Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EX

CHA

NGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2024

Commission File Number 001-41095

 

 

IMPERIAL PETROLEUM INC.

(Translation of registrant’s name into English)

 

 

331 Kifissias Avenue Erithrea 14561 Athens, Greece

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual

reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

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Table of Contents

EXHIBIT INDEX

99.1		Management’s Discussion and Analysis of Financial Condition and Results of Operations and Consolidated Financial Statements for the Six Months Ended June 30, 2024

		101.INS		Inline XBRL Instance Document
		101.SCH		Inline XBRL Taxonomy Extension Schema
		101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
		101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
		101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
		101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
		104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*****

This report on

Form 6-K is

hereby incorporated by reference into the Company’s Registration Statement on

Form F-3 (Reg. No. 333-268663), Post

Effective Amendment No. 1 to

Form F-1 on

Form F-3 Registration

Statement

(Reg. No. 333-266031) and

Registration Statements on

Form S-8 (Reg.

Nos. 333-275745 and 333-278813), including

the prospectuses contained therein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange

Act

of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 30, 2

024

IMPERIAL PETROLEUM INC.
By:		/s/ Ifigeneia Sakellari
Name:		Ifigeneia Sakellari
Title:		Chief Financial Officer

Table of Contents

Exhibit 99.1

IMPERIAL PETROLEUM INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of our financial condition and results of operations for the

six-month

period ended June 30, 2024. Unless otherwise specified herein, references to the “Company” or “we” shall include Imperial Petroleum Inc. and its subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our annual report on Form

20-F

for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission on April 12, 2024 (the “Annual Report”).

Overview

Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. As of September 25, 2024 the Company owned 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 first quarter of 2025.

Our Fleet

The following summarizes the current employment of our fleet:

 

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

September 2024

Glorieuse

2012

Japan

38,000

Handysize drybulk

Time Charter

September 2024

Neptulus

2012

Japan

33,000

Handysize drybulk

Time Charter

October 2024

Fleet Total

711,000 dwt

 

(1)	Earliest date charters could expire.

 

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As of September 25, 2024, we had all of our handysize drybulk carriers under time charter employment expiring in September 2024 and October 2024 and our product tanker the Clean Justice on a long-term time charter expiring in August 2027.

Fleet Developments

In February 2024, we took delivery, from entities affiliated with the family of our Chief Executive Officer, of two tanker vessels, the Aframax tanker Gstaad Grace II (ex. Stealth Haralambos), built in 2009, and the product tanker Aquadisiac, built in 2008.

In April 2024, we sold the Gstaad Grace II (ex. Stealth Haralambos) to a third party, for $42 million.

In May 2024, we entered into an agreement with entities affiliated with the family of our Chief Executive Officer to acquire the handysize drybulk carrier Neptulus, built in 2012, and the product tanker Clean

Imperial

, built in 2009, with an aggregate capacity of approximately 73,870 dwt. In August 2024, we took delivery of the handysize drybulk carrier Neptulus. The product tanker Clean Imperial is expected to be delivered on a charter-free basis in the first quarter of 2025.

On September 20, 2024, the Company entered into memorandums of agreement to acquire seven Japanese built bulkers for an aggregate purchase price of $129 million, with companies affiliated with members of the family of the Company’s Chief Executive Officer. The vessels are expected to be delivered between December 2024 and May 2025. These vessels will add a total of approximately 443,000 dwt to the current fleet.

 

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Selected Financial Data

(in US Dollars except for Fleet Data)

 

		For the six-month periods ended June 30,
		2023				2024
Statement of Comprehensive Income Data
Revenues			124,465,322				88,245,162
Voyage expenses			(34,600,245	)			(29,488,302	)
Voyage expenses - related party			(1,546,799	)			(1,102,384	)
Vessels’ operating expenses			(13,761,185	)			(12,340,816	)
Vessels’ operating expenses – related party			(154,333	)			(159,500	)
Drydocking costs			(1,318,310	)			(625,457	)
Management fees-related party			(871,640	)			(805,640	)
General and administrative expenses			(2,466,405	)			(2,683,372	)
Depreciation			(8,690,061	)			(8,235,069	)
Other operating income			—				1,900,000
Impairment loss			(8,996,023	)			—
Net loss on sale of vessel			—				(1,589,702	)
Income from operations			52,060,321				33,114,920
Interest and finance costs			(1,810,769	)			(8,227	)
Interest income			2,131,146				2,257,168
Interest income - related party			—				1,516,436
Dividend income from related party			20,833				379,167
Foreign exchange gain/(loss)			149,056				(1,080,422	)
Net income			52,550,587				36,179,042

Balance Sheet Data

 

		As of December 31, 2023				As of June 30, 2024
Cash and cash equivalents			91,927,512				69,738,832
Time deposits			32,099,810				60,012,100
Current assets			183,188,789				197,661,811
Vessels, net			180,847,252				201,878,424
Total assets			376,834,541				412,451,564
Current liabilities			14,529,068				13,604,459
Total liabilities			14,529,068				13,646,667
Common stock			332,573				345,835
Total stockholders’ equity			362,305,473				398,804,897

 

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Selected Financial Data (continued)

 

		For the six-month periods ended June 30,
Other Financial Data		2023				2024
Net cash provided by operating activities			63,816,346				39,300,953
Net cash used in investing activities			(20,197,305	)			(60,007,942	)
Net cash used in financing activities			(64,412,328	)			(1,481,691	)

 

		For the six-month periods ended June 30,
Fleet Data		2023				2024
Average number of vessels(1)			10.9				10.1
Total calendar days for fleet(2)			1,981				1,831
Total voyage days for fleet(3)			1,947				1,800
Total charter days for fleet(4)			718				385
Total spot market days for fleet(5)			1,229				1,415
Fleet utilization(6)			98.3	%			98.3	%
Fleet operational utilization(7)			79.8	%			80.7	%

 

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)	Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

5)	Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

6)	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.

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.

 

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Result of Operations

Six-month

period ended June 30, 2024 compared to the

six-month

period ended June 30, 2023.

REVENUES

- Total revenues for the six months ended June 30, 2024 amounted to $88.2 million, a decrease of $36.3 million, or 29.2%, 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 spot market rates of suezmax tankers by almost 25%.

VOYAGE EXPENSES-

Total voyage expenses for the six months ended June 30, 2024 were $30.6 million compared to $36.1 million 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 million in conjunction with lower revenues.

VESSELS’ OPERATING EXPENSES-

Total vessels’ operating expenses for the six months ended June 30, 2024 were $12.5 million compared to $13.9 million for the six months ended June 30, 2023. The $1.4 million decrease in vessels’ operating expenses was primarily due to the decrease of our average fleet size.

DRYDOCKING COSTS

- Total 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.

MANAGEMENT FEES – RELATED PARTY -

Management fees were $0.8 million for the six months ended June 30, 2024 compared to $0.9 million for the six months ended June 30, 2023. The decrease in management fees in the six months ended June 30, 2024 is attributed to the decrease of our average fleet by 0.8 vessels.

GENERAL AND ADMINISTRATIVE EXPENSES

— General and administrative expenses 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

— 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

- 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 (ex. Stealth Haralambos) to a third party.

IMPAIRMENT LOSS

- for the six months period ended June 30, 2024 was nil. 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 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 $0.008 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 $1.5 million 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.

 

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NET INCOME

— As a result of the above, 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

Cash Flows

Net cash provided by operating activities

— was $39.3 million for the six months ended June 30, 2024, compared to $63.8 million for the six months ended June 30, 2023. The decrease in net cash provided by operating activities was mainly attributed to the decreased revenues generated in 2024 which led to lower net income generation.

Net cash used in investing activities

— was $60.0 million for the six months ended June 30, 2024. This amount mainly represents the aggregate consideration paid for the acquisition of one Aframax and one MR tanker vessel and the net change of funds under time deposits offset by the aggregate consideration received from the sale of the Aframax vessel. Net cash used in investing activities for the six months ended June 30, 2023 amounting to $20.2 million related mainly to the aggregate consideration paid for the acquisition of two handysize dry vessels offset by the net change of funds under time deposits.

Net cash used in financing activities

— was an outflow of $1.5 million for the six months ended June 30, 2024, consisting mainly from $1.8 million of proceeds from warrants exercise offset by an outflow of $2.5 million utilized for stock repurchases under the $10 million share buyback program which commenced in September 2023 and $0.8 million paid in aggregate during the first half of 2024 as dividends on the Company’s preferred shares. Net cash used in financing activities for the six months ended June 30, 2023, amounted to $64.4 million and consisted mainly of $70.4 million utilized for loan repayments, $5.0 million of cash retained by C3is Inc. at its

spin-off

and $0.9 million paid for dividends on our Series A preferred shares partially offset by the $11.9 million of net proceeds from equity offerings.

Liquidity and Capital Resources

As of June 30, 2024, we had cash and cash equivalents of $69.7 million and $60.0 million under time deposits. In April 2024, we completed the sale of our Aframax tanker Gstaad Grace II (ex. Stealth Haralambos) from which we received a consideration of $42.0 million. In addition, in July 2024 we received $39.0 million from C3is Inc. which was part of the consideration from the sale of our Aframax tanker Afrapearl II to C3is Inc. in July 2023, and $6.8 million from Class E Warrant exercises.

Our principal sources of funds for our liquidity needs have been cash flows from operations, equity offerings and exercise of warrants. We expect to finance future fleet growth mainly from our operating cash flows and equity offerings or bank borrowings if the market conditions change and such a need will arise. Our principal use of funds has been to acquire our vessels, maintain the quality of our vessels, and fund working capital requirements.

Our liquidity needs, as of June 30, 2024, primarily relate to funding expenses for operating our vessels, any vessel acquisition and vessel improvements that may be required and general and administrative expenses. In September 2024, we entered into agreements to acquire seven drybulk carriers for an aggregate purchase price of $129 million. We expect to finance the purchase price for each vessel with cash-on-hand and we have the option to pay for the vessels latest by one year from each respective purchase agreement.

As of June 30, 2024, we had no outstanding debt, as all of our outstanding loans were repaid within 2023.

We believe that our working capital along with our cash flows generated from operations are sufficient for our present short-term liquidity requirements. We believe that, unless there is a major and sustained downturn in market conditions applicable to our specific shipping industry segment, our internally generated cash flows will be sufficient to fund our operations, including working capital requirements, for at least 12 months taking into account any possible capital commitments and debt service requirements that may arise in the future.

 

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Critical Accounting Estimates

A discussion of our critical accounting estimates can be found in our Annual Report.

Forward-Looking Statements

Matters discussed in this report 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 report 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 we believe 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, we 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, supply and demand for oil and oil products, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in our operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, the ability to consummate the acquisition of our contracted vessels and operate them profitably, potential liability from pending or future litigation or actions taken by regulatory authorities, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, 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 the Annual Report and other reports we file with the U.S. Securities and Exchange Commission.

 

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IMPERIAL PETROLEUM INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Index to unaudited interim condensed consolidated financial statements

 

		Pages
Unaudited condensed consolidated balance sheets as of December 31, 2023 and June 30, 2024			F-2
Unaudited condensed consolidated statements of comprehensive income for the six month periods ended June 30, 2023 and June 30, 2024			F-3
Unaudited condensed consolidated statements of stockholders’ equity and mezzanine equity for the six month periods ended June 30, 2023 and June 30, 2024			F-4
Unaudited condensed consolidated statements of cash flows for the six month periods ended June 30, 2023 and June 30, 2024			F-5
Notes to the unaudited interim condensed consolidated financial statements			F-6

 

F-1

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Imperial Petroleum Inc.

Unaudited condensed consolidated balance sheets

As of December 31, 2023 and June 30, 2024

(Expressed in United States dollars, Except for Share Data)

 

 

		As of December 31, 2023				As of June 30, 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 (Note 3)			37,906,821				39,423,256
Trade and other receivables			13,498,813				18,538,547
Other current assets (Note 10)			302,773				637,833
Inventories			7,291,123				8,706,419
Advances and prepayments			161,937				604,824
Total current assets			183,188,789				197,661,811
Non current assets
Operating lease right-of-use asset			—				114,912
Vessels, net (Note 4)			180,847,252				201,878,424
Investment in related party (Note 3)			12,798,500				12,796,417
Total non current assets			193,645,752				214,789,753
Total assets			376,834,541				412,451,564
Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable			8,277,118				5,568,261
Payable to related parties (Notes 3)			2,324,334				3,347,049
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				13,604,459
Non current liabilities
Operating lease liability, non-current portion			—				42,208
Total non current liabilities			—				42,208
Total liabilities			14,529,068				13,646,667
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock, 2,000,000,000 shares authorized at December 31, 2023 and June 30, 2024, 33,257,291 shares issued and 29,812,755 outstanding at December 31, 2023 and 34,583,544 shares issued and 30,331,661 outstanding at June 30, 2024 (Note 6)			332,573				345,835
Preferred stock, 200,000,000 shares authorized (Note 6)
Preferred stock, Series A, $0.01 par value, 800,000 preferred shares authorized, 795,878 and 795,878 preferred shares, issued and outstanding at December 31, 2023 and June 30, 2024, respectively (Note 6)			7,959				7,959
Preferred stock, Series B, $0.01 par value, 16,000 preferred shares authorized, 16,000 and 16,000 preferred shares, issued and outstanding at December 31, 2023 and June 30, 2024, respectively (Note 6)			160				160
Treasury stock 3,444,536 and 4,251,883 shares at December 31, 2023 and June 30, 2024, respectively (Note 6)			(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				412,451,564

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

F-2

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Imperial Petroleum Inc.

Unaudited condensed consolidated statements of comprehensive income

(Expressed in United States dollars)

 

 

		For the six-month periods ended June 30,
		2023				2024
Revenues
Revenues (Note 10)			124,465,322				88,245,162
Total revenues			124,465,322				88,245,162
Expenses / (income)
Voyage expenses			34,600,245				29,488,302
Voyage expenses – related party (Note 3)			1,546,799				1,102,384
Vessels’ operating expenses			13,761,185				12,340,816
Vessels’ operating expenses – related party (Note 3)			154,333				159,500
Drydocking costs			1,318,310				625,457
Management fees – related party (Note 3)			871,640				805,640
General and administrative expenses (including $230,642 and $245,418 to related party) (Note 3)			2,466,405				2,683,372
Depreciation (Note 4)			8,690,061				8,235,069
Other operating income (Note 11)			—				(1,900,000	)
Impairment loss (Note 1)			8,996,023				—
Net loss on sale of vessel (Note 4)			—				1,589,702
Total expenses, net			72,405,001				55,130,242
Income from operations			52,060,321				33,114,920
Other (expenses) / income
Interest and finance costs			(1,810,769	)			(8,227	)
Interest income			2,131,146				2,257,168
Interest income – related party			—				1,516,436
Dividend income from related party (Note 3)			20,833				379,167
Foreign exchange gain / (loss)			149,056				(1,080,422	)
Other income, net			490,266				3,064,122
Net income			52,550,587				36,179,042

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

F-3

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Imperial Petroleum Inc.

Unaudited condensed consolidated statements of stockholders’ equity and mezzanine equity

(Expressed in United States dollars, Except of Number of Shares)

 

 

		Common stock								Preferred stock																				Mezzanine Equity
		Number of Shares				Amount				Number of Shares				Amount				Additional paid-in capital				Retained Earnings				Total stockholder’s Equity				Number   of Shares				Mezzanine equity
Balance, December 31, 2022			12,972,358				129,724				811,878				8,119				252,912,550				28,604,125				281,654,518
Issuance of common stock (including the exercise of warrants) net of issuance costs			3,287,062				32,871				—				—				11,863,795				—				11,896,666
Issuance of restricted shares and stock based compensation			827,942				8,279				—				—				1,082,910				—				1,091,189
Issuance of Series C preferred shares			—				—				—				—				—				—				—				13,875				10,000,000
Dividends declared on Series A preferred shares			—				—				—				—				—				(870,494	)			(870,494	)
Dividends declared on Series C preferred shares			—				—				—				—				—				(185,000	)			(185,000	)
Net income			—				—				—				—				—				52,550,587				52,550,587
Distribution of net assets of C3is Inc. to stockholders and warrant holders			—				—				—				—				(20,957,952	)			—				(20,957,952	)
Balance, June 30, 2023			17,087,362				170,874				811,878				8,119				244,901,303				80,099,218				325,179,514				13,875				10,000,000

 

		Common Stock								Treasury stock								Preferred stock
		Number of Shares				Amount				Number of Shares				Amount				Number of Shares				Amount				Additional paid-in capital				Retained Earnings				Total
Balance, December 31, 2023			33,257,291				332,573				(3,444,536	)			(5,885,727	)			811,878				8,119				270,242,635				97,607,873				362,305,473
Exercise of warrants (Note 6)			900,000				9,000				—				—				—				—				1,791,000				—				1,800,000
Stock repurchase			—				—				(807,347	)			(2,504,498	)			—				—				—				—				(2,504,498	)
Issuance of restricted shares and stock based compensation			426,253				4,262				—				—				—				—				1,891,110				—				1,895,372
Dividends declared on Series A preferred shares			—				—				—				—				—				—				—				(870,492	)			(870,492	)
Net Income			—				—				—				—				—				—				—				36,179,042				36,179,042
Balance, June 30, 2024			34,583,544				345,835				(4,251,883	)			(8,390,225	)			811,878				8,119				273,924,745				132,916,423				398,804,897

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

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Imperial Petroleum Inc.

Unaudited consolidated statements of cash flows

(Expressed in United States dollars)

 

 

		For the six-month periods ended June 30,
		2023				2024
Cash flows from operating activities:
Net income			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	)			(1,516,435	)
Increase/(decrease) in
Trade accounts payable			500,001				(1,861,518	)
Due to related parties			(2,709,982	)			929,416
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 the beginning of the period			57,506,919				91,927,512
Cash and cash equivalents at the end of the 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 statement 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 – Dividend on Preferred 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				—

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

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Imperial Petroleum Inc.

Notes to the unaudited interim condensed consolidated financial statements

(Expressed in United States dollars)

 

 

1.	General Information and Basis of Presentation

Imperial Petroleum Inc. (“Imperial” or “Company”) was formed by StealthGas Inc (the “former Parent Company”) on May 14, 2021 under the laws of the Republic of the Marshall Islands. Initial share capital of Imperial consisted of 33 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in 4 subsidiaries, Clean Power Inc., MR Roi Inc., King of Hearts Inc. and Tankpunk Inc. (the “Subsidiaries”), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 318,318 newly issued common shares and 795,878 Series A 8.75% Preferred Shares (the “Series A Preferred Shares”) in Imperial. On December 3, 2021, StealthGas Inc. distributed the 318,351 common shares and 795,878 8.75% Series A Preferred Shares (with a liquidation preference of $25.00 per share) in Imperial to holders of StealthGas Inc.’s common stock on a pro rata basis

(the “Spin-Off”).

The accompanying unaudited interim consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the “Company”) using the historical carrying costs of the assets and the liabilities of the Subsidiaries from their dates of incorporation until their dates of disposal, if any.

On June 21, 2023, the Company completed the

spin-off

transaction (the

“Spin-off”)

of its wholly-owned subsidiary C3is Inc. (“C3is”), which was formed by the Company in July 2022. Prior to the

Spin-off,

Imperial received all issued and outstanding common shares and all 600,000 5.00% Series A Perpetual Convertible Preferred shares of C3is (Note 3) in exchange for the contribution to C3is of the entities owning Imperial’s two Handysize drybulk carriers, “Eco Bushfire” and “Eco Angelbay” together with $5,000,000 in cash as working capital. Imperial, as the sole shareholder of C3is, distributed the C3is’s common shares to the Company’s stockholders and warrant holders in accordance with the terms of the Company’s outstanding warrants on a pro rata basis on June 21, 2023. Common shares of C3is commenced trading on June 21, 2023 on the Nasdaq Capital Market under the ticker symbol “CISS”. Imperial continues to operate in the tanker and dry bulk shipping market and remains a publicly traded company.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form

20-F

filed with the Securities and Exchange Commission on April 12, 2024 (the “2023 Consolidated Financial Statements”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The reporting and functional currency of the Company is the United States Dollar. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.

The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

At June 30, 2024, the Company’s fleet was comprised of 8 tankers consisting of 6 medium range (M.R.) type product tankers and 2 Suezmax crude oil tankers as well as 2 Handysize drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters.

The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a company controlled by members of the family of the Company’s Chief Executive Officer. The Manager, a related party, was incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3).

As of June 30, 2024, the 14 subsidiaries included in the Company’s unaudited interim condensed consolidated financial statements were:

 

Company

Date of Incorporation

Name of Vessel Owned by Subsidiary

Dead Weight Tonnage (“dwt”)

Acquisition Date

Disposal Date

Clean Power Inc.

05/02/2007

Magic Wand

47,000

09/01/2008

—

MR Roi Inc.

05/02/2007

Clean Thrasher

47,000

27/02/2008

—

King of Hearts Inc.

17/03/2008

Clean Sanctuary

46,000

14/07/2009

—

Nirvana Product Trading Inc

25/02/2022

Clean Nirvana

50,000

28/03/2022

—

 

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Volume Jet Trading Inc.

25/02/2022

Clean Justice

46,000

31/05/2022

—

Intercontinental Crude and Product Enterprises Inc.

18/05/2022

Suez Enchanted

160,000

03/06/2022

—

Petroleum Trading and Shipping Inc.

21/04/2022

Suez Protopia

160,000

03/06/2022

—

Haven Exotic Trading Inc.

31/01/2023

Eco Wildfire

33,000

28/02/2023

—

Blue Oddysey International Inc.

31/01/2023

Glorieuse

38,000

27/02/2023

—

Tankpunk Inc.

06/01/2008

Stealth Berana*

115,804

27/02/2023

14/07/2023

Aquatic Success International Inc.

06/09/2023

Aquadisiac

51,000

18/02/2024

—

Alpine Hydrocarbons Inc.

06/09/2023

Gstaad Grace II (ex. Stealth Haralambos)**

113,000

28/02/2024

26/04/2024

Poseidonas Corporation Inc.***

20/05/2024

—

—

—

—

Imperial Petroleum Product Solutions Inc. ****

20/05/2024

—

—

—

—

 

*	This vessel was sold on July 14, 2023 (Note 3), and the vessel owning company became dormant.

**	This vessel was sold on April 26, 2024, and the vessel owning company became dormant.

***	The vessel “Neptulus” was delivered on August 24, 2024 (Note 13)

****	The product tanker vessel “Clean Imperial” is expected to be delivered to the Company in the first quarter of 2025 (Note 3)

On April 28, 2023, the Company effected a

1-for-15

reverse stock split of its common stock. All numbers of common share and earnings per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion price of the Company’s Series C Preferred Shares, in these unaudited interim condensed consolidated financial statements have been retroactively adjusted to reflect this

1-for-15

reverse

stock

split.

 

2.	Significant Accounting Policies

A discussion of the Company’s significant accounting policies can be found in the 2023 Consolidated Financial Statements

 

3.	Transactions with Related Parties

The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (the “Management fees”) and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the “Brokerage commissions”), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the “Superintendent fees”).

The Manager also provides crew management services to the vessels Magic Wand, Clean Thrasher, Clean Sanctuary, Clean Justice, Suez Protopia, Suez Enchanted, Eco Wildfire, Glorieuse, Clean Nirvana since February 2023, to the vessel Aquadisiac since the end of February 2024, to the vessel Gstaad Grace II (ex. Stealth Haralambos) since the end of February 2024 and up to its sale in April 2024, to the vessel Stealth Berana since April 2023 and up to its sale in July 2023, to the vessel Eco Bushfire since September 2022 and up to the

Spin-off

and to the vessel Eco Angelbay since October 2022 and up to the

Spin-off.

These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of $2,500 per vessel for crew management services (the “Crew management fees”).

The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased (“Commissions – vessels purchased”) are capitalized to the cost of the vessels as incurred.

In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the “Executive compensation”). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the “Rental Expense”).

On February 14, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of the vessels “Glorieuse” and “Eco Wildfire” for a total consideration of $35.5 million (Note 4). The vessels were delivered to the Company on March 27, 2023 and March 28, 2023, respectively. The aggregate purchase price of $18,500,000 of the vessel Glorieuse comprised of $8,500,000 in cash and 13,875 Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) (Note 8).

 

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On June 21, 2023, the Company completed the

Spin-off

(Note 1), and received 600,000 Series A Perpetual Convertible Preferred shares of C3is, having a liquidation preference of $25 per share and a par value of $0.01 per share. The Company is the holder of all of the issued and outstanding Series A Perpetual Convertible Preferred shares of C3is (Note 1). The Series A Perpetual Convertible Preferred shares do not have voting rights. The Series A Perpetual Convertible Preferred are convertible into common stock of C3is at the Company’s option at any time and from time to time on or after the date that is the date 90 days following the issuance date and currently have a conversion price equal to $1.2573. The conversion price will be further adjusted to the lowest price of issuance of common stock by C3is in any registered offering of common stock of C3is after the original issuance of Series A Perpetual Convertible Preferred Shares. Furthermore, Imperial is entitled to receive cumulative cash dividends, at the annual rate of 5.00% on the stated amount of $25 per share, of the 600,000 Series A Perpetual Convertible Preferred shares, receivable quarterly in arrears on the 15

th

day of January, April, July and October in each year, subject to C3is’s Board of Directors approval. The Company recognized for the six month period ended June 30, 2024 and for the period from June 21, 2023 to June 30, 2023, the amount of $379,167 and $20,833, respectively, which is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

As of December 31, 2023 and June 30, 2024, the aggregate value of investments in C3is amounted to $12,798,500 and $12,796,417, including $162,500 and $160,417 of accrued dividends, respectively and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheets. As of June 30, 2024, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer.

On July 7, 2023, the Company entered into a memorandum of agreement with C3is for the disposal of the vessel “Stealth Berana” for an aggregate consideration of $43,000,000. The vessel was delivered to her new owners on July 14, 2023. 10% of the total consideration i.e. $4,300,000 was received in cash, while the remaining amount of $38,700,000 was received in July 2024 and had no stated interest. The Company’s receivable from C3is was recorded at its fair value of $35,700,000 (the “Remaining Selling Price”) on July 14, 2023. Since the collection of the remaining amount of $38,700,000 depended only on the passage of time, this arrangement was accounted for as seller financing and the financing component amounting to $3,000,000, being the difference between the Remaining Selling Price of $35,700,000 and the amount of $38,700,000, receivable in July 2024, was accounted for as interest income over the life of the receivable i.e. until July 2024. Interest income amounting to nil and $1,516,436 for the

six-month

periods ended June 30, 2023 and 2024, respectively, is included in “Interest income -related party” in the unaudited interim condensed consolidated statements of comprehensive income.

On September 5, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer (“CEO”) for the acquisition of two tanker vessels for an aggregate purchase price of $71,000,000. On February 18 and 28, 2024 the two tanker vessels “Aquadisiac” and “Gstaad Grace II (ex. Stealth Haralambos)”, respectively, were delivered to the Company.

On May 17, 2024, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of one handysize drybulk vessel and one product tanker vessel for an

aggregate

purchase price of $39,000,000. No deposit was paid as of June 30, 2024. The handysize drybulk vessel was delivered to the Company in the third quarter of 2024 (Note 13). The product tanker vessel is expected to be delivered to the Company in the first quarter of 2025.

The current account balance with C3is at June 30, 2024 was a receivable of $39,423,256 (December 31, 2023: $37,906,821). The receivable relates to the outstanding amount for the disposal of the vessel “Stealth Berana” which includes the Remaining Selling Price, accrued interest of $2,879,795 and receivable of $843,461 relating to inventory on board the vessel.

The current account balance with the Manager at June 30, 2024 was a liability of $3,347,049 (December 31, 2023: $2,324,334). The liability mainly represents payments made by the Manager on behalf of the Company.

The amounts charged by the Company’s related parties comprised the following:

 

				For the six-month periods ended June 30,
		Location in statement of comprehensive income		2023				2024
Management fees		Management fees – related party			871,640				805,640
Brokerage commissions		Voyage expenses – related party			1,546,799				1,102,384
Superintendent fees		Vessels’ operating expenses – related party			1,000				9,500
Crew management fees		Vessels’ operating expenses – related party			153,333				150,000
Executive compensation		General and administrative expenses			198,000				206,680
Commissions – vessels purchased		Vessels, net			355,000				710,000
Commissions – vessel sold		Net loss on sale of vessel			—				420,000
Rental expense		General and administrative expenses			32,642				38,738

 

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4.	Vessels, net

An analysis of vessels, net is as follows:

 

		Vessel Cost				Accumulated depreciation				Net book value
Balance as at January 1, 2024		$	292,065,147			$	(111,217,895	)		$	180,847,252
Acquisitions and improvements			72,009,521				—				72,009,521
Disposal			(43,043,220	)			299,940				(42,743,280	)
Depreciation for the period			—				(8,235,069	)			(8,235,069	)
Balance as at June 30, 2024		$	321,031,448			$	(119,153,024	)		$	201,878,424

The additions during the six month period ended June 30, 2024 mainly relate to the acquisition of vessels “Aquadisiac” and “Gstaad Grace II (ex. Stealth Haralambos)” (Note 3).

The disposal during the six month period ended June 30, 2024 relates to the sale of vessel “Gstaad Grace II (ex. Stealth Haralambos)”. On April 17, 2024, the Company entered into a memorandum of agreement with an unrelated third party, for the disposal of the vessel “Gstaad Grace II (ex. Stealth Haralambos)” for an aggregate consideration of $42,000,000. The vessel was delivered to her new owners on April 26, 2024. Net loss recognized from the sale of the vessel “Gstaad Grace II (ex. Stealth Haralambos)”, which is included in the Company’s unaudited interim condensed consolidated statement of comprehensive income under the caption “Net loss on sale of vessel” for the

six-month

period ended June 30, 2024, amounted to $1,589,702.

As of December 31, 2023 and June 30, 2024, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. An impairment loss amounting to $8,996,023 was identified and recorded for the year ended December 31, 2023 related to the

Spin-off

(Note 1). As the undiscounted net operating cash flows exceeded each vessel’s carrying value, for the two vessels whose fair value was below their carrying value, no impairment was recorded for the

six-month

period ended June 30, 2024.

 

5.	Fair Value of Financial Instruments and Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions.

Fair Value Disclosures:

 The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The carrying values of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties other than investment in related party and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities.

 

6.	Stockholders’ Equity

Details of the Company’s common stock and preferred stock are discussed in Note 8 of the 2023 Consolidated Financial Statements and are supplemented by the below new activities in the

six-month

period ended June 30, 2024.

 

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i)

Warrants

During the six month period ended June 30, 2024, 900,000 of Class E warrants were exercised. As of June 30, 2024, the number of common shares that can potentially be issued under each outstanding class of warrants are:

 

Warrant		Shares to be issued upon exercise of remaining warrants
Class A			2,867
Class B			786,800
Class C			1,347,267
Class D			173,334
Class E			7,599,999
Total			9,910,267

Within July 2024, 3,400,000 of Class E warrants were exercised.

 

ii)

Treasury stock

During the

six-month

period ended June 30, 2024, the Company completed the repurchase of 807,347 shares paying an average price per share of $3.1, amounting to $2,504,498 in total.

Preferred Shares:

Aggregate dividends of $0.8 million were paid on the Company’s 795,878 Series A Preferred Shares during the six months ended June 30, 2024.

 

7.	Mezzanine equity

Details of the Company’s mezzanine equity are discussed in Note 9 of the 2023 Consolidated Financial Statements. No additional transactions took place during the in the

six-month

period

ended June 30, 2024.

 

8.	Equity Compensation Plan

Details of the Company’s equity compensation plan (the “Plan”) are discussed in Note 10 of the 2023 Consolidated Financial Statements and are supplemented by the below new transactions in the

six-month

period ended June 30, 2024.

In April 2024, the Company granted (1) 426,253 of restricted shares of common stock under the Plan to the Company’s CEO, Interim CFO,

non-executive

members of the Board of Directors of the Company and employees of the Manager, and (2) options to acquire up to 111,000 of common stock under the Plan to the Company’s CEO, Interim CFO and

non-executive

members of the Board of Directors of the Company. 50% of these restricted shares and options vest in April 2025 and the remaining 50% vest in April 2026.

In April 2024, the Company’s 2024 Equity Compensation Plan, was adopted, under which awards can be made totaling in aggregate up to 10% of the number of shares of common stock outstanding at the time any award is granted.

The related expense for shares granted for the

six-month

periods ended June 30, 2023 and 2024, amounted to $1,091,189 and $1,895,372, respectively, and is included under general and administration expenses in the unaudited interim condensed consolidated statements of comprehensive income.

The unrecognized cost for the

non-vested

shares granted as of December 31, 2023 and June 30, 2024 amounted to $2,370,009 and $2,326,565, respectively. On June 30, 2024, the weighted-average period over which the total compensation cost related to

non-vested

awards not yet recognized is expected to be recognized is 1.2 years. 

The unrecognized cost for the

non-vested

options granted as of December 31, 2023 and June 30, 2024 amounted to $629,351 and $610,097, respectively. On June 30, 2024, the weighted-average period over which the total compensation cost related to

non-vested

options not yet recognized is expected to be recognized is 1.1 years.

 

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9.	Earnings per share

The Company calculates basic and diluted earnings per share as follows:

 

		For the six-month periods ended June 30,
		2023				2024
Numerator
Net income			52,550,587				36,179,042
Less: Cumulative dividends on Series A Preferred Shares			(870,494	)			(870,492	)
Less: Cumulative dividends on Series C Preferred Shares			(185,000	)			—
Less: Undistributed earnings allocated to non-vested shares			(977,828	)			(1,985,920	)
Net income attributable to common shareholders, basic			50,517,265				33,322,630
Add: Undistributed earnings allocated to non-vested shares			977,828				1,985,920
Add: Cumulative dividends on Series C Preferred Shares			185,000				—
Less: Undistributed earnings re-allocated to participating non-vested shares			(862,466	)			(1,781,095	)
Net income attributable to common shareholders, diluted			50,817,627				33,527,455
Denominator
Weighted average number of shares outstanding, basic			15,940,369				27,789,766
Weighted average number of shares outstanding, diluted			18,304,134				31,515,129
Earnings per share, basic			3.17				1.20
Earnings per share, diluted			2.78				1.06

As of June 30, 2024, diluted earnings per share reflects the potential dilution from the incremental shares of the 742,250 unexercised options to acquire common shares, the 1,692,831

non-vested

share awards that had dilutive effect and the incremental shares relating to the exercise of the 7,599,999 Class E warrants (Note 6) that are in the money as of reporting date, calculated with the treasury stock method.

As of June 30, 2023, diluted earnings per share reflects the potential dilution from conversion of outstanding Series C Preferred Shares (Note 8) calculated with the “if converted” method by using the average closing market price over the reporting period.

Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are

out-of-the

money as of the reporting date, calculated with the treasury stock method. As of June 30, 2024 and June 30, 2023, the number of common shares that can potentially be issued relating to unexercised warrants that were

out-of-the

money was 2,310,268 and 8,376,119 (Note 6).

 

10.

Revenues

The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:

 

		For the six-month periods ended June 30,
		2023				2024
Time charter revenues			18,384,522				7,000,043
Voyage charter revenues			105,363,659				78,975,487
Other income			717,141				2,269,632
Total			124,465,322				88,245,162

The amount of revenue earned as demurrage relating to the Company’s voyage charters for the

six-month

periods ended June 30, 2023 and 2024 was $7.5 million and $13.8 million, respectively and is included within “Voyage charter revenues” in the above table.

As of December 31, 2023 and June 30, 2024, receivables from the Company’s voyage charters amounted to $12.6 million and $17.1 million, respectively.

As of December 31, 2023 and June 30, 2024, the Company recognized $302,773 and $637,833, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the unaudited condensed consolidated balance sheets.

As of December 31, 2023 and June 30, 2024, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $6.7 million and $13.0 million, respectively. The Company recognized the undelivered performance obligation as of June 30, 2024 as revenues in the third quarter of 2024 and the undelivered performance obligation as of December 31, 2023 as revenues in the first quarter of 2024.

 

F-11

---

Table of Contents

11.	Other operating income

The amount of $1.9 million included within “Other operating income” in the unaudited interim condensed consolidated statements of comprehensive income relates the collection of a claim in connection with repairs

undertaken

in prior years.

 

12	Commitments and Contingencies

 

•

From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally relating to personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. Currently, the Company is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited consolidated financial statements.

 

•

Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, time and bareboat charter contracts as of June 30, 2024, amount to $442,200 during the twelve months ending June 30, 2025.

 

13.	Subsequent events

On August 24, 2024, the handysize drybulk vessel “Neptulus” was delivered to the Company (Note 3).

In September 2024, the Company entered into memorandums of agreement to acquire seven Japanese built bulkers for an aggregate purchase price of $129 million, with companies affiliated with members of the family of the Company’s Chief Executive Officer. The vessels are expected to be delivered between December 2024 and May 2025.

 

F-12

Cover Page	6 Months Ended
	Jun. 30, 2024
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	Imperial Petroleum Inc./Marshall Islands
Entity Central Index Key	0001876581
Current Fiscal Year End Date	--12-31

Unaudited condensed consolidated balance sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 69,738,832	$ 91,927,512
Time deposits	60,012,100	32,099,810
Receivables from related parties	$ 39,423,256	$ 37,906,821
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Trade and other receivables	$ 18,538,547	$ 13,498,813
Other current assets	637,833	302,773
Inventories	8,706,419	7,291,123
Advances and prepayments	604,824	161,937
Total current assets	197,661,811	183,188,789
Non current assets
Operating lease right-of-use asset	114,912	0
Vessels, net	201,878,424	180,847,252
Investment in related party	12,796,417	12,798,500
Total non current assets	214,789,753	193,645,752
Total assets	412,451,564	376,834,541
Current liabilities
Trade accounts payable	5,568,261	8,277,118
Payable to related parties	3,347,049	2,324,334
Accrued liabilities	3,208,264	3,008,500
Operating lease liability, current portion	72,704	0
Deferred income	1,408,181	919,116
Total current liabilities	13,604,459	14,529,068
Non current liabilities
Operating lease liability, non-current portion	42,208	0
Total non current liabilities	42,208	0
Total liabilities	13,646,667	14,529,068
Commitments and contingencies
Stockholders' equity
Common stock, 2,000,000,000 shares authorized at December 31, 2023 and June 30, 2024, 33,257,291 shares issued and 29,812,755 outstanding at December 31, 2023 and 34,583,544 shares issued and 30,331,661 outstanding at June 30, 2024	345,835	332,573
Treasury stock 3,444,536 and 4,251,883 shares at December 31, 2023 and June 30, 2024, respectively	(8,390,225)	(5,885,727)
Additional paid-in capital	273,924,745	270,242,635
Retained earnings	132,916,423	97,607,873
Total stockholders' equity	398,804,897	362,305,473
Total liabilities and stockholders' equity	412,451,564	376,834,541
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	7,959	7,959
Series B Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 160	$ 160

Unaudited condensed consolidated balance sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock shares authorized	2,000,000,000	2,000,000,000
Common stock shares issued	34,583,544	33,257,291
Common stock shares outstanding	30,331,661	29,812,755
Preferred stock shares authorized	200,000,000	200,000,000
Treasury stock common shares	4,251,883	3,444,536
Series A Preferred Stock [Member]
Preferred stock par or stated value per share	$ 0.01	$ 0.01
Preferred stock shares authorized	800,000	800,000
Preferred stock shares issued	795,878	795,878
Preferred stock shares outstanding	795,878	795,878
Series B Preferred Stock [Member]
Preferred stock par or stated value per share	$ 0.01	$ 0.01
Preferred stock shares authorized	16,000	16,000
Preferred stock shares issued	16,000	16,000
Preferred stock shares outstanding	16,000	16,000

Unaudited condensed consolidated statements of comprehensive income - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Total revenues	$ 88,245,162	$ 124,465,322
Expenses
Voyage expenses	29,488,302	34,600,245
Voyage expenses – related party	1,102,384	1,546,799
Vessels' operating expenses	12,340,816	13,761,185
Vessels' operating expenses – related party	159,500	154,333
Drydocking costs	625,457	1,318,310
Management fees – related party	805,640	871,640
General and administrative expenses (including $230,642 and $245,418 to related party)	2,683,372	2,466,405
Depreciation	8,235,069	8,690,061
Other operating income	(1,900,000)	0
Impairment loss	0	8,996,023
Net loss on sale of vessel	1,589,702	0
Total expenses, net	55,130,242	72,405,001
Income from operations	33,114,920	52,060,321
Other (expenses) / income
Interest and finance costs	(8,227)	(1,810,769)
Interest income	2,257,168	2,131,146
Interest income – related party	1,516,436	0
Dividend income from related party	379,167	20,833
Foreign exchange gain / (loss)	(1,080,422)	149,056
Other income, net	3,064,122	490,266
Net income	$ 36,179,042	$ 52,550,587

Unaudited condensed consolidated statements of comprehensive income (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party [Member]
Related party transaction general and administration expenses	$ 245,418	$ 230,642

Unaudited condensed consolidated statements of stockholders' equity and mezzanine equity - USD ($)	Total	Series C Redeemable Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Series C Redeemable Preferred Stock [Member]	Treasury Stock, Common [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	(Accumulated Deficit)/ Retained Earnings [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member] (Accumulated Deficit)/ Retained Earnings [Member]	Series C Preferred Stock [Member]	Series C Preferred Stock [Member] (Accumulated Deficit)/ Retained Earnings [Member]	Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member] Series C Redeemable Preferred Stock [Member]
Beginning balance, Shares at Dec. 31, 2022			12,972,358			811,878
Beginning balance at Dec. 31, 2022	$ 281,654,518		$ 129,724			$ 8,119	$ 252,912,550	$ 28,604,125
Issuance of common stock (including the exercise of warrants) net of issuance costs	11,896,666		$ 32,871				11,863,795
Issuance of common stock (including the exercise of warrants) net of issuance costs, Shares			3,287,062
Issuance of restricted shares and stock based compensation	1,091,189		$ 8,279				1,082,910
Issuance of restricted shares and stock based compensation, Shares			827,942
Issuance of Series C preferred shares		$ 0		$ 0										$ 10,000,000
Issuance of Series C preferred shares, Share				0										13,875
Dividends declared on preferred shares									$ (870,494)	$ (870,494)	$ (185,000)	$ (185,000)
Net income	52,550,587							52,550,587
Distribution of net assets of C3is	(20,957,952)						(20,957,952)
Ending balance, Shares at Jun. 30, 2023			17,087,362			811,878
Ending balance at Jun. 30, 2023	325,179,514		$ 170,874			$ 8,119	244,901,303	80,099,218
Mezzanine Equity, Ending balance, Shares at Jun. 30, 2023													13,875
Mezzanine Equity, Ending balance at Jun. 30, 2023													$ 10,000,000
Beginning balance, Shares at Dec. 31, 2023			33,257,291		(3,444,536)	811,878
Beginning balance at Dec. 31, 2023	362,305,473		$ 332,573		$ (5,885,727)	$ 8,119	270,242,635	97,607,873
Exercise of warrants	1,800,000		$ 9,000				1,791,000
Exercise of warrants, Shares			900,000
Stock repurchase	$ (2,504,498)				$ (2,504,498)
Stock repurchase, Shares	807,347				(807,347)
Issuance of restricted shares and stock based compensation	$ 1,895,372		$ 4,262				1,891,110
Issuance of restricted shares and stock based compensation, Shares			426,253
Dividends declared on preferred shares									$ (870,492)	$ (870,492)
Net income	36,179,042							36,179,042
Ending balance, Shares at Jun. 30, 2024			34,583,544		(4,251,883)	811,878
Ending balance at Jun. 30, 2024	$ 398,804,897		$ 345,835		$ (8,390,225)	$ 8,119	$ 273,924,745	$ 132,916,423

Unaudited consolidated statements of cash flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 36,179,042	$ 52,550,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,235,069	8,690,061
Amortization of deferred finance charges	0	474,039
Non – cash lease expense	35,086	31,349
Share based compensation	1,895,372	1,091,189
Impairment loss	0	8,996,023
Net loss on sale of vessel	1,589,702	0
Unrealized foreign exchange loss on time deposits	773,620	0
Changes in operating assets and liabilities:
Trade and other receivables	(5,039,734)	(3,360,823)
Other current assets	(335,060)	(136,130)
Inventories	(1,415,296)	(2,062,365)
Changes in operating lease liabilities	(35,086)	(31,349)
Advances and prepayments	(442,887)	(373,262)
Due from related parties	(1,516,435)	(42,042)
Trade accounts payable	(1,861,518)	500,001
Due to related parties	929,416	(2,709,982)
Accrued liabilities	199,764	1,020,949
Deferred income	489,065	(801,066)
Dividend income from related party	(379,167)	(20,833)
Net cash provided by operating activities	39,300,953	63,816,346
Cash flows from investing activities:
Dividends income received	381,250	0
Proceeds from sale of vessel, net	41,153,578	0
Acquisition and improvement of vessels	(72,856,860)	(26,284,405)
Increase in bank time deposits	(91,715,140)	(61,912,900)
Maturity of bank time deposits	63,029,230	68,000,000
Net cash used in investing activities	(60,007,942)	(20,197,305)
Cash flows from financing activities:
Proceeds from equity offerings	0	12,095,253
Proceeds from warrants exercise	1,800,000	0
Stock issuance costs	0	(198,587)
Stock repurchase	(2,504,498)	0
Dividends paid on preferred shares	(777,193)	(870,494)
Loan repayments	0	(70,438,500)
Cash retained by C3is Inc. at spin-off	0	(5,000,000)
Net cash used in financing activities	(1,481,691)	(64,412,328)
Net decrease in cash and cash equivalents	(22,188,680)	(20,793,287)
Cash and cash equivalents at the beginning of the period	91,927,512	57,506,919
Cash and cash equivalents at the end of the period	69,738,832	36,713,632
Cash breakdown
Cash and cash equivalents	69,738,832	36,713,632
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	69,738,832	36,713,632
Supplemental cash flow information:
Interest paid	0	1,735,054
Non cash investing activity – Vessels' improvements included in liabilities	11,981	322,527
Non cash investing activity – Dividend income from related party included in Investment in related party	160,417	0
Non cash financing activity – Dividend on Preferred Series C included in Balances with related parties	0	185,000
Non cash financing activity – Dividend on preferred series A included in payables to related parties	93,299	0
Distribution of net assets of C3is Inc. to shareholders and warrantholders	$ 0	$ 20,957,952

General Information and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information and Basis of Presentation	1. General Information and Basis of Presentation Imperial Petroleum Inc. (“Imperial” or “Company”) was formed by StealthGas Inc (the “former Parent Company”) on May 14, 2021 under the laws of the Republic of the Marshall Islands. Initial share capital of Imperial consisted of 33 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in 4 subsidiaries, Clean Power Inc., MR Roi Inc., King of Hearts Inc. and Tankpunk Inc. (the “Subsidiaries”), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 318,318 newly issued common shares and 795,878 Series A 8.75% Preferred Shares (the “Series A Preferred Shares”) in Imperial. On December 3, 2021, StealthGas Inc. distributed the 318,351 common shares and 795,878 8.75% Series A Preferred Shares (with a liquidation preference of $25.00 per share) in Imperial to holders of StealthGas Inc.’s common stock on a pro rata basis (the “Spin-Off”). The accompanying unaudited interim consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the “Company”) using the historical carrying costs of the assets and the liabilities of the Subsidiaries from their dates of incorporation until their dates of disposal, if any. On June 21, 2023, the Company completed the spin-off transaction (the “Spin-off”) of its wholly-owned subsidiary C3is Inc. (“C3is”), which was formed by the Company in July 2022. Prior to the Spin-off, Imperial received all issued and outstanding common shares and all 600,000 5.00% Series A Perpetual Convertible Preferred shares of C3is (Note 3) in exchange for the contribution to C3is of the entities owning Imperial’s two Handysize drybulk carriers, “Eco Bushfire” and “Eco Angelbay” together with $5,000,000 in cash as working capital. Imperial, as the sole shareholder of C3is, distributed the C3is’s common shares to the Company’s stockholders and warrant holders in accordance with the terms of the Company’s outstanding warrants on a pro rata basis on June 21, 2023. Common shares of C3is commenced trading on June 21, 2023 on the Nasdaq Capital Market under the ticker symbol “CISS”. Imperial continues to operate in the tanker and dry bulk shipping market and remains a publicly traded company. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 12, 2024 (the “2023 Consolidated Financial Statements”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The reporting and functional currency of the Company is the United States Dollar. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024. The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. At June 30, 2024, the Company’s fleet was comprised of 8 tankers consisting of 6 medium range (M.R.) type product tankers and 2 Suezmax crude oil tankers as well as 2 Handysize drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters. The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a company controlled by members of the family of the Company’s Chief Executive Officer. The Manager, a related party, was incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3). As of June 30, 2024, the 14 subsidiaries included in the Company’s unaudited interim condensed consolidated financial statements were:   Company    Date of Incorporation      Name of Vessel Owned by Subsidiary      Dead Weight Tonnage (“dwt”)      Acquisition Date      Disposal Date   Clean Power Inc.      05/02/2007        Magic Wand        47,000        09/01/2008        —    MR Roi Inc.      05/02/2007        Clean Thrasher        47,000        27/02/2008        —    King of Hearts Inc.      17/03/2008        Clean Sanctuary        46,000        14/07/2009        —    Nirvana Product Trading Inc      25/02/2022        Clean Nirvana        50,000        28/03/2022        —      Volume Jet Trading Inc.      25/02/2022        Clean Justice        46,000        31/05/2022        —    Intercontinental Crude and Product Enterprises Inc.      18/05/2022        Suez Enchanted        160,000        03/06/2022        —    Petroleum Trading and Shipping Inc.      21/04/2022        Suez Protopia        160,000        03/06/2022        —    Haven Exotic Trading Inc.      31/01/2023        Eco Wildfire        33,000        28/02/2023        —    Blue Oddysey International Inc.      31/01/2023        Glorieuse        38,000        27/02/2023        —    Tankpunk Inc.      06/01/2008        Stealth Berana*        115,804        27/02/2023        14/07/2023   Aquatic Success International Inc.      06/09/2023        Aquadisiac        51,000        18/02/2024        —    Alpine Hydrocarbons Inc.      06/09/2023          Gstaad Grace II (ex. Stealth Haralambos)**            113,000        28/02/2024        26/04/2024   Poseidonas Corporation Inc.***      20/05/2024        —         —         —         —    Imperial Petroleum Product Solutions Inc. ****      20/05/2024        —         —         —         —      * This vessel was sold on July 14, 2023 (Note 3), and the vessel owning company became dormant. ** This vessel was sold on April 26, 2024, and the vessel owning company became dormant. *** The vessel “Neptulus” was delivered on August 24, 2024 (Note 13) **** The product tanker vessel “Clean Imperial” is expected to be delivered to the Company in the first quarter of 2025 (Note 3) On April 28, 2023, the Company effected a 1-for-15 reverse stock split of its common stock. All numbers of common share and earnings per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion price of the Company’s Series C Preferred Shares, in these unaudited interim condensed consolidated financial statements have been retroactively adjusted to reflect this 1-for-15 reverse stock split.

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies A discussion of the Company’s significant accounting policies can be found in the 2023 Consolidated Financial Statements

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	3. Transactions with Related Parties The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (the “Management fees”) and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the “Brokerage commissions”), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the “Superintendent fees”). The Manager also provides crew management services to the vessels Magic Wand, Clean Thrasher, Clean Sanctuary, Clean Justice, Suez Protopia, Suez Enchanted, Eco Wildfire, Glorieuse, Clean Nirvana since February 2023, to the vessel Aquadisiac since the end of February 2024, to the vessel Gstaad Grace II (ex. Stealth Haralambos) since the end of February 2024 and up to its sale in April 2024, to the vessel Stealth Berana since April 2023 and up to its sale in July 2023, to the vessel Eco Bushfire since September 2022 and up to the Spin-off and to the vessel Eco Angelbay since October 2022 and up to the Spin-off. These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of $2,500 per vessel for crew management services (the “Crew management fees”). The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased (“Commissions – vessels purchased”) are capitalized to the cost of the vessels as incurred. In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the “Executive compensation”). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the “Rental Expense”). On February 14, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of the vessels “Glorieuse” and “Eco Wildfire” for a total consideration of $35.5 million (Note 4). The vessels were delivered to the Company on March 27, 2023 and March 28, 2023, respectively. The aggregate purchase price of $18,500,000 of the vessel Glorieuse comprised of $8,500,000 in cash and 13,875 Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) (Note 8).   On June 21, 2023, the Company completed the Spin-off (Note 1), and received 600,000 Series A Perpetual Convertible Preferred shares of C3is, having a liquidation preference of $25 per share and a par value of $0.01 per share. The Company is the holder of all of the issued and outstanding Series A Perpetual Convertible Preferred shares of C3is (Note 1). The Series A Perpetual Convertible Preferred shares do not have voting rights. The Series A Perpetual Convertible Preferred are convertible into common stock of C3is at the Company’s option at any time and from time to time on or after the date that is the date 90 days following the issuance date and currently have a conversion price equal to $1.2573. The conversion price will be further adjusted to the lowest price of issuance of common stock by C3is in any registered offering of common stock of C3is after the original issuance of Series A Perpetual Convertible Preferred Shares. Furthermore, Imperial is entitled to receive cumulative cash dividends, at the annual rate of 5.00% on the stated amount of $25 per share, of the 600,000 Series A Perpetual Convertible Preferred shares, receivable quarterly in arrears on the 15 th day of January, April, July and October in each year, subject to C3is’s Board of Directors approval. The Company recognized for the six month period ended June 30, 2024 and for the period from June 21, 2023 to June 30, 2023, the amount of $379,167 and $20,833, respectively, which is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income. As of December 31, 2023 and June 30, 2024, the aggregate value of investments in C3is amounted to $12,798,500 and $12,796,417, including $162,500 and $160,417 of accrued dividends, respectively and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheets. As of June 30, 2024, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer. On July 7, 2023, the Company entered into a memorandum of agreement with C3is for the disposal of the vessel “Stealth Berana” for an aggregate consideration of $43,000,000. The vessel was delivered to her new owners on July 14, 2023. 10% of the total consideration i.e. $4,300,000 was received in cash, while the remaining amount of $38,700,000 was received in July 2024 and had no stated interest. The Company’s receivable from C3is was recorded at its fair value of $35,700,000 (the “Remaining Selling Price”) on July 14, 2023. Since the collection of the remaining amount of $38,700,000 depended only on the passage of time, this arrangement was accounted for as seller financing and the financing component amounting to $3,000,000, being the difference between the Remaining Selling Price of $35,700,000 and the amount of $38,700,000, receivable in July 2024, was accounted for as interest income over the life of the receivable i.e. until July 2024. Interest income amounting to nil and $1,516,436 for the six-month periods ended June 30, 2023 and 2024, respectively, is included in “Interest income -related party” in the unaudited interim condensed consolidated statements of comprehensive income. On September 5, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer (“CEO”) for the acquisition of two tanker vessels for an aggregate purchase price of $71,000,000. On February 18 and 28, 2024 the two tanker vessels “Aquadisiac” and “Gstaad Grace II (ex. Stealth Haralambos)”, respectively, were delivered to the Company. On May 17, 2024, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of one handysize drybulk vessel and one product tanker vessel for an aggregate purchase price of $39,000,000. No deposit was paid as of June 30, 2024. The handysize drybulk vessel was delivered to the Company in the third quarter of 2024 (Note 13). The product tanker vessel is expected to be delivered to the Company in the first quarter of 2025. The current account balance with C3is at June 30, 2024 was a receivable of $39,423,256 (December 31, 2023: $37,906,821). The receivable relates to the outstanding amount for the disposal of the vessel “Stealth Berana” which includes the Remaining Selling Price, accrued interest of $2,879,795 and receivable of $843,461 relating to inventory on board the vessel. The current account balance with the Manager at June 30, 2024 was a liability of $3,347,049 (December 31, 2023: $2,324,334). The liability mainly represents payments made by the Manager on behalf of the Company. The amounts charged by the Company’s related parties comprised the following:             For the six-month periods ended June 30,        Location in statement of comprehensive income    2023      2024   Management fees    Management fees – related party      871,640        805,640   Brokerage commissions    Voyage expenses – related party      1,546,799        1,102,384   Superintendent fees    Vessels’ operating expenses – related party      1,000        9,500   Crew management fees    Vessels’ operating expenses – related party      153,333        150,000   Executive compensation    General and administrative expenses      198,000        206,680   Commissions – vessels purchased    Vessels, net      355,000        710,000   Commissions – vessel sold    Net loss on sale of vessel      —         420,000   Rental expense    General and administrative expenses      32,642        38,738

Vessels, net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Vessels, net	4. Vessels, net An analysis of vessels, net is as follows:        Vessel Cost      Accumulated depreciation      Net book value   Balance as at January 1, 2024    $ 292,065,147      $ (111,217,895 )     $ 180,847,252                              Acquisitions and improvements      72,009,521        —         72,009,521                              Disposal      (43,043,220 )       299,940        (42,743,280 )                             Depreciation for the period      —         (8,235,069 )       (8,235,069 )                             Balance as at June 30, 2024    $ 321,031,448      $ (119,153,024 )     $ 201,878,424                              The additions during the six month period ended June 30, 2024 mainly relate to the acquisition of vessels “Aquadisiac” and “Gstaad Grace II (ex. Stealth Haralambos)” (Note 3). The disposal during the six month period ended June 30, 2024 relates to the sale of vessel “Gstaad Grace II (ex. Stealth Haralambos)”. On April 17, 2024, the Company entered into a memorandum of agreement with an unrelated third party, for the disposal of the vessel “Gstaad Grace II (ex. Stealth Haralambos)” for an aggregate consideration of $42,000,000. The vessel was delivered to her new owners on April 26, 2024. Net loss recognized from the sale of the vessel “Gstaad Grace II (ex. Stealth Haralambos)”, which is included in the Company’s unaudited interim condensed consolidated statement of comprehensive income under the caption “Net loss on sale of vessel” for the six-month period ended June 30, 2024, amounted to $1,589,702. As of December 31, 2023 and June 30, 2024, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. An impairment loss amounting to $8,996,023 was identified and recorded for the year ended December 31, 2023 related to the Spin-off (Note 1). As the undiscounted net operating cash flows exceeded each vessel’s carrying value, for the two vessels whose fair value was below their carrying value, no impairment was recorded for the six-month period ended June 30, 2024.

Fair Value of Financial Instruments and Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Concentration of Credit Risk	5. Fair Value of Financial Instruments and Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. Fair Value Disclosures:  The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties other than investment in related party and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities.

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	6. Stockholders’ Equity Details of the Company’s common stock and preferred stock are discussed in Note 8 of the 2023 Consolidated Financial Statements and are supplemented by the below new activities in the six-month period ended June 30, 2024.     i) Warrants During the six month period ended June 30, 2024, 900,000 of Class E warrants were exercised. As of June 30, 2024, the number of common shares that can potentially be issued under each outstanding class of warrants are:   Warrant    Shares to be issued upon exercise of remaining warrants   Class A      2,867   Class B      786,800   Class C      1,347,267   Class D      173,334   Class E      7,599,999            Total      9,910,267            Within July 2024, 3,400,000 of Class E warrants were exercised.     ii) Treasury stock During the six-month period ended June 30, 2024, the Company completed the repurchase of 807,347 shares paying an average price per share of $3.1, amounting to $2,504,498 in total. Preferred Shares: Aggregate dividends of $0.8 million were paid on the Company’s 795,878 Series A Preferred Shares during the six months ended June 30, 2024.

Mezzanine equity	6 Months Ended
	Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Mezzanine equity	7. Mezzanine equity Details of the Company’s mezzanine equity are discussed in Note 9 of the 2023 Consolidated Financial Statements. No additional transactions took place during the in the six-month period ended June 30, 2024.

Equity Compensation Plan	6 Months Ended
	Jun. 30, 2024
Equity Compensation Plan Arrangement [Abstract]
Equity Compensation Plan	8. Equity Compensation Plan Details of the Company’s equity compensation plan (the “Plan”) are discussed in Note 10 of the 2023 Consolidated Financial Statements and are supplemented by the below new transactions in the six-month period ended June 30, 2024. In April 2024, the Company granted (1) 426,253 of restricted shares of common stock under the Plan to the Company’s CEO, Interim CFO, non-executive members of the Board of Directors of the Company and employees of the Manager, and (2) options to acquire up to 111,000 of common stock under the Plan to the Company’s CEO, Interim CFO and non-executive members of the Board of Directors of the Company. 50% of these restricted shares and options vest in April 2025 and the remaining 50% vest in April 2026. In April 2024, the Company’s 2024 Equity Compensation Plan, was adopted, under which awards can be made totaling in aggregate up to 10% of the number of shares of common stock outstanding at the time any award is granted. The related expense for shares granted for the six-month periods ended June 30, 2023 and 2024, amounted to $1,091,189 and $1,895,372, respectively, and is included under general and administration expenses in the unaudited interim condensed consolidated statements of comprehensive income. The unrecognized cost for the non-vested shares granted as of December 31, 2023 and June 30, 2024 amounted to $2,370,009 and $2,326,565, respectively. On June 30, 2024, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 1.2 years.  The unrecognized cost for the non-vested options granted as of December 31, 2023 and June 30, 2024 amounted to $629,351 and $610,097, respectively. On June 30, 2024, the weighted-average period over which the total compensation cost related to non-vested options not yet recognized is expected to be recognized is 1.1 years.

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per share	9. Earnings per share The Company calculates basic and diluted earnings per share as follows:        For the six-month periods ended June 30,        2023      2024   Numerator       Net income      52,550,587        36,179,042   Less: Cumulative dividends on Series A Preferred Shares      (870,494 )       (870,492 )  Less: Cumulative dividends on Series C Preferred Shares      (185,000 )       —    Less: Undistributed earnings allocated to non-vested shares      (977,828 )       (1,985,920 )                    Net income attributable to common shareholders, basic      50,517,265        33,322,630   Add: Undistributed earnings allocated to non-vested shares      977,828        1,985,920   Add: Cumulative dividends on Series C Preferred Shares      185,000        —    Less: Undistributed earnings re-allocated to participating non-vested shares      (862,466 )       (1,781,095 )                    Net income attributable to common shareholders, diluted      50,817,627        33,527,455   Denominator       Weighted average number of shares outstanding, basic      15,940,369        27,789,766   Weighted average number of shares outstanding, diluted      18,304,134        31,515,129                     Earnings per share, basic      3.17        1.20   Earnings per share, diluted      2.78        1.06                     As of June 30, 2024, diluted earnings per share reflects the potential dilution from the incremental shares of the 742,250 unexercised options to acquire common shares, the 1,692,831 non-vested share awards that had dilutive effect and the incremental shares relating to the exercise of the 7,599,999 Class E warrants (Note 6) that are in the money as of reporting date, calculated with the treasury stock method. As of June 30, 2023, diluted earnings per share reflects the potential dilution from conversion of outstanding Series C Preferred Shares (Note 8) calculated with the “if converted” method by using the average closing market price over the reporting period. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date, calculated with the treasury stock method. As of June 30, 2024 and June 30, 2023, the number of common shares that can potentially be issued relating to unexercised warrants that were out-of-the money was 2,310,268 and 8,376,119 (Note 6).

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	10. Revenues The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:        For the six-month periods ended June 30,        2023      2024   Time charter revenues      18,384,522        7,000,043   Voyage charter revenues      105,363,659        78,975,487   Other income      717,141        2,269,632                     Total      124,465,322        88,245,162                     The amount of revenue earned as demurrage relating to the Company’s voyage charters for the six-month periods ended June 30, 2023 and 2024 was $7.5 million and $13.8 million, respectively and is included within “Voyage charter revenues” in the above table. As of December 31, 2023 and June 30, 2024, receivables from the Company’s voyage charters amounted to $12.6 million and $17.1 million, respectively. As of December 31, 2023 and June 30, 2024, the Company recognized $302,773 and $637,833, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the unaudited condensed consolidated balance sheets. As of December 31, 2023 and June 30, 2024, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $6.7 million and $13.0 million, respectively. The Company recognized the undelivered performance obligation as of June 30, 2024 as revenues in the third quarter of 2024 and the undelivered performance obligation as of December 31, 2023 as revenues in the first quarter of 2024.

Other operating income	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other operating income	11. Other operating income The amount of $1.9 million included within “Other operating income” in the unaudited interim condensed consolidated statements of comprehensive income relates the collection of a claim in connection with repairs undertaken in prior years.

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12 Commitments and Contingencies     •   From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally relating to personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. Currently, the Company is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited consolidated financial statements.     •   Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, time and bareboat charter contracts as of June 30, 2024, amount to $442,200 during the twelve months ending June 30, 2025.

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent events On August 24, 2024, the handysize drybulk vessel “Neptulus” was delivered to the Company (Note 3). In September 2024, the Company entered into memorandums of agreement to acquire seven Japanese built bulkers for an aggregate purchase price of $129 million, with companies affiliated with members of the family of the Company’s Chief Executive Officer. The vessels are expected to be delivered between December 2024 and May 2025.

General Information and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Subsidiary Companies	As of June 30, 2024, the 14 subsidiaries included in the Company’s unaudited interim condensed consolidated financial statements were:   Company    Date of Incorporation      Name of Vessel Owned by Subsidiary      Dead Weight Tonnage (“dwt”)      Acquisition Date      Disposal Date   Clean Power Inc.      05/02/2007        Magic Wand        47,000        09/01/2008        —    MR Roi Inc.      05/02/2007        Clean Thrasher        47,000        27/02/2008        —    King of Hearts Inc.      17/03/2008        Clean Sanctuary        46,000        14/07/2009        —    Nirvana Product Trading Inc      25/02/2022        Clean Nirvana        50,000        28/03/2022        —      Volume Jet Trading Inc.      25/02/2022        Clean Justice        46,000        31/05/2022        —    Intercontinental Crude and Product Enterprises Inc.      18/05/2022        Suez Enchanted        160,000        03/06/2022        —    Petroleum Trading and Shipping Inc.      21/04/2022        Suez Protopia        160,000        03/06/2022        —    Haven Exotic Trading Inc.      31/01/2023        Eco Wildfire        33,000        28/02/2023        —    Blue Oddysey International Inc.      31/01/2023        Glorieuse        38,000        27/02/2023        —    Tankpunk Inc.      06/01/2008        Stealth Berana*        115,804        27/02/2023        14/07/2023   Aquatic Success International Inc.      06/09/2023        Aquadisiac        51,000        18/02/2024        —    Alpine Hydrocarbons Inc.      06/09/2023          Gstaad Grace II (ex. Stealth Haralambos)**            113,000        28/02/2024        26/04/2024   Poseidonas Corporation Inc.***      20/05/2024        —         —         —         —    Imperial Petroleum Product Solutions Inc. ****      20/05/2024        —         —         —         —      * This vessel was sold on July 14, 2023 (Note 3), and the vessel owning company became dormant. ** This vessel was sold on April 26, 2024, and the vessel owning company became dormant. *** The vessel “Neptulus” was delivered on August 24, 2024 (Note 13) **** The product tanker vessel “Clean Imperial” is expected to be delivered to the Company in the first quarter of 2025 (Note 3)

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Summary of Amounts Charged By The Company's Related Parties	The amounts charged by the Company’s related parties comprised the following:             For the six-month periods ended June 30,        Location in statement of comprehensive income    2023      2024   Management fees    Management fees – related party      871,640        805,640   Brokerage commissions    Voyage expenses – related party      1,546,799        1,102,384   Superintendent fees    Vessels’ operating expenses – related party      1,000        9,500   Crew management fees    Vessels’ operating expenses – related party      153,333        150,000   Executive compensation    General and administrative expenses      198,000        206,680   Commissions – vessels purchased    Vessels, net      355,000        710,000   Commissions – vessel sold    Net loss on sale of vessel      —         420,000   Rental expense    General and administrative expenses      32,642        38,738

Vessels, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Analysis of Vessels, Net	An analysis of vessels, net is as follows:        Vessel Cost      Accumulated depreciation      Net book value   Balance as at January 1, 2024    $ 292,065,147      $ (111,217,895 )     $ 180,847,252                              Acquisitions and improvements      72,009,521        —         72,009,521                              Disposal      (43,043,220 )       299,940        (42,743,280 )                             Depreciation for the period      —         (8,235,069 )       (8,235,069 )                             Balance as at June 30, 2024    $ 321,031,448      $ (119,153,024 )     $ 201,878,424

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule Of Number of common shares to be issued upon exercise of remaining warrants	During the six month period ended June 30, 2024, 900,000 of Class E warrants were exercised. As of June 30, 2024, the number of common shares that can potentially be issued under each outstanding class of warrants are:   Warrant    Shares to be issued upon exercise of remaining warrants   Class A      2,867   Class B      786,800   Class C      1,347,267   Class D      173,334   Class E      7,599,999            Total      9,910,267

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Per Common Share	The Company calculates basic and diluted earnings per share as follows:        For the six-month periods ended June 30,        2023      2024   Numerator       Net income      52,550,587        36,179,042   Less: Cumulative dividends on Series A Preferred Shares      (870,494 )       (870,492 )  Less: Cumulative dividends on Series C Preferred Shares      (185,000 )       —    Less: Undistributed earnings allocated to non-vested shares      (977,828 )       (1,985,920 )                    Net income attributable to common shareholders, basic      50,517,265        33,322,630   Add: Undistributed earnings allocated to non-vested shares      977,828        1,985,920   Add: Cumulative dividends on Series C Preferred Shares      185,000        —    Less: Undistributed earnings re-allocated to participating non-vested shares      (862,466 )       (1,781,095 )                    Net income attributable to common shareholders, diluted      50,817,627        33,527,455   Denominator       Weighted average number of shares outstanding, basic      15,940,369        27,789,766   Weighted average number of shares outstanding, diluted      18,304,134        31,515,129                     Earnings per share, basic      3.17        1.20   Earnings per share, diluted      2.78        1.06

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Revenues Condensed Consolidated Statements Of Comprehensive Income	The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:        For the six-month periods ended June 30,        2023      2024   Time charter revenues      18,384,522        7,000,043   Voyage charter revenues      105,363,659        78,975,487   Other income      717,141        2,269,632                     Total      124,465,322        88,245,162

General Information and Basis of Presentation - Summary of Subsidiary Companies (Detail)	6 Months Ended
	Jun. 30, 2024 t
Clean Power Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Clean Power Inc.
Date of Incorporation	Feb. 05, 2007
Name of Vessel Owned by Subsidiary	Magic Wand
Dead Weight Tonnage	47,000
Acquisition Date	Jan. 09, 2008
MR Roi Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	MR Roi Inc.
Date of Incorporation	Feb. 05, 2007
Name of Vessel Owned by Subsidiary	Clean Thrasher
Dead Weight Tonnage	47,000
Acquisition Date	Feb. 27, 2008
King Of Hearts Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	King of Hearts Inc.
Date of Incorporation	Mar. 17, 2008
Name of Vessel Owned by Subsidiary	Clean Sanctuary
Dead Weight Tonnage	46,000
Acquisition Date	Jul. 14, 2009
Nirvana Product Trading Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Nirvana Product Trading Inc
Date of Incorporation	Feb. 25, 2022
Name of Vessel Owned by Subsidiary	Clean Nirvana
Dead Weight Tonnage	50,000
Acquisition Date	Mar. 28, 2022
Volume Jet Trading Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Volume Jet Trading Inc.
Date of Incorporation	Feb. 25, 2022
Name of Vessel Owned by Subsidiary	Clean Justice
Dead Weight Tonnage	46,000
Acquisition Date	May 31, 2022
International Crude And Product Enterprises [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Intercontinental Crude and Product Enterprises Inc.
Date of Incorporation	May 18, 2022
Name of Vessel Owned by Subsidiary	Suez Enchanted
Dead Weight Tonnage	160,000
Acquisition Date	Jun. 03, 2022
Petroleum Trading And Shipping [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Petroleum Trading and Shipping Inc.
Date of Incorporation	Apr. 21, 2022
Name of Vessel Owned by Subsidiary	Suez Protopia
Dead Weight Tonnage	160,000
Acquisition Date	Jun. 03, 2022
Haven Exotic Trading Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Haven Exotic Trading Inc.
Date of Incorporation	Jan. 31, 2023
Name of Vessel Owned by Subsidiary	Eco Wildfire
Dead Weight Tonnage	33,000
Acquisition Date	Feb. 28, 2023
Blue Oddysey International Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Blue Oddysey International Inc.
Date of Incorporation	Jan. 31, 2023
Name of Vessel Owned by Subsidiary	Glorieuse
Dead Weight Tonnage	38,000
Acquisition Date	Feb. 27, 2023
Tankpunk Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Tankpunk Inc.
Date of Incorporation	Jan. 06, 2008
Name of Vessel Owned by Subsidiary	Stealth Berana*
Dead Weight Tonnage	115,804
Acquisition Date	Feb. 27, 2023
Disposal Date	Jul. 14, 2023
Aquatic Success International Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Aquatic Success International Inc.
Date of Incorporation	Sep. 06, 2023
Name of Vessel Owned by Subsidiary	Aquadisiac
Dead Weight Tonnage	51,000
Acquisition Date	Feb. 18, 2024
Alpine Hydrocarbons Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Alpine Hydrocarbons Inc.
Date of Incorporation	Sep. 06, 2023
Name of Vessel Owned by Subsidiary	Gstaad Grace II (ex. Stealth Haralambos)**
Dead Weight Tonnage	113,000
Acquisition Date	Feb. 28, 2024
Disposal Date	Apr. 26, 2024
Poseidonas Corporation Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Poseidonas Corporation Inc.***
Date of Incorporation	May 25, 2024
Imperial Petroleum Product Solutions Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Company	Imperial Petroleum Product Solutions Inc. ****
Date of Incorporation	May 20, 2024

General Information and Basis of Presentation - Additional Information (Detail)					6 Months Ended
	Jun. 21, 2023 USD ($) $ / shares shares	Apr. 28, 2023	Dec. 03, 2021 shares	Nov. 10, 2021 shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 shares	May 14, 2021 shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares outstanding					30,331,661	29,812,755
Number of tankers					8
Six Medium Range Type Product Tankers [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					6
Two Suezmax [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					2
Two Handysize Drybulk Carriers [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					2
Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during the period shares new issues					900,000
Description of the reverse stock split arrangement		1-for-15
Common Stock [Member] | Spin Off Transaction [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during the period shares new issues			318,351	318,318
Preferred Stock [Member] | Preferred Class A [Member] | Spin Off Transaction [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during the period shares new issues			795,878	795,878
Preferred stock dividend rate percentage			8.75%	8.75%
Preferred stock liquidation preference per share | $ / shares					$ 25
Warrant [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Description of the reverse stock split arrangement		1-for-15
StealthGas Inc. [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares outstanding							33
C3is Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash | $	$ 5,000,000
C3is Inc [Member] | Preferred Stock [Member] | Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Preferred stock dividend rate percentage	5.00%
Preferred stock liquidation preference per share | $ / shares	$ 25
Preferred stock shares outstanding	600,000

Transactions with Related Parties - Summary of Amounts Charged By The Company's Related Parties (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Management fees [Member]
Related Party Transaction [Line Items]
Related party	$ 805,640	$ 871,640
Brokerage commissions [Member]
Related Party Transaction [Line Items]
Related party	1,102,384	1,546,799
Superintendent fees [Member]
Related Party Transaction [Line Items]
Related party	9,500	1,000
Crew management fees [Member]
Related Party Transaction [Line Items]
Related party	150,000	153,333
Executive compensation [Member]
Related Party Transaction [Line Items]
General and administrative expenses	206,680	198,000
Commissions – vessels purchased [Member]
Related Party Transaction [Line Items]
Related party	710,000	355,000
Commissions – vessel sold
Related Party Transaction [Line Items]
Related party	420,000	0
Rental expense [Member]
Related Party Transaction [Line Items]
General and administrative expenses	$ 38,738	$ 32,642

Transactions with Related Parties - Additional Information (Detail) - USD ($)								3 Months Ended	6 Months Ended
	May 17, 2024	Sep. 05, 2023	Jul. 14, 2023	Jul. 07, 2023	Jun. 21, 2023	Feb. 14, 2023	May 31, 2020	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Receivable from related party								$ 39,423,256	$ 39,423,256	$ 37,906,821
Payable to related parties								3,347,049	3,347,049	2,324,334
Vessel Cost, Disposal									43,043,220
Proceeds from sale of property, plant, and equipment									41,153,578		$ 0
Interest income, operating									1,516,436		0
Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member]
Dividends payable, amount per share					$ 25
Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | Preferred Stock [Member]
Dividends payable, nature					15th day of January, April, July and October in each year
Company Affiliated With Members Of The Family Of The Chief Executive Officer [Member]
Payments to acquire property, plant, and equipment	$ 39,000,000	$ 71,000,000
Payments for advance to affiliate								0
C3is Inc [Member]
Receivable from related party								39,423,256	39,423,256	37,906,821
Equity security measured at fair value								12,796,417	12,796,417	12,798,500
Accrued dividends								160,417	160,417	162,500
Interest receivable								2,879,795	2,879,795
C3is Inc [Member] | Inventories [Member]
Receivable from related party								843,461	843,461
C3is Inc [Member] | Stealth Berana [Member]
Vessel Cost, Disposal				$ 43,000,000
Percentage of total consideration received in cash				10.00%
Proceeds from sale of property, plant, and equipment				$ 4,300,000
Accounts receivable, after allowance for credit loss				$ 38,700,000
Interest income, operating									0	1,516,436
Fair Value Of Remaining Selling Price			$ 35,700,000
Fair Value Of Remaining Selling Price Including Financing Component			38,700,000
Receivable with Imputed Interest, Discount			$ 3,000,000
C3is Inc [Member] | Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | Preferred Stock [Member]
Preferred Stock, Shares Outstanding					600,000
Preferred Stock, liquidation preference per share					$ 25
Preferred stock par or stated value per share					$ 0.01
Number of days after when the stock are eligible to convert to shares					90 days
Preferred Stock, Dividend Rate, Percentage					5.00%
Dividend income from related party					$ 20,833				379,167
Per share conversion price of preferred stock					$ 1.2573
Related Party [Member]
Payable to related parties								$ 3,347,049	3,347,049	$ 2,324,334
Glorieuse and Eco Wildfire [Member]
Total consideration						$ 35,500,000
Glorieuse [Member]
Aggregate purchase price , Cash						8,500,000
Total consideration						18,500,000
Glorieuse [Member] | Series C Preferred Stock [Member]
Asset acquisition, equity interest issued and issuable						$ 13,875
Management fees [Member]
Related party transaction, amounts of transaction									805,640		871,640
Brokerage commissions [Member]
Related party transaction, amounts of transaction									$ 1,102,384		1,546,799
Related party transaction, brokerage commission per vessel									1.25%
Superintendent fees [Member]
Related party transaction, amounts of transaction									$ 9,500		1,000
Related party transaction, additional amounts of transaction									500
Crew management fees [Member]
Related party transaction, amounts of transaction									150,000		153,333
Crew management fees [Member] | Hellenic Manning Overseas Inc [Member]
Related party transaction, amounts of transaction							$ 2,500
Commissions – vessels purchased [Member]
Related party transaction, amounts of transaction									$ 710,000		$ 355,000
Commissions – vessels purchased [Member] | Hellenic Manning Overseas Inc [Member]
Commission as a percentage of purchase price of vessels									1.00%
Commission as a percentage of sale price of vessels									1.00%
Maximum [Member] | Management fees [Member]
Related party transaction, amounts of transaction									$ 440
Minimum [Member] | Management fees [Member]
Related party transaction, amounts of transaction									$ 125

Vessels, net - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	$ 0	$ 8,996,023
Net loss on sale of vessel	1,589,702	$ 0
Stealth Haralmbos [Member]
Property, Plant and Equipment [Line Items]
Proceeds from sale of productive assets	42,000,000
C3is Inc [Member]
Property, Plant and Equipment [Line Items]
Impairment, Long-Lived Asset, Held-for-Use	$ 8,996,023

Vessels, net - Summary of Analysis of Vessels, Net (Detail)	6 Months Ended
	Jun. 30, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Vessel Cost, Balance at beginning of year	$ 292,065,147
Vessel Cost, Acquisitions and improvements	72,009,521
Vessel Cost, Disposal	(43,043,220)
Vessel Cost, Balance at end of year	321,031,448
Accumulated depreciation, Balance at beginning of year	(111,217,895)
Accumulated depreciation, Disposal	299,940
Accumulated depreciation, Depreciation for the year	(8,235,069)
Accumulated depreciation, Balance at end of year	(119,153,024)
Net book value, Balance at beginning of year	180,847,252
Net book value, Acquisitions and improvements	72,009,521
Net book value, Disposal	(42,743,280)
Net book value, Depreciation for the year	(8,235,069)
Net book value, Balance at end of year	$ 201,878,424

Stockholders' Equity - Summary Of Number of common shares to be issued upon exercise of remaining warrants (Detail)	Jun. 30, 2024 shares
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	9,910,267
Class A Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,867
Class B Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	786,800
Class C Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,347,267
Class D Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	173,334
Class E Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	7,599,999

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Stock repurchase program repurchase amount1		$ 2,504,498
Stock repurchase program number of shares repurchased		807,347
Stock repurchase program pershare of shares repurchased1		$ 3.1
Class E Warrant [Member]
Class of Stock [Line Items]
Class of warrants or rights excercised during the period shares	3,400,000	900,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Dividends, preferred stock		$ 800,000
Preferred stock shares outstanding		795,878	795,878

Equity Compensation Plan - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 1,895,372	$ 1,091,189
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of outstanding stock	10.00%
Restricted shares granted	426,253
Share based compensation, non vested shares, unrecognized compensation cost		$ 2,370,009	$ 2,326,565
Share based compensation, non vested shares, unrecognized compensation cost period for recognition		1 year 2 months 12 days
Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	50.00%
Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	50.00%
Restricted Stock [Member] | General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 1,091,189	$ 1,895,372
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation, non vested shares, unrecognized compensation cost		$ 629,351	$ 610,097
Share based compensation, non vested shares, unrecognized compensation cost period for recognition		1 year 1 month 6 days
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	111,000

Earnings Per Share - Summary of Basic and Diluted Per Common Share (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Net income	$ 36,179,042	$ 52,550,587
Less: Undistributed earnings allocated to non-vested shares	(1,985,920)	(977,828)
Net income attributable to common shareholders, basic	33,322,630	50,517,265
Add: Undistributed earnings allocated to non-vested shares	1,985,920	977,828
Less: Undistributed earnings re-allocated to participating non-vested shares	(1,781,095)	(862,466)
Net income attributable to common shareholders, diluted	$ 33,527,455	$ 50,817,627
Weighted average number of shares outstanding, basic	27,789,766	15,940,369
Weighted average number of shares outstanding, diluted	31,515,129	18,304,134
Earnings per share, basic	$ 1.2	$ 3.17
Earnings per share, diluted	$ 1.06	$ 2.78
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Less: Cumulative dividends on Series Preferred Shares	$ (870,492)	$ (870,494)
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Less: Cumulative dividends on Series Preferred Shares		(185,000)
Add: Cumulative dividends on Series C Preferred Shares		$ 185,000

Earnings Per Share - Additional information (Detail) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Warrant or Right [Line Items]
Incremental shares unexercised options	742,250
Incremental common shares attributable to warrants	1,692,831
Unexcercised Warrants That Were Out Of Money [Member]
Class of Warrant or Right [Line Items]
Antidilutive securities excluded from the computation of earnings per share	2,310,268	8,376,119
Class E Warrant [Member]
Class of Warrant or Right [Line Items]
Class of warrants or rights outstanding	7,599,999

Revenues - Summary of Revenues Condensed Consolidated Statements Of Comprehensive Income (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Other income	$ 2,269,632	$ 717,141
Revenues	88,245,162	124,465,322
Time Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	7,000,043	18,384,522
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 78,975,487	$ 105,363,659

Revenues - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other Current Assets [Member]
Revenue, Major Customer [Line Items]
Capitalized Contract Cost, Net	$ 637,833		$ 302,773
Voyage Charter Revenues [Member]
Revenue, Major Customer [Line Items]
Revenues	13,800,000	$ 7,500,000
Revenue, Remaining Performance Obligation, Amount	13,000,000		6,700,000
Receivables net current	$ 17,100,000		$ 12,600,000

Other operating income - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Other Operating Income (Expense) [Member]
Other Operating Income [Line Items]
Claim in respect of repairs undertaken in the prior years	$ 1.9

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Future minimum contractual charter revenue	$ 442,200

Subsequent Events - Additional Information (Detail) $ in Millions	1 Months Ended
	Sep. 30, 2024 USD ($)
Subsequent Event [Member] | Companies Affiliated With Members Of The Family Of The Chief Executive Officer [Member] | Seven Japanese Built Tankers [Member]
Subsequent Event [Line Items]
Asset acquisition aggregate consideration expected	$ 129

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