Imperial Petroleum Announces the Full Repayment of All Outstanding Loans
April 26 2023 - 9:00AM
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a
ship-owning company providing petroleum products, crude oil, and
drybulk seaborne transportation services, announced today that the
Company recently repaid early and in full its sole remaining loan
with a $16.0 million outstanding balance from Alpha Bank. This loan
was secured with first priority mortgages on product tankers Clean
Nirvana and Clean Justice. Following the recent early repayment of
all outstanding debt – approximately $69 million in total, the
Company’s fleet of twelve vessels is now completely unencumbered.
The repayment of all indebtedness will save approximately $10.3
million per annum in principal loan repayments and about $5 million
per annum in finance costs basis current level of LIBOR rates. The
combination of a high cash balance and unencumbered fleet,
positions the Company well for future growth.
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; five M.R. product tankers, one Aframax oil tanker,
two Suezmax tankers and four Handysize dry bulk carriers with a
total capacity of 808,000 deadweight tons (dwt). IMPERIAL PETROLEUM
INC.’s shares of common stock and 8.75% Series A Cumulative
Redeemable Perpetual Preferred Stock are listed on the Nasdaq
Capital Market and trade under the symbols “IMPP” and “IMPPP,”
respectively.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, or
impact or duration of the COVID-19 pandemic 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 risks discussed in our filings
with the SEC and the following: the 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, 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.
Company Contact:
Fenia SakellarisIMPERIAL PETROLEUM
INC.info@imperialpetro.com
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