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Go to lwlg..jump in imo
With HV it feels very much like doing transactions with a used car dealer. He buys $10 million ships from himself and sells them at a premium to IMPP shareholders for $13 million.
This creates the discount to NAV.
Took 155k shares to bring it to the $3.80 level but only 15k shares to bring it back to $3.93 where it has been churning for the last 15 minutes.
Need to watch for a second test of $3.80. Shareholders think the stock is cheap but the intercompany games that HV plays is the real driver of why analysts are hesitant about recommending this company.
I think Harry’s goal all along is to use the cash to build his fleet, which means buying more tankers from his own family, allowing him to repeat/rinse skimming broker fees off the top and delaying payment for one year.
It’s worked for him (and his family) in the past, not so much for shareholders. Buyback of stock is not in the cards just yet.
At some point when the fleet gets above 25-30 ships, this may be a good investment. Also at some point older ships will be sold to CISS at a premium causing more dilution for that ticket until HV creates yet another public company that CISS can sell ships to.
All assuming that ship spot market prices per day remain stable.
Heavy selling going on this morning in the first 15 minutes….about 1/2 of it avg daily trading volume so far.
3.83 prints as I’m typing. Still expect it to fall below $3.50.
Will see what the rest of the day looks like.
It's pretty incredible we are still trading in the low single digits
Excellent back n forth discussion today@ the other place
Exactly....too bad there's no real discussion about this and zero institutional interest
Retracements down to the sub $4 level really test the patience of most - especially on low volume.
Guess Harry Vafias doesn't consider $IMPP's share price low enough to perform share buy-backs.
One would think that a man with his such elevated level of narcissism would want to boast about the performance of the underlying stock of Imperial Petroleum, surpassing the $5 level in heading into double digits
Quite perplexing to say the least
Looks like a second test of the 4.00 level is incoming.
I also expect the X crowd to defend it at 4.
I totally expect to see washout volume in this ticker over the coming weeks. Message board sentiment is too bullish thinking they have an undervalued gem and imo, many will start bailing and the price declines. That is where the buy point happens….perhaps below $3.50 .
We know for sure that they will buy ships with that $190 mil in cash so I wouldn’t get too excited about that.
Historically, for maritime stocks, NAV is always at a massive discount to market value. Firms have written papers about this.
Public was burned many times over by DryShips and unfortunately their reputation has defined Greek shippers ever since.
Can this change? Retail will pump anything. Institutions are greedy too but cautious. Less than 7% ownership. Volume before price.
I have to say, the chart is certainly shaping up for a breakout through the $4.50 resistance area
Imperial Petroleum, with nearly $190,000,000 in cash and a NAV north of $15 a share, it's just stupidly undervalued here. Clearly institutions must have this on their radar screen.
Volume increase will tell the tale..
It’s an easy question to answer. Harry doesn’t want anybody asking him about the details of the intercompany transactions. All the ships are originally purchased by Harry thru his affiliated companies and the them sold to either IMPP, CISS , or GASS. For each transaction Harry and family are getting a transaction fee, some of which is disclosed and some that we just are not sure of.
Why the need for Harry to skim some fees off each sale? Dont know but most of the Greek shippers do it. The less questions that can be asked mean the less questions that HAVE to be answered. He doesn’t want an analyst demanding him to pay a higher dividend or buy back shares. Harry knows how to play the game. The stock is used as currency to raise capital. He is more likely to pay a higher dividend on the preferred shares since that is the class he owns.
Remember he is not selling ships to unaffiliated parties, he is selling them to himself (as controlling shareholder of the buyer).
CISS is the big loser in all this, until he creates another company that C3 will sell ships to.
My guess is that most of the short position is owed by hedge funds who have lent Harry money in the past thru debt financing to purchase ships. If you want burn those guys and squeeze them he easily can but then needs to find a new group of funds when money becomes tight again due to changing market conditions.
Harry needs all the cash in reserve that he has accumulated in order to purchase more ships. Once the fleet gets to be double the current size and all else remains the same then perhaps the share price begins to trend towards the double digits.
Think one should accumulate shares on dips and hold for several years. A crash in spot market prices for
a period beyond a few months is one the only things that can upset the revenue side for IMPP (except for a ship seizure or ship sinking).
I have never, nor will I ever receive a response from Imperial Petroleum. They don't even have a dedicated investor relations representative.
$190,000,000 in cash on hand, no debt - and they can't pay somebody $20 an hour to field shareholder concerns.
What about analyst coverage?
Why wouldn't Harry Vafias want a larger institutional ownership of the stock?
Thanks for asking!
$4.59 is still that number to beat in order to catalyze $IMPP short sellers into beginning to cover. No word back from management on my request about analyst coverage
8-9 months of only two people posting here....
Let's see if that changes once we get on the radar of traders that trade breakouts
Looks like we may breach true resistance this week.
It should be interesting to see how the stock reacts if we get through $5.00 as short sellers will more likely than not begin covering there. We could have a fairly decent run on volume.
Again, this would be a completely different ball game if we actually had analyst coverage/upgrades
$4.46 x $4.50 in ah
I'm going to try to reach out to the company to find out the reason why there aren't any analysts that cover this security
nice bump up today!
Would be smart of the company to announce a $10-20 million buyback right now.
Of course that would likely be followed by a capital raise down the road for $40-50 million (knowing how Harry has operated in the past).
Imperial Petroleum: Good Quarter, Pristine Balance Sheet, Discounted Valuation - Buy
Aug. 27, 2024 9:05 PM ET
Summary
On Tuesday, Imperial Petroleum reported decent Q2/2024 results with stable fleet utilization and consistent cash generation.
The company ended the quarter with $129.8 million in cash and liquid investments. Imperial Petroleum continues to have no debt.
Assuming full exercise of the company's remaining Class E Warrants, diluted net asset value per share calculates to $12.45.
At current share prices, Imperial Petroleum is trading at a 35% discount to its stated cash balances, with market participants not assigning any value to the company's fleet.
Here is the conundrum. At some point the market will once again treat the maritime stocks with reverence. However, the worst enemy to these stocks in usually management themselves as they cannot pass up a chance to raise money thru equity offerings. Cause free money is just that. It’s unlikely insiders own much common shares because it’s just currency to them.
Shareholders usually wind up be the chumps who help fund future ship purchases.
You can’t even pay attention to NAV with the shippers. They all trade at a huge discount because of reputation due to outsized dilution and lack of transparency. A lack of a dividend also hurts.
Remember the days where a stock would actually catch an upgrade on earnings such as this? Does $IMPP even have analyst coverage?
Back in the day, an earnings release like this would have catapulted any stock up a MINIMUM of 30%.
We have around $5.50 worth of cash on the balance sheet yet this shit bag stock can't even trade at that level.
And don't even get me started on what the new NAV is in relationship to our cash on hand and zero debt.
This one defies all logic
Solid earnings. $190 million in cash.
Now will the market trust Harry? Or have they been burned too often?
16m share float and depending on your source, short interest as a general consensus is around 17%
Most here need the $6-$7 range to be at breakeven
Short interest doesnt really mean much when you have a CEO that doesn't respect the interests and concerns of shareholders.
I sure wish they would bring back the days of "Q & A" at the end of earnings conference calls - but honestly Harry despises addressing shareholders
Setting up for a run…have almost 10% short interest….which has been justified in the past due to history of double talk.
Not having a shareholder Q&A segment at the end of our earnings conference call, is and will continue to be the reason for distrust in management and the continued lackluster performance on the shares.
$CISS did that this week and I suspect the same with $IMPP
Guess we will see
Earnings before the market opens on 8/27..
Stellar earnings today on $CISS and of course it lost ALL it's gains on the week -6.2% as traders have zero faith in Harry
Sad....
Let's see what happens here if/when we announce our earnings
A big fat nothing Burger on Q2 earnings
As long as there are no more completely unnecessary dilutive offerings, I'll be good with that.
It really is a shame that the only time we get updates from this company are during quarterly earnings reports
Earnings before the market opens tomorrow. Will see how the market reacts. Company should have a boatload of cash but the question is have they already bought more ships with it that shareholders don’t know about yet.
$3.92 looked so much prettier than $3.76 but I guess traders are trading all attempted breakouts and when they fail they end up selling at a .20 loss or so.
Harry Vafias really needs to START communicating with shareholders but I highly doubt he ever will.
This is one of the more frustrating stocks I have held due to management's complete lack of communication and transparency
I believe quarterly earnings are due out in a couple of days.
It's the only time we get any type of an update.
Sad...
Looks like we closed at $3.89 just now on volume of 268.8k shares.
Still no word from Harry on anything
Looking forward to that break through the $4.25 resistance and finally into the $5 range
Nice percentage gain on that swing.
Well done
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ABOUT IMPERIAL PETROLEUM INC.
Our Business Strategy
Our business strategy is focused on providing consistent stockholder returns by timing and structuring acquisitions of vessels and by reliably, safely and efficiently operating our vessels. We continuously evaluate purchase and sale opportunities, as well as employment opportunities for our vessels. Key elements of the above strategy are:
• | Renew and Expand our Fleet. We expect to grow our fleet in a disciplined manner through timely and selective acquisitions of quality vessels. We perform in-depth technical and condition assessment review of each potential acquisition and only purchase vessels as market opportunities present themselves. We focus on purchasing secondhand vessels, newbuildings or newbuilding resales based on the evaluation of each investment option at the time it is made. |
• | Optimize Charter Mix. In the current product tanker and crude oil tanker charter market, we are mainly focusing on short to medium term charters, including time and bareboat charters, of one or two years. As the charter market changes and we grow our fleet, we may continue to adjust our chartering strategy to include longer duration term charters or a higher percentage of spot market charters. We seek to |
ATHENS, Greece, May 27, 2022 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (NASDAQ:IMPP) (the "Company") announced today that it has entered into an agreement to acquire two suezmax tankers, built at Hyundai Samho in 2007 and at Samsung Heavy Industries in 2008, with an aggregate capacity of approximately 320,000 dwt, from an unaffiliated third party for an aggregate purchase price of $46.8 million, with delivery expected by mid- June 2022. The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt. This transaction is indicative of the Company's substantial financial resources to consummate new vessel acquisitions due to its high level of available cash raised from its recently completed public offerings. This agreement is consistent with the company's plan to continue its fleet expansion.
ABOUT IMPERIAL PETROLEUM INC.
Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services. The Company owns four M.R. product tankers and one Aframax oil tanker with a total capacity of 305,804 deadweight tons (dwt) and has agreed to acquire one additional product tanker and two suezmax tankers with expected delivery by mid-June 2022. Following these deliveries Imperial Petroleum will own a total of eight tankers with an aggregate capacity of approximately 682,000 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.
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charter our vessels to high quality charterers as we have done in the past such as national and independent oil companies, energy traders and industrial companies. |
• | Operate a High Quality Fleet. Our primary focus is the operation of medium and large-sized product tankers and crude oil tankers, and as we grow our fleet in the future potentially add vessels in other seaborne transportation sectors that we assess as exhibiting favorable market conditions. We believe that owning a high quality fleet reduces operating costs, improves safety and provides us with a competitive advantage in securing favorable charters. We limit our acquisition of vessels to those that meet rigorous industry standards and that are capable of meeting the stringent certification requirements of major oil companies. We maintain the quality of our vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel. |
• | Maintain Financial Flexibility. We intend to use bank debt to partially fund our further vessel acquisitions and which we hope will increase financial returns for our stockholders. We intend to manage our balance sheet to maintain an adequate level of liquidity and actively assess the level and maturity profile of debt we incur in light of the level of cash flow generated from our chartering strategy and our efficient operating cost structure. We have moderate leverage which we believe will well position us to obtain additional financing and grow our fleet by pursuing selective acquisitions. |
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