Imperial Petroleum reports profits in Q2 and H1 2025

Greek shipping company Imperial Petroleum today announced profitable results for its second quarter and first half of 2025, despite facing a decline in market rates. The company's second-quarter revenue fell by 22.8 per cent to $36.3 million from $47 million in the same period last year. This was primarily due to lower tanker market rates. The company's net income for the quarter was $12.8 million, down from the $19.5 million recorded in the second quarter of 2024.

Despite the quarterly decline, the company highlighted a major strategic accomplishment: a massive expansion of its fleet. Between the beginning and end of the second quarter, Imperial Petroleum’s fleet grew from 12 vessels to 19.

The newly delivered vessels include seven drybulk carriers: Supra Pasha, Supra Monarch, Eco Sikoussis, Supra Duke, Eco Czar, Supra Sovereign, and Supra Baron. The company stated that the fleet's book value surged by 54.4 per cent within the quarter, reaching a value of just over $350 million by June 30.

For the first half of 2025, the company maintained a healthy financial position, reporting a net income of $24.1 million on revenue of $68.4 million. While half-year revenues were down by 22.4 per cent from the previous year, the company's profitability was bolstered by a strong cash position and strategic operational decisions. The company's cash and cash equivalents, including time deposits, totalled $212.2 million at the end of the quarter, with no debt.

Operationally, the company managed to mitigate the impact of weaker spot market rates by increasing its time charter activity, which accounted for about 60 per cent of fleet days in the quarter. This shift helped reduce voyage expenses, which were down by $6.4 million in the quarter compared to last year.

The company's operational utilization for the quarter was 83.1 per cent, an improvement over the 80.9 per cent in the same period of 2024. A foreign exchange gain of $3 million also contributed to the quarter's results.

Imperial Petroleum stated that it is proud of its recent fleet expansion, noting that it now operates a combined, diversified fleet of nine tankers and ten drybulk carriers. CEO Harry Vafias commented that the company remains “profitable, debt free” and is in a strong position to take advantage of favorable market conditions in the second half of 2025.