IMPERIAL PETROLEUM INC. THE SMALLEST OF THE FOUR VAFIAS GROUP SHIPPING CO’s REPORTS FOURTH QUARTER AND TWELVE MONTHS 2022 NET INCOME OF $14m AND $30m MILLION RESPECTIVELY, FINANCIAL AND OPERATING RESULTS
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• Fleet operational utilization of 79.4% in Q4 22’ mainly due to the drydocking of two vessels and the repositioning of one of our Suezmax vessel.
• 42% of our fleet days dedicated to spot activity in Q4 22’capturing high spot charter rates.
• Revenues of $37.9 million in Q4 22’ – up $33.9 million or 847.5% from Q4 21’.
• Net income of $13.8 million in Q4 22’ compared to a $1.5 million loss in Q4 21’.
• EBITDA1 of $17.8 million in Q4 22’ up $17.0 million or 2,125% from Q4 21’
• Cash and time deposits of $118.9 million as of December 31, 2022 – 1.5 times higher than our current market cap.
• For 12M 22’ we generated a Net Income of $29.5 million which is equivalent to 36% of our current market cap.
• Under our $50 million ATM program which commenced on December 16, 2022 and was paused on February 7, 2023 we sold 27,792,113 shares and raised net proceeds of $ 7,383,775
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