Imperial Petroleum Inc (IMPP)

[crudeoil24]

Second Quarter 2022 Results:



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Revenues for the three months ended June 30, 2022 amounted to $11.3 million, an increase of $7.1 million, or 169.0%, compared to revenues of $4.2 million for the three months ended June 30, 2021, primarily due to the increase of our average fleet by two vessels and the improvement in market rates.



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Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2022 were $4.4 million and $3.3 million, respectively, compared to $0.6 million and $2.0 million, respectively, for the three months ended June 30, 2021. The $3.8 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 159 days (468%) and the rise in bunker prices. This quarter we incurred $1.7 million of voyage costs due to the repositioning of our two suezmax vessels for a total period of 56 days. The $1.3 million increase in vessels’ operating expenses, was primarily due to the increase in the average number of our vessels and supply costs incurred in relation to the recent acquisition of our two suezmax vessels.



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Depreciation for the three months ended June 30, 2022 and 2021 was $2.7 million and $2.2 million, respectively. The change is attributable to the increase in the average number of our vessels.