Photo credit: Imperial Petroleum (Bulk Carrier Eco Angelbay)
Greek Harry N. Vafias of Imperial Petroleum, a ship-owning company providing transportation services, reported its most profitable quarter by far in the first three months of 2023, boosted by a bigger fleet after the delivery of two Handysize dry bulk carriers, the Glorieuse and the Eco Wildfire, towards the end of March 2023. After the delivery, Harry´s Vafias fleet portfolio is expanding to 12 vessels.
The Nasdaq-listed owner posted net income of $36 million, marking a 17,750% increase compared to the net income generated in the first quarter of 2022, and an Ebitda of nearly $40 million that is 1,435% higher than the same period of last year. Specifically the company claims it had a record net income of $35.7 million in the first quarter of 2023 up by $35.5 million compared to the same period last year.
At the same time the revenues for the three months amounted to $65.4 million, an increase of $60.3 million, or 1,182%, compared to revenues of $5.1 million for the same period last year, primarily due to the increase of the company´s fleet by eight vessels and strong market rates, particularly in the tanker sector.
CEO Harry Vafias commented on the results that the company´s performance in the first quarter of 2023 resulted in record revenues and profitability.
“We are pleased that our strategies are paying off. Commercially, we capitalized on the strong tanker market and efficiently utilized an average fleet of 10 vessels to produce in a single quarter net income of $36 million marking a 17,750% increase compared to the net income generated in the first quarter of 2022, and an EBITDA of nearly $40 million that is 1,435% higher than the same period of last year. Strategically, we proposed the spin-off of 2 of our dry vessels to a separate company called C3is Inc,” as he said.
The company´s CEO confirms that they paid down all the debt and have stopped issuing new shares. He also considers that Imperial Petroleum is “without any doubt well positioned to benefit from good market conditions that seem will last.”