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 fourth quarter
and twelve months ended December 31, 2023.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS
- Fleet operational utilization of 68.5% in Q4 23’ mainly due to
vessel repositioning for commercial reasons and the drydocking of
two vessels.
- 76% of fleet calendar days equivalent to 629 days in Q4 23’
were dedicated to spot activity.
- Revenues of $29.9 million in Q4 23’ compared to $37.9 million
in Q4 22’ mainly due to a lower average number of vessels and
softer market conditions, particularly in the East.
- Net Income of $6.5 million in Q4 23’ compared to net income of
$13.8 million in Q4 22’.
- Revenues of $183.7 million in 12M 23’, an $86.7 million or
89.4% increase compared to 12M 22’, due to the improved market
conditions for the majority of the year and a larger fleet by
approximately three vessels.
- Net Income of $71.1 million in 12M 23’ marking a 141% increase
compared to the net income of $29.5 million in 12M 22’.
- Cash and cash equivalents and time deposits, of $124 million as
of December 31, 2023- which is about 50% higher than our current
market capitalization.
- Under the $10 million share buyback program announced on
September 7, 2023, the Company has repurchased to date a total of
4,251,881 common shares for a total amount of approximately $8.4
million.
- As a means to further enhance shareholders value, the Company
repurchased 5.8 million of outstanding warrants within Q4 22’.
Fourth Quarter 2023 Results:
- Revenues for the three months ended December 31, 2023 amounted
to $29.9 million, a decrease of $8.0 million, or 21.1%, compared to
revenues of $37.9 million for the three months ended December 31,
2022, primarily due to a lower average number of vessels and softer
market conditions in the East market, leading to higher idle and
repositioning time.
- Voyage expenses and vessels’ operating expenses for the three
months ended December 31, 2023 were $13.8 million and $5.7 million,
respectively, compared to $10.5 million and $6.4 million,
respectively, for the three months ended December 31, 2022. The
$3.3 million increase in voyage expenses is mainly due to an
increase in bunker costs as a result of a 65% increase in spot days
and an $0.8 million increase of port expenses as a result of an
increase in port tariffs. The $0.7 million decrease in vessels’
operating expenses was primarily due to the decrease of average
number of vessels by approximately one vessel.
- Drydocking costs for the three months ended December 31,
2023 and 2022 were $2.5 million and $1.9 million, respectively.
During the three months ended December 31, 2023 one of our suezmax
tankers and one of our handysize dry vessels underwent drydocking
at higher costs compared to the costs incurred by the two vessels
that underwent drydocking during the same period of prior
year.
- General and administrative costs for the three months
ended December 31, 2023 and 2022 were $1.2 million and $0.9
million, respectively. This change is mainly attributed to the
increase in stock-based compensation costs, partly offset by a
reduction in reporting expenses.
- Depreciation for the three months ended December 31, 2023 and
2022 was $3.5 million and $4.0 million, respectively. The change is
attributable to the decrease in the average number of our
vessels.
- Interest and finance costs for the three months ended December
31, 2023 and 2022 were $0.01 million and $0.9 million,
respectively. There was no debt outstanding during the three months
ended December 31, 2023.
- Interest income for the three months ended December 31,
2023 and 2022 was $2.0 million and $0.8 million, respectively. The
increase is mainly attributed to a higher amount of funds placed
under time deposits at improved rates as well as to the $0.7
million of accrued interest income – related party as of December
31, 2023 in connection with the $38.7 million of the selling price
of the Aframax tanker Afrapearl II (ex. Stealth Berana) which is
receivable by July 2024.
- As a result of the above, for the three months ended December
31, 2023, the Company reported net income of $6.5 million,
compared to net income of $13.8 million for the three months ended
December 31, 2022. Dividends on Series A Preferred Shares and
Series C Preferred Shares amounted to $0.4 million and $0.03
million, respectively, for the three months ended December 31,
2023. Deemed dividend resulting from the conversion of the Series C
Preferred Shares into 6,932,043 common shares amounted to $6.5
million and represents the difference between the fair value of the
6,932,043 shares at the conversion date and the net book value of
the Series C Convertible Preferred Stock. This non-cash deemed
dividend has been deducted from our net income for the
determination of the net income/(loss) available to common
shareholders in the earnings/(loss) per share (“EPS”) calculations
for the three month period ended December 31, 2023. The weighted
average number of shares of common stock outstanding, basic, for
the three months ended December 31, 2023 was 23.6 million.
Following the deduction of the $6.5 million non-cash deemed
dividend, loss per share, basic, for the three months ended
December 31, 2023, amounted to $0.02, compared to earnings per
share, basic, of $1.05 for the three months ended December 31,
2022.
- Adjusted net income was $7.2 million corresponding, following
the $6.5 million deduction of the non-cash deemed dividend, to an
Adjusted EPS, basic of $0.01 for the three months ended December
31, 2023 compared to an Adjusted net income of $13.9 million
corresponding to an Adjusted EPS, basic, of $1.06 for the same
period of last year.
- EBITDA for the three months ended December 31, 2023 amounted to
$8.0 million, while Adjusted EBITDA for the three months ended
December 31, 2023 amounted to $8.7 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 9.00 vessels were owned by the Company during the
three months ended December 31, 2023 compared to 9.79 vessels for
the same period of 2022.
Twelve Months 2023 Results:
- Revenues for the twelve months ended December 31, 2023 amounted
to $183.7 million, an increase of $86.7 million, or 89.4%, compared
to revenues of $97.0 million for the twelve months ended December
31, 2022, primarily due to the increase in our average number of
vessels by approximately three vessels and stronger market
conditions prevailing during the majority of the year 2023.
- Voyage expenses and vessels’ operating expenses for the twelve
months ended December 31, 2023 were $62.5 million and $25.6
million, respectively, compared to $33.8 million and $16.4 million,
respectively, for the twelve months ended December 31, 2022. The
$28.7 million increase in voyage expenses is mainly due to the
increase in the spot days of our fleet by 1,307 days (117.1%). The
$9.2 million increase in vessels’ operating expenses was primarily
due to the increase in the average number of vessels in our fleet
by approximately three vessels.
- Drydocking costs for the twelve months ended December 31,
2023 and 2022 were $6.6 million and $1.9 million, respectively.
This increase is due to the fact that during the twelve months
ended December 31, 2023 three of our product tankers, one of our
suezmax tankers and two of our drybulk carriers underwent
drydocking, while during the twelve months ended December 31,
2022 one of our suezmax vessels and one of our drybulk carriers
underwent drydocking.
- General and administrative costs for the twelve months
ended December 31, 2023 and 2022 were $4.9 million and $1.8
million, respectively. This increase is mainly attributed to a $2.3
million increase in stock-based compensation costs along with an
increase in reporting costs mainly related to our spin off
project.
- Depreciation for the twelve months ended December 31, 2023 was
$15.6 million, a $3.3 million increase from $12.3 million for the
same period of last year, due to the increase in the average number
of our vessels.
- Impairment loss for the twelve months ended December 31,
2023 stood at $9.0 million, and related to the spin-off of two of
our drybulk carriers to C3is Inc. The decline of drybulk vessels’
fair values compared to the values prevailing when these vessels
were acquired, resulted in the incurrence of impairment loss.
- Gain on sale of vessel for the twelve months ended December 31,
2023 was $8.2 million, which was due to the sale of the Aframax
tanker Afrapearl II (ex. Stealth Berana) to C3is Inc., a related
party.
- Interest and finance costs for the twelve months ended December
31, 2023 and 2022 were $1.8 million and $1.6 million, respectively.
The $1.8 million of costs for the twelve months ended December 31,
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 twelve months ended December 31,
2023 and 2022 was $5.8 million and $1.3 million, respectively. The
increase is attributed to our time deposits during the period at
favourable time deposit rates as well as to the $1.4 million of
accrued interest income – related party as of December 31, 2023 in
connection with the $38.7 million of the selling price of the
Aframax tanker Afrapearl II (ex. Stealth Berana) which is
receivable by July 2024.
- As a result of the above, the Company reported net income for
the twelve months ended December 31, 2023 of $71.1 million,
compared to a net income of $29.5 million for the twelve months
ended December 31, 2022. Dividends on Series A Preferred Shares and
Series C Preferred Shares amounted to $1.7 million and $0.4
million, respectively, for the twelve months ended December 31,
2023. The non-cash deemed dividend resulting from the conversion of
the Series C Preferred Shares into 6,932,043 common shares
amounting to $6.5 million and has been deducted from our net income
for the determination of the net income available to common
shareholders in the EPS calculations for the twelve-month period
ended December 31, 2023. The weighted average number of shares
outstanding, basic, for the twelve months ended December 31, 2023
was 18.6 million. Earnings per share, basic, for the twelve months
ended December 31, 2023 amounted to $3.22 compared to earnings per
share, basic, of $2.89 for the twelve months ended December 31,
2022.
- Adjusted Net Income was $74.4 million corresponding,
following the deduction of the non-cash deemed dividend, to an
Adjusted EPS, basic of $3.39 for the twelve months ended December
31, 2023 compared to adjusted net income of $29.6 million,
corresponding to an Adjusted EPS, basic, of $2.91 for the same
period of last year.
- EBITDA for the twelve months ended December 31, 2023 amounted
to $82.8 million while Adjusted EBITDA for the twelve months ended
December 31, 2023 amounted to $86.0 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 10.00 vessels were owned by the Company during
the twelve months ended December 31, 2023 compared to 6.99 vessels
for the same period of 2022.
- As of December 31, 2023, cash and cash equivalents and time
deposits amounted to $124.0 million and total debt amounted to
nil. During the twelve months ended December 31, 2023 debt
repayments amounted to $70.4 million.
Fleet Employment Table
As of February 13, 2024, the profile and
deployment of our fleet is the following:
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|
Name |
Year Built |
|
Country Built |
|
Vessel Size (dwt) |
|
Vessel Type |
|
Employment Status |
|
Daily Charter Rate |
|
Expiration of
Charter(1) |
|
Tankers |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Magic
Wand |
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Time
Charter |
|
$65,000 |
|
February
2024 |
| 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 |
|
47,000 |
|
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 |
|
$18,200 |
|
April
2024 |
|
Glorieuse |
2012 |
|
Japan |
|
38,000 |
|
Handysize
drybulk |
|
Time
Charter |
|
$15,000 |
|
February
2024 |
|
Fleet Total |
|
|
|
|
628,000 dwt |
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| |
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(1) Earliest date charters could expire.
As previously announced, the Company has also
entered into an agreement with affiliates of the Vafias family to
acquire two tanker vessels, the aframax tanker Stealth Haralambos,
built in 2009 and the product tanker Aquadisiac, built in 2008,
with an aggregate capacity of approximately 163,716 dwt. The
aggregate purchase price for these acquisitions is
$71 million. Both vessels are expected to be delivered on a
charter-free basis by the end of February 2024. The Company expects
to finance the purchase price with cash-on-hand.
CEO Harry Vafias Commented:
“Since our Company’s listing, we managed to
almost triple our fleet, accumulate more than $100 million of cash,
pay off all of our bank loans and excel in terms of profits. For
2023, our profitability was $71.1 million, that is 141% higher than
2022. Since September 2023, we have commenced a sharebuyback
program. To date, we have purchased 4.3 million common shares and
5.8 million of outstanding warrants for a total consideration of
approximately $10 million while, since the commencement of our
share buyback program, our share price has doubled.”
Conference Call details:
On February 13, 2023 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/BIb0d71756a48d45f7bcfb53165f7242da
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 nine vessels
in the water- five M.R. product tankers, two suezmax tankers and
two handysize dry bulk carriers with a total capacity of 628,000
deadweight tons (dwt) and has entered into an agreement to acquire
two additional tanker vessels- one aframax and one product tanker
which will be delivered up until the end of February 2024.
Following these deliveries, the Company will own a fleet with an
aggregate capacity of 791,716 dwt. IMPERIAL PETROLEUM INC.’s shares
of common stock and 8.75% Series A Cumulative Redeemable Perpetual
Preferred Stock are listed on the Nasdaq Capital Market and trade
under the symbols “IMPP” and “IMPPP,” respectively.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although IMPERIAL PETROLEUM INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that
it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the 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, the
conflict on Israel and Gaza, the 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 December 31, 2022 and December 31, 2023.
|
FLEET DATA |
Q4 2022 |
Q4 2023 |
12M 2022 |
12M 2023 |
|
Average number of vessels (1) |
9.79 |
9.00 |
6.99 |
10.00 |
| Period end
number of owned vessels in fleet |
10 |
9 |
10 |
9 |
| Total
calendar days for fleet (2) |
901 |
828 |
2,552 |
3,650 |
| Total voyage
days for fleet (3) |
816 |
789 |
2,464 |
3,481 |
| Fleet
utilization (4) |
90.6% |
95.3% |
96.6% |
95.4% |
| Total
charter days for fleet (5) |
434 |
160 |
1,348 |
1,058 |
| Total spot
market days for fleet (6) |
382 |
629 |
1,116 |
2,423 |
| Fleet
operational utilization (7) |
79.4% |
68.5% |
84.8% |
75.1% |
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 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 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) |
Fourth Quarter Ended December
31st, |
Twelve Months Period Ended December
31st, |
|
|
2022 |
2023 |
2022 |
2023 |
| Net
Income – Adjusted Net Income |
|
|
|
|
| Net
income |
13,755,961 |
6,463,943 |
29,510,928 |
71,134,002 |
| Less net
gain on sale of vessel |
-- |
-- |
-- |
(8,182,777) |
| Plus
impairment loss |
-- |
-- |
-- |
8,996,023 |
| Plus share
based compensation |
117,256 |
752,407 |
117,256 |
2,434,855 |
|
Adjusted Net Income |
13,873,217 |
7,216,350 |
29,628,184 |
74,382,103 |
| |
|
|
|
|
| Net
income - EBITDA |
|
|
|
|
| Net
income |
13,755,961 |
6,463,943 |
29,510,928 |
71,134,002 |
| Plus
interest and finance costs |
883,409 |
11,139 |
1,610,145 |
1,821,908 |
| Less
interest income |
(844,025) |
(2,004,611) |
(1,290,059) |
(5,833,756) |
| Plus
depreciation |
3,980,891 |
3,485,073 |
12,290,463 |
15,629,116 |
|
EBITDA |
17,776,236 |
7,955,544 |
42,121,477 |
82,751,270 |
| |
|
|
|
|
| Net
income - Adjusted EBITDA |
|
|
|
|
| Net
income |
13,755,961 |
6,463,943 |
29,510,928 |
71,134,002 |
| Less net
gain on sale of vessel |
-- |
-- |
-- |
(8,182,777) |
| Plus
impairment loss |
-- |
-- |
-- |
8,996,023 |
| Plus share
based compensation |
117,256 |
752,407 |
117,256 |
2,434,855 |
| Plus
interest and finance costs |
883,409 |
11,139 |
1,610,145 |
1,821,908 |
| Less
interest income |
(844,025) |
(2,004,611) |
(1,290,059) |
(5,833,756) |
| Plus
depreciation |
3,980,891 |
3,485,073 |
12,290,463 |
15,629,116 |
|
Adjusted EBITDA |
17,893,492 |
8,707,951 |
42,238,733 |
85,999,371 |
| |
|
|
|
|
| EPS
- Adjusted EPS |
|
|
|
|
| Net
income |
13,755,961 |
6,463,943 |
29,510,928 |
71,134,002 |
| Adjusted net
income |
13,873,217 |
7,216,350 |
29,628,184 |
74,382,103 |
| Cumulative
dividends on preferred shares |
435,246 |
462,225 |
1,740,983 |
2,130,254 |
| Deemed
dividend from the conversion of the Series C Preferred Shares |
-- |
6,507,789 |
-- |
6,507,789 |
| Effect on
modification of Class B warrants |
-- |
-- |
2,943,675 |
-- |
| Weighted
average number of shares, basic |
12,696,609 |
23,566,153 |
8,559,000 |
18,601,539 |
| EPS
- Basic |
1.05 |
(0.02) |
2.89 |
3.22 |
|
Adjusted EPS |
1.06 |
0.01 |
2.91 |
3.39 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of
shares)
|
|
|
Quarters Ended December 31, |
|
Twelve Month Periods Ended December 31, |
|
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
| |
Revenues |
37,914,704 |
|
29,881,814 |
|
97,019,878 |
|
183,725,820 |
| |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
| |
Voyage
expenses |
10,027,535 |
|
13,470,678 |
|
32,604,893 |
|
60,276,962 |
| |
Voyage
expenses - related party |
470,530 |
|
348,535 |
|
1,202,449 |
|
2,253,979 |
| |
Vessels'
operating expenses |
6,320,567 |
|
5,541,258 |
|
16,227,636 |
|
25,295,851 |
| |
Vessels'
operating expenses - related party |
70,000 |
|
117,500 |
|
165,500 |
|
346,583 |
| |
Drydocking
costs |
1,890,247 |
|
2,454,960 |
|
1,890,247 |
|
6,551,534 |
| |
Management
fees - related party |
396,880 |
|
364,320 |
|
1,045,640 |
|
1,606,440 |
| |
General and
administrative expenses |
933,833 |
|
1,173,120 |
|
1,773,590 |
|
4,934,468 |
| |
Depreciation |
3,980,891 |
|
3,485,073 |
|
12,290,463 |
|
15,629,116 |
| |
Impairment
loss |
-- |
|
-- |
|
-- |
|
8,996,023 |
| |
Net gain on
sale of vessel - related party |
-- |
|
-- |
|
-- |
|
(8,182,777) |
|
Total expenses |
24,090,483 |
|
26,955,444 |
|
67,200,418 |
|
117,708,179 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
13,824,221 |
|
2,926,370 |
|
29,819,460 |
|
66,017,641 |
| |
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
| |
Interest and
finance costs |
(883,409) |
|
(11,139) |
|
(1,610,145) |
|
(1,821,908) |
| |
Interest
income |
844,025 |
|
1,260,971 |
|
1,290,059 |
|
4,470,396 |
| |
Interest
income - related party |
-- |
|
743,640 |
|
-- |
|
1,363,360 |
| |
Dividend
income from related party |
-- |
|
191,667 |
|
-- |
|
404,167 |
| |
Foreign
exchange (loss)/gain |
(28,876) |
|
1,352,434 |
|
11,554 |
|
700,346 |
|
Other (expenses)/income, net |
(68,260) |
|
3,537,573 |
|
(308,532) |
|
5,116,361 |
| |
|
|
|
|
|
|
|
|
|
Net Income |
13,755,961 |
|
6,463,943 |
|
29,510,928 |
|
71,134,002 |
| |
|
|
|
|
|
|
|
|
|
Earnings/(loss) per share1 |
|
|
|
|
|
|
|
|
- Basic |
1.05 |
|
(0.02) |
|
2.89 |
|
3.22 |
|
- Diluted |
1.05 |
|
(0.02) |
|
2.89 |
|
2.93 |
|
Weighted average number of shares1 |
|
|
|
|
|
|
|
|
-Basic |
12,696,609 |
|
23,566,153 |
|
8,559,000 |
|
18,601,539 |
|
-Diluted |
12,696,609 |
|
23,566,153 |
|
8,593,575 |
|
22,933,671 |
1 Adjusted retroactively to reflect the 1-for-15
reverse stock split effected on April 28, 2023.
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
|
|
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2023 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
| |
Cash and
cash equivalents |
50,901,092 |
|
91,927,512 |
| |
Time
deposits |
68,000,000 |
|
32,099,810 |
| |
Restricted
cash |
1,005,827 |
|
-- |
| |
Receivables
from related parties |
146,708 |
|
37,906,821 |
| |
Trade and
other receivables |
7,898,103 |
|
13,498,813 |
| |
Other
current assets |
240,002 |
|
302,773 |
| |
Inventories |
5,507,423 |
|
7,291,123 |
| |
Advances and
prepayments |
172,908 |
|
161,937 |
|
Total current assets |
133,872,063 |
|
183,188,789 |
| |
|
|
|
|
|
Non current assets |
|
|
|
| |
Vessels,
net |
226,351,081 |
|
180,847,252 |
| |
Restricted
cash |
5,600,000 |
|
-- |
| |
Investment
in related party |
-- |
|
12,798,500 |
|
Total non current assets |
231,951,081 |
|
193,645,752 |
|
Total assets |
365,823,144 |
|
376,834,541 |
| |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
| |
Trade
accounts payable |
8,115,462 |
|
8,277,118 |
|
|
Payable to
related parties |
3,016,438 |
|
2,324,334 |
| |
Accrued
liabilities |
1,982,306 |
|
3,008,500 |
| |
Deferred
income |
1,089,959 |
|
919,116 |
| |
Current
portion of long-term debt |
10,176,538 |
|
-- |
|
Total current liabilities |
24,380,703 |
|
14,529,068 |
| |
|
|
|
|
|
Non current liabilities |
|
|
|
| |
Long-term
debt |
59,787,923 |
|
-- |
|
Total non current liabilities |
59,787,923 |
|
-- |
|
Total liabilities |
84,168,626 |
|
14,529,068 |
| |
|
|
|
|
|
Commitments and contingencies |
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
Stockholders' equity |
|
|
|
| |
Capital
stock |
129,724 |
|
332,573 |
| |
Preferred
stock, Series A |
7,959 |
|
7,959 |
| |
Preferred
stock, Series B |
160 |
|
160 |
| |
Treasury
stock |
- |
|
(5,885,727) |
| |
Additional
paid-in capital |
252,912,550 |
|
270,242,635 |
| |
Retained
earnings |
28,604,125 |
|
97,607,873 |
|
Total stockholders' equity |
281,654,518 |
|
362,305,473 |
|
Total liabilities and stockholders' equity |
365,823,144 |
|
376,834,541 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
|
|
|
December 31, |
|
|
|
2022 |
|
2023 |
|
|
|
|
Cash flows from operating activities |
|
|
|
| |
Net income for the year |
29,510,928 |
|
71,134,002 |
| |
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
provided by operating activities: |
|
|
|
| |
Depreciation |
12,290,463 |
|
15,629,116 |
| |
Amortization of deferred finance charges |
94,007 |
|
474,039 |
| |
Amortization of operating lease right-of-use assets |
117,256 |
|
62,609 |
| |
Share based compensation |
-- |
|
2,434,855 |
| |
Impairment loss |
-- |
|
8,996,023 |
| |
Net gain on sale of vessel - related party |
-- |
|
(8,182,777) |
| |
Unrealized foreign exchange gain on time deposits |
-- |
|
(426,040) |
| |
Dividends income from related party |
-- |
|
(404,167) |
| |
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
(Increase)/decrease in |
|
|
|
| |
Trade and other receivables |
(6,497,828) |
|
(6,477,912) |
| |
Other current assets |
(240,002) |
|
(62,771) |
| |
Inventories |
(5,248,577) |
|
(1,908,513) |
| |
Changes in operating lease liabilities |
-- |
|
(62,609) |
| |
Advances and prepayments |
(22,364) |
|
(181,990) |
| |
Increase/(decrease) in |
|
|
|
| |
Trade accounts payable |
6,685,211 |
|
118,523 |
| |
Balances with related parties |
2,105,698 |
|
(2,940,967) |
| |
Accrued liabilities |
1,495,632 |
|
1,383,841 |
| |
Deferred income |
607,638 |
|
(54,903) |
|
Net cash provided by operating activities |
40,898,062 |
|
79,530,359 |
| |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
| |
Dividends income received |
-- |
|
241,667 |
| |
Proceeds from sale of vessel, net |
-- |
|
3,865,890 |
| |
Acquisition and improvement of vessels |
(118,678,560) |
|
(28,145,103) |
| |
Increase in bank time deposits |
(68,000,000) |
|
(167,501,480) |
| |
Maturity of bank time deposits |
-- |
|
203,827,710 |
|
Net cash (used in)/provided by investing
activities |
(186,678,560) |
|
12,288,684 |
| |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
| |
Proceeds from equity offering |
168,001,415 |
|
29,070,586 |
| |
Stock issuance costs |
(11,179,941) |
|
(1,492,817) |
| |
Stock repurchase |
-- |
|
(5,885,727) |
| |
Warrants repurchase |
-- |
|
(1,521,738) |
| |
Proceeds from issuance of Series B preferred shares |
200,000 |
|
-- |
| |
Dividends paid on preferred shares |
(1,740,983) |
|
(2,130,254) |
| |
Customer deposits paid |
(368,000) |
|
-- |
| |
Deferred finance charges paid |
(404,633) |
|
-- |
| |
Loan repayments |
(5,354,000) |
|
(70,438,500) |
| |
Proceeds from long-term debt |
47,792,500 |
|
-- |
|
|
Cash retained by C3is Inc. at spin off |
-- |
|
(5,000,000) |
|
Net cash provided by/(used in) financing
activities |
196,946,358 |
|
(57,398,450) |
| |
|
|
|
|
|
Net increase in cash, cash equivalents and restricted cash |
51,165,860 |
|
34,420,593 |
|
Cash, cash equivalents and restricted cash at beginning of
year |
6,341,059 |
|
57,506,919 |
|
Cash, cash equivalents and restricted cash at end of
year |
57,506,919 |
|
91,927,512 |
|
Cash breakdown |
|
|
|
| |
Cash and cash equivalents |
50,901,092 |
|
91,927,512 |
| |
Restricted cash, current |
1,005,827 |
|
-- |
|
|
Restricted cash, non current |
5,600,000 |
|
-- |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
57,506,919 |
|
91,927,512 |
|
Supplemental Cash Flow Information: |
|
|
|
|
Interest paid |
898,368 |
|
1,735,054 |
|
Non cash investing activity – Vessel improvements included in
liabilities |
-- |
|
859,320 |
|
Non cash investing activity – Dividend income from related party
included in Investment in related party |
-- |
|
162,500 |
|
Distribution of net assets of C3is Inc. to shareholders and
warrantholders |
-- |
|
20,957,952 |
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