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 second quarter
and six months ended June 30, 2024.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS
- Fleet operational utilization of 80.9% in Q2 24’- a stable
performance when compared to the 80.6% utilization achieved in Q1
24’. In Q2 23’ our operational utilization was lower in the order
of 75.4%.
- 79.5% of fleet calendar days equivalent to 744 days in Q2 24’
were dedicated to spot activity.
- Delivery from an affiliated entity of the handysize drybulk
carrier, the Neptulus (2012 built), on August 24, 2024
- Revenues of $47.0 million in Q2 24’ compared to $41.2 million
in Q1 24’ equivalent to a 14.1% rise- and $59.0 million of revenues
in Q2 23’.
- Net income of $19.5 million in Q2 24’- our second best
performance thus far- up by $2.8 million when compared to Q1 24’
and $2.7 million when compared to Q2 23’.
- Cash and cash equivalents including time deposits of $129.8
million as of June 30, 2024.
- Receipt of $39 million due from C3is Inc on July 15th 2024, an
amount owed from the sale of the aframax tanker Afrapearl II, thus
enabling our current cash balance to climb at almost $190
million.
- An aggregate of 4.3 common shares were issued upon the exercise
of Class E Warrants in the second quarter and the third
quarter to date.
Second Quarter 2024 Results:
- Revenues for the three months ended June 30, 2024 amounted to
$47.0 million, a decrease of $12.0 million, or 20.3%, compared to
revenues of $59.0 million for the three months ended June 30, 2023,
primarily due to a decrease in voyage days by 11.7% (122 days)
attributed mainly to the decrease of our average fleet by 1.5
vessels and a decrease of tanker market rates particularly for the
suezmax tankers when compared to the same period of last year.
- Voyage expenses and vessels’ operating expenses for the three
months ended June 30, 2024 were $17.1 million and $6.5 million,
respectively, compared to $19.3 million and $7.0 million,
respectively, for the three months ended June 30, 2023. The $2.2
million decrease in voyage expenses is mainly attributed to a
decline in our daily port expenses by approximately $2,200 due to
decreased transit through Suez Canal, partially offset by an
increase in our daily bunker costs by approximately $800. The $0.5
million decrease in vessels’ operating expenses was primarily due
to the decrease of our fleet by an average of 1.5 vessels.
- Drydocking costs for the three months ended June 30, 2024 and
2023 were nil and $0.7 million, respectively. During three months
ended June 30, 2023 one of our Handysize drybulk carriers the Eco
Glorieuse underwent drydocking.
- General and administrative costs for the three months ended
June 30, 2024 and 2023 were $1.5 million and $1.5 million,
respectively.
- Depreciation for the three months ended June 30, 2024 and 2023
was $4.2 million and $4.6 million, respectively. The change is
attributable to the decrease in the average number of our
vessels.
- Other operating income for the three months ended June 30, 2024
was $1.9 million and related to the collection of a claim in in
connection with repairs undertaken in prior years.
- Net loss on sale of vessel for the three months ended June 30,
2024 was $1.6 million and related to the sale of the Aframax tanker
Gstaad Grace II to a third party.
- Impairment loss for the three months ended June 30, 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,
at the time of the spin off, compared to one year before when these
vessels were acquired resulted in the incurrence of the impairment
loss.
- Interest and finance costs for the three months ended June 30,
2024 and 2023 were $0.006 million and $0.5 million, respectively.
During the three months ended June 30, 2023 the Company repaid all
of its outstanding debt whereas there is no debt during the three
months ended June 30, 2024. The $0.5 million charges for the three
months ended June 30, 2023 relate mainly to the full amortization
of loan related charges following the repayment of the Company’s
outstanding debt.
- Interest income for the three months ended June 30, 2024 and
2023 was $2.0 million and $0.9 million, respectively. The increase
is mainly attributed to the $0.8 million of accrued interest income
– related party for the three 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 collected in
July 2024.
- As a result of the above, for the three months ended June 30,
2024, the Company reported net income of $19.5 million, compared to
net income of $16.8 million for the three months ended June 30,
2023. Dividends paid on Series A Preferred Shares amounted to $0.4
million for the three months ended June 30, 2024. The weighted
average number of shares of common stock outstanding, basic, for
the three months ended June 30, 2024 was 28.0 million. Earnings per
share, basic and diluted, for the three months ended June 30, 2024
amounted to $0.64 and $0.56, respectively, compared to earnings per
share, basic and diluted, of $0.91 and $0.73, respectively for the
three months ended June 30, 2023.
- Adjusted net income1 was $22.2 million corresponding to an
Adjusted EPS1, basic of $0.73 for the three months ended June 30,
2024 compared to an Adjusted net income of $26.6 million
corresponding to an Adjusted EPS, basic, of $1.46 for the same
period of last year.
- EBITDA1 for the three months ended June 30, 2024 amounted to
$21.8 million, while Adjusted EBITDA1 for the three months ended
June 30, 2024 amounted to $24.4 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 10.3 vessels were owned by the Company during the
three months ended June 30, 2024 compared to 11.8 vessels for the
same period of 2023.
Six Months 2024 Results:
- 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 suezmax freight
rates by almost 25%.
- Voyage expenses and vessels’ operating expenses for the six
months ended June 30, 2024 were $30.6 million and $12.5 million,
respectively, compared to $36.1 million and $13.9 million,
respectively, 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 in conjunction with lower freight
rates. The $1.4 million decrease in vessels’ operating expenses was
primarily due to the decrease in the average number of vessels in
our fleet.
- 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.
- General and administrative costs 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 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 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 to a third party.
- 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 one year before
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 1.5mil 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.
- As a result of the above, the Company reported net income 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.
The weighted average number of shares outstanding, basic, for the
six months ended June 30, 2024 was 27.8 million. Earnings per
share, basic and diluted, for the six months ended June 30, 2024
amounted to $1.20 and $1.06, respectively compared to earnings per
share, basic and diluted, of $3.17 and $2.78 for the six months
ended June 30, 2023.
- Adjusted Net Income was $39.7 million corresponding to an
Adjusted EPS, basic of $1.32 for the six months ended June 30, 2024
compared to adjusted net income of $62.6 million, or $3.79 EPS,
basic, for the same period of last year.
- EBITDA for the six months ended June 30, 2024 amounted to $40.6
million while Adjusted EBITDA for the six months ended June 30,
2024 amounted to $44.1 million. Reconciliations of Adjusted Net
Income, EBITDA and Adjusted EBITDA to Net Income are set forth
below.
- An average of 10.1 vessels were owned by the Company during the
six months ended June 30, 2024 compared to 10.9 vessels for the
same period of 2023.
- As of June 30, 2024, cash and cash equivalents including time
deposits amounted to $129.8 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.
Fleet Employment Table
As of August 27, 2024, the profile and deployment
of our fleet is the following:
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Name |
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Year Built |
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Country Built |
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Vessel Size (dwt) |
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Vessel Type |
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Employment Status |
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Expiration of
Charter(1) |
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Tankers |
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| Magic
Wand |
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2008 |
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Korea |
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47,000 |
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MR product tanker |
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Spot |
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| Clean
Thrasher |
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2008 |
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Korea |
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47,000 |
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MR product
tanker |
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Spot |
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| Clean
Sanctuary (ex. Falcon Maryam) |
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2009 |
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Korea |
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46,000 |
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MR product
tanker |
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Spot |
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| Clean
Nirvana |
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2008 |
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Korea |
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50,000 |
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MR product
tanker |
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Spot |
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| Clean
Justice |
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2011 |
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Japan |
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46,000 |
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MR product
tanker |
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Time
Charter |
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August
2027 |
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Aquadisiac |
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2008 |
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Korea |
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51,000 |
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MR product
tanker |
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Spot |
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| Suez
Enchanted |
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2007 |
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Korea |
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160,000 |
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Suezmax
tanker |
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Spot |
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| Suez
Protopia |
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2008 |
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Korea |
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160,000 |
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Suezmax
tanker |
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Spot |
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Drybulk Carriers |
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| Eco
Wildfire |
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2013 |
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Japan |
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33,000 |
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Handysize
drybulk |
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Time
Charter |
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August
2024 |
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Glorieuse |
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2012 |
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Japan |
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38,000 |
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Handysize
drybulk |
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Time
Charter |
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September
2024 |
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Neptulus |
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2012 |
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Japan |
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33,000 |
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Handysize
drybulk |
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Time
Charter |
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August
2024 |
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Fleet Total |
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711,000 dwt |
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(1) |
Earliest date charters could expire. |
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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.
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FLEET DATA |
Q2 2023 |
Q2 2024 |
6M 2023 |
6M 2024 |
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Average number of vessels (1) |
11.8 |
10.3 |
10.9 |
10.1 |
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Period end number of owned vessels in fleet |
10 |
10 |
10 |
10 |
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Total calendar days for fleet (2) |
1,072 |
936 |
1,981 |
1,831 |
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Total voyage days for fleet (3) |
1,044 |
922 |
1,947 |
1,800 |
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Fleet utilization (4) |
97.4% |
98.5% |
98.3% |
98.3% |
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Total charter days for fleet (5) |
310 |
178 |
718 |
385 |
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Total spot market days for fleet (6) |
734 |
744 |
1,229 |
1,415 |
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Fleet operational utilization (7) |
75.4% |
80.9% |
79.8% |
80.7% |
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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, |
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2023 |
2024 |
2023 |
2024 |
|
Net Income - Adjusted Net Income |
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|
|
Net income |
16,826,485 |
19,524,438 |
52,550,587 |
36,179,042 |
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Plus net loss on sale of vessel |
-- |
1,589,702 |
-- |
1,589,702 |
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Plus impairment loss |
8,996,023 |
-- |
8,996,023 |
-- |
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Plus share based compensation |
789,648 |
1,036,562 |
1,091,189 |
1,895,372 |
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Adjusted Net Income |
26,612,156 |
22,150,702 |
62,637,799 |
39,664,116 |
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Net income - EBITDA |
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Net income |
16,826,485 |
19,524,438 |
52,550,587 |
36,179,042 |
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Plus interest and finance costs |
459,166 |
5,797 |
1,810,769 |
8,227 |
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Less interest income |
(851,930) |
(1,987,726) |
(2,131,146) |
(3,773,604) |
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Plus depreciation |
4,601,209 |
4,208,008 |
8,690,061 |
8,235,069 |
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EBITDA |
21,034,930 |
21,750,517 |
60,920,271 |
40,648,734 |
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Net income - Adjusted EBITDA |
|
|
|
|
|
Net income |
16,826,485 |
19,524,438 |
52,550,587 |
36,179,042 |
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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 |
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EPS |
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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 |
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Denominator |
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|
|
|
|
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 |
|
-- |
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
