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Imperial Petroleum Inc. Reports Second Quarter and Six Months 2026 Financial and Operating Results
- IMPP
- CL=F
ATHENS, Greece, Sept. 10, 2026 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2026.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
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Fleet operational utilization of 73.5% in Q2 26′.
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Approximately 50% of total fleet calendar days in Q2 26′ were dedicated to time charter activity while approximately 39% were dedicated to spot activity.
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Delivery of the dry bulk carrier, Eco Crossfire (2012 built), on April 3, 2026 and delivery of the drybulk carrier, Outrider (2016 built), on August 21, 2026.
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Sale of our tanker Suez Enchanted (2007 built) to third parties, on August 7, 2026, creating a net gain on sale of approximately $32 million.
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All-time high quarterly revenues of $87.1 million in Q2 26′ compared to $61.7 million in Q1 26′ and $36.3 million in Q2 25′, representing a 41.2% increase and a 139.9% increase, respectively.
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Near all-time high operating income of $33.4 million in Q2 26′ marking a $6.9 million or 26.0% increase compared to Q1 26′ and a $25.2 million or 307.3% increase compared to Q2 25′.
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Net income of $34.8 million in Q2 26′- the second best in our history- compared to $28.0 million in Q1 26′, and $12.8 million in Q2 25′, representing a 24.3% and 171.9% increase, respectively.
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Basic EPS of $0.75 in Q2 26′ and $1.34 for 6M 2026.
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EBITDA1 of $41.2 million for Q2 26′.
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Continued enhancement of our liquidity through efficient vessel operations; cash and cash equivalents including time deposits of $245.2 million as of June 30, 2026 compared to $179.1 million as of December 31, 2025 – corresponding to an increase of 36.9%. Our current cash base is about $260 million.
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For the 6M’ 2026 our Net Income came in at $62.8 million, already exceeding our 12M’ 2025 net income performance of $50.0 million.
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Revenues for the three months ended June 30, 2026, amounted to $87.1 million, an increase of $50.8 million or 139.9%, compared to revenues of $36.3 million for the three months ended June 30, 2025, primarily due to a 6.9 vessel increase in the average number of vessels in our fleet, along with an increase in both tanker and drybulk rates driven by geopolitical tensions, mostly affecting the tanker vessels, and favorable market dynamics in the drybulk market.
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Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2026, were $22.1 million and $14.4 million, respectively, compared to $10.7 million and $8.4 million, respectively, for the three months ended June 30, 2025. The $11.4 million increase in voyage expenses is mainly attributed to increased bunker costs by mainly due to an increase in spot days by 58.4% and increased bunkers’ prices. The $6.0 million increase in vessels’ operating expenses is primarily due to the increase of our fleet by an average of 6.9 vessels.
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Drydocking costs for the three months ended June 30, 2026 and 2025 were $7.5 million and $1.7 million, respectively. During the three months ended June 30, 2026, six vessels underwent drydocking whereas during the three months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking.
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General and administrative costs for the three months ended June 30, 2026 and 2025, were $1.1 million in each period.
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Depreciation for the three months ended June 30, 2026 and 2025, was $8.2 million and $5.7 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
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Management fees for the three months ended June 30, 2026 and 2025, were $0.8 million and $0.6 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
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Interest and finance costs for the three months ended June 30, 2026 and 2025, were $0.4 million and $0.8 million, respectively. The $0.4 million of costs for the three months ended June 30, 2026 related mainly to accrued interest expense – related party in connection with the $19.2 million and $12.3 million portions of the acquisition price of our bulk carriers, Post Marvel and Eco Crossfire, respectively, which were completely settled in the third quarter of 2026. The $0.8 million of costs for the three months ended June 30, 2025 related mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions, for which the purchase agreements allowed vessel repayment to take place within up to one year from the agreement date. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices.
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Interest income for the three months ended June 30, 2026, was $2.1 million as compared to $2.3 million for the three months ended June 30, 2025. The $0.2 million decrease is mainly attributed to a period on period decline in time deposit rates and amounts placed in time deposits.
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Foreign exchange (loss)/gain for the three months ended June 30, 2026, was a loss of $0.6 million as compared to a gain of $3.0 million for the three months ended June 30, 2025. The $0.6 million foreign exchange loss for the three months ended June 30, 2026 is mainly attributed to the weakening of the Euro currency against the Dollar at the end of the three months ended June 30, 2026 when compared to the respective currency values prevailing at the end of March 2026.
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As a result of the above, for the three months ended June 30, 2026, the Company reported net income of $34.8 million, compared to net income of $12.8 million for the three months ended June 30, 2025. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2026. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2026 was 45.4 million. Earnings per share, basic and diluted, for the three months ended June 30, 2026 amounted to $0.75 and $0.70, respectively, compared to earnings per share, basic and diluted, of $0.36 and $0.35, respectively, for the three months ended June 30, 2025.
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Adjusted net income1 was $35.3 million corresponding to an Adjusted EPS1, basic of $0.76 for the three months ended June 30, 2026 compared to an Adjusted net income of $13.4 million, or an Adjusted EPS, basic, of $0.38 for the same period of last year.
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EBITDA1 for the three months ended June 30, 2026 amounted to $41.2 million, while Adjusted EBITDA1 for the three months ended June 30, 2026 amounted to $41.7 million.
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An average of 21.0 vessels were owned by the Company during the three months ended June 30, 2026 compared to 14.1 vessels for the same period of 2025.
