ATHENS, Greece, May 22, 2026 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2026.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
-- Fleet operational utilization of 88.7% in Q1 26' compared to 91.8% in Q4
25' and 83.8% in Q1 25'.
-- Approximately 59% of total fleet calendar days in Q1 26' were dedicated
to time charter activity while approximately 39% to spot activity.
-- Delivery of the dry bulk carrier, Eco Crossfire, on April 3, 2026 which
increased our fleet on the water to 21 vessels; the remaining four
contracted dry bulk carriers and one tanker are scheduled to be delivered
by end of Q3 26' bringing our total fleet to 26 ships.
-- In Q1 26' Imperial Petroleum marked its second- best quarterly
performance.
-- Revenues of $61.7 million in Q1 26' compared to $51.1 million in Q4 25'
and $32.1 million in Q1 25', representing a 20.7% increase and a 92.2%
increase, respectively.
-- Impressive increase of our operating income to $26.5 million in Q1 26',
marking a $12.8 million or 93.4% increase compared to Q4 25' and a $18.7
million or 239.7% increase compared to Q1 25'.
-- Net income generation of $28.0 million in Q1 26'- the second best in our
history- compared to $15.0 million in Q4 25', and $11.3 million in Q1 25',
representing a 86.7% and 147.8% increase, respectively.
-- Basic EPS of $0.60 in Q1 26'.
-- EBITDA1 of $34.4 million for Q1 26'.
-- Continued enhancement of our liquidity through efficient vessel
operations; cash and cash equivalents including time deposits of $212.6
million as of March 31, 2026 compared to $179.1 million as of December
31, 2025.
-- Under the $10 million stock repurchase program, the Company has
repurchased up to May 21, 2026 a total of 855,769 common shares for an
aggregate amount of $3.8 million.
First Quarter 2026 Results:
-- Revenues for the three months ended March 31, 2026 amounted to $61.7
million, an increase of $29.6 million, or 92.2%, compared to revenues of
$32.1 million for the three months ended March 31, 2025, primarily due to
the increase in the average number of vessels in our fleet by 7.98, along
with an increase in tanker rates, particularly for suezmax tankers
following the outbreak of the Middle East conflict.
-- Voyage expenses and vessels' operating expenses for the three months
ended March 31, 2026 were $12.8 million and $11.2 million, respectively,
compared to $10.5 million and $7.1 million, respectively, for the three
months ended March 31, 2025. The $2.3 million increase in voyage expenses
is mainly attributed to a 25.2% increase in the number of spot days and
increased port expenses due to higher number of transits through the Suez
Canal mainly for the suezmax tankers. The $4.1 million increase in
vessels' operating expenses is primarily due to the increase in the
average number of vessels in our fleet by 7.98.
-- Drydocking costs for the three months ended March 31, 2026 and 2025 were
$1.4 million and nil, respectively. During the three months ended March
31, 2026, our bulk carrier, Post Marvel, underwent drydocking whereas in
the three months ended March 31, 2025, no vessel underwent drydocking.
-- General and administrative costs for the three months ended March 31,
2026 and 2025 were $1.1 million and $1.2 million, respectively. This
decrease is mainly attributed to the decrease in stock-based compensation
costs.
-- Depreciation for the three months ended March 31, 2026 and 2025 was $7.9
million and $5.0 million, respectively. The change is attributable to the
increase in the average number of vessels in our fleet.
-- Management fees for the three months ended March 31, 2026 and 2025 were
$0.8 million and $0.5 million, respectively. The change is attributable
to the increase in the average number of vessels in our fleet.
-- Interest and finance costs for the three months ended March 31, 2026 and
2025 were $0.2 million and $0.6 million, respectively. The $0.2 million
of costs for the three months ended March 31, 2026 relate mainly to
accrued interest expense -- related party in connection with the $19.16
million part of the acquisition price of our bulk carrier, Post Marvel,
whereas the $0.6 million of costs for the three months ended March 31,
2025 related mainly to accrued interest expense -- related party in
connection with the $14.0 million and $24.0 million part of the
acquisition prices of our bulk carriers, Neptulus and Clean Imperial,
respectively, which completely settled in the second quarter of 2025. For
accounting purposes, the outstanding balances payable on the vessels were
required to be allocated between principal and imputed interest, despite
the fact that no interest was contractually charged by the sellers. The
total amount ultimately paid remains consistent with the originally
agreed purchase prices.
-- Interest income for the three months ended March 31, 2026 and 2025 was
$1.8 million and $2.2 million, respectively. The $0.4 million decrease is
mainly attributed to a lower amount of funds placed under time deposits
along with a decrease in time deposit rates.
-- Foreign exchange (loss)/gain for the three months ended March 31, 2026
and 2025 was a loss of $0.3 million and a gain of $1.7 million,
respectively. The $0.3 million foreign exchange loss for the three months
ended March 31, 2026, is mainly attributed the weakening of the euro
currency against the dollar at the end of the three months ended March
31, 2026 when compared to the respective currency values prevailing at
the end of year 2025.
-- As a result of the above, for the three months ended March 31, 2026, the
Company reported net income of $28.0 million, compared to net income of
$11.3 million for the three months ended March 31, 2025. Dividends paid
on Series A Preferred Shares amounted to $0.4 million for the three
months ended March 31, 2026. The weighted average number of shares of
common stock outstanding, basic, for the three months ended March 31,
2026 was 45.3 million. Earnings per share, basic and diluted, for the
three months ended March 31, 2026 amounted to $0.60 and $0.57,
respectively, compared to earnings per share, basic and diluted, of $0.32
and $0.30, respectively, for the three months ended March 31, 2025.
-- Adjusted net income1 was $28.6 million corresponding to an Adjusted EPS1,
basic of $0.61 for the three months ended March 31, 2026 compared to an
Adjusted net income of $12.2 million corresponding to an Adjusted EPS,
basic, of $0.34 for the same period of last year.
-- EBITDA1 for the three months ended March 31, 2026 amounted to $34.4
million, while Adjusted EBITDA1 for the three months ended March 31, 2026
amounted to $34.9 million.
-- An average of 19.88 vessels were owned by the Company during the three
months ended March 31, 2026 compared to 11.90 vessels for the same period
of 2025.
(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. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
Fleet Employment Table
As of May 22, 2026, the profile and deployment of our fleet is the following:
Name Year Country Vessel Vessel Employment Expiration
Size of
Built Built (dwt) Type Status Charter(1)
----- ------- ---------- ---------- ----------- -----------
Tankers
------------
Magic Wand 2008 Korea 47,000 MR product Spot
tanker
Clean 2008 Korea 47,000 MR product Spot
Thrasher tanker
Clean 2009 Korea 46,000 MR product Spot
Sanctuary tanker
(ex.
Falcon
Maryam)
Clean 2008 Korea 50,000 MR product Spot
Nirvana tanker
Clean 2011 Japan 46,000 MR product Time September
Justice tanker Charter 27
Aquadisiac 2008 Korea 51,000 MR product Spot
tanker
Clean 2009 Korea 40,000 MR product Spot
Imperial tanker
Suez 2007 Korea 160,000 Suezmax Spot
Enchanted tanker
Suez 2008 Korea 160,000 Suezmax Spot
Protopia tanker
Drybulk
Carriers
------------
Eco 2013 Japan 33,000 Handysize Time June 26
Wildfire drybulk Charter
Glorieuse 2012 Japan 38,000 Handysize Spot
drybulk
Neptulus 2012 Japan 33,000 Handysize Time June 26
drybulk Charter
Supra 2012 Japan 56,000 Supramax Time June 26
Pasha drybulk Charter
Supra 2011 Japan 56,000 Supramax Time July 26
Monarch drybulk Charter
Supra 2009 Japan 56,000 Supramax Time June 26
Baron drybulk Charter
Supra 2012 Japan 56,000 Supramax Spot
Sovereign drybulk
Supra Duke 2011 Japan 56,000 Supramax Spot
drybulk
Eco 2008 Japan 82,000 Kamsarmax Time June 26
Sikousis drybulk Charter
Eco Czar 2009 Japan 82,000 Kamsarmax Time June 26
drybulk Charter
Post 2013 Japan 96,000 Post Time June 26
Marvel Panamax Charter
Eco 2012 Japan 33,000 Handysize Time June 26
Crossfire drybulk Charter
Fleet 1,324,000
Total (2) dwt
(1) Earliest date charters could expire.
(2) We have agreements to acquire an additional four handysize
drybulk carriers of 140,400 dwt aggregate capacity
and a product tanker of 50,000 dwt capacity, with
deliveries scheduled by the end of Q3 2026.
CEO Harry Vafias Commented
We are extremely pleased with our first quarter 2026 results. With a net income of $28 million, corresponding to a basic EPS of $0.60 per share, we generated the second-best quarterly profitability in the Company's history. Geopolitical tensions persist, creating turbulence across global markets and the shipping industry in particular. The ongoing Middle East conflict has driven tanker market rates to peak levels, while dry bulk market rates have also firmed.
In this environment, we successfully capitalized upon our sizeable fleet. Our expansion strategy continues to deliver strong results, and we believe that our active share repurchase program will help our share price better reflect the Company's true underlying value -- a fleet of 21 vessels on the water with 5 more to be delivered shortly, ample liquidity in excess of $220 million, a consistently profitable track record, and a completely debt-free balance sheet.
Conference Call details:
On May 22, 2026 at 10:00 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-conf.media-server.com/register/BI022e66c574874022b745c61aed82e1a1
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 twenty-one vessels on the water - seven M.R. product tankers, two suezmax tankers, four handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,324,000 deadweight tons (dwt) and has contracted to acquire an additional four handysize drybulk carriers and a product tanker of 190,400 dwt aggregate capacity. Following these deliveries, the Company's fleet will count a total of 26 vessels with an aggregate capacity of about 1.5 million 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, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, 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, 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, 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 conflicts in the Middle East, 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, 2025 and 2026.
FLEET DATA Q1 2025 Q1 2026 Average number of vessels (1) 11.90 19.88 Period end number of owned vessels in fleet 12 20 Total calendar days for fleet (2) 1,071 1,789 Total voyage days for fleet (3) 1,067 1,764 Fleet utilization (4) 99.6% 98.6% Total charter days for fleet (5) 504 1,059 Total spot market days for fleet (6) 563 705 Fleet operational utilization (7) 83.8% 88.7%
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 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 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. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance.
(Expressed in United States Dollars,
except number of shares) First Quarter Ended March 31st,
------------------------------------------- ---------------------------------
2025 2026
Net Income - Adjusted Net Income
-------------------------------------------
Net income 11,290,986 28,021,088
Plus share based compensation 889,076 581,705
Adjusted Net Income 12,180,062 28,602,793
Net income -- EBITDA
-------------------------------------------
Net income 11,290,986 28,021,088
Plus interest and finance costs 606,383 208,552
Less interest income (2,184,394) (1,810,441)
Plus depreciation 5,002,837 7,930,925
EBITDA 14,715,812 34,350,124
Net income - Adjusted EBITDA
-------------------------------------------
Net income 11,290,986 28,021,088
Plus share based compensation 889,076 581,705
Plus interest and finance costs 606,383 208,552
Less interest income (2,184,394) (1,810,441)
Plus depreciation 5,002,837 7,930,925
Adjusted EBITDA 15,604,888 34,931,829
EPS
-------------------------------------------
Numerator
-------------------------------------------
Net income 11,290,986 28,021,088
Less: Cumulative dividends on preferred
shares (435,246) (435,246)
Less: Undistributed earnings allocated to
non-vested shares (453,265) (512,627)
Net income attributable to common
shareholders, basic 10,402,475 27,073,215
Denominator
-------------------------------------------
Weighted average number of shares 32,944,925 45,325,162
EPS - Basic 0.32 0.60
Adjusted EPS
-------------------------------------------
Numerator
-------------------------------------------
Adjusted net income 12,180,062 28,602,793
Less: Cumulative dividends on preferred
shares (435,246) (435,246)
Less: Undistributed earnings allocated to
non-vested shares (490,387) (523,437)
Adjusted net income attributable to common
shareholders, basic 11,254,429 27,644,110
Denominator
-------------------------------------------
Weighted average number of shares 32,944,925 45,325,162
Adjusted EPS, Basic 0.34 0.61
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
Quarters Ended March 31,
2025 2026
Revenues
Revenues 32,091,626 61,713,395
Expenses
Voyage expenses 10,054,114 12,006,915
Voyage expenses - related party 401,753 749,439
Vessels' operating expenses 7,021,928 11,074,868
Vessels' operating expenses -
related party 98,500 175,000
Drydocking costs -- 1,433,739
Management fees -- related party 471,240 787,160
General and administrative expenses 1,217,977 1,054,422
Depreciation 5,002,837 7,930,925
Total expenses 24,268,349 35,212,468
---------------------------------------- ------------ ------------
Income from operations 7,823,277 26,500,927
---------------------------------------- ------------ ------------
Other (expenses)/income
Interest and finance costs (3,607) (4,147)
Interest expense -- related party (602,776) (204,405)
Interest income 2,184,394 1,810,441
Dividend income from related party 187,500 187,500
Foreign exchange gain/(loss) 1,702,198 (269,228)
Other income, net 3,467,709 1,520,161
---------------------------------------- ------------ ------------
Net Income 11,290,986 28,021,088
---------------------------------------- ------------ ------------
Earnings per share
- Basic 0.32 0.60
============ ============
- Diluted 0.30 0.57
============ ============
Weighted average number of shares
-Basic 32,944,925 45,325,162
============ ============
-Diluted 34,258,803 47,612,633
============ ============
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31, March 31,
2025 2026
------------------------------------------ ------------ ------------
Assets
Current assets
Cash and cash equivalents 5,771,505 71,871,069
Time deposits 173,282,440 140,724,320
Trade and other receivables 13,403,555 13,555,204
Other current assets 1,107,956 1,516,332
Claims receivables 479,488 479,488
Inventories 4,720,873 9,872,856
Advances and prepayments 245,014 283,909
Total current assets 199,010,831 238,303,178
------------------------------------------ ------------ ------------
Non current assets
Operating lease right-of-use asset - 286,997
Vessels, net 335,406,781 349,044,856
Investment in related party 12,990,167 12,794,333
Total non current assets 348,396,948 362,126,186
------------------------------------------ ------------ ------------
Total assets 547,407,779 600,429,364
------------------------------------------ ------------ ------------
Liabilities and Stockholders' Equity
Current liabilities
Trade accounts payable 5,959,924 9,669,613
Payable to related parties 3,038,447 23,338,869
Accrued liabilities 4,195,986 5,307,874
Operating lease liability, current
portion - 96,892
Deferred income 3,399,325 2,854,826
Total current liabilities 16,593,682 41,268,074
------------------------------------------ ------------ ------------
Non current liabilities
Operating lease liability, non current
portion - 190,105
Total non current liabilities - 190,105
------------------------------------------ ------------ ------------
Total liabilities 16,593,682 41,458,179
------------------------------------------ ------------ ------------
Commitments and contingencies
------------------------------------------ ------------ ------------
Stockholders' equity
Common stock 489,006 500,006
Preferred Stock, Series A 7,959 7,959
Preferred Stock, Series B 160 160
Treasury stock (8,390,225) (10,590,684)
Additional paid-in capital 344,445,271 347,205,976
Retained earnings 194,261,926 221,847,768
Total stockholders' equity 530,814,097 558,971,185
------------------------------------------ ------------ ------------
Total liabilities and stockholders' equity 547,407,779 600,429,364
------------------------------------------ ------------ ------------
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
Three Month Periods Ended March 31,
2025 2026
Cash flows from operating
activities
Net income for the period 11,290,986 28,021,088
Adjustments to reconcile net
income to net cash
provided by operating
activities:
Depreciation 5,002,837 7,930,925
Non - cash lease expense 18,552 23,389
Share based compensation 889,076 581,705
Unrealized foreign exchange
(gain)/loss on time
deposits (358,420) 258,120
Changes in operating assets and
liabilities:
(Increase)/decrease in
Trade and other receivables 4,683,534 (151,649)
Other current assets 585,395 (408,376)
Inventories 601,241 (5,151,983)
Changes in operating lease
liabilities (18,522) (23,389)
Advances and prepayments 40,704 (38,895)
Due from related parties 4,167 195,834
Increase/(decrease) in
Trade accounts payable 679,226 3,709,689
Due to related parties (3,369,040) 927,184
Accrued liabilities 234,447 1,111,888
Deferred income 393,331 (544,499)
----------------- ------------------
Net cash provided by operating
activities 20,677,484 36,441,031
------------------------------- ----------------- ------------------
Cash flows from investing
activities
Acquisition and improvement
of vessels (4,350) --
Increase in bank time
deposits (57,958,390) (122,450,000)
Maturity of bank time
deposits 96,364,791 154,750,000
Net cash provided by investing
activities 38,402,051 32,300,000
------------------------------- ----------------- ------------------
Cash flows from financing
activities
Stock repurchase -- (2,200,459)
Dividends paid on preferred
shares (342,616) (441,008)
Net cash used in financing
activities (342,616) (2,641,467)
------------------------------- ----------------- ------------------
Net increase in cash and cash
equivalents 58,736,919 66,099,564
Cash and cash equivalents at
beginning of period 67,783,531 5,771,505
Cash and cash equivalents at
end of period 126,520,450 71,871,069
------------------------------- ----------------- ------------------
Cash breakdown
Cash and cash equivalents 126,520,450 71,871,069
------------------------------- ----------------- ------------------
Total cash and cash equivalents
shown in the statements of
cash flows 126,520,450 71,871,069
------------------------------- ----------------- -------
(MORE TO FOLLOW) Dow Jones Newswires
May 22, 2026 09:20 ET (13:20 GMT)
Comments