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Imperial Petroleum Inc. Reports First Quarter 2024 Financial and Operating Results

16.05.2024 | 14:15 Uhr | GlobeNewswire

ATHENS, May 16, 2024 - Imperial Petroleum Inc. (NASDAQ: IMPP, the "Company"), a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services, announced today its unaudited financial and operating results for the three months ended March 31, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Fleet operational utilization of 80.6% in Q1 24', an improved performance compared to Q4 23', mainly due to a 29.3% (65 days) decrease in commercial idle days. In Q1 23'our operational utilization was 85.0%.
  • 75.0% of fleet calendar days, equivalent to 671 days, in Q1 24' were dedicated to spot activity.
  • Revenues of $41.2 million in Q1 24', compared to $29.9 million in Q4 23', equivalent to a 37.8% rise and $65.4 million of revenues in Q1 23'.
  • Net Income of $16.7 million in Q1 24' compared to net income of $6.5 million in Q4 23' equivalent to a 157% increase- and net income of $35.7 million in Q1 23'.
  • Cash and cash equivalents and time deposits of $67.0 million as of March 31, 2024.
  • On April 17, 2024, we agreed to sell our 2009 built aframax tanker Gstaad Grace II for $42 million. The vessel was delivered to its new owners on April 26, 2024.

First Quarter 2024 Results:

  • Revenues for the three months ended March 31, 2024 amounted to $41.2 million, a decrease of $24.2 million, or 37%, compared to revenues of $65.4 million for the three months ended March 31, 2023, primarily due to an average year on year decline in tanker market spot rates by 38%. It is noted that during the period ended March 31, 2023 tanker market rates were at peak levels mainly due to the sharp effect of the Russian Ukraine conflict on tanker rates which normalized in the following quarters.
  • Voyage expenses and vessels' operating expenses for the three months ended March 31, 2024 were $13.5 million and $6.0 million, respectively, compared to $16.9 million and $6.9 million, respectively, for the three months ended March 31, 2023. The $3.4 million decrease in voyage expenses is mainly due to longer haul spot voyages and lower transit through the Suez canal compared to the same period of last year which led to decreased port expenses by $1.4 million (33.7%) and decreased commissions by $2.2 million due to lower revenues. The $0.9 million decrease in operating expenses is due to the slight decrease in the average number of our vessels.
  • Drydocking costs for the three months ended March 31, 2024 and 2023 were $0.6 million and $0.6 million, respectively. During the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024, while during the three months ended March 31, 2023 one of our handysize drybulk carriers underwent its drydocking.
  • General and administrative costs for the three months ended March 31, 2024 and 2023 were $1.2 million and $1.0 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 three months ended March 31, 2024 and 2023 was $4.0 million and $4.1 million, respectively. The change is attributable to the slight decrease in the average number of our vessels.
  • Interest and finance costs for the three months ended March 31, 2024 and 2023 were $0.002 million and $1.4 million, respectively, as there was no debt outstanding during the three months ended March 31, 2024.
  • Interest income for the three months ended March 31, 2024 and 2023 was $1.8 million and $1.3 million, respectively. The increase is mainly attributed to the $0.8 million of accrued interest income - related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale 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 March 31, 2024, the Company reported net income of $16.7 million, compared to net income of $35.7 million for the three months ended March 31, 2023. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2024 was 27.6 million compared to 15.1 million shares for the three months ended March 31, 2023. Earnings per share, basic, for the three months ended March 31, 2024, amounted to $0.56, compared to earnings per share, basic, of $2.31 for the three months ended March 31, 2023.
  • Adjusted net income was $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the three months ended March 31, 2024 compared to an Adjusted net income of $36.0 million corresponding to an Adjusted EPS, basic, of $2.33 for the same period of last year.
  • EBITDA for the three months ended March 31, 2024 amounted to $18.9 million, while Adjusted EBITDA for the three months ended March 31, 2024 amounted to $19.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 9.84 vessels were owned by the Company during the three months ended March 31, 2024 compared to 10.10 vessels for the same period of 2023.

Fleet Employment Table

As of May 16, 2024, the profile and deployment of our fleet is the following:

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 Spot
Clean Thrasher 2008 Korea 47,000 MR product tanker Spot
Clean Sanctuary (ex. Falcon Maryam) 2009 Korea 46,000 MR product tanker Spot
Clean Nirvana 2008 Korea 50,000 MR product tanker Spot
Clean Justice 2011 Japan 46,000 MR product tanker Spot
Aquadisiac 2008 Korea 51,000 MR product tanker Spot
Suez Enchanted 2007 Korea 160,000 Suezmax tanker Spot
Suez Protopia 2008 Korea 160,000 Suezmax tanker Spot
Drybulk Carriers
Eco Wildfire 2013 Japan 33,000 Handysize drybulk Time Charter $18,200 June 2024
Glorieuse 2012 Japan 38,000 Handysize drybulk Time Charter $13,000 May 2024
Fleet Total 678,000 dwt
(1) Earliest date charters could expire.

CEO Harry Vafias Commented

Year 2024 commenced quite favorably for Imperial Petroleum; $16.7 million of net income for the first quarter of this year, which is almost 160% higher than our profitability in the last quarter of 2023, fills us with optimism. The market continues to be governed by turbulence which directs longer haul voyages and is sustaining charter rates at firm levels. The financial health of Imperial Petroleum is undisputable with large cash pile and no bank debt; Going forward we will remain focused on the growth of our Company.

Conference Call details:

On May 16, 2024 at 09:00 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/BI52fe1de4b58b412dada1845a63e07141

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 ten vessels - six M.R. product tankers, two suezmax tankers and two handysize drybulk carriers - with a total capacity of 678,000 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, 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 any 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 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 Sakellaris
Imperial Petroleum Inc.
E-mail: info@ImperialPetro.com

Fleet Data:
The following key indicators highlight the Company's operating performance during the three month periods ended March 31, 2023 and March 31, 2024.

FLEET DATA Q1 2023 Q1 2024
Average number of vessels (1) 10.10 9.84
Period end number of owned vessels in fleet 12 11
Total calendar days for fleet (2) 909 895
Total voyage days for fleet (3) 903 878
Fleet utilization (4) 99.3% 98.1%
Total charter days for fleet (5) 408 207
Total spot market days for fleet (6) 495 671
Fleet operational utilization (7) 85.0% 80.6%

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 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 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)
Three Months Period Ended March 31,
2023 2024
Net Income - Adjusted Net Income
Net income 35,724,102 16,654,604
Plus share based compensation 301,541 858,810
Adjusted Net Income 36,025,643 17,513,414
Net income - EBITDA
Net income 35,724,102 16,654,604
Plus interest and finance costs 1,351,603 2,430
Less interest income (1,279,216) (1,785,878)
Plus depreciation 4,088,852 4,027,061
EBITDA 39,885,341 18,898,217
Net income - Adjusted EBITDA
Net income 35,724,102 16,654,604
Plus share based compensation 301,541 858,810
Plus interest and finance costs 1,351,603 2,430
Less interest income (1,279,216) (1,785,878)
Plus depreciation 4,088,852 4,027,061
Adjusted EBITDA 40,186,882 19,757,027
EPS
Numerator
Net income 35,724,102 16,654,604
Less: Cumulative dividends on preferred shares (435,246) (435,246)
Less: Undistributed earnings allocated to non-vested shares (463,737) (856,950)
Net income attributable to common shareholders, basic 34,825,119 15,362,408
Denominator
Weighted average number of shares, basic 15,054,406 27,613,661
EPS - Basic 2.31 0.56
Adjusted EPS
Numerator
Adjusted net income 36,025,643 17,513,414
Less: Cumulative dividends on preferred shares (435,246) (435,246)
Less: Undistributed earnings allocated to non-vested shares (467,700) (902,326)
Adjusted net income attributable to common shareholders, basic 35,122,697 16,175,842
Denominator
Weighted average number of shares, basic 15,054,406 27,613,661
Adjusted EPS 2.33 0.59

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

For The Three Months Ended March 31,
2023 2024
Revenues
Revenues 65,421,101 41,203,281
Expenses
Voyage expenses 16,077,827 12,963,607
Voyage expenses - related party 810,530 514,414
Vessels' operating expenses 6,875,876 5,951,561
Vessels' operating expenses - related party 65,000 82,000
Drydocking costs 621,376 625,457
Management fees - related party 397,760 393,800
General and administrative expenses 978,969 1,207,168
Depreciation 4,088,852 4,027,061
Total expenses 29,916,190 25,765,068
Income from operations 35,504,911 15,438,213
Other (expenses)/income
Interest and finance costs (1,351,603) (2,430)
Interest income 1,279,216 1,035,261
Interest income - related party - 750,617
Dividend income from related party - 189,583
Foreign exchange gain/(loss) 291,578 (756,640)
Other income, net 219,191 1,216,391
Net Income 35,724,102 16,654,604
Earnings per share
- Basic 2.31 0.56
- Diluted 2.31 0.50
Weighted average number of shares
-Basic 15,054,406 27,613,661
-Diluted 15,054,406 30,951,012

Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

December 31, March 31,
2023 2024
Assets
Current assets
Cash and cash equivalents 91,927,512 35,331,381
Time deposits 32,099,810 31,628,000
Receivable from related parties 37,906,821 38,786,553
Trade and other receivables 13,498,813 16,747,942
Other current assets 302,773 834,802
Inventories 7,291,123 7,865,379
Advances and prepayments 161,937 207,473
Total current assets 183,188,789 131,401,530
Non current assets
Operating lease right-of-use assets - 132,448
Vessels, net 180,847,252 248,873,394
Investment in related party 12,798,500 12,796,416
Total non current assets 193,645,752 261,802,258
Total assets 376,834,541 393,203,788
Liabilities and Stockholders' Equity
Current liabilities
Trade accounts payable 8,277,118 6,681,701
Payable to related parties 2,324,334 5,256,860
Accrued liabilities 3,008,500 4,203,686
Operating lease liabilities, current portion - 72,704
Deferred income 919,116 49,950
Total current liabilities 14,529,068 16,264,901
Non current liabilities
Operating lease liabilities, non-current portion - 59,744
Total non current liabilities - 59,744
Total liabilities 14,529,068 16,324,645
Commitments and contingencies
Stockholders' equity
Capital stock 332,573 332,573
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 270,242,635 271,101,445
Retained earnings 97,607,873 113,827,231
Total stockholders' equity 362,305,473 376,879,143
Total liabilities and stockholders' equity 376,834,541 393,203,788


Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars

For The Three Months Ended March 31,
2023 2024
Cash flows from operating activities
Net income for the period 35,724,102 16,654,604
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 4,088,852 4,027,061
Amortization of deferred finance charges 134,427 -
Non-cash lease expense 16,316 17,550
Share based compensation 301,541 858,810
Unrealized foreign exchange loss on time deposits - 799,150
Dividend income from related party - (189,583)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables (7,689,495) (3,249,129)
Other current assets (487,804) (532,029)
Inventories (2,435,614) (574,256)
Changes in operating lease liabilities (16,316) (17,550)
Advances and prepayments 19,540 (45,536)
Due from related parties - (879,732)
Increase/(decrease) in
Trade accounts payable 476,307 (1,100,028)
Due to related parties 633,383 2,839,227
Accrued liabilities 605,944 903,784
Deferred income (406,022) (869,166)
Net cash provided by operating activities 30,965,161 18,643,177
Cash flows from investing activities
Dividend income received - 191,667
Acquisition and improvement of vessels (25,923,656) (72,257,190)
Purchase of bank time deposits (18,536,290) (31,695,420)
Maturity of bank time deposits 68,000,000 31,368,080
Net cash provided by/(used in) investing activities 23,540,054 (72,392,863)
Cash flows from financing activities
Proceeds from equity offering 12,095,255 -
Stock issuance costs (120,954) -
Stock repurchase - (2,504,498)
Dividends paid on preferred shares (435,246) (341,947)
Loan repayments (24,576,000) -
Net cash used in financing activities (13,036,945) (2,846,445)
Net increase/(decrease) in cash, cash equivalents and restricted cash 41,468,270 (56,596,131)
Cash, cash equivalents and restricted cash at beginning of period 57,506,919 91,927,512
Cash, cash equivalents and restricted cash at end of period 98,975,189 35,331,381
Cash breakdown
Cash and cash equivalents 95,519,418 35,331,381
Restricted cash, current 2,855,771 -
Restricted cash, non current 600,000 -
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 98,975,189 35,331,381
Supplemental Cash Flow Information:
Non cash investing activity - Vessel improvements included in liabilities - 655,333
Non cash investing activity - Dividend income from related party included in Investment in related party - 160,416
Non cash financing activity - Dividend on preferred series A included in payable to related parties - 93,299

 
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