |
4,088,852 |
4,027,061 |
EBITDA |
39,885,341 |
18,898,217 |
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Net
income - Adjusted EBITDA |
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Net
income |
35,724,102 |
16,654,604 |
Plus share
based compensation |
301,541 |
858,810 |
Plus
interest and finance costs |
1,351,603 |
2,430 |
Less
interest income |
(1,279,216) |
(1,785,878) |
Plus
depreciation |
4,088,852 |
4,027,061 |
Adjusted EBITDA |
40,186,882 |
19,757,027 |
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EPS |
|
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Numerator |
|
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Net
income |
35,724,102 |
16,654,604 |
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, basic |
34,825,119 |
15,362,408 |
Denominator |
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|
Weighted
average number of shares, basic |
15,054,406 |
27,613,661 |
EPS
– Basic |
2.31 |
0.56 |
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Adjusted EPS |
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Numerator |
|
|
Adjusted net
income |
36,025,643 |
17,513,414 |
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, basic |
35,122,697 |
16,175,842 |
Denominator |
|
|
Weighted
average number of shares, basic |
15,054,406 |
27,613,661 |
Adjusted EPS |
2.33 |
0.59 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of
shares)
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For The Three Months Ended March 31, |
|
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2023 |
|
2024 |
|
|
|
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|
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Revenues |
|
|
|
|
|
|
|
|
Revenues |
|
|
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65,421,101 |
|
41,203,281 |
|
|
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|
|
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|
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 |
|
|
|
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|
|
Other (expenses)/income |
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|
|
|
|
|
|
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' equity |
376,834,541 |
|
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 flows |
98,975,189 |
|
35,331,381 |
Supplemental Cash Flow Information: |
|
|
|
|
|
|
Non cash investing activity – Vessel improvements included in
liabilities |
- |
655,333 |
Non cash investing activity – Dividend income from related party
included in Investment in related party |
- |
160,416 |
Non cash financing activity – Dividend on preferred series A
included in payable to related parties |
- |
93,299 |
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