share_log

6-K: Imperial Petroleum Announces First Quarter 2024 Financial and Operating Results

SEC announcement ·  May 17 04:36
Summary by Futu AI
Imperial Petroleum Inc. (NASDAQ: IMPP), a provider of seaborne transportation services for petroleum products, crude oil, and dry bulk, reported its financial and operating results for the first quarter of 2024. The company saw a net income of $16.7 million for the quarter ended March 31, 2024, which is a significant increase from the $6.5 million reported in the previous quarter, but a decrease from the $35.7 million reported in the same period of the previous year. The decrease in year-over-year revenue from $65.4 million to $41.2 million was primarily due to a decline in tanker market spot rates by 38%. Operational fleet utilization improved to 80.6% in Q1 2024 from 85.0% in Q1 2023, with a notable decrease in commercial idle days. The company also highlighted the sale of its aframax tanker...Show More
Imperial Petroleum Inc. (NASDAQ: IMPP), a provider of seaborne transportation services for petroleum products, crude oil, and dry bulk, reported its financial and operating results for the first quarter of 2024. The company saw a net income of $16.7 million for the quarter ended March 31, 2024, which is a significant increase from the $6.5 million reported in the previous quarter, but a decrease from the $35.7 million reported in the same period of the previous year. The decrease in year-over-year revenue from $65.4 million to $41.2 million was primarily due to a decline in tanker market spot rates by 38%. Operational fleet utilization improved to 80.6% in Q1 2024 from 85.0% in Q1 2023, with a notable decrease in commercial idle days. The company also highlighted the sale of its aframax tanker Gstaad Grace II for $42 million, which was delivered to its new owners on April 26, 2024. Imperial Petroleum emphasized its strong financial position with $67.0 million in cash and cash equivalents and no bank debt as of March 31, 2024. The company's CEO, Harry Vafias, expressed optimism for the future, citing the company's financial health and focus on growth. A conference call to discuss the results was scheduled for May 16, 2024.

This announcement is a separate document:

Doc 1

Doc 2

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.