IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a
ship-owning company providing petroleum products, crude oil and dry
bulk seaborne transportation services, announced today its
unaudited financial and operating results for the third quarter and
nine months ended September 30, 2024.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS
- Fleet operational utilization of
65.6% in Q3 24’ versus 70.5% in Q3 23’.
- Increased idle time in Q3 24’
compared to the same period of last year mainly due to seasonal
factors, the drydocking of a product tanker and the minor incident
of one of our product tankers which, remained off hire for the
whole of Q3 24’.
- Spot activity in Q3 24’ in the
order of 65.7%, reduced compared to previous quarter, due to a rise
in tanker time charter activity.
- Revenues of $33.0 million in Q3 24’
compared to $29.4 million in Q3 23’ equivalent to a 12.2%
increase.
- Net income of $10.1 million in Q3
24’ compared to $12.1 million in Q3 23’.
- Adjusted net income of $10.9
million in Q3 24’ versus $4.5 million in Q3 23’ up by $6.4 million
or 142.2%.
- Cash and cash equivalents including
time deposits slightly below $200 million as of September 30, 2024
versus $126 million as of September 30, 2023- equivalent to a 58.7%
rise.
- For the 9M 24’ period our total net
income was $46.2 million while our operating cash flows amounted to
$68.0 million.
Third Quarter 2024 Results:
-
Revenues for the three months ended September 30, 2024 amounted to
$33.0 million, an increase of $3.6 million, or 12.2%, compared to
revenues of $29.4 million for the three months ended September 30,
2023, primarily due to an increase in voyage days by 19.5% (145
days) attributed mainly to the increase of our average number of
vessels by 1.27 vessels along with improved revenue stemming from
product tankers as three product tankers underwent drydocking in Q3
23’.
-
Voyage expenses and vessels’ operating expenses for the three
months ended September 30, 2024 were $13.0 million and $7.2
million, respectively, compared to $12.6 million and $6.1 million,
respectively, for the three months ended September 30, 2023. The
$0.4 million increase in voyage expenses is mainly attributed to
the increase in bunkers consumption due to increase in spot days by
11.3% and to expenses incurred in connection with the EU Emission
Allowances (EUAs) in order to meet our obligation arising from the
CO2 emissions as a result of the new EU regulations entered into
force starting from January 1, 2024. The increase was partially
offset by the decrease in port expenses due to change in trade
routes and therefore, decreased transit through the Suez Canal. The
$1.1 million increase in vessels’ operating expenses was primarily
due to the increased size of our fleet by an average of 1.27
vessels.
-
Drydocking costs for the three months ended September 30, 2024 and
2023 were $0.9 million and $2.8 million, respectively. This
decrease is due to the fact that during the three months ended
September 30, 2024, one of our product tankers underwent drydocking
while in the same period of last year three of our product tankers
underwent drydocking.
-
General and administrative costs for the three months ended
September 30, 2024 and 2023 were $1.2 million and $1.3 million,
respectively.
-
Depreciation for the three months ended September 30, 2024 and 2023
was $4.3 million and $3.5 million, respectively. The change is
attributable to the increase in the average number of our
vessels.
-
Management fees for the three months ended September 30, 2024 and
2023 were $0.4 million.
- Net gain on sale of vessel for the
three months ended September 30, 2024 and 2023 were nil and $8.2
million, respectively. In the three months ended September 30,
2023, the net gain on sale of vessel was related to the sale of the
Aframax tanker Afrapearl II (ex. Stealth Berana) to C3is Inc., a
related party.
-
Interest income for the three months ended September 30, 2024 was
$2.3 million as compared to $1.7 million for the three months ended
September 30, 2023. The $0.6 million increase is mainly attributed
to a higher amount of funds placed under time deposits.
-
Foreign exchange (loss)/gain for the three months ended September
30, 2024 was $1.7 million gain as compared to $0.8 million loss for
the three months ended September 30, 2023. The $2.5 million
increase in gain is mainly attributed to fluctuations in exchange
rates in key currencies mainly from funds placed under time
deposits on foreign currency.
- As a result of the above, for the
three months ended September 30, 2024, the Company reported net
income of $10.1 million, compared to net income of $12.1 million
for the three months ended September 30, 2023. Dividends paid on
Series A Preferred Shares amounted to $0.4 million for the three
months ended September 30, 2024. The weighted average number of
shares of common stock outstanding, basic, for the three months
ended September 30, 2024 was 31.4 million. Earnings per share,
basic and diluted, for the three months ended September 30, 2024
amounted to $0.29 and $0.27, respectively, compared to earnings per
share, basic and diluted, of $0.56 and $0.43, respectively, for the
three months ended September 30, 2023.
- Adjusted net income1 was $10.9
million corresponding to an Adjusted EPS1, basic of $0.32 for the
three months ended September 30, 2024 compared to an Adjusted net
income of $4.5 million corresponding to an Adjusted EPS, basic, of
$0.19 for the same period of last year.
- EBITDA1 for the three months ended
September 30, 2024 amounted to $12.2 million, while Adjusted
EBITDA1 for the three months ended September 30, 2024 amounted to
$13.0 million.
-
An average of 10.4 vessels were owned by the Company during the
three months ended September 30, 2024 compared to 9.1 vessels for
the same period of 2023.
Nine months 2024 Results:
-
Revenues for the nine months ended September 30, 2024 amounted to
$121.3 million, a decrease of $32.5 million, or 21.1%, compared to
revenues of $153.8 million for the nine months ended September 30,
2023, primarily due to a year to date decline of daily spot market
rates of suezmax tankers by approximately 18% and the seasonal
weakening of tanker market rates following the end of the first
half of 2024.
-
Voyage expenses and vessels’ operating expenses for the nine months
ended September 30, 2024 were $43.6 million and $19.7 million,
respectively, compared to $48.7 million and $20.0 million,
respectively, for the nine months ended September 30, 2023. The
$5.1 million decrease in voyage expenses is mainly attributed to
the decreased port expenses by approximately $3.9 million due to
decreased transit through the Suez Canal and decreased voyage
commissions by approximately $1.1 million due to the lower
revenues. The $0.3 million decrease in vessels’ operating expenses
was primarily due to the slight decrease in the average number of
vessels.
-
Drydocking costs for the nine months ended September 30, 2024 and
2023 were $1.5 million and $4.1 million, respectively. This
decrease is due to the fact that during the nine months ended
September 30, 2024 two tanker vessels underwent drydocking while in
the same period of last year three of our product tankers and one
of our drybulk carriers underwent drydocking.
-
General and administrative costs for the nine months ended
September 30, 2024 and 2023 were $3.9 million and $3.8 million,
respectively.
-
Depreciation for the nine months ended September 30, 2024 was $12.5
million, a $0.4 million increase from $12.1 million for the same
period of last year, due to the higher carrying amount of our newly
acquired vessels.
-
Management fees for the nine months ended September 30, 2024 and
2023 were $1.2 million.
-
Other operating income for the nine months ended September 30, 2024
was $1.9 million and related to the collection of an insurance
claim in connection with repairs undertaken in prior years.
- Net loss on sale of vessel/ Net
gain on sale of vessel - related party for the nine months ended
September 30, 2024 was $1.6 million and related to the sale of the
Aframax tanker Gstaad Grace II to a third party whereas net gain on
sale of vessel for the nine months ended September 30, 2023 was
$8.2 million and related to the sale of the Aframax tanker
Afrapearl II (ex. Stealth Berana) to C3is Inc., a related
party.
-
Impairment loss for the nine months period ended September 30, 2024
and 2023 stood at nil and $9.0 million, and related to the spin-off
of two drybulk carriers to C3is Inc. The decline of drybulk
vessels’ fair values, at the time of the spin off, compared to one
year before when these vessels were acquired resulted in the
incurrence of impairment loss.
- Interest and finance costs for the
nine months ended September 30, 2024 and 2023 were $0.1 million and
$1.8 million, respectively. The $0.1 million of costs for the nine
months ended September 30, 2024 relate mainly to the accrued
interest expense – related party, in connection with the $14.0
million, part of the acquisition price of our bulk carrier,
Neptulus, which is payable by May 2025. The $1.8 million of costs
for the nine months ended September 30, 2023 related 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 nine months ended September 30, 2024 and
2023 was $6.0 million and $3.8 million, respectively. The increase
is mainly attributed to the interest earned from the time deposits
held by the Company as well as the $1.6 million interest income –
related party for the nine months ended September 30, 2024 in
connection with the $38.7 million of the sale price of the Aframax
tanker Afrapearl II (ex. Stealth Berana) which was received in July
2024. For the nine months ended September 30, 2023, the accrued
interest income – related party amounted to $0.6 million.
-
As a result of the above, the Company reported net income for the
nine months ended September 30, 2024 of $46.2 million, compared to
a net income of $64.7 million for the nine months ended September
30, 2023. The weighted average number of shares outstanding, basic,
for the nine months ended September 30, 2024 was 29.0 million.
Earnings per share, basic and diluted, for the nine months ended
September 30, 2024 amounted to $1.47 and $1.32, respectively,
compared to earnings per share, basic and diluted, of $3.59 and
$3.05 for the nine months ended September 30, 2023.
- Adjusted Net Income was $50.6
million corresponding to an Adjusted EPS, basic of $1.61 for the
nine months ended September 30, 2024 compared to adjusted net
income of $67.2 million, or $3.74 Adjusted EPS, basic, for the same
period of last year.
- EBITDA for the nine months ended
September 30, 2024 amounted to $52.9 million while Adjusted EBITDA
for the nine months ended September 30, 2024 amounted to $57.2
million.
-
An average of 10.2 vessels were owned by the Company during the
nine months ended September 30, 2024 compared to 10.3 vessels for
the same period of 2023.
-
As of September 30, 2024, cash and cash equivalents including time
deposits amounted to $199.2 million and total debt amounted to
nil.
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.
Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA
to Net Income are set forth below.
Fleet Employment Table
As of December 2, 2024, the profile and
deployment of our fleet is the following:
|
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|
|
|
Name |
|
YearBuilt |
|
CountryBuilt |
|
Vessel Size(dwt) |
|
VesselType |
|
EmploymentStatus |
|
Expiration ofCharter(1) |
|
|
Tankers(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Magic Wand |
|
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Spot |
|
|
|
Clean Thrasher |
|
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Time Charter |
|
January 2025 |
|
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(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Eco Wildfire |
|
2013 |
|
Japan |
|
33,000 |
|
Handysize drybulk |
|
Time Charter |
|
December 2024 |
|
Glorieuse |
|
2012 |
|
Japan |
|
38,000 |
|
Handysize drybulk |
|
Time Charter |
|
December 2024 |
|
Neptulus |
|
2012 |
|
Japan |
|
33,000 |
|
Handysize drybulk |
|
Time Charter |
|
December 2024 |
|
Fleet Total |
|
|
|
|
|
711,000 dwt |
|
|
|
|
|
|
|
|
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|
|
|
|
(1) Earliest date charters could expire.(2) We have contracted
to acquire a product tanker, with approximately 40,000 dwt
capacity, which is expected to be delivered to us in the first
quarter of 2025.(3) We have contracted to acquire seven Japanese
built drybulk carriers, aggregating approximately 443,000 dwt,
which are expected to be delivered to us between January 2025 and
May 2025.
CEO, Harry Vafias,
commented:
“In spite of an unexciting and seasonally weak
quarter, Imperial Petroleum was yet again profitable. Our adjusted
net income this quarter was up 141% compared to Q3 23 and our cash
increased by 58.7% compared to the end of the same quarter last
year. Since the beginning of the year we have generated a net
profit of close to $46 million with a fleet of about 10 vessels.
Apart from our ongoing profitability, our financial strength is
shown by our cash of about $200 million in conjunction with zero
leverage. Market was volatile and weak during Q3 24’and it still
remains an unknown how future geopolitical tensions will affect the
tanker and broader shipping market overall.”
Conference Call details:
On December 2, 2024 at 10:00 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/BI58bf738ae0ac4adfb87e3222819503a9
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 eleven vessels
on 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 has contracted to acquire an additional
40,000 dwt M.R. product tanker and an additional seven drybulk
carriers of 443,000 dwt aggregate capacity. Following these
deliveries the Company’s fleet will count a total of 19 vessels.
IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A
Cumulative Redeemable Perpetual Preferred Stock are listed on the
Nasdaq Capital Market and trade under the symbols “IMPP” and
“IMPPP,” respectively.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although IMPERIAL PETROLEUM INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that
it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, general market conditions, including changes in
charter hire rates and vessel values, charter counterparty
performance, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled drydockings, shipyard
performance, changes in IMPERIAL PETROLEUM INC’s operating
expenses, including bunker prices, drydocking and insurance costs,
ability to obtain financing and comply with covenants in our
financing arrangements, actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, the conflict in Ukraine and
related sanctions, the conflict 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
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 SakellarisIMPERIAL PETROLEUM INC.E-mail:
info@ImperialPetro.com
Fleet Data:
The following key indicators highlight the
Company’s operating performance during the periods ended September
30, 2023 and September 30, 2024.
|
FLEET DATA |
Q3 2023 |
Q3 2024 |
9M 2023 |
9M 2024 |
| Average number of vessels (1) |
9.14 |
10.41 |
10.34 |
10.18 |
| Period end
number of owned vessels in fleet |
9 |
11 |
9 |
11 |
| Total
calendar days for fleet (2) |
841 |
958 |
2,822 |
2,789 |
| Total voyage
days for fleet (3) |
745 |
890 |
2,692 |
2,690 |
| Fleet
utilization (4) |
88.6% |
92.9% |
95.4% |
96.5% |
| Total
charter days for fleet (5) |
180 |
261 |
898 |
646 |
| Total spot
market days for fleet (6) |
565 |
629 |
1,794 |
2,044 |
| Fleet
operational utilization (7) |
70.5% |
65.6% |
77.0% |
75.5% |
| |
|
|
|
|
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 (gain)/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 (gain)/loss on sale of
vessel and share based compensation.
Adjusted EPS represents Adjusted net income
attributable to common shareholders 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) |
Third Quarter Ended September 30th, |
Nine months Period Ended September 30th, |
|
|
2023 |
2024 |
2023 |
2024 |
| Net Income - Adjusted
Net Income |
|
|
|
|
| Net
income |
12,119,472 |
10,061,069 |
64,670,059 |
46,240,111 |
| Less/Plus net (gain)/loss on
sale of vessel |
(8,182,777) |
-- |
(8,182,777) |
1,589,702 |
| Plus impairment loss |
-- |
-- |
8,996,023 |
-- |
| Plus share based
compensation |
591,259 |
836,648 |
1,682,448 |
2,732,020 |
| Adjusted Net
Income |
4,527,954 |
10,897,717 |
67,165,753 |
50,561,833 |
|
|
|
|
|
|
| Net income –
EBITDA |
|
|
|
|
| Net
income |
12,119,472 |
10,061,069 |
64,670,059 |
46,240,111 |
| Plus interest and finance
costs |
-- |
113,471 |
1,810,769 |
121,698 |
| Less interest income |
(1,697,999) |
(2,262,938) |
(3,829,145) |
(6,036,542) |
| Plus depreciation |
3,453,982 |
4,290,384 |
12,144,043 |
12,525,453 |
| EBITDA |
13,875,455 |
12,201,986 |
74,795,726 |
52,850,720 |
|
|
|
|
|
|
| Net income - Adjusted
EBITDA |
|
|
|
|
| Net income |
12,119,472 |
10,061,069 |
64,670,059 |
46,240,111 |
| Less/Plus net (gain)/loss on
sale of vessel |
(8,182,777) |
-- |
(8,182,777) |
1,589,702 |
| Plus impairment loss |
-- |
-- |
8,996,023 |
-- |
| Plus share based
compensation |
591,259 |
836,648 |
1,682,448 |
2,732,020 |
| Plus interest and finance
costs |
-- |
113,471 |
1,810,769 |
121,698 |
| Less interest income |
(1,697,999) |
(2,262,938) |
(3,829,145) |
(6,036,542) |
| Plus depreciation |
3,453,982 |
4,290,384 |
12,144,043 |
12,525,453 |
| Adjusted
EBITDA |
6,283,937 |
13,038,634 |
77,291,420 |
57,172,442 |
|
|
|
|
|
|
| EPS |
|
|
|
|
|
Numerator |
|
|
|
|
| Net income |
12,119,472 |
10,061,069 |
64,670,059 |
46,240,111 |
| Less: Cumulative dividends on
preferred shares |
(612,538) |
(435,245) |
(1,668,029) |
(1,305,737) |
| Less: Undistributed earnings
allocated to non-vested shares |
(462,091) |
(437,903) |
(2,159,357) |
(2,353,108) |
| Net income attributable to
common shareholders, basic |
11,044,843 |
9,187,921 |
60,842,673 |
42,581,266 |
|
Denominator |
|
|
|
|
| Weighted average number of
shares |
19,754,613 |
31,383,953 |
16,928,482 |
28,995,256 |
| EPS -
Basic |
0.56 |
0.29 |
3.59 |
1.47 |
| |
|
|
|
|
| Adjusted
EPS |
|
|
|
|
|
Numerator |
|
|
|
|
| Adjusted net income |
4,527,954 |
10,897,717 |
67,165,753 |
50,561,833 |
| Less: Cumulative dividends on
preferred shares |
(612,538) |
(435,245) |
(1,668,029) |
(1,305,737) |
| Less: Undistributed earnings
allocated to non-vested shares |
(157,234) |
(475,965) |
(2,244,895) |
(2,579,426) |
| Adjusted net income
attributable to common shareholders, basic |
3,758,182 |
9,986,507 |
63,252,829 |
46,676,670 |
|
|
|
|
|
|
|
Denominator |
|
|
|
|
| Weighted average number of
shares |
19,754,613 |
31,383,953 |
16,928,482 |
28,995,256 |
| Adjusted EPS,
Basic |
0.19 |
0.32 |
3.74 |
1.61 |
| |
|
|
|
|
|
Imperial Petroleum Inc.Unaudited
Consolidated Statements of Income(Expressed in
United States Dollars, except for number of
shares) |
|
|
|
Quarters Ended September 30, |
|
Nine month Periods Ended September 30, |
|
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
| |
Revenues |
29,378,684 |
|
33,023,153 |
|
153,844,006 |
|
121,268,315 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
| |
Voyage expenses |
12,206,039 |
|
12,558,037 |
|
46,806,284 |
|
42,046,339 |
|
|
Voyage expenses - related
party |
358,645 |
|
415,715 |
|
1,905,444 |
|
1,518,099 |
| |
Vessels' operating
expenses |
5,993,408 |
|
7,142,040 |
|
19,754,593 |
|
19,482,856 |
|
|
Vessels' operating expenses -
related party |
74,750 |
|
79,000 |
|
229,083 |
|
238,500 |
| |
Drydocking costs |
2,778,264 |
|
870,486 |
|
4,096,574 |
|
1,495,943 |
|
|
Management fees – related
party |
370,480 |
|
421,520 |
|
1,242,120 |
|
1,227,160 |
| |
General and administrative
expenses |
1,294,943 |
|
1,215,921 |
|
3,761,348 |
|
3,899,293 |
|
|
Depreciation |
3,453,982 |
|
4,290,384 |
|
12,144,043 |
|
12,525,453 |
|
|
Other operating income |
-- |
|
-- |
|
-- |
|
(1,900,000) |
| |
Impairment loss |
-- |
|
-- |
|
8,996,023 |
|
-- |
| |
Net loss on sale of
vessel |
-- |
|
-- |
|
-- |
|
1,589,702 |
| |
Net gain on sale of vessel –
related party |
(8,182,777) |
|
-- |
|
(8,182,777) |
|
-- |
|
Total expenses |
18,347,734 |
|
26,993,103 |
|
90,752,735 |
|
82,123,345 |
| |
|
|
|
|
|
|
|
|
|
Income from operations |
11,030,950 |
|
6,030,050 |
|
63,091,271 |
|
39,144,970 |
|
|
|
|
|
|
|
|
|
|
| Other
(expenses)/income |
|
|
|
|
|
|
|
| |
Interest and finance
costs |
-- |
|
(4,534) |
|
(1,810,769) |
|
(12,761) |
| |
Interest expense – related
party |
-- |
|
(108,937) |
|
-- |
|
(108,937) |
|
|
Interest income |
1,078,279 |
|
2,142,734 |
|
3,209,425 |
|
4,399,902 |
|
|
Interest income – related
party |
619,720 |
|
120,204 |
|
619,720 |
|
1,636,640 |
| |
Dividend income from related
party |
191,667 |
|
191,666 |
|
212,500 |
|
570,833 |
|
|
Foreign exchange
(loss)/gain |
(801,144) |
|
1,689,886 |
|
(652,088) |
|
609,464 |
|
Other income, net |
1,088,522 |
|
4,031,019 |
|
1,578,788 |
|
7,095,141 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
12,119,472 |
|
10,061,069 |
|
64,670,059 |
|
46,240,111 |
|
|
|
|
|
|
|
|
|
|
| Earnings
per share |
|
|
|
|
|
|
|
| - Basic |
0.56 |
|
0.29 |
|
3.59 |
|
1.47 |
| - Diluted |
0.43 |
|
0.27 |
|
3.05 |
|
1.32 |
|
|
|
|
|
|
|
|
|
|
| Weighted
average number of shares |
|
|
|
|
|
|
|
| -Basic |
19,754,613 |
|
31,383,953 |
|
16,928,482 |
|
28,995,256 |
| -Diluted |
26,506,177 |
|
34,263,264 |
|
20,181,126 |
|
32,435,279 |
|
|
|
|
|
|
|
|
|
|
|
Imperial Petroleum Inc.Unaudited
Consolidated Balance Sheets(Expressed in United
States Dollars) |
|
|
|
|
|
|
December 31, |
|
September 30, |
|
|
|
|
|
|
2023 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
| |
Cash and cash
equivalents |
|
91,927,512 |
|
167,148,589 |
|
|
Time deposits |
|
|
32,099,810 |
|
32,021,300 |
|
|
Receivables from
related parties |
|
37,906,821 |
|
-- |
| |
Trade and other
receivables |
|
13,498,813 |
|
12,488,735 |
|
|
Other current
assets |
|
|
302,773 |
|
96,026 |
| |
Inventories |
|
|
7,291,123 |
|
6,693,024 |
|
|
Advances and
prepayments |
|
161,937 |
|
289,162 |
|
Total current assets |
|
|
183,188,789 |
|
218,736,836 |
|
|
|
|
|
|
|
|
|
| Non
current assets |
|
|
|
|
|
| |
Operating lease
right-of-use asset |
|
-- |
|
96,317 |
|
|
Vessels, net |
|
|
180,847,252 |
|
212,696,467 |
| |
Investment in
related party |
|
12,798,500 |
|
12,798,500 |
|
Total non current assets |
|
|
193,645,752 |
|
225,591,284 |
|
Total assets |
|
|
|
376,834,541 |
|
444,328,120 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
| Current
liabilities |
|
|
|
|
|
| |
Trade accounts
payable |
|
8,277,118 |
|
5,619,766 |
|
|
Payable to related
parties |
|
2,324,334 |
|
17,940,113 |
| |
Accrued
liabilities |
|
|
3,008,500 |
|
3,630,476 |
|
|
Operating lease
liability, current portion |
|
-- |
|
72,704 |
| |
Deferred
income |
|
|
919,116 |
|
974,079 |
|
Total current liabilities |
|
|
14,529,068 |
|
28,237,138 |
|
|
|
|
|
|
|
|
|
| Non
current liabilities |
|
|
|
|
|
| |
Operating lease
liability, non-current portion |
|
|
-- |
|
23,613 |
|
Total non current liabilities |
|
-- |
|
23,613 |
|
Total liabilities |
|
|
14,529,068 |
|
28,260,751 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
| |
Common stock |
|
|
332,573 |
|
379,786 |
| |
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 |
|
281,527,442 |
|
|
Retained
earnings |
|
|
97,607,873 |
|
142,542,247 |
|
Total stockholders' equity |
|
|
362,305,473 |
|
416,067,369 |
|
Total liabilities and stockholders' equity |
|
376,834,541 |
|
444,328,120 |
|
|
|
|
|
|
|
Imperial Petroleum Inc.Unaudited
Consolidated Statements of Cash Flows(Expressed in
United States Dollars |
|
|
|
Nine month Periods Ended September 30, |
|
|
|
2023 |
|
2024 |
|
|
|
|
| Cash flows
from operating activities |
|
|
|
| |
Net income for the
period |
64,670,059 |
|
46,240,111 |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
| provided
by operating activities: |
|
|
|
| |
Depreciation |
12,144,043 |
|
12,525,453 |
|
|
Amortization of
deferred finance charges |
474,039 |
|
-- |
| |
Non - cash lease
expense |
46,859 |
|
53,681 |
|
|
Share based
compensation |
1,682,448 |
|
2,732,020 |
| |
Impairment
loss |
8,996,023 |
|
-- |
| |
Net (gain)/loss on
sale of vessel |
(8,182,777) |
|
1,589,702 |
| |
Unrealized foreign
exchange loss on time deposits |
-- |
|
580,990 |
|
|
Dividend income
from related party |
(212,500) |
|
-- |
|
|
|
|
|
|
| Changes in
operating assets and liabilities: |
|
|
|
| |
(Increase)/decrease in |
|
|
|
| |
Trade and other
receivables |
(5,804,281) |
|
1,010,078 |
|
|
Other current
assets |
41,636 |
|
206,747 |
| |
Inventories |
(2,689,405) |
|
598,099 |
|
|
Changes in
operating lease liabilities |
(46,859) |
|
(53,681) |
| |
Advances and
prepayments |
(343,434) |
|
(127,225) |
| |
Due from related
parties |
(1,505,223) |
|
2,206,821 |
|
|
Increase/(decrease) in |
|
|
|
| |
Trade accounts
payable |
1,191,399 |
|
(1,876,732) |
|
|
Due to related
parties |
2,865,875 |
|
2,253,296 |
| |
Accrued
liabilities |
1,230,122 |
|
621,976 |
|
|
Deferred
income |
(827,135) |
|
54,963 |
|
Net cash provided by operating activities |
73,730,889 |
|
68,616,299 |
|
|
|
|
|
|
| Cash flows
from investing activities |
|
|
|
| |
Proceeds from sale
of vessel, net |
3,865,890 |
|
41,153,578 |
| |
Acquisition and
improvement of vessels |
(27,684,795) |
|
(74,593,568) |
|
|
Increase in bank
time deposits |
(138,646,650) |
|
(120,331,710) |
| |
Maturity of bank
time deposits |
129,905,200 |
|
119,829,230 |
| |
Proceeds from
seller financing |
-- |
|
35,700,000 |
|
Net cash (used in)/provided by investing
activities |
(32,560,355) |
|
1,757,530 |
|
|
|
|
|
|
| Cash flows
from financing activities |
|
|
|
| |
Proceeds from
equity offerings |
27,950,586 |
|
-- |
| |
Proceeds from
warrants exercise |
-- |
|
8,600,000 |
| |
Stock issuance
costs |
(303,933) |
|
-- |
| |
Stock
repurchase |
(220,571) |
|
(2,504,498) |
|
|
Dividends paid on
preferred shares |
(1,515,789) |
|
(1,248,254) |
| |
Loan
repayments |
(70,438,500) |
|
-- |
|
|
Cash retained by
C3is Inc. at spin-off |
(5,000,000) |
|
-- |
|
Net cash (used in)/provided by financing
activities |
(49,528,207) |
|
4,847,248 |
|
|
|
|
|
|
| Net
(decrease)/increase in cash and cash equivalents |
(8,357,673) |
|
75,221,077 |
| Cash and cash
equivalents at beginning of period |
57,506,919 |
|
91,927,512 |
|
Cash and cash equivalents at end of period |
49,149,246 |
|
167,148,589 |
| Cash
breakdown |
|
|
|
|
|
Cash
and cash equivalents |
49,149,246 |
|
167,148,589 |
|
Total cash and cash equivalents shown in the statements of
cash flows |
49,149,246 |
|
167,148,589 |
Imperial Petroleum (NASDAQ:IMPPP)
Historical Stock Chart
From Nov 2024 to Dec 2024
Imperial Petroleum (NASDAQ:IMPPP)
Historical Stock Chart
From Dec 2023 to Dec 2024
