OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of 80.6% in Q1 24’, an improved performance compared to Q4 23’, mainly due to a 29.3% (65 days) decrease in commercial idle days. In Q1 23’our operational utilization was 85.0%.
- 75.0% of fleet calendar days, equivalent to 671 days, in Q1 24’ were dedicated to spot activity.
- Revenues of
$41.2 million in Q1 24’, compared to$29.9 million in Q4 23’, equivalent to a 37.8% rise and$65.4 million of revenues in Q1 23’. - Net Income of
$16.7 million in Q1 24’ compared to net income of$6.5 million in Q4 23’ equivalent to a 157% increase- and net income of$35.7 million in Q1 23’. - Cash and cash equivalents and time deposits of
$67.0 million as ofMarch 31, 2024 . - On
April 17, 2024 , we agreed to sell our 2009 built aframax tanker Gstaad Grace II for$42 million . The vessel was delivered to its new owners onApril 26, 2024 .
First Quarter 2024 Results:
- Revenues for the three months ended
March 31, 2024 amounted to$41.2 million , a decrease of$24.2 million , or 37%, compared to revenues of$65.4 million for the three months endedMarch 31, 2023 , primarily due to an average year on year decline in tanker market spot rates by 38%. It is noted that during the period endedMarch 31, 2023 tanker market rates were at peak levels mainly due to the sharp effect of the Russian Ukraine conflict on tanker rates which normalized in the following quarters. - Voyage expenses and vessels’ operating expenses for the three months ended
March 31, 2024 were$13.5 million and$6.0 million , respectively, compared to$16.9 million and$6.9 million , respectively, for the three months endedMarch 31, 2023 . The$3.4 million decrease in voyage expenses is mainly due to longer haul spot voyages and lower transit through the Suez canal compared to the same period of last year which led to decreased port expenses by$1.4 million (33.7%) and decreased commissions by$2.2 million due to lower revenues. The$0.9 million decrease in operating expenses is due to the slight decrease in the average number of our vessels. - Drydocking costs for the three months ended
March 31, 2024 and 2023 were$0.6 million and$0.6 million , respectively. During the three months endedMarch 31, 2024 our aframax tanker commenced its drydocking which was concluded withinApril 2024 , while during the three months endedMarch 31, 2023 one of our handysize drybulk carriers underwent its drydocking. - General and administrative costs for the three months ended
March 31, 2024 and 2023 were$1.2 million and$1.0 million , respectively. This change is mainly attributed to the increase in stock-based compensation costs, partly offset by a reduction in reporting expenses due to the spin-off of C3is Inc. which was completed inJune 2023 . - Depreciation for the three months ended
March 31, 2024 and 2023 was$4.0 million and$4.1 million , respectively. The change is attributable to the slight decrease in the average number of our vessels. - Interest and finance costs for the three months ended
March 31, 2024 and 2023 were$0.002 million and$1.4 million , respectively, as there was no debt outstanding during the three months endedMarch 31, 2024 . - Interest income for the three months ended
March 31, 2024 and 2023 was$1.8 million and$1.3 million , respectively. The increase is mainly attributed to the$0.8 million of accrued interest income – related party for the three months endedMarch 31, 2024 in connection with the$38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which is receivable byJuly 2024 . - As a result of the above, for the three months ended
March 31, 2024 , the Company reported net income of$16.7 million , compared to net income of$35.7 million for the three months endedMarch 31, 2023 . The weighted average number of shares of common stock outstanding, basic, for the three months endedMarch 31, 2024 was 27.6 million compared to 15.1 million shares for the three months endedMarch 31, 2023 . Earnings per share, basic, for the three months endedMarch 31, 2024 , amounted to$0.56 , compared to earnings per share, basic, of$2.31 for the three months endedMarch 31, 2023 . - Adjusted net income was
$17.5 million corresponding to an Adjusted EPS, basic, of$0.59 for the three months endedMarch 31, 2024 compared to an Adjusted net income of$36.0 million corresponding to an Adjusted EPS, basic, of$2.33 for the same period of last year. - EBITDA for the three months ended
March 31, 2024 amounted to$18.9 million , while Adjusted EBITDA for the three months endedMarch 31, 2024 amounted to$19.8 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 9.84 vessels were owned by the Company during the three months ended
March 31, 2024 compared to 10.10 vessels for the same period of 2023.
Fleet Employment Table
As of
Year Built | Country Built | Vessel Size (dwt) | Vessel Type | Employment Status | Daily Charter Rate | Expiration of Charter(1) | ||||||||||||||||||||||
Tankers | ||||||||||||||||||||||||||||
2008 | 47,000 | MR product tanker | Spot | |||||||||||||||||||||||||
Clean Thrasher | 2008 | 47,000 | MR product tanker | Spot | ||||||||||||||||||||||||
Clean Sanctuary (ex. Falcon Maryam) | 2009 | 46,000 | MR product tanker | Spot | ||||||||||||||||||||||||
Clean Nirvana | 2008 | 50,000 | MR product tanker | Spot | ||||||||||||||||||||||||
Clean Justice | 2011 | 46,000 | MR product tanker | Spot | ||||||||||||||||||||||||
Aquadisiac | 2008 | 51,000 | MR product tanker | Spot | ||||||||||||||||||||||||
Suez Enchanted | 2007 | 160,000 | Suezmax tanker | Spot | ||||||||||||||||||||||||
Suez Protopia | 2008 | 160,000 | Suezmax tanker | Spot | ||||||||||||||||||||||||
Drybulk Carriers | ||||||||||||||||||||||||||||
Eco Wildfire | 2013 | 33,000 | Handysize drybulk | Time Charter | ||||||||||||||||||||||||
Glorieuse | 2012 | 38,000 | Handysize drybulk | Time Charter | ||||||||||||||||||||||||
Fleet Total | 678,000 dwt | |||||||||||||||||||||||||||
(1) | Earliest date charters could expire. |
CEO Harry Vafias Commented
Year 2024 commenced quite favorably for
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About
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although
Risks and uncertainties are further described in reports filed by
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com
Company Contact:
E-mail: info@ImperialPetro.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the three month periods ended
FLEET DATA | Q1 2023 | Q1 2024 |
Average number of vessels (1) | 10.10 | 9.84 |
Period end number of owned vessels in fleet | 12 | 11 |
Total calendar days for fleet (2) | 909 | 895 |
Total voyage days for fleet (3) | 903 | 878 |
Fleet utilization (4) | 99.3% | 98.1% |
Total charter days for fleet (5) | 408 | 207 |
Total spot market days for fleet (6) | 495 | 671 |
Fleet operational utilization (7) | 85.0% | 80.6% |
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in except number of shares) | Three Months Period Ended | |
2023 | 2024 | |
Net Income – Adjusted Net Income | ||
Net income | 35,724,102 | 16,654,604 |
Plus share based compensation | 301,541 | 858,810 |
Adjusted Net Income | 36,025,643 | 17,513,414 |
Net income - EBITDA | ||
Net income | 35,724,102 | 16,654,604 |
Plus interest and finance costs | 1,351,603 | 2,430 |
Less interest income | (1,279,216) | (1,785,878) |
Plus depreciation | 4,088,852 | 4,027,061 |
EBITDA | 39,885,341 | 18,898,217 |
Net income - Adjusted EBITDA | ||
Net income | 35,724,102 | 16,654,604 |
Plus share based compensation | 301,541 | 858,810 |
Plus interest and finance costs | 1,351,603 | 2,430 |
Less interest income | (1,279,216) | (1,785,878) |
Plus depreciation | 4,088,852 | 4,027,061 |
Adjusted EBITDA | 40,186,882 | 19,757,027 |
EPS | ||
Numerator | ||
Net income | 35,724,102 | 16,654,604 |
Less: Cumulative dividends on preferred shares | (435,246) | (435,246) |
Less: Undistributed earnings allocated to non-vested shares | (463,737) | (856,950) |
Net income attributable to common shareholders, basic | 34,825,119 | 15,362,408 |
Denominator | ||
Weighted average number of shares, basic | 15,054,406 | 27,613,661 |
EPS – Basic | 2.31 | 0.56 |
Adjusted EPS | ||
Numerator | ||
Adjusted net income | 36,025,643 | 17,513,414 |
Less: Cumulative dividends on preferred shares | (435,246) | (435,246) |
Less: Undistributed earnings allocated to non-vested shares | (467,700) | (902,326) |
Adjusted net income attributable to common shareholders, basic | 35,122,697 | 16,175,842 |
Denominator | ||
Weighted average number of shares, basic | 15,054,406 | 27,613,661 |
Adjusted EPS | 2.33 | 0.59 |
Unaudited Consolidated Statements of Income
(Expressed in
For The Three Months Ended | ||||||||
2023 | 2024 | |||||||
Revenues | ||||||||
Revenues | 65,421,101 | 41,203,281 | ||||||
Expenses | ||||||||
Voyage expenses | 16,077,827 | 12,963,607 | ||||||
Voyage expenses - related party | 810,530 | 514,414 | ||||||
Vessels' operating expenses | 6,875,876 | 5,951,561 | ||||||
Vessels' operating expenses - related party | 65,000 | 82,000 | ||||||
Drydocking costs | 621,376 | 625,457 | ||||||
Management fees - related party | 397,760 | 393,800 | ||||||
General and administrative expenses | 978,969 | 1,207,168 | ||||||
Depreciation | 4,088,852 | 4,027,061 | ||||||
Total expenses | 29,916,190 | 25,765,068 | ||||||
Income from operations | 35,504,911 | 15,438,213 | ||||||
Other (expenses)/income | ||||||||
Interest and finance costs | (1,351,603) | (2,430) | ||||||
Interest income | 1,279,216 | 1,035,261 | ||||||
Interest income - related party | - | 750,617 | ||||||
Dividend income from related party | - | 189,583 | ||||||
Foreign exchange gain/(loss) | 291,578 | (756,640) | ||||||
Other income, net | 219,191 | 1,216,391 | ||||||
Net Income | 35,724,102 | 16,654,604 | ||||||
Earnings per share | ||||||||
- Basic | 2.31 | 0.56 | ||||||
- Diluted | 2.31 | 0.50 | ||||||
Weighted average number of shares | ||||||||
-Basic | 15,054,406 | 27,613,661 | ||||||
-Diluted | 15,054,406 | 30,951,012 |
Unaudited Consolidated Balance Sheets
(Expressed in
2023 | 2024 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | 91,927,512 | 35,331,381 | |||||
Time deposits | 32,099,810 | 31,628,000 | |||||
Receivable from related parties | 37,906,821 | 38,786,553 | |||||
Trade and other receivables | 13,498,813 | 16,747,942 | |||||
Other current assets | 302,773 | 834,802 | |||||
Inventories | 7,291,123 | 7,865,379 | |||||
Advances and prepayments | 161,937 | 207,473 | |||||
Total current assets | 183,188,789 | 131,401,530 | |||||
Non current assets | |||||||
Operating lease right-of-use assets | - | 132,448 | |||||
Vessels, net | 180,847,252 | 248,873,394 | |||||
Investment in related party | 12,798,500 | 12,796,416 | |||||
Total non current assets | 193,645,752 | 261,802,258 | |||||
Total assets | 376,834,541 | 393,203,788 | |||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Trade accounts payable | 8,277,118 | 6,681,701 | |||||
Payable to related parties | 2,324,334 | 5,256,860 | |||||
Accrued liabilities | 3,008,500 | 4,203,686 | |||||
Operating lease liabilities, current portion | - | 72,704 | |||||
Deferred income | 919,116 | 49,950 | |||||
Total current liabilities | 14,529,068 | 16,264,901 | |||||
Non current liabilities | |||||||
Operating lease liabilities, non-current portion | - | 59,744 | |||||
Total non current liabilities | - | 59,744 | |||||
Total liabilities | 14,529,068 | 16,324,645 | |||||
Commitments and contingencies | |||||||
Stockholders' equity | |||||||
Capital stock | 332,573 | 332,573 | |||||
Preferred stock, Series A | 7,959 | 7,959 | |||||
Preferred stock, Series B | 160 | 160 | |||||
(5,885,727) | (8,390,225) | ||||||
Additional paid-in capital | 270,242,635 | 271,101,445 | |||||
Retained earnings | 97,607,873 | 113,827,231 | |||||
Total stockholders' equity | 362,305,473 | 376,879,143 | |||||
Total liabilities and stockholders' equity | 376,834,541 | 393,203,788 |
Unaudited Consolidated Statements of Cash Flows
(Expressed in
For The Three Months Ended | ||||||||||||||||
2023 | 2024 | |||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income for the period | 35,724,102 | 16,654,604 | ||||||||||||||
Adjustments to reconcile net income to net cash | ||||||||||||||||
provided by operating activities: | ||||||||||||||||
Depreciation | 4,088,852 | 4,027,061 | ||||||||||||||
Amortization of deferred finance charges | 134,427 | - | ||||||||||||||
Non-cash lease expense | 16,316 | 17,550 | ||||||||||||||
Share based compensation | 301,541 | 858,810 | ||||||||||||||
Unrealized foreign exchange loss on time deposits | - | 799,150 | ||||||||||||||
Dividend income from related party | - | (189,583) | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
(Increase)/decrease in | ||||||||||||||||
Trade and other receivables | (7,689,495) | (3,249,129) | ||||||||||||||
Other current assets | (487,804) | (532,029) | ||||||||||||||
Inventories | (2,435,614) | (574,256) | ||||||||||||||
Changes in operating lease liabilities | (16,316) | (17,550) | ||||||||||||||
Advances and prepayments | 19,540 | (45,536) | ||||||||||||||
Due from related parties | - | (879,732) | ||||||||||||||
Increase/(decrease) in | ||||||||||||||||
Trade accounts payable | 476,307 | (1,100,028) | ||||||||||||||
Due to related parties | 633,383 | 2,839,227 | ||||||||||||||
Accrued liabilities | 605,944 | 903,784 | ||||||||||||||
Deferred income | (406,022) | (869,166) | ||||||||||||||
Net cash provided by operating activities | 30,965,161 | 18,643,177 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||
Dividend income received | - | 191,667 | ||||||||||||||
Acquisition and improvement of vessels | (25,923,656) | (72,257,190) | ||||||||||||||
Purchase of bank time deposits | (18,536,290) | (31,695,420) | ||||||||||||||
Maturity of bank time deposits | 68,000,000 | 31,368,080 | ||||||||||||||
Net cash provided by/(used in) investing activities | 23,540,054 | (72,392,863) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||
Proceeds from equity offering | 12,095,255 | - | ||||||||||||||
Stock issuance costs | (120,954) | - | ||||||||||||||
Stock repurchase | - | (2,504,498) | ||||||||||||||
Dividends paid on preferred shares | (435,246) | (341,947) | ||||||||||||||
Loan repayments | (24,576,000) | - | ||||||||||||||
Net cash used in financing activities | (13,036,945) | (2,846,445) | ||||||||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 41,468,270 | (56,596,131) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 57,506,919 | 91,927,512 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | 98,975,189 | 35,331,381 | ||||||||||||||
Cash breakdown | ||||||||||||||||
Cash and cash equivalents | 95,519,418 | 35,331,381 | ||||||||||||||
Restricted cash, current | 2,855,771 | - | ||||||||||||||
Restricted cash, non current | 600,000 | - | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 98,975,189 | 35,331,381 | ||||||||||||||
Supplemental Cash Flow Information: | ||||||||||||||||
Non cash investing activity – Vessel improvements included in liabilities | - | 655,333 | ||||||||||||||
Non cash investing activity – Dividend income from related party included in Investment in related party | - | 160,416 | ||||||||||||||
Non cash financing activity – Dividend on preferred series A included in payable to related parties | - | 93,299 |
Source:
2024 GlobeNewswire, Inc., source