- Business
- Imperial Petroleum Inc. (NasdaqCM: IMPP, IMPPP) owns and operates a diversified fleet of tankers and drybulk carriers providing international seaborne transportation services to oil producers, refineries, commodities traders and producers, and industrial end-users of hydrocarbon and drybulk cargoes worldwide; its vessels transport refined petroleum products such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals aboard medium-range product tankers, crude oil aboard Suezmax and Aframax tankers, and drybulk cargoes including iron ore, coal, grains, bauxite, phosphate, and fertilizers aboard handysize, Supramax, and Kamsarmax carriers. Incorporated in 2021 and headquartered at 331 Kifissias Avenue, Erithrea, Athens, Greece, the company currently operates 19 vessels with aggregate capacity of approximately 1.1 million deadweight tons, comprising nine tankers including six MR product tankers, two Suezmax tankers, and one Aframax tanker, alongside ten drybulk carriers following recent aggressive expansion. In 2025, Imperial Petroleum significantly grew its fleet from 12 vessels at the start of Q2 by taking delivery of seven Japanese-built drybulk carriers—Supra Pasha, Supra Monarch, Eco Sikoussis, Supra Duke, Eco Czar, Supra Sovereign, and Supra Baron—primarily acquired from related-party Brave Maritime at a total cost of about $129 million funded by cash reserves, boosting fleet book value by 54% to over $350 million by quarter-end and targeting an optimal size of 20-25 vessels; it further announced in late November 2025 a $60 million registered direct offering of 9.52 million shares and warrants to institutional investors at $6.30 per unit, expected to close around December 1 for general corporate purposes and working capital amid a debt-free balance sheet with nearly $190 million in cash, alongside an additional MR tanker delivery in late 2024 and three more drybulk carriers under agreement to reach 22 vessels and 1.4 million dwt.