Imperial Petroleum Inc (IMPP)

[crudeoil24]

OPERATIONAL AND FINANCIAL HIGHLIGHTS



•
Strategic decision to strengthen our fleet further.



•
In July 2022, we entered into an agreement with an affiliated party to acquire two handysize dry bulk carriers, the Eco Bushfire (2011 built) and the Eco Angelbay (2009 built), for a total consideration of $39 million. Both vessels are Japanese built with an aggregate capacity of 64,000 dwt.



•
Fleet operational utilization of 82.5% in Q2 22’ – mainly due to the repositioning of our two suezmax tankers for a total of 56 days.



•
Revenues of $11.3 million in Q2 22’ up by $6.2 million or 121.6% compared to Q1 22’ due to further improvement in market rates and a higher number of vessels.



•
Net income of $0.1 million – undermined by the $2.4 million voyage and operating costs we incurred for the repositioning of our two suezmaxes- benefit of which will appear in Q3 22’.



•
EBITDA1 of $3.0 million in Q2 22’- 15.4% higher than in Q1 22’ and 114.3% or $1.6 million higher than in Q2 21’.



•
Cash and cash equivalents of $79.1 million as of June 30, 2022.