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An update from Imperial Petroleum, Inc. ( (IMPP) ) is now available.
Imperial Petroleum Inc. announced its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024. The company’s fleet utilization improved significantly in Q4 2024, with an 86.0% operational rate compared to 68.5% in Q4 2023, driven by an increase in time charter days. Despite this improvement, revenues decreased by 12.4% to $26.2 million in Q4 2024, primarily due to lower spot market rates. Net income also declined to $3.9 million from $6.5 million, impacted by a $3.3 million foreign exchange loss. However, the company’s cash and cash equivalents saw a substantial increase, rising 66.7% to $206.7 million by the end of 2024. The addition of a new tanker and a debt-free capital structure contributed to robust cash flow and low breakeven points, signaling a stable operational footing.
More about Imperial Petroleum, Inc.
Imperial Petroleum Inc. is a ship-owning company based in Athens, Greece, providing seaborne transportation services for petroleum products, crude oil, and dry bulk. The company is focused on operating a fleet of tankers and bulk carriers, which includes nine tankers as of early 2025.
YTD Price Performance: -16.01%
Average Trading Volume: 274,900
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $84.32M
Learn more about IMPP stock on TipRanks’ Stock Analysis page.
