Taking advantage of the strong tanker market Nasdaq listed Imperial Petroleum Inc. reported its 1st quarter 2023 results which marked by record revenues and profitability.
In particular the company reported:
- Fleet operational utilization of 85% in Q1 23’ with 6 days of technical off hire and 495 (54%) of our fleet days dedicated to spot activity.
- Delivery of 2 Handysize dry bulk carriers, the Glorieuse and the Eco Wildfire, towards the end of March 2023 - expanding our fleet to 12 vessels.
- Revenues of $65.4 million in Q1 23’ - up $60.3 million or 1,182% from Q1 22’.
- Record net income of $35.7 million in Q1 23’ up by $35.5 million compared to Q1 22’ or 17,750%.
- EBITDA 1 of $39.9 million in Q1 23’ up $37.3 million or 1,435% from Q1 22’.
CEO Harry Vafias Commented: “Our performance in the first quarter of 2023 resulted in record revenues and profitability. Our strategies are paying off. Commercially, we capitalized on the strong tanker market and efficiently utilized an average fleet of 10 vessels to produce in a single quarter net income of $36 million marking a 17,750% increase compared to the net income generated in the first quarter of 2022, and an EBITDA of nearly $40 million that is 1,435% higher than the same period of last year. Strategically, we proposed the spin-off of 2 of our dry vessels to a separate company called C3is Inc. In terms of financial strategy, we paid down all our debt and have stopped issuing new shares. Without a doubt we are well positioned to benefit from good market conditions that seem will last”.
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