ATHENS, Greece, May 16, 2024 (GLOBE NEWSWIRE) -- 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 ...