The following is a summary of the Imperial Petroleum Inc. (IMPP) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Imperial Petroleum reported 2023 revenue of $184 million, a 90% increase from 2022.

• Average daily time charter rate for 2023 was about $35,000.

• Q4 net income was, however, lower than expected at $6.5 million, compared to $13.8 million in Q4 2022, due to scheduled drydockings and repositioning of product tankers.

• The company's EBITDA and net income stood at $82 million and $71 million respectively, marking an impressive 141% increase in net income from 2022.

• The total cash, including tax deposits, as of December 31, 2023, was about $124 million, and the operating cash flow for the 12-month period was $80 million.

• Imperial Petroleum repurchased 4.2 million shares for a total of $8.3 million, leading to a significant increase in share price.

Business Progress:

• The company managed to generate significant revenues with just nine ships, due to strategic employment decisions for handling market volatility.

• Market prospects seem positive due to increasing demand, a low order book, and an aging fleet.

• Trade volume growth is expected to increase by 2.5% along with growth in transportation demand in 2024.

• Two of Imperial Petroleum's product tankers were repositioned from the East to the Atlantic for better rates, and two vessels underwent scheduled dry docking.

• Forward planning includes two drydockings in Q1 and Q2 of 2024.

• The company boasts a strong financial footing with an equity-to-asset ratio of 96% and no outstanding leverage.

More details: Imperial Petroleum IR

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