IMPERIAL PETROLEUM INC., 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 third quarter and nine months ended September 30, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Full integration of our seven drybulk vessels within Q3 25’ leading to a 36.1% increase of fleet calendar days compared to Q2 25’.
- Fleet operational utilization of 88.7% for Q3 25’ versus 65.6% in in Q3 24’.
- Operational utilization for Q3 25’ was 92.5% for our drybulk fleet and 84.4% for our tanker fleet.
- About 75% of total fleet calendar days in Q3 25’ were dedicated to time charter activity while 25% to spot activity.
- Revenues of $41.4 million in Q3 25’ compared to $33.0 million in Q3 24’, representing a 25.5% increase. This is mainly attributed to the increase in average number of vessels in our fleet following the expansion of our drybulk fleet.
- Impressive increase of our operating income to $10.3 million in Q3 25’, marking a $4.3 million or 71.7% increase compared to Q3 24’ and a $2.1 million or 25.6% rise compared to Q2 25’.
- Net income of $11.0 million in Q3 25’ versus $10.1 million in Q3 24’ and $12.8 million in Q2 25’.
- EBITDA(1) of $17.9 million for Q3 25’ versus $12.2 million in Q3 24’ – an increase of 46.7%.
- Net income of $35.0 million for 9M 25’, EBITDA of $49.7 million and operating cash flow generation of $57.0 million.
- Cash and cash equivalents including time deposits of $99.3 million as of September 30, 2025. Our current cash position as of the date of this release is in the order of $172 million.
- Capital raise of $60 million through a registered direct equity offering to institutional investors at a purchase price of $6.30 on December 1, 2025; these proceeds are expected to be utilized for further fleet expansion.
Third Quarter 2025 Results:
- Revenues for the three months ended September 30, 2025 amounted to $41.4 million, an increase of $8.4 million, or 25.5%, compared to revenues of $33.0 million for the three months ended September 30, 2024, primarily due to the increase in the average number of vessels following the expansion of our drybulk fleet along with an improvement in market rates for both tankers and drybulk vessels.
- Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2025 were $11.6 million and $10.9 million, respectively, compared to $13.0 million and $7.2 million, respectively, for the three months ended September 30, 2024. The $1.4 million decrease in voyage expenses is mainly attributed to increased time charter activity as five out of our nine tankers and nearly all of our ten dry bulk vessels were under time charter employment during the whole period, leading to a decline in spot employment. The $3.7 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 8.6 vessels.
- Drydocking costs for the three months ended September 30, 2025 and 2024 were $0.05 million and $0.9 million, respectively. During the three months ended September 30, 2025, no vessel underwent drydocking whereas during the three months ended September 30, 2024 one of our product tankers underwent drydocking.
- General and administrative costs for the three months ended September 30, 2025 and 2024 were $1.2 million for each period.
- Depreciation for the three months ended September 30, 2025 and 2024 was $7.5 million and $4.3 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Management fees for the three months ended September 30, 2025 and 2024 were $0.8 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Other operating income for the three months ended September 30, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years that is expected to be collected within 2025.
- Interest and finance costs for the three months ended September 30, 2025 and 2024 were $0.9 million and $0.1 million, respectively. The $0.9 million of costs for the three months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last seven dry bulk vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these seven vessels had to be allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were paid in full within the third quarter of 2025, remained the same as the originally agreed purchase prices. The $0.1 million of costs for the three months ended September 30, 2024 relate mainly to the accrued interest expense – related party, in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which was fully repaid in the second quarter of 2025.
- Interest income for the three months ended September 30, 2025 was $1.5 million as compared to $2.1 million for the three months ended September 30, 2024. The $0.6 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates.
- Interest income – related party for the three months ended September 30, 2025 was nil as compared to $0.1 million for the three months ended September 30, 2024. The decrease is mainly attributed to the $0.1 million of accrued interest income – related party for the three months ended September 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024.
- Foreign exchange (loss)/gain for the three months ended September 30, 2025 was a loss of $0.1 million as compared to a gain of $1.7 million for the three months ended September 30, 2024. The $1.8 million decrease is mainly attributed to the decreased fluctuation of euro dollar foreign exchange rate when compared to the second quarter of 2025 along with the decrease in the amount of funds held in Euro currency.
- As a result of the above, for the three months ended September 30, 2025, the Company reported net income of $11.0 million, compared to net income of $10.1 million for the three months ended September 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.44 million for the three months ended September 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended September 30, 2025 was 33.7 million. Earnings per share, basic and diluted, for the three months ended September 30, 2025 amounted to $0.30 and $0.29, respectively, compared to earnings per share, basic and diluted, of $0.29 and $0.27, respectively, for the three months ended September 30, 2024.
- Adjusted net income1 was $11.8 million corresponding to an Adjusted EPS1, basic, of $0.32 for the three months ended September 30, 2025 compared to an Adjusted net income of $10.9 million corresponding to an Adjusted EPS, basic, of $0.32 for the same period of last year.
- EBITDA for the three months ended September 30, 2025 amounted to $17.9 million, while Adjusted EBITDA1 for the three months ended September 30, 2025 amounted to $18.7 million.
- An average of 19.0 vessels were owned by the Company during the three months ended September 30, 2025 compared to an average of 10.4 vessels for the same period of 2024.
Nine months 2025 Results:
- Revenues for the nine months ended September 30, 2025 amounted to $109.9 million, a decrease of $11.4 million, or 9.4%, compared to revenues of $121.3 million for the nine months ended September 30, 2024, primarily due to stronger tanker rates prevailing in the first half of 2024 compared to the same period of 2025.
- Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2025 were $32.8 million and $26.4 million, respectively, compared to $43.6 million and $19.7 million, respectively, for the nine months ended September 30, 2024. The $10.8 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 28.2% as a result of a rise in time charter activity. The $6.7 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet.
- Drydocking costs for the nine months ended September 30, 2025 and 2024 were $1.7 million and $1.5 million, respectively. During the nine months ended September 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year two tanker vessels underwent drydocking.
- General and administrative costs for the nine months ended September 30, 2025 and 2024 were $3.5 million and $3.9 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.
- Depreciation for the nine months ended September 30, 2025 was $18.3 million, a $5.8 million increase from $12.5 million for the same period of last year, due to the increase in the average number of our vessels.
- Other operating income for the nine months ended September 30, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years that is expected to be collected within 2025. Other operating income for the nine months ended September 30, 2024 was $1.9 million and related to the collection of an insurance claim in connection with repairs undertaken in prior years.
- Interest and finance costs for the nine months ended September 30, 2025 and 2024 were $2.3 million and $0.1 million, respectively. The $2.3 million of costs for the nine months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were repaid in full within the nine months of 2025, remained the same as the originally agreed purchase pri
- Interest income for the nine months ended September 30, 2025 and 2024 was $6.0 million and $4.4 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.
- Foreign exchange gain for the nine months ended September 30, 2025 was $4.6 million as compared to $0.6 million for the nine months ended September 30, 2024. The $4.0 million increase in foreign exchange gain for the nine months ended September 30, 2025 is mainly attributed the strengthening of the euro currency against the dollar at the end of the nine months ended September 30, 2025 when compared to the respective currency values at the end the same period of last year.
- As a result of the above, the Company reported net income for the nine months ended September 30, 2025 of $35.0 million, compared to net income of $46.2 million for the nine months ended September 30, 2024. The weighted average number of shares outstanding, basic, for the nine months ended September 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the nine months ended September 30, 2025 amounted to $0.98 and $0.93, respectively, compared to earnings per share, basic and diluted, for the nine months ended September 30, 2024 of $1.47 and $1.32, respectively.
- Adjusted Net Income was $37.4 million corresponding to an Adjusted EPS, basic, of $1.04 for the nine months ended September 30, 2025 compared to adjusted net income of $50.6 million, or $1.61 Adjusted EPS, basic, for the same period of last year.
- EBITDA for the nine months ended September 30, 2025 amounted to $49.7 million while Adjusted EBITDA for the nine months ended September 30, 2025 amounted to $52.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
- An average of 15.0 vessels were owned by the Company during the nine months ended September 30, 2025 compared to an average of 10.2 vessels for the same period of 2024.
- As of September 30, 2025, cash and cash equivalents including time deposits amounted to $99.3 million and total debt amounted to nil.
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
Fleet Employment Table
As of December 11, 2025, the profile and deployment of our fleet is the following:
| Name | Year | Country | Vessel Size | Vessel | Employment | Expiration of |
| Built | Built | (dwt) | Type | Status | Charter(1) | |
| Tankers | ||||||
| Magic Wand | 2008 | Korea | 47,000 | MR product tanker | Time Charter | January 26 |
| Clean Thrasher | 2008 | Korea | 47,000 | MR product tanker | Time Charter | January 26 |
| Clean Sanctuary (ex. Falcon Maryam) | 2009 | Korea | 46,000 | MR product tanker | Spot | |
| Clean Nirvana | 2008 | Korea | 50,000 | MR product tanker | Spot | |
| Clean Justice | 2011 | Japan | 46,000 | MR product tanker | Time Charter | September 27 |
| Aquadisiac | 2008 | Korea | 51,000 | MR product tanker | Spot | |
| Clean Imperial | 2009 | Korea | 40,000 | MR product tanker | Time Charter | January 26 |
| Suez Enchanted | 2007 | Korea | 160,000 | Suezmax tanker | Spot | |
| Suez Protopia | 2008 | Korea | 160,000 | Suezmax tanker | Spot | |
| Drybulk Carriers(2) | ||||||
| Eco Wildfire | 2013 | Japan | 33,000 | Handysize drybulk | Time Charter | December 25 |
| Glorieuse | 2012 | Japan | 38,000 | Handysize drybulk | Time Charter | December 25 |
| Neptulus | 2012 | Japan | 33,000 | Handysize drybulk | Time Charter | January 26 |
| Supra Pasha | 2012 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Supra Monarch | 2011 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Supra Baron | 2009 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Supra Sovereign | 2012 | Japan | 56,000 | Supramax drybulk | Time Charter | January 26 |
| Supra Duke | 2011 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Eco Sikousis | 2008 | Japan | 82,000 | Kamsarmax drybulk | Time Charter | December 25 |
| Eco Czar | 2023 | Japan | 82,000 | Kamsarmax drybulk | Time Charter | February 2026 |
| Fleet Total | 1,195,000 dwt |
| (1) | Earliest date charters could expire. |
(2) We have contracted to acquire three Japanese-built drybulk carriers, with a total capacity of approximately 164,400 dwt and an average age of approximately 12.5 years, which are expected to be delivered to us between the first quarter of 2026 and August 2026.
CEO Harry Vafias Commented
“The full integration of our recently delivered seven drybulk vessels, increasing our fleet to 19 ships and soon to 22 ships, enhanced within Q3 25 our income and profitability stemming from core operations. Market rates for both tanker and drybulk markets are solid and this seems likely to hold in the upcoming quarters. With our debt free balance sheet, our cash base that is currently about $172 million and our focus on quality built Japanese and Korean ships, we aim for an even better performance in the fourth quarter of 2025″.