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Name | Symbol | Market | Type |
---|---|---|---|
Imperial Petroleum Inc | NASDAQ:IMPPP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.22 | 0.88% | 25.12 | 24.51 | 27.00 | 27.00 | 25.12 | 27.00 | 1,851 | 21:00:00 |
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Second Quarter 2024 Results:
Six Months 2024 Results:
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
Fleet Employment Table
As of August 27, 2024, the profile and deployment of our fleet is the following:
Name | Year Built | Country Built | Vessel Size (dwt) | Vessel Type | Employment Status | Expiration of Charter(1) | |||||||||||||||||||
Tankers | |||||||||||||||||||||||||
Magic Wand | 2008 | Korea | 47,000 | MR product tanker | Spot | ||||||||||||||||||||
Clean Thrasher | 2008 | Korea | 47,000 | MR product tanker | Spot | ||||||||||||||||||||
Clean Sanctuary (ex. Falcon Maryam) | 2009 | Korea | 46,000 | MR product tanker | Spot | ||||||||||||||||||||
Clean Nirvana | 2008 | Korea | 50,000 | MR product tanker | Spot | ||||||||||||||||||||
Clean Justice | 2011 | Japan | 46,000 | MR product tanker | Time Charter | August 2027 | |||||||||||||||||||
Aquadisiac | 2008 | Korea | 51,000 | MR product tanker | Spot | ||||||||||||||||||||
Suez Enchanted | 2007 | Korea | 160,000 | Suezmax tanker | Spot | ||||||||||||||||||||
Suez Protopia | 2008 | Korea | 160,000 | Suezmax tanker | Spot | ||||||||||||||||||||
Drybulk Carriers | |||||||||||||||||||||||||
Eco Wildfire | 2013 | Japan | 33,000 | Handysize drybulk | Time Charter | August 2024 | |||||||||||||||||||
Glorieuse | 2012 | Japan | 38,000 | Handysize drybulk | Time Charter | September 2024 | |||||||||||||||||||
Neptulus | 2012 | Japan | 33,000 | Handysize drybulk | Time Charter | August 2024 | |||||||||||||||||||
Fleet Total | 711,000 dwt |
(1) | Earliest date charters could expire. |
CEO Harry Vafias Commented
In Q2 24 we managed to turn a typically weak seasonal period to our second most profitable quarter thus far, as we generated a net profit of $19.5 million. Our excellent performance was mostly leveraged by our product tankers that were strategically situated West of Suez where market for these vessels remained tight. We enjoy recurring profitable quarters a very strong cash base which currently stands close to $190 million and as we repeatedly stress, zero leverage. This gives us plenty of flexibility to grow further. We remain significantly undervalued as our market capitalization is even lower than our cash but are confident that gradually we will see an appreciation to our share price, driven by our recurring strong results.
Conference Call details:
On August 27, 2024 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Online Registration:
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
https://register.vevent.com/register/BI4888ca9812574a5fb23bfdfa933b77d6
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels, eleven vessels in the water - six M.R. product tankers, two suezmax tankers and three handysize drybulk carriers - with a total capacity of 711,000 deadweight tons (dwt), and one M.R product tanker of 40,000 dwt capacity, that will be delivered in the fourth quarter of 2024. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of any lingering impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, performance of counterparty to our vessel sale agreement, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.
Fleet List and Fleet Deployment For information on our fleet and further information: Visit our website at www.ImperialPetro.com
Company Contact: Fenia Sakellaris IMPERIAL PETROLEUM INC. E-mail: info@ImperialPetro.com
Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2023 and June 30, 2024.
FLEET DATA | Q2 2023 | Q2 2024 | 6M 2023 | 6M 2024 |
Average number of vessels (1) | 11.8 | 10.3 | 10.9 | 10.1 |
Period end number of owned vessels in fleet | 10 | 10 | 10 | 10 |
Total calendar days for fleet (2) | 1,072 | 936 | 1,981 | 1,831 |
Total voyage days for fleet (3) | 1,044 | 922 | 1,947 | 1,800 |
Fleet utilization (4) | 97.4% | 98.5% | 98.3% | 98.3% |
Total charter days for fleet (5) | 310 | 178 | 718 | 385 |
Total spot market days for fleet (6) | 734 | 744 | 1,229 | 1,415 |
Fleet operational utilization (7) | 75.4% | 80.9% | 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) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. 5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before impairment loss, net loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net loss on sale of vessel and share based compensation.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in United States Dollars, except number of shares) | Second Quarter Ended June 30th, | Six Months Period Ended June 30th, | ||
2023 | 2024 | 2023 | 2024 | |
Net Income - Adjusted Net Income | ||||
Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
Plus net loss on sale of vessel | -- | 1,589,702 | -- | 1,589,702 |
Plus impairment loss | 8,996,023 | -- | 8,996,023 | -- |
Plus share based compensation | 789,648 | 1,036,562 | 1,091,189 | 1,895,372 |
Adjusted Net Income | 26,612,156 | 22,150,702 | 62,637,799 | 39,664,116 |
Net income - EBITDA | ||||
Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
Plus interest and finance costs | 459,166 | 5,797 | 1,810,769 | 8,227 |
Less interest income | (851,930) | (1,987,726) | (2,131,146) | (3,773,604) |
Plus depreciation | 4,601,209 | 4,208,008 | 8,690,061 | 8,235,069 |
EBITDA | 21,034,930 | 21,750,517 | 60,920,271 | 40,648,734 |
Net income - Adjusted EBITDA | ||||
Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
Plus net loss on sale of vessel | -- | 1,589,702 | -- | 1,589,702 |
Plus impairment loss | 8,996,023 | -- | 8,996,023 | -- |
Plus share based compensation | 789,648 | 1,036,562 | 1,091,189 | 1,895,372 |
Plus interest and finance costs | 459,166 | 5,797 | 1,810,769 | 8,227 |
Less interest income | (851,930) | (1,987,726) | (2,131,146) | (3,773,604) |
Plus depreciation | 4,601,209 | 4,208,008 | 8,690,061 | 8,235,069 |
Adjusted EBITDA | 30,820,601 | 24,376,781 | 71,007,483 | 44,133,808 |
EPS | ||||
Numerator | ||||
Net income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 |
Less: Cumulative dividends on preferred shares | (620,246) | (435,246) | (1,055,494) | (870,492) |
Less: Undistributed earnings allocated to non-vested shares | (856,309) | (1,137,477) | (977,828) | (1,985,920) |
Net income attributable to common shareholders, basic | 15,349,930 | 17,951,715 | 50,517,265 | 33,322,630 |
Denominator | ||||
Weighted average number of shares | 16,816,597 | 27,965,872 | 15,940,369 | 27,789,766 |
EPS - Basic | 0.91 | 0.64 | 3.17 | 1.20 |
Adjusted EPS | ||||
Numerator | ||||
Adjusted net income | 26,612,156 | 22,150,702 | 62,637,799 | 39,664,116 |
Less: Cumulative dividends on preferred shares | (620,246) | (435,246) | (1,055,494) | (870,492) |
Less: Undistributed earnings allocated to non-vested shares | (1,373,366) | (1,293,969) | (1,169,371) | (2,181,937) |
Adjusted net income attributable to common shareholders, basic | 24,618,544 | 20,421,487 | 60,412,934 | 36,611,687 |
Denominator | ||||
Weighted average number of shares | 16,816,597 | 27,965,872 | 15,940,369 | 27,789,766 |
Adjusted EPS | 1.46 | 0.73 | 3.79 | 1.32 |
Imperial Petroleum Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares)
Quarters Ended June 30, | Six Month Periods Ended June 30, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
Revenues | |||||||||||
Revenues | 59,044,221 | 47,041,881 | 124,465,322 | 88,245,162 | |||||||
Expenses | |||||||||||
Voyage expenses | 18,522,418 | 16,524,695 | 34,600,245 | 29,488,302 | |||||||
Voyage expenses - related party | 736,269 | 587,970 | 1,546,799 | 1,102,384 | |||||||
Vessels' operating expenses | 6,885,309 | 6,389,255 | 13,761,185 | 12,340,816 | |||||||
Vessels' operating expenses - related party | 89,333 | 77,500 | 154,333 | 159,500 | |||||||
Drydocking costs | 696,934 | -- | 1,318,310 | 625,457 | |||||||
Management fees – related party | 473,880 | 411,840 | 871,640 | 805,640 | |||||||
General and administrative expenses | 1,487,436 | 1,476,204 | 2,466,405 | 2,683,372 | |||||||
Depreciation | 4,601,209 | 4,208,008 | 8,690,061 | 8,235,069 | |||||||
Other operating income | -- | (1,900,000) | -- | (1,900,000) | |||||||
Impairment loss | 8,996,023 | -- | 8,996,023 | -- | |||||||
Net loss on sale of vessel | -- | 1,589,702 | -- | 1,589,702 | |||||||
Total expenses | 42,448,811 | 29,359,174 | 72,405,001 | 55,130,242 | |||||||
Income from operations | 16,555,410 | 17,676,707 | 52,060,321 | 33,114,920 | |||||||
Other (expenses)/income | |||||||||||
Interest and finance costs | (459,166) | (5,797) | (1,810,769) | (8,227) | |||||||
Interest income | 851,930 | 1,221,907 | 2,131,146 | 2,257,168 | |||||||
Interest income – related party | -- | 765,819 | -- | 1,516,436 | |||||||
Dividend income from related party | 20,833 | 189,584 | 20,833 | 379,167 | |||||||
Foreign exchange (loss)/gain | (142,522) | (323,782) | 149,056 | (1,080,422) | |||||||
Other income, net | 271,075 | 1,847,731 | 490,266 | 3,064,122 | |||||||
Net Income | 16,826,485 | 19,524,438 | 52,550,587 | 36,179,042 | |||||||
Earnings per share1 | |||||||||||
- Basic | 0.91 | 0.64 | 3.17 | 1.20 | |||||||
- Diluted | 0.73 | 0.56 | 2.78 | 1.06 | |||||||
Weighted average number of shares | |||||||||||
-Basic | 16,816,597 | 27,965,872 | 15,940,369 | 27,789,766 | |||||||
-Diluted | 21,366,486 | 32,069,815 | 18,304,134 | 31,515,129 | |||||||
Imperial Petroleum Inc. Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31, | June 30, | ||||||
2023 | 2024 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | 91,927,512 | 69,738,832 | |||||
Time deposits | 32,099,810 | 60,012,100 | |||||
Receivables from related parties | 37,906,821 | 39,552,371 | |||||
Trade and other receivables | 13,498,813 | 18,538,547 | |||||
Other current assets | 302,773 | 637,833 | |||||
Inventories | 7,291,123 | 8,706,419 | |||||
Advances and prepayments | 161,937 | 604,824 | |||||
Total current assets | 183,188,789 | 197,790,926 | |||||
Non current assets | |||||||
Operating lease right-of-use asset | -- | 114,912 | |||||
Vessels, net | 180,847,252 | 201,878,424 | |||||
Investment in related party | 12,798,500 | 12,796,417 | |||||
Total non current assets | 193,645,752 | 214,789,753 | |||||
Total assets | 376,834,541 | 412,580,679 | |||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Trade accounts payable | 8,277,118 | 5,568,261 | |||||
Payable to related parties | 2,324,334 | 3,476,164 | |||||
Accrued liabilities | 3,008,500 | 3,208,264 | |||||
Operating lease liability, current portion | -- | 72,704 | |||||
Deferred income | 919,116 | 1,408,181 | |||||
Total current liabilities | 14,529,068 | 13,733,574 | |||||
Non current liabilities | |||||||
Operating lease liability, non-current portion | -- | 42,208 | |||||
Total non current liabilities | -- | 42,208 | |||||
Total liabilities | 14,529,068 | 13,775,782 | |||||
Commitments and contingencies | |||||||
Stockholders' equity | |||||||
Capital stock | 332,573 | 345,835 | |||||
Preferred Stock, Series A | 7,959 | 7,959 | |||||
Preferred Stock, Series B | 160 | 160 | |||||
Treasury stock | (5,885,727) | (8,390,225) | |||||
Additional paid-in capital | 270,242,635 | 273,924,745 | |||||
Retained earnings | 97,607,873 | 132,916,423 | |||||
Total stockholders' equity | 362,305,473 | 398,804,897 | |||||
Total liabilities and stockholders' equity | 376,834,541 | 412,580,679 | |||||
Imperial Petroleum Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars
Six Month Periods Ended June 30, | |||||||
2023 | 2024 | ||||||
Cash flows from operating activities | |||||||
Net income for the period | 52,550,587 | 36,179,042 | |||||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation | 8,690,061 | 8,235,069 | |||||
Amortization of deferred finance charges | 474,039 | -- | |||||
Non-cash lease expense | 31,349 | 35,086 | |||||
Share based compensation | 1,091,189 | 1,895,372 | |||||
Impairment loss | 8,996,023 | -- | |||||
Net loss on sale of vessel | -- | 1,589,702 | |||||
Unrealized foreign exchange loss on time deposits | -- | 773,620 | |||||
Dividend income from related party | (20,833) | (379,167) | |||||
Changes in operating assets and liabilities: | |||||||
(Increase)/decrease in | |||||||
Trade and other receivables | (3,360,823) | (5,039,734) | |||||
Other current assets | (136,130) | (335,060) | |||||
Inventories | (2,062,365) | (1,415,296) | |||||
Changes in operating lease liabilities | (31,349) | (35,086) | |||||
Advances and prepayments | (373,262) | (442,887) | |||||
Due from related parties | (42,042) | (1,645,550) | |||||
Increase/(decrease) in | |||||||
Trade accounts payable | 500,001 | (1,861,518) | |||||
Due to related parties | (2,709,982) | 1,058,531 | |||||
Accrued liabilities | 1,020,949 | 199,764 | |||||
Deferred income | (801,066) | 489,065 | |||||
Net cash provided by operating activities | 63,816,346 | 39,300,953 | |||||
Cash flows from investing activities | |||||||
Dividends income received | -- | 381,250 | |||||
Proceeds from sale of vessel, net | -- | 41,153,578 | |||||
Acquisition and improvement of vessels | (26,284,405) | (72,856,860) | |||||
Increase in bank time deposits | (61,912,900) | (91,715,140) | |||||
Maturity of bank time deposits | 68,000,000 | 63,029,230) | |||||
Net cash used in investing activities | (20,197,305) | (60,007,942) | |||||
Cash flows from financing activities | |||||||
Proceeds from equity offerings | 12,095,253 | -- | |||||
Proceeds from warrants exercise | -- | 1,800,000 | |||||
Stock issuance costs | (198,587) | -- | |||||
Stock repurchase | -- | (2,504,498) | |||||
Dividends paid on preferred shares | (870,494) | (777,193) | |||||
Loan repayments | (70,438,500) | -- | |||||
Cash retained by C3is Inc. at spin-off | (5,000,000) | -- | |||||
Net cash used in financing activities | (64,412,328) | (1,481,691) | |||||
Net decrease in cash and cash equivalents | (20,793,287) | (22,188,680) | |||||
Cash and cash equivalents at beginning of period | 57,506,919 | 91,927,512 | |||||
Cash and cash equivalents at end of period | 36,713,632 | 69,738,832 | |||||
Cash breakdown | |||||||
Cash and cash equivalents | 36,713,632 | 69,738,832 | |||||
Total cash and cash equivalents shown in the statements of cash flows | 36,713,632 | 69,738,832 |
Supplemental Cash Flow Information | ||||||||
Interest paid | 1,735,054 | -- | ||||||
Non-cash investing activity - Vessels’ improvements included in liabilities | 322,527 | 11,981 | ||||||
Non-cash investing activity – Dividend income from related party included in Investment in related party | -- | 160,417 | ||||||
Non-cash financing activity – Dividends declared on Preferred Shares Series C included in Balances with related parties | 185,000 | -- | ||||||
Non-cash financing activity – Dividend on preferred series A included in payables to related parties | -- | 93,299 | ||||||
Distribution of net assets of C3is Inc. to shareholders and warrantholders | 20,957,952 | -- |
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