With a fleet operational utilization of 79.4% in Q4 ’22 and Revenues of $37.9million in Q4 ’22 – up $33.9million or 847.5% from Q4 ’21 Imperial Petroleum, the smallest company of Vafias Group has reported excellent profits for Q4 ’22 and a successful expansion program.
CEO Harry Vafias Commented: “The year 2022 can be simply be characterized by one word success; As market conditions were favorable particularly during the second half of year, we managed to increase our net income by about 1,020% increase our EBITDA by 2,145 %, grow our 1 year old company to 10 vessels and generate an annual net income of $30 million. Going forward our main focus will continue to be growth and profitability; We positioned the company well with an enviable capital structure $257million in asset market values, $120 million in cash and only $70 million of debt. The market outlook for tankers looks promising for 2023 and we are set to capture the continuing favorable charter market environment as well as acquisition opportunities in the tanker and dry bulk sectors”.
Imperial Petroleum Inc. owns a total of ten vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and two Handysize dry bulk carriers with a capacity of approximately 737,000 deadweight tons (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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