Imperial Petroleum Reports First Quarter 2022 Financial and Operating Results

Source: www.gulfoilandgas.com 6/14/2022, Location: Europe

IMPERIAL PETROLEUM INC., a ship-owning company providing petroleum product and crude oil seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2022.

OPERATIONAL AND FINANCIAL HIGHLIGHTS
- As of June 10, 2022, we had raised $135 million in total net proceeds, after underwriting discounts, from our public offerings. In addition, on June 13, 2022, we entered into agreements for warrant exercises expected to result in additional net proceeds to us of $21 million.
- On March 28, 2022, we took delivery of the product tanker Clean Nirvana.
- Subsequent to March 31, 2022 we took delivery of three additional tanker vessels: the product tanker Clean Justice was delivered on May 31, 2022, while our recently acquired suezmax vessels, the Suez Protopia and the Suez Enchanted, were each delivered on June 3, 2022.
- Within the course of five months we doubled the number of our vessels to 8 and tripled fleet capacity to 682,000 dwt.
- Fleet operational utilization of 98.9% in Q1 22’ - only 4 days commercial and 0 days technical off-hire.
- Revenues of $5.1 million in Q1 22’, same level as in Q1 21’ but approximately 28% higher than our revenues in Q4 21’ as a result of improved market rates.
- Net income of $0.2 million and EBITDA1 of $2.6 million in Q1 22’ compared to net loss of $0.4 million in Q1 21’ and net loss of $1.5 million in Q4 21’.
- Cash to date of about $55 million expected to increase to $76 million with the conclusion of the warrant transaction recently announced.

First Quarter 2022 Results:
- Revenues for the three months ended March 31, 2022 and 2021 amounted to $5.1 million.
- Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2022 were $0.5 million and $1.8 million, respectively, compared to $1.4 million and $1.7 million, respectively, for the three months ended March 31, 2021. The $0.9 million decrease in voyage expenses is mainly due to the decrease of spot days by 120 days (81.6%) partially offset by the year on year increase in bunker costs. Vessels’ operating expenses remained stable.
- General and administrative expenses for the three months ended March 31, 2022 and 2021 were $0.1 million.
- Depreciation for the three months ended March 31, 2022 and 2021 was $2.2 million.
- Interest and finance costs for the three months ended March 31, 2022 and 2021 were $0.2 million and $0.002 million, respectively. The increase is attributable to the interest expense incurred relating to our loan agreement entered into in November 2021.
- As a result of the above, for the three months ended March 31, 2022, the Company reported net income of $0.2 million, compared to net loss of $0.4 million for the three months ended March 31, 2021. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended March 31, 2022.
- The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2022 was 17.7 million.
- Loss per share, basic and diluted, for the three months ended March 31, 2022 amounted to $0.01. EBITDA for the three months ended March 31, 2022 amounted to $2.6 million. Reconciliations of EBITDA to Net (Loss)/Income are set forth below.
- An average of 4.0 vessels were owned by the Company during the three months ended March 31, 2022 and 2021.
- As of March 31, 2022, cash and cash equivalents amounted to $82.2 million and total debt amounted to $27.8 million. During the three months ended March 31, 2022 no debt repayments occurred.

CEO Harry Vafias Commented
Having raised a total of $135 million from our equity offerings we considered a number of acquisition candidates to acquire and grow our fleet; we managed within a brief period of time to identify, acquire and take delivery of four tankers, doubling our fleet size and almost tripling our fleet’s cargo carrying capacity.

The outbreak of war in Ukraine shocked shipping markets and altered oil trading patterns resulting in an improvement in the charter market. For Imperial Petroleum the first quarter of 2022 was transitional; the vessels we acquired were added to our fleet towards and after the end of this first quarter while improved charter rates for our existing vessels materialized from the beginning of the second quarter. Nevertheless, this was a profitable quarter with a significant improvement in revenue and earnings from the last quarter of 2021; the strong tanker market, the dynamic fleet expansion, along with improved charter rates bodes well for the second quarter to be even more profitable.

Our remaining cash balance is about $55 million following the $78 million spent on vessel acquisitions and before we incur debt for these acquisitions which will increase our cash balance even further, as will the warrant exercise transaction we recently announced that is expected to result in additional net proceeds of $21 million. We are committed to growing our Company further and will seek to expand our fleet so that Imperial Petroleum becomes a true pioneer in the field of energy shipping.


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