# EDGAR Filing Document

**Accession Number:** 0001876581
**File Stem:** 0001193125-26-192203
**Filing Date:** 2026-4
**Character Count:** 954086
**Document Hash:** 46cb296691565a633cd72f43fba08bc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-192203.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-192203

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 131

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Imperial Petroleum Inc./Marshall Islands
- **CENTRAL INDEX KEY:** 0001876581
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41095
- **FILM NUMBER:** 26917862

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 331 KIFISSIAS AVENUE
- **STREET 2:** ERITHREA
- **CITY:** ATHENS
- **PROVINCE COUNTRY:** J3
- **BUSINESS PHONE:** 011 30 210 625 2849

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 331 KIFISSIAS AVENUE
- **STREET 2:** ERITHREA
- **CITY:** ATHENS
- **PROVINCE COUNTRY:** J3

?xml version='1.0' encoding='ASCII'? 20-F

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON D.C. 20549

### FORM 20-F
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

#### OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the fiscal year ended December 31, 2025

#### OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### Commission file number 001-41095

## IMPERIAL PETROLEUM INC.

#### (Exact name of Registrant as specified in its charter)

#### Not applicable

#### (Translation of Registrant's Name into English)

#### Republic of the Marshall Islands

#### (Jurisdiction of incorporation or organization)

#### 331 Kifissias Avenue, Kifissia 14561 Athens, Greece

#### (Address of principal executive offices)

#### Harry N. Vafias

#### 331 Kifissias Avenue, Kifissia 14561, Athens, Greece

#### Telephone: (011) (30) (210) 625 0001

#### Facsimile: (011) (30) (210) 625 0018

#### (Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)

#### SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Common Stock, par value $0.01 per share** | **IMPP** | **The Nasdaq Stock Market LLC** |
| **8.75% Series A Cumulative Redeemable Perpetual Preferred Stock** | **IMPPP** | **The Nasdaq Stock Market LLC** |

---

#### SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

#### None

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#### **Table of Contents**

#### SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION

#### PURSUANT TO SECTION 15(d) OF THE ACT:

#### None
The number of outstanding shares of each of the issuer's classes of capital or common stock as of December 31, 2025 was: 44,648,737 shares of Common Stock, par value $0.01 per share, and 795,878 shares of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, and 16,000 shares of Series B Preferred Stock, par value $0.01 per share.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ |
|  |  |  |  | Emerging growth company | ☒ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: ☐ Yes ☒ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issuedby the International Accounting Standards Board ☐ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

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##### [**Table of Contents**](#toc)

#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| [ABOUT THIS REPORT](#txa60380_1) | [ABOUT THIS REPORT](#txa60380_1) | 1 |
| [FORWARD-LOOKING INFORMATION](#txa60380_2) | [FORWARD-LOOKING INFORMATION](#txa60380_2) | 2 |
| [Part I](#txa60380_3) | [Part I](#txa60380_3) | 3 |
| [Item 1.](#txa60380_4) | [Identity of Directors, Senior Management and Advisers](#txa60380_4) | 3 |
| [Item 2.](#txa60380_5) | [Offer Statistics and Expected Timetable](#txa60380_5) | 3 |
| [Item 3.](#txa60380_6) | [Key Information](#txa60380_6) | 3 |
| [Item 4.](#txa60380_7) | [Information on the Company](#txa60380_7) | 44 |
| [Item 4A.](#txa60380_8) | [Unresolved Staff Comments](#txa60380_8) | 66 |
| [Item 5.](#txa60380_9) | [Operating and Financial Review and Prospects](#txa60380_9) | 66 |
| [Item 6.](#txa60380_10) | [Directors, Senior Management and Employees](#txa60380_10) | 84 |
| [Item 7.](#txa60380_11) | [Major Stockholders and Related Party Transactions](#txa60380_11) | 89 |
| [Item 8.](#txa60380_12) | [Financial Information](#txa60380_12) | 94 |
| [Item 9.](#txa60380_13) | [The Offer and Listing](#txa60380_13) | 94 |
| [Item 10.](#txa60380_14) | [Additional Information](#txa60380_14) | 95 |
| [Item 11.](#txa60380_15) | [Quantitative and Qualitative Disclosures About Market Risk](#txa60380_15) | 120 |
| [Item 12.](#txa60380_16) | [Description of Securities Other than Equity Securities](#txa60380_16) | 121 |
| [PART II](#txa60380_17) |  | 122 |
| [Item 13.](#txa60380_18) | [Defaults, Dividend Arrearages and Delinquencies](#txa60380_18) | 122 |
| [Item 14.](#txa60380_19) | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#txa60380_19) | 122 |
| [Item 15.](#txa60380_20) | [Controls and Procedures](#txa60380_20) | 122 |
| [Item 16A.](#txa60380_21) | [Audit Committee Financial Expert](#txa60380_21) | 123 |
| [Item 16B.](#txa60380_22) | [Code of Ethics](#txa60380_22) | 123 |
| [Item 16C.](#txa60380_23) | [Principal Accountant Fees and Services](#txa60380_23) | 123 |
| [Item 16D.](#txa60380_24) | [Exemptions from the Listing Standards for Audit Committees](#txa60380_24) | 124 |
| [Item 16E.](#txa60380_25) | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#txa60380_25) | 124 |
| [Item 16F.](#txa60380_26) | [Change in Registrant's Certifying Accountant](#txa60380_26) | 125 |
| [Item 16G.](#txa60380_27) | [Corporate Governance](#txa60380_27) | 125 |
| [Item 16H.](#txa60380_28) | [Mine Safety Disclosures](#txa60380_28) | 125 |
| [Item 16I.](#txa60380_29) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#txa60380_29) | 125 |
| [Item 16J.](#txa60380_30) | [Insider Trading Policies](#txa60380_30) | 126 |
| [Item 16K](#txa60380_31) | [Cybersecurity](#txa60380_31) | 126 |
| [PART III](#txa60380_32) |  | 128 |
| [Item 17.](#txa60380_33) | [Financial Statements](#txa60380_33) | 128 |
| [Item 18.](#txa60380_34) | [Financial Statements](#txa60380_34) | 128 |
| [Item 19.](#txa60380_35) | [Exhibits](#txa60380_35) | 128 |

---

i

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#### ABOUT THIS REPORT
Imperial Petroleum Inc. is a Marshall Islands company that is referred to in this Annual Report on Form 20-F, together with its subsidiaries, as "Imperial Petroleum," the "Company," "we," "us," or "our." This Annual Report should be read in conjunction with our consolidated financial statements and the accompanying notes thereto, which are included in Item 18 to this Annual Report.

Imperial Petroleum Inc. was incorporated under the laws of the Republic of the Marshall Islands on May 14, 2021, by StealthGas Inc. ("StealthGas") to serve as the holding company of four subsidiaries, each owning one of the tanker vessels in our initial fleet, that it subsequently contributed to us in connection with the 2021 Spin-Off (as defined below). On December 3, 2021, StealthGas distributed all of our then outstanding shares of common stock, par value $0.01 per share ("common stock"), and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share ("Series A Preferred Stock"), to its stockholders, which completed our separation from StealthGas (the "2021 Spin-Off"). See "Item 4. Information on the Company—Business Overview—Our Fleet".

We use the term deadweight tons, or dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, in describing the size of our vessels. Unless otherwise indicated, all references to "U.S. dollars," "dollars," "U.S. $" and "$" in this annual report are to the lawful currency of the United States of America.

All share amounts reflect the 1-for-15 reverse split of the Common Stock effected by the Company on April 28, 2023.

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#### FORWARD-LOOKING INFORMATION
This Annual Report on Form 20-F includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material.

All statements in this report that are not statements of historical fact are forward-looking statements as defined in Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, but are not limited to, such matters as:

• future operating or financial results;

• global and regional economic and political conditions including the war in the Middle East between Iran and the U.S. and Israel, and conflicts elsewhere in the Middle East and in Ukraine and related sanctions, the war in Gaza and ongoing attacks by Houthis in the Red Sea and Gulf of Aden;

• geopolitical conditions, including trade protectionism and tariffs imposed by the United States and other countries;

• pending or recent acquisitions, business strategy and expected capital spending or operating expenses;

• competition in the maritime transportation industry;

• shipping market trends, including charter rates, factors affecting supply and demand and world tanker fleet and drybulk fleet composition;

• potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, along with various ongoing geopolitical pressures such as the war in the Middle East between Iran and the U.S. and Israel and the conflict in Ukraine and the related global responses, the war in Gaza and the ongoing attacks by Houthis in the Red Sea and Gulf of Aden;

• ability to employ our vessels profitably;

• performance by the counterparties to our charter agreements;

• future refined petroleum product and oil prices and production;

• future supply and demand for oil, refined petroleum products and drybulk cargoes;

• our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and our ability to comply with covenants set forth in our financing arrangements;

• performance by the shipyards constructing any newbuilding vessels we order; and

• expectations regarding vessel acquisitions and dispositions.

When used in this report, the words "anticipate," "believe," "intend," "estimate," "project," "forecast," "plan," "potential," "may," "should" and "expect" reflect forward-looking statements. Such statements reflect our current views and assumptions and all forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect our future financial results are discussed more fully under "Item 3. Key Information—Risk Factors," as well as elsewhere in this Annual Report on Form 20-F and in our other filings with the U.S. Securities and Exchange Commission ("SEC"). We caution readers of this Annual Report not to place undue reliance on these forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or revise any forward-looking statements.

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#### Part I

#### Item 1. Identity of Directors, Senior Management and Advisers
Not Applicable.

#### Item 2. Offer Statistics and Expected Timetable
Not Applicable.

#### Item 3. Key Information
A. [RESERVED]

B. Capitalization and Indebtedness

Not applicable.

C. Reasons For the Offer and Use of Proceeds

Not Applicable.

D. Risk Factors

#### Summary of Risk Factors
An investment in our common stock or Series A Preferred Stock is subject to a number of risks, including risks related to our industry, business and corporate structure. The following summarizes some, but not all, of these risks. Please carefully consider all of the information discussed in "Item 3. Key Information— Risk Factors" in this annual report for a more thorough description of these and other risks.

#### Risks Related To Our Industry
• The cyclical nature of the demand for seaborne transportation of oil and petroleum products may lead to significant changes in our chartering and vessel utilization, which may result in difficulty finding profitable charters for our tanker vessels.

• Charter rates for dry bulk vessels are volatile and may remain at low levels or decrease in the future, which may adversely affect our results of operations and financial condition.

• Economic and political factors, including increased trade protectionism and tariffs imposed by the U.S. and other countries, sanctions such as the sanctions imposed on Russian oil trade and health crises could materially adversely affect our business, financial position and results of operations.

• The tanker industry is highly dependent upon the crude oil and petroleum products industries, and the level of availability and demand for oil and petroleum products.

• An over-supply of tankers or drybulk carriers may lead to a reduction in charter rates, vessel values and profitability.

• Our operations outside the United States expose us to global risks, such as political conflict, terrorism and public health concerns, including the war in the Middle East between Iran and the U.S. and Israel and the conflict in Ukraine and related sanctions, the war in Gaza and attacks by Houthi Rebels in the Red Sea and Gulf of Aden, which may interfere with the operation of our vessels.

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• We are subject to regulation and liability under environmental, health and safety laws that could require significant expenditures.

• The market values of tankers and drybulk carriers are volatile and over time may fluctuate significantly.

• Technological innovation could reduce our charter hire income and the value of our vessels.

• Changes in fuel, or bunker, prices may adversely affect profits.

• Risks involved with operating maritime vessels could affect our business and reputation, which would adversely affect our revenues and stock price.

#### Risks Related To Our Business
• We are dependent on the ability and willingness of our charterers to honor their commitments to us for all our revenues *.* 

• We are exposed to the volatile spot market and charters at attractive rates may not be available when the charters for our vessels expire which would have an adverse impact on our revenues and financial condition.

• Our fleet's average age is above the average age of the global tanker fleet and the global drybulk carrier fleet, and as our vessels age we may have difficulty competing with younger, more technologically advanced vessels for charters from oil majors and other top-tier charterers.

• Unless we set aside reserves for vessel replacement, at the end of a vessel's useful life, our revenue will decline, which would adversely affect our cash flows and income.

• We depend upon a few significant customers for a large part of our revenues. The loss of one or more of these customers could adversely affect our financial performance.

• If in the future we again incur debt, the future loan agreements we enter into for such debt, whether to finance the expansion of our fleet or raise funds by taking loans against our existing vessels which are currently unencumbered, are likely to contain restrictive covenants that may limit our liquidity and corporate activities.

• The market values of our vessels may decrease, which could cause us to breach covenants in any future credit facilities, and could have a material adverse effect on our business, financial condition and results of operations.

• The book value of some of our vessels is currently higher than their market value, and if we sell a vessel at a time when vessel prices have not increased, the sale may be for less than the vessel's carrying value, which would result in a reduction in our profits.

• We may incur debt in the future, and a significant increase in our debt levels may adversely affect us and our cash flows.

• We depend on our manager, Stealth Maritime Corporation S.A., to operate our business.

• Delays in the delivery of any vessels we agree to acquire could harm our operating results.

• We may become exposed to volatility in interest rates, including SOFR.

#### Risks Related to Taxation
• We may have to pay tax on U.S.-source income and/or may become a passive foreign investment company.

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#### Risks Related to an Investment in a Marshall Islands Corporation
• As a foreign private issuer we are entitled to claim an exemption from certain Nasdaq corporate governance standards, and to the extent we elect to rely on this exemption, you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements.

• We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law or a bankruptcy act, and it may be difficult to enforce service of process and judgments against us and our officers and directors.

#### Risks Related To Our Common Stock
• The market price of our common stock has fluctuated and may continue to fluctuate in the future, and we may continue not to pay dividends on our common stock.

• Our stockholders may experience future dilution as a result of future equity offerings and other issuances of our common stock, preferred stock or other securities. Future issuances or sales, or the potential for future issuances or sales, including upon the exercise of outstanding warrants, of our common stock may cause the trading price of our securities to decline and could impair our ability to raise capital through subsequent equity offerings.

• The superior voting rights of our Series B preferred stock may limit the ability of our common stockholders to control or influence corporate matters, and the interests of the holder of such shares could conflict with the interests of common stockholders.

• Our restated articles of incorporation and amended and restated bylaws contain anti-takeover provisions that may discourage, delay or prevent (1) our merger or acquisition and/or (2) the removal of incumbent directors and officers and (3) the ability of public stockholders to benefit from a change in control.

• Issuance of preferred stock, such as our Series B preferred stock, may adversely affect the voting power of our common stockholders and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common stock.

#### Risks Related To Our Series A Preferred Stock
• Our Series A Preferred Stock are subordinated to any future debt obligations and investors' interests could be diluted by the issuance of additional preferred shares and by other transactions.

• Holders of our Series A Preferred Stock have extremely limited voting rights.

• The Series A Preferred Stock represents perpetual equity interests and holders have no right to receive any greater payment than the liquidation preference regardless of the circumstances.

#### Risks Related To Our Industry

#### The tanker industry is cyclical and volatile, which may adversely affect our earnings and available cash flow.
The tanker industry is both cyclical and volatile in terms of charter rates and profitability. Periodic adjustments to the supply of and demand for crude oil and product tankers cause the industry to be cyclical in nature. We expect continued volatility in market rates for our vessels in the foreseeable future with a consequent effect on our short and medium-term liquidity. A worsening of current global economic conditions may cause tanker charter rates to decline and thereby adversely affect our ability to charter or re-charter our vessels and any renewal or replacement charters that we enter into, may not be sufficient to allow us to operate our vessels profitably. In addition, the war in the Middle East between Iran and the U.S. and Israel and the conflict in Ukraine have disrupted energy production and these conflicts, as well Houthi attacks on vessels, are disrupting

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trade patterns, including shipping in the Persian Gulf, including the effective closure of the Strait of Hormuz, the Black Sea, the Red Sea, Gulf of Aden and elsewhere, and the impact of these events on energy prices and tanker rates, which initially have increased, is uncertain.

Fluctuations in charter rates and vessel values result from changes in the supply and demand for tanker capacity and changes in the supply and demand for oil and oil products. The factors affecting the supply and demand for tankers are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.

The factors that influence demand for tanker capacity include:

• supply and demand for energy resources and oil and petroleum products;

• regional availability of refining capacity and inventories compared to geographies of oil production regions;

• national policies regarding strategic oil inventories (including if strategic reserves are set at a lower level in the future as oil decreases in the energy mix);

• global economic conditions, including tariffs and other protectionist measures imposed by the United States and other countries;

• global and regional political conditions, including wars, armed conflicts, terrorist activities, sanctions, embargoes and strikes;

• currency exchange rates;

• the distance over which oil and oil products are to be moved by sea;

• changes in seaborne and other transportation patterns;

• changes in governmental or maritime self-regulatory organizations' rules and regulations or actions taken by regulatory authorities;

• environmental and other legal and regulatory developments;

• weather and natural disasters;

• developments in international trade, including those relating to the imposition of tariffs by the United States or other countries;

• competition from alternative sources of energy; and

• international sanctions, embargoes, import and export restrictions, nationalizations and wars.

The factors that influence the supply of tanker capacity include:

• supply and demand for energy resources and oil and petroleum products;

• demand for alternative sources of energy;

• environmental regulations that may affect the technology and fuel of vessels

• the number of newbuilding orders and deliveries, including slippage in deliveries;

• the number of vessel casualties;

• technological advances in tanker design and capacity;

• the number of shipyards and ability of shipyards to deliver vessels;

• availability of financing for new vessels and shipping activity;

• the degree of scrapping or recycling rate of older vessels, depending, amongst other things, on scrapping or recycling rates and international scrapping or recycling regulations;

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• price of steel and vessel equipment;

• the number of conversions of tankers to other uses or conversions of other vessels to tankers;

• the number of product tankers trading crude or "dirty" oil products (such as fuel oil);

• the number of vessels that are out of service, namely those that are laid up, drydocked, awaiting repairs or otherwise not available for hire;

• changes in government and industry environmental and other regulations that may limit the useful lives of tankers and environmental concerns and regulations;

• product imbalances (affecting the level of trading activity);

• developments in international trade, including refinery additions and closures;

• port or canal congestion; and

• speed of vessel operation

In addition to the prevailing and anticipated freight rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance costs, insurance coverage costs, the efficiency and age profile of the existing tanker fleet in the market, and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations. These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions. The effective supply of tankers has been impacted in recent years by the impact of sanctions and trade pattern disruptions, including vessels currently continuing to reroute away from the Red Sea, Gulf of Aden and Suez Canal due to Houthi attacks on ships. These factors resulted in fleet inefficiencies and support for tanker charter rates, which may not continue. The recent outbreak of war in the Middle East between Iran and the U.S. and Israel, including strikes by Iran on energy infrastructure in other Middle Eastern countries and related disruption of shipping in the Persian Gulf and the effective closure of the Strait of Hormuz, has resulted in a sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time, which have resulted in volatile tanker charter markets and could result in lower tanker charter rates and adversely affect our business.

We anticipate that the future demand for our tankers will be dependent upon economic growth in the world's economies, seasonal and regional changes in demand, changes in the capacity of the global tanker fleet and the sources and supply of oil and petroleum products to be transported by sea. Given the number of new tankers currently on order with shipyards, the capacity of the global tanker fleet seems likely to increase and there can be no assurance as to the timing or extent of future economic growth. Adverse economic, political, social or other developments could have a material adverse effect on our business and operating results.

Declines in oil and natural gas prices for an extended period of time, or market expectations of potential decreases in these prices, could negatively affect our future growth in the tanker sector. Sustained periods of low oil and natural gas prices typically result in reduced exploration and extraction because oil and natural gas companies' capital expenditure budgets are subject to cash flow from such activities and are therefore sensitive to changes in energy prices. These changes in commodity prices can have a material effect on demand for our services, and periods of low demand can cause excess vessel supply and intensify the competition in the industry, which often results in vessels, particularly older and less technologically-advanced vessels, being idle for long periods of time. We cannot predict the future level of demand for our services or future conditions of the oil and natural gas industry. Any decrease in exploration, development or production expenditures by oil and natural gas companies could reduce our revenues and materially harm our business, results of operations and cash available for distribution.

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***Charter rates for dry bulk vessels are volatile and may remain at low levels or decrease in the future, which may adversely affect our results of operations and financial condition.***

The dry bulk shipping industry continues to be cyclical with high volatility in charter rates and profitability among the various types of dry bulk vessels. The Baltic Dry Index, or the "BDI", an index published by The Baltic Exchange of shipping rates for key drybulk routes, declined in 2020, principally as a result of the global economic slowdown caused by the COVID-19 pandemic. Strong global growth and increased infrastructure spending led to a rise in demand for commodities, which combined with a historically low orderbook and port delays and congestion, resulted in an increase in BDI in 2021 and the first half of 2022, before moderating and declining significantly in the second half of 2022 as port congestion eased and Chinese demand for drybulk commodities weakened. The BDI increased in the fourth quarter of 2023 and the first half of 2024 due in part to disruptions that lengthened sailing distances, including trading pattern disruptions related to Russian sanctions, transit restrictions at the Panama Canal due to low water levels and vessels re-routing away from the Red Sea and Suez Canal due to Houthi attacks on ships, before again declining to relatively low levels, which were sustained until the second half of 2025. In the second half of 2025 the dry bulk market took an upturn mainly on the back of stronger coal arrivals from China, the increase in grain volumes in the Atlantic and a rise in US corn exports. Stronger drybulk market prevailed for the first months of 2026 as well. On April 1, 2026, the BDI stood at 1,995 compared to 1,510 one year earlier.

The factors affecting the supply and demand for drybulk vessels are outside of our control and are difficult to predict. As a result, the nature, timing, direction and degree of changes in industry conditions are also unpredictable.

Factors that influence demand for drybulk vessel capacity include:

• demand for and production of drybulk products;

• supply of and demand for energy resources and commodities;

• global and regional economic and political conditions, including weather, natural or other disasters, armed conflicts (including the war in the Middle East between Iran and the U.S. and Israel and the conflicts in Ukraine and Gaza and Houthi attacks in the Red Sea and Gulf of Aden), terrorist activities and strikes;

• environmental and other regulatory developments;

• the location of regional and global exploration, production and manufacturing facilities of the sourcing materials and the distance drybulk cargoes are to be moved by sea;

• changes in seaborne and other transportation patterns including shifts in the location of consuming regions for energy resources, commodities, and transportation demand for drybulk transportation;

• international sanctions, embargoes, import and export restrictions, including tariffs imposed by the U.S. and other countries, nationalizations and wars, including the war in the Middle East between Iran and the U.S. and Israel and the conflicts in Ukraine and Gaza;

• natural disaster and weather;

• trade disputes or the imposition of tariffs, including those imposed by the United States or other countries, on various commodities that could affect the international trade; and

• currency exchange rates.

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Factors that influence the supply of drybulk vessel capacity include:

• the size of the newbuilding orderbook;

• the average age of current drybulk fleet;

• the prevailing and anticipated freight rates which in turn affect the rate of newbuilding;

• availability of financing for new vessels;

• the number of newbuild deliveries, including slippage in deliveries, which, among other factors, relates to the ability of shipyards to deliver newbuilds by contracted delivery dates and the ability of purchasers to finance such newbuilds;

• the scrapping rate of older vessels, depending, amongst other things, on scrapping rates and international scrapping regulations;

• health crises and related factors, including port lockdowns, higher crew cost and travel restrictions imposed by governments around the world;

• port and canal congestion;

• the speed of vessel operation which may be influenced by several reasons including energy cost and environmental regulations;

• sanctions;

• the number of vessels that are in or out of service, delayed in ports for several reasons, laid-up, dry docked awaiting repairs or otherwise not available for hire, including due to vessel casualties;

• changes in environmental and other regulations that may limit the useful lives of vessels or effectively cause reductions in the carrying capacity of vessels or early obsolescence of tonnage; and

• ability of the Company to maintain ESG practices acceptable to customers, regulators and financing sources.

Factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions. We anticipate that the future demand for our drybulk vessels and, in turn, drybulk charter rates, will be dependent, among other things, upon economic growth in the world's economies, seasonal and regional changes in demand, changes in the capacity of the global drybulk vessel fleet and the sources and supply of drybulk cargo to be transported by sea. Fleet inefficiencies, including sanctions on Russian energy and disruptions related to vessels re-routing away from the Strait of Hormuz due to it being effectively closed and the Red Sea, Gulf of Aden and Suez Canal due to Houthi attacks on ships, have resulted in significant lengthening of average sailing distances and, as a result, have increased vessel employment rates in excess of cargo demand at times in recent years; such fleet inefficiencies and resulting support for drybulk charter rates may not continue.

A decline in demand for commodities transported in drybulk vessels or an increase in supply of drybulk vessels could cause a significant decline in charter rates, which could materially adversely affect our business, financial condition and results of operations. There can be no assurance as to the sustainability of future economic growth, if any, due to unexpected demand shocks.

***World events, including terrorist attacks, international hostilities and potential disruption of shipping routes due to events outside of our control, including the war in the Middle East between Iran and the U.S. and Israel and the conflict in Ukraine and ongoing Houthi attacks on vessels in the Red Sea and Gulf of Aden, could negatively affect our results of operations and financial condition.***

We conduct most of our operations outside of the U.S. and our business, results of operations, cash flows, financial condition and ability to pay dividends, if any, in the future may be adversely affected by changing

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economic, political and government conditions in the countries and regions where our vessels are employed or registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by the effects of political conflicts, including the current political instability in the Middle East, North Africa and other countries and geographic areas, terrorist or other attacks and war or international hostilities. Terrorist attacks and the continuing response of the U.S. and others to these attacks, as well as the threat of future terrorist attacks around the world, continues to cause uncertainty in the world's financial markets and may affect our business, operating results and financial condition. Continuing conflicts and recent developments in the Middle East, including the war in the Middle East between Iran and the U.S. and Israel, the Israeli-Palestinian conflict, the escalation of conflict between Russia and Ukraine, and the presence of U.S. or other armed forces in Iran, Iraq, Syria, Afghanistan and various other regions, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets. These uncertainties could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all. In the past, political conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. These types of attacks have also affected vessels trading in regions such as the Black Sea, South China Sea and the Gulf of Aden off the coast of Somalia. The Company is still taking ships through the Suez Canal, and there is a high risk that Houthis might attack our vessels. Although our vessels are insured, there is a risk that insurers may deny cover, or delay payment if an attack does take place, which attack could destroy our ships or partially damage them. The IMO's extraordinary council session held on 10th and 11th March 2022, addressed the impacts on shipping and seafarers, as a result of the conflict in the Black Sea and the Sea of Azov. The IMO called for the need to preserve the integrity of maritime supply chains and the safety and welfare of seafarers and any spillover effects of the military action on global shipping, logistics and supply chains, in particular the impacts on the delivery of commodities and food to developing nations and the impacts on energy supplies. Any of these occurrences could have a material adverse impact on our operating results, revenues and costs.

The conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability, uncertainty and resulting volatility could significantly increase our costs and adversely affect our business, including our ability to secure charters and financing on attractive terms, and as a result, adversely affect our business, financial condition, results of operation and cash flows.

As a result of the conflict between Russia and Ukraine, Switzerland, the US, the EU, the UK and others have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. Such sanctions against Russia may adversely affect our business, financial condition, results of operation and cash flows. For example, apart from the immediate commercial disruptions caused in the conflict zone, escalating tensions among the two countries and fears of potential shortages in the supply of Russian crude have caused the price of oil to trade at high levels. The ongoing conflict could result in the imposition of further economic sanctions against Russia, with uncertain impacts on the drybulk carrier and tanker markets and the world economy. While we do not have any Ukrainian or Russian crew, our vessels currently do sail in the Black Sea and we otherwise conduct limited operations in Russia and Ukraine, it is possible that the conflict in Ukraine, including any increased shipping costs, disruptions of global shipping routes, any impact on the global supply chain and any impact on current or potential customers caused by the events in Russia and Ukraine, could adversely affect our operations or financial performance.

***A decrease in the level of export of goods, in particular from Asia, or an increase in trade protectionism globally, including as a result of tariffs imposed by the United States or other countries, could have a material adverse impact on our business, financial condition, results of operations and cash flows.***

Our operations expose us to the risk that increased trade protectionism from the United States, China or other nations adversely affect our business. Governments may turn to trade barriers to protect or revive their domestic industries in the face of foreign imports, thereby depressing the demand for shipping. Restrictions on

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imports, including in the form of tariffs, could have a major impact on global trade and demand for shipping. Trade protectionism in the markets that our charterers serve may cause an increase in the cost of exported goods, the length of time required to deliver goods and the risks associated with exporting goods and, as a result, a decline in the volume of exported goods and demand for shipping. Due to the interconnected nature of the global supply chain for many products, these policies could impact imports and exports from countries not directly imposing or subject to tariffs.

Tensions over trade and other matters remain high between the U.S. and China. In recent years, the United States instituted large tariffs on a wide variety of goods, including from China, which led to retaliatory tariffs from leaders of other countries including China, and the U.S. administration led by President Trump used tariffs extensively as a policy tool. In April 2025, the United States imposed blanket 10% tariffs on virtually all imports to the U.S. and significantly higher tariffs applicable to imports from many countries, including tariffs aggregating over 100% on imports from China, as well as tariffs on specific goods which have resulted in other countries imposing additional tariffs, including substantial additional tariffs on imports from the U.S. announced by China, and is likely to continue to result in more retaliatory tariffs. On April 9, 2025, the U.S. announced a temporary pause on its tariffs applicable to many countries, while increasing the tariffs applicable to imports from China, with the U.S. subsequently announcing the imposition of substantial tariffs, well in excess of the blanket 10% tariff threshold previously announced, on numerous countries and specific goods effective from August 1, 2025. A ruling by the U.S. Supreme Court in February 2026 invalidated many of the tariffs imposed by the U.S. administration in 2025, however, the U.S. administration immediately imposed new tariffs based on different statutory authority. The U.S. administration has and is expected to continue to broadly impose tariffs, which has led, and could lead to further, corresponding punitive actions by the countries with which the U.S. trades.

In April 2025, the U.S. also announced that it would impose additional port fees on (1) Chinese-owned ships of $50 per net ton for the arriving vessel commencing October 14, 2025, increasing to $80 per net ton on April 17, 2026, $110 per net ton on April 17, 2027 and $140 per net ton on April 17, 2028 and (2) operators of Chinese-built vessels of $18 per net ton commencing October 14, 2025, increasing to $23 per net ton on April 17, 2026, $28 per net ton on April 17, 2027 and $33 per net ton on April 17, 2028. On October 10, 2025, China announced port fees, effective October 14, 2025, on vessels built in the U.S., flying the U.S. flag or owned or operated by U.S. enterprises, other organizations, or individuals, including those in which U.S. enterprises, other organizations, or individuals directly or indirectly hold 25% or more of the equity (voting rights or board seats), in the following amounts: per voyage: (1) from October 14, 2025: RMB 400 per net ton; (2) from April 17, 2026: RMB 640 per net ton; (3) from April 17, 2027: RMB 880 per net ton; and (4) from April 17, 2028: RMB 1,120 per net ton. The U.S. and Chinese fees are each charged up to five times per year, per vessel. On October 30, 2025, the U.S. and China each announced that these port fees would be suspended for a one-year period. It is unknown the effect that these port fees, the implementation of which remains unclear, will have on us and our fleet or our industry generally. It is unknown the effect that these proposed new port fees, whether adopted in the form proposed or with modifications, will have on us and our fleet, which does not currently include any Chinese-built vessels, or our industry generally.

Although we do not have any Chinese-built vessels in our current fleet, it is unknown the effect that these proposed new port fees, whether adopted in the form proposed or with modifications, will have on us or our industry generally. These policy pronouncements have created significant uncertainty about the future relationship between the United States and China, Canada, Mexico, the EU and other exporting countries, including with respect to trade policies, treaties, government regulations and tariffs, and has led to concerns regarding the potential for an extended trade war. Protectionist developments, or the perception they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade and, in particular, trade between the United States and other countries, including China, which could adversely and materially affect our business, results of operations, and financial condition.

The employment of our drybulk vessels and the respective revenues depend on the international shipment of raw materials and commodities primarily to China, Japan, South Korea and Europe from North and South

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America, India, Indonesia, and Australia. China is estimated to account for a large percentage of the demand in recent years for commodities transported on drybulk carriers. Any reduction in or hindrance to the demand for such materials could negatively affect demand for our vessels and, in turn, harm our business, results of operations and financial condition. For instance, the government of China has implemented economic policies aimed at reducing the consumption of coal which may, in turn, result in a decrease in shipping demand. Similarly, the COVID-19 pandemic resulted in reduced economic activity due to lockdowns and lower demand for movement of raw materials, and the potential for a trade war resulting from the recent announcement of tariffs by the U.S., China and other countries has led to fears of a slowdown in global economic activity.

Furthermore, the government of China has implemented economic policies aimed at increasing domestic consumption of Chinese-made goods and containing capital outflows. These policies may have the effect of reducing the supply of goods available for exports and the level of international trading and may, in turn, result in a decrease in demand for shipping raw materials and commodities consumed in China. In addition, reforms in China for a gradual shift to a "market economy" including with respect to the prices of certain commodities, are unprecedented or experimental and may be subject to revision, change or abolition and if these reforms are reversed or amended, the level of imports to and exports from China could be adversely affected.

Any new or increased trade barriers or restrictions on trade, including as a result of tariffs imposed by the United States or other countries, would have an adverse impact on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter payments to us and to renew and increase the number of their charters with us. Such adverse developments could in turn have a material adverse effect on our business, financial condition, results of operations, cash flow, and our ability to service or refinance any debt we may incur in the future.

***The war between Iran and the U.S. and Israel and the conflict in Ukraine could disrupt our operations and negatively impact charter rates and costs.***

The recent outbreak of war in the Middle East between Iran and the U.S. and Israel, including Iran's strikes against energy infrastructure and other targets in various Middle Eastern countries, and related disruption of shipping in the Persian Gulf and the effective closure of the Strait of Hormuz, has resulted in a sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time. The resulting volatility in the market for crude oil and petroleum products and in the tanker charter markets, could result in lower tanker charter rates and adversely affect our business. On April 7, 2026, a two-week cease fire in the war between Iran and the U.S. and Israel was announced, which was subsequently extended. The impact of this temporary cease fire, including whether its duration will hold or be further extended, is uncertain including the extent to which it may affect conditions that have supported energy prices and high charter rates for tankers that had initially resulted after the outbreak of the war. As of the date of this annual report two of our drybulk vessels are awaiting for charterers instructions regarding transit in the area of the Strait of Hormuz.

The conflict in Ukraine, and the economic sanctions imposed by the EU, U.S. and other countries in response to Russian action, is disrupting energy production and trade patterns, including shipping in the Black Sea and elsewhere, and its impact on energy prices and tanker rates, which initially have increased, is uncertain. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil from Russia to the United States or the United Kingdom, and the European Union's recent ban on Russian crude oil and petroleum products which took effect in December 2022 and February 2023, respectively, as well as a price cap on Russian oil of $60 per barrel. Prior to the war, Russia exported approximately 5.5 mbpd of seaborne crude oil and refined petroleum products to the EU, USA, South Korea and Japan. After February 2023, Russia is exporting less than 0.4 mbpd to these countries. The price of crude oil (Brent) initially traded above $100 per barrel as a result of the war and escalating tensions in the region and fears of potential shortages in the supply of Russian crude oil but thereafter came down substantially, before spiking to over $115 per barrel in March 2026 following the outbreak of the war between Iran and the U.S. and Israel.

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Russian crude oil is restricted for export, due to the extension of economic sanctions, and has also been impacted by boycotts and general sentiment, which could result in a reduction in the supply of crude oil and refined petroleum products cargoes available for transportation and, while initially tanker rates increased, this could negatively impact tanker charter rates over the longer term. In addition, higher oil prices could reduce demand for oil and refined petroleum products, including in the event of any slowdown in the global economy due to such high oil prices or the impact of economic sanctions or geopolitical tensions and uncertainty, and in turn reduce demand for tankers and tanker charter rates. A slowdown in the global economy would also negatively affect the demand for products and commodities transported by dry bulk vessels, which would then negatively affect the charter rates for such vessels. The war in Ukraine is also impacting trade flows on drybulk vessels as it impacts the trade of a range of commodities. Some of these changes in trade flows could positively affect the demand for vessels, other trade flow changes might negatively affect the vessel demand, such as reduced grain exports ex Ukraine. The conflict may also impact various costs of operating our business, such as bunker expenses, for which we are responsible when our vessels operate in the spot market, which have increased with higher oil prices, war risk insurance premiums and crewing services, as Russia and the Ukraine are significant sources of crews, which may be disrupted or more expensive.

In addition, our vessels carry from time to time lawful cargoes originating in Russia, in compliance with existing sanctions, oil majors and other charterers may elect not to charter our vessels simply for doing business with companies that do lawful business in Russia. In addition, it may not be possible for us to obtain war risk insurance for any vessel loading Russian origin cargoes, in which case our vessels would not be allowed to call Russian ports and thereby impacting the vessels' future trading pattern and earnings.

The situations in the Middle East due to war between Iran and the U.S. and Israel and in Ukraine, and the global responses, continues to evolve and their respective impact on energy supply and demand, energy prices and tanker operations and charter rates remains subject to considerable uncertainty, which could adversely impact our business, results of operations and financial condition.

***If global economic conditions weaken, particularly in Europe, the United States or the Asia Pacific region, it could have a material adverse effect on our business, financial condition and results of operations.***

Global economic conditions impact worldwide demand for various goods and commodities and, tanker and drybulk shipping. The current macroeconomic environment is characterized by significant inflation, which caused the U.S. Federal Reserve and other central banks to increase interest rates, which may raise the cost of capital, increase operating costs and reduce economic growth, disrupting global trade and shipping. Political events such as the continued global trade war between the U.S. and China, expansion of U.S. tariffs and trade protectionism policies to nearly all other countries, and other policies that the U.S. administration has stated, such as demands related to the operation of the Panama Canal, as well as ongoing conflicts throughout the world, such as those in Ukraine, Iran and elsewhere in the Middle East, including Houthi attacks on ships in the Red Sea and the Gulf of Aden, may disrupt global supply chains and negatively impact globalization and global economic growth. Weakened global economic conditions could disrupt financial markets, and may lead to weaker consumer demand in the European Union, the United States and other parts of the world which could have a material adverse effect on our business.

In particular, we anticipate a significant number of the port calls made by our vessels will continue to involve the loading or unloading in ports in the Asia Pacific region. As a result, negative changes in economic conditions in any Asia Pacific country, in particular China which has been one of the world's fastest growing economies in recent years, can have a significant impact on the demand for tanker and drybulk shipping. If China's pace of growth continues to decline or other countries in the Asia Pacific region experience slower or negative economic growth in the future, this may also negatively affect the economies of the United States and the European Union, or "EU", and tanker and drybulk shipping demand. Our business, financial condition, results of operations, as well as our future prospects, will likely be materially and adversely affected by an economic downturn in any of these countries.

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As a result of past disruptions in the credit markets and more recently increased interest rates, the cost of obtaining bank financing in the shipping industry has increased and many lenders have enacted tighter lending standards, required more restrictive terms, including higher collateral ratios for advances, shorter maturities and smaller loan amounts, refused to refinance existing debt at maturity. Furthermore, certain banks that have historically been significant lenders to the shipping industry have reduced or ceased lending activities in the shipping industry. We cannot be certain that financing will be available on acceptable terms or at all. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due. In the absence of available financing, we may be unable to take advantage of business opportunities or respond to competitive pressures, any of which could have a material adverse effect on our revenues and results of operations.

In addition, public health threats, such as the coronavirus, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we operate, including China, could adversely impact our operations, and the operations of our customers.

#### The tanker industry is highly dependent upon the crude oil and petroleum products industries.
The employment of our subsidiaries' vessels is driven by the availability of and demand for crude oil and petroleum products, the availability of modern tanker capacity and the scrapping, conversion, or loss of older vessels. Historically, the world oil and petroleum markets have been volatile and cyclical because of the many conditions and events that affect the supply, price, production and transport of oil, including:

• increases and decreases in the demand and price for crude oil and petroleum products;

• availability of crude oil and petroleum products;

• demand for crude oil and petroleum product substitutes, such as natural gas, coal, hydroelectric power and other alternate sources of energy that may, among other things, be affected by environmental regulation;

• actions taken by OPEC and major oil producers and refiners;

• political turmoil in or around oil producing nations;

• global and regional political and economic conditions;

• developments in international trade;

• international trade sanctions and tariffs imposed by the United States and retaliatory tariffs imposed by other countries;

• environmental factors;

• natural catastrophes;

• terrorist acts;

• weather; and

• changes in seaborne and other transportation patterns.

Despite turbulence in the world economy at times in recent years, worldwide demand for oil and oil products has continued to rise; however, the COVID-19 pandemic caused demand for oil and oil products to stagnate for an extended period of time. In the event that an economic slowdown, whether as a result of recent imposition of tariffs by the U.S. and other countries or otherwise, results in a persistent stagnation or decline in demand and the long-term trend falters, the production of and demand for crude oil and petroleum products will encounter pressure which could lead to a decrease in shipments of these products and consequently this would have an adverse impact on the employment of our vessels and the charter rates that they command, as was case

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from the second half of 2020 until the second quarter of 2022. The recent outbreak of war in the Middle East between Iran and the U.S. and Israel, including strikes by Iran on energy infrastructure in a number of other Middle Eastern countries and related disruption of shipping in the Persian Gulf and the effective closure of the Strait of Hormuz, has resulted in a sharp increase in oil prices and concerns that the supply of crude oil, petroleum products and LNG may be significantly constrained for some period of time. Also, if oil prices decline to uneconomic levels for producers, whether as a result of global economic weakness resulting from the escalating trade wars resulting from U.S. tariff announcements or otherwise, it may lead to declining output. As a result of any reduction in demand or output, the charter rates that we earn from our vessels employed on charters related to market rates may decline, and possibly remain at low levels for a prolonged period, as was the case for most periods during the preceding ten years.

#### An over-supply of tankers may lead to a reduction in charter rates, vessel values and profitability.
The market supply of tankers is affected by a number of factors, such as supply and demand for energy resources, including oil and petroleum products, supply and demand for seaborne transportation of such energy resources, and the current and expected purchase orders for new-buildings. While currently the orderbook for tankers is at relatively low levels compared to historical standards, it increased in 2025 and if the capacity of new tankers delivered exceeds the capacity of such vessel types being scrapped and converted to non-trading vessels, global fleet capacity will increase. If the supply of tanker capacity, for the vessel class sizes comprising our fleet in particular, increases, and if the demand for the capacity of such vessel types decreases, or does not increase correspondingly, charter rates could materially decline. A reduction in charter rates and the value of our tankers may have a material adverse effect on our results of operations.

#### An over-supply of drybulk vessel capacity may depress the current charter rates and, in turn, adversely affect our profitability.
The market supply of drybulk vessels had increased due to the high level of new deliveries in recent years. Drybulk newbuildings were delivered in significant numbers starting at the beginning of 2006 and continued to be delivered in significant numbers through 2017, before declining to more moderate levels of newbuilding deliveries. In addition, the drybulk newbuilding orderbook may increase further in proportion to the existing fleet. Even though the overall level of the orderbook has declined over the past years, an over-supply of drybulk vessel capacity could depress the current charter rates. Factors that influence the supply of vessel capacity include:

• number of new vessel deliveries;

• scrapping rate of older vessels;

• vessel casualties;

• price of steel;

• number of vessels that are out of service;

• vessels' average speed;

• changes in environmental and other regulations that may limit the useful life of vessels; and

• port or canal congestion.

If drybulk vessel capacity increases but the demand for vessel capacity does not increase or increases at a slower rate, charter rates could materially decline, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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***The market values of tankers and drybulk carriers are volatile and over time may fluctuate significantly. When the market values of our vessels are low, we may incur a loss on sale of a vessel or record an impairment charge, which may adversely affect our profitability and possibly lead to defaults under any future loan agreements.***

The market value of drybulk and tanker vessels is highly volatile, and the market value of our vessels may fluctuate significantly and could experience significant declines. The market values of our vessels are subject to potential significant fluctuations depending on a number of factors including:

• general economic and market conditions affecting the shipping industry;

• age, sophistication and condition of our vessels;

• types and sizes of vessels;

• availability of other modes of transportation;

• cost and delivery of schedules for new-buildings;

• governmental and other regulations;

• supply and demand for refined petroleum products;

• the prevailing level of product tanker charter rates and crude oil tanker rates; and

• technological advances.

As of December 31, 2025, the book value of thirteen out of nineteen vessels, was higher than their market value. Although we believe that, with respect to each of these vessels, we will recover their carrying values at the end of their useful lives, based on their undiscounted cash flows, if we sell vessels at a time when vessel prices have not increased, the sale may be for less than the vessel's carrying value in our financial statements, resulting in a reduction in profitability. Furthermore, if vessel values or anticipated future cash flows experience further declines, we may have to record an impairment charge in our financial statements, which would also result in a reduction in our profits. If we in the future again incur indebtedness and subsequently the market value of our fleet declines, we may not be in compliance with certain provisions of any such potential future loan agreements obtained for fleet expansion or financing of existing vessels. If we obtain future financing and the market value of our fleet declines, we may be unable to pledge additional collateral, our lenders could accelerate our debt and foreclose on our fleet. The loss of our vessels would mean we could not run our business.

***Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies may impose additional costs on us or expose us to additional risks.***

Companies across all industries, including the shipping industry, are facing increased scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company's ESG practices. Companies which do not adapt to or comply with investor, lender or other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or the stock price of such a company could be materially and adversely affected. As a result, we may be required to implement more stringent ESG procedures or standards so that we continue to have access to capital and our existing and future investors and lenders remain invested in us and make further investments in us.

Specifically, we may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint

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and promote sustainability. Additionally, certain investors and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to environmental, social and governance factors. If we are faced with limitations in the debt and/or equity markets as a result of these concerns, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to access funds to implement our business strategy or service any future indebtedness, which could have a material adverse effect on our financial condition and results of operations.

***If we cannot meet our charterers' quality and compliance requirements, including regulations or costs associated with the environmental impact of our vessels, we may not be able to operate our vessels profitably which could have an adverse effect on our future performance, results of operations, cash flows and financial position.***

Customers have a high focus on quality, emissions and compliance standards with their suppliers across the entire value chain, including shipping and transportation. There is also increasing focus on the environmental footprint of marine transportation. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations, and are subject vetting processes conducted by prospective charterers. In addition, RightShip, which is a voluntary compliance requirement but a desirable chartering verifier among top charterers, is also demanding compliance with their standards regarding environmental acceptability based on a number of variables and factors important in the maritime industry. If we or our manager, or other affiliated entities, including Stealth Maritime, Brave Maritime, StealthGas or C3is Inc., are rated low or otherwise perform poorly on RightShip evaluations or other vetting processes conducted by charterers, it could lead to the loss of approval to conduct business with us and in turn the loss of revenue under existing charters or future chartering opportunities.

Our continuous compliance with existing and new standards and quality requirements is vital for our operations. Related risks could materialize in multiple ways, including a sudden and unexpected breach in quality and/or compliance concerning one or more vessels and/or a continuous decrease in the quality concerning one or more vessels occurring over time. For instance, in June 2021, the IMO, working with the Marine Environmental Protection Committee, passed amendments to Annex VI aimed at reducing carbon emissions produced by vessels and include two new metrics for measuring a vessel's overall energy efficiency and actual carbon dioxide emissions: Energy Efficiency Existing Shipping Index ("EEXI") and Carbon Intensity Indicator ("CII"). If our vessels are only able to comply with the maximum EEXI and CII thresholds by reducing their speed, our vessels may be less attractive to charterers, and we may only be able to charter our vessels for lower charter rates or to less creditworthy charters, if we are able to do so at all. Non-compliance by us, either suddenly or over a period of time, or an increase in requirements by our charterers above and beyond what we deliver, may have a material adverse effect on our future performance, results of operations, cash flows and financial position.

***We are subject to regulations and liability under environmental laws that require significant expenditures, which can affect the ability and competitiveness of our vessels to trade, our results of operations and financial condition.***

Our business and the operation of our vessels are regulated under international conventions, national, state and local laws and regulations in force in the jurisdictions in which our vessels operate, as well as in the country or countries of their registration, in order to protect against potential environmental impacts. Regulations of vessels, particularly environmental regulations have become more stringent and are expected to be further revised and become stricter in the future, including air emissions (nitrogen and sulfur oxides, particulate matter, etc.), marine pollution, BWTS implementation, GHG emissions, etc. As a result, significant capital expenditures may be required on our vessels to keep them in compliance, and we may be required to pay increased prices for newbuild and second-hand vessels that meet these requirements. See "Business-Environmental and Other Regulations" for more information.

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In addition, the heightened environmental, quality and security concerns of the public, regulators, insurance underwriters, financing sources and charterers may generally lead to additional regulatory requirements, including enhanced risk assessment and security requirements, greater inspection, and safety requirements on all vessels in the marine transportation markets and possibly restrictions on the emissions of greenhouse gases from the operation of vessels. These requirements are likely to add incremental costs to our operations and the failure to comply with these requirements may affect the ability of our vessels to obtain and, possibly, collect on insurance or to obtain the required certificates for entry into the different ports where we operate. We could also incur material liabilities, including cleanup obligations and claims for natural resources, personal injury and property damages in the event that there is a release of petroleum or other hazardous materials from our vessels or otherwise in connection with our operations. Violations of, or liabilities under, environmental regulations can result in substantial penalties, fines and other sanctions, including, in certain instances, seizure or detention of our vessels. Any such actual or alleged environmental laws regulations and policies violation, under negligence, willful misconduct or fault, could result in substantial fines, civil and/or criminal penalties or curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business.

Furthermore, detecting, investigating and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management. Events of this nature would have a material adverse effect on our business, financial condition and results of operations.

***Environmental regulations in relation to climate change and greenhouse gas ("GHG") emissions may increase operational and financial restrictions, and environmental compliance costs and our non–scrubber fitted vessels may face difficulties in competing with scrubber-fitted vessels.***

GHG reduction measures adopted, or further additional measures to be adopted by the IMO, EU and other jurisdictions for achieving 2030 goals may impose operational and financial restrictions, carbon taxes or an emission trading system on less efficient vessels starting from 2023, gradually affecting younger vessels, even newbuilds after 2030, reducing their trade and competitiveness, increasing their environmental compliance costs, imposing additional energy efficiency investments, or even making such vessels obsolete. Maritime shipping is included within the European Union's Emission Trading Scheme (ETS) as of January 1, 2024, with a phase-in period requiring shipping companies to surrender 40% of their 2024 emissions in 2025; 70% of their 2025 emissions in 2026; and 100% of their 2026 emissions in 2027. Compliance with the maritime EU ETS may result in additional compliance and administration costs. These or other developments may lead to environmental taxation affecting less energy efficient vessels, reduce their trade and competitiveness and make certain vessels in our fleet obsolete, which may have a material adverse effect on our business, financial condition and results of operations. See "Business-Environmental and Other Regulations" for more information.

Our vessels are not retrofitted with scrubbers and need to use low sulfur fuel containing 0.5% sulfur content, which is currently more expensive than standard marine fuel containing 3.5% sulfur content. If the cost differential between low sulfur fuel and high sulfur fuel is significantly higher than anticipated, or if low sulfur fuel is not available at ports on certain trading routes, it may not be feasible or competitive to operate vessels on certain trading routes without installing scrubbers or without incurring deviation time to obtain compliant fuel. Our vessels may therefore face difficulties in competing with vessels equipped with scrubbers.

#### Our vessels are subject to periodic inspections by a classification society.
The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the Safety of Life at Sea Convention. Our fleet is currently classed with Lloyds Register of Shipping, Bureau Veritas, Registro Italiano Navale (RINA) and American Bureau of Shipping (ABS).

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A vessel must undergo annual surveys, intermediate surveys and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Our vessels are on special survey cycles for hull inspection and continuous survey cycles for machinery inspection. Every vessel is also required to be dry docked every two to three years for inspection of the underwater parts of such vessel. However, for vessels not exceeding 15 years that have means to facilitate underwater inspection in lieu of dry docking, the dry docking may be skipped and be conducted concurrently with the special survey.

If a vessel does not maintain its class and/or fails any annual survey, intermediate survey or special survey, the vessel will be unable to trade between ports and will be unemployable; we would then be in violation of covenants in our loan agreements and insurance contracts or other financing arrangements. This would adversely impact our operations and revenues.

#### Changes in fuel, or bunker, prices may adversely affect profits.
While we do not bear the cost of fuel or bunkers under time and bareboat charters, fuel is a significant expense in our shipping operations when vessels are deployed under spot charters. The cost of fuel, including the fuel efficiency or capability to use lower priced fuel, can also be an important factor considered by charterers in negotiating charter rates. Changes in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by the OPEC ("Organization of Petroleum Exporting Countries") and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. In March 2026, the outbreak of war in the Middle East between Iran and the U.S. and Israel, including Iran's strikes on energy infrastructure in a number of other Middle Eastern countries and related disruption of shipping in the Persian Gulf and effective closure of the Strait of Hormuz, result in a sharp increase in the cost of fuel Furthermore, fuel may become significantly more expensive in the future, which may reduce our profitability. In addition, on January 1, 2020, the 0.5% global sulfur cap in marine fuels used by vessels that are not equipped with sulfur oxide ("SOx") exhaust gas cleaning systems ("scrubbers") under the International Convention for Prevention of Pollution from Ships ("MARPOL") Annex VI entered into force. Our vessels are not retrofitted with scrubbers and need to use this low sulfur fuel containing 0.5% sulfur content, which is currently more expensive than standard marine fuel containing 3.5% sulfur content. If the cost differential between low sulfur fuel and high sulfur fuel increases, or if low sulfur fuel is not available at ports on certain trading routes, this may adversely affect our expenses for vessels operating in the sport market and the competitiveness of our vessels. See "—Environmental regulations in relation to climate change and greenhouse gas ("GHG") emissions may increase operational and financial restrictions, and environmental compliance costs, and our non–scrubber fitted vessels may face difficulties in competing with scrubber-fitted vessels." In addition, this may lead to changes in the production quantities and prices of different grades of marine fuel by refineries and introduces an additional element of uncertainty in fuel markets, which could result in additional costs and adversely affect our cash flows, earnings and results from operations.

#### Maritime claimants could arrest our vessels, which could interrupt our cash flow.
Crew members, suppliers of goods and services to a vessel, shippers of cargo and others may be entitled to a maritime lien against that vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels could interrupt our cash flow and require us to pay large sums of funds to have the arrest lifted.

In addition, in some jurisdictions, such as South Africa, under the "sister ship" theory of liability, a claimant may arrest both the vessel which is subject to the claimant's maritime lien and any "associated" vessel, which is any vessel owned or controlled by the same owner. Claimants could try to assert "sister ship" liability against one vessel in our fleet for claims relating to another of our ships or, possibly, another vessel managed by Stealth Maritime.

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#### Governments could requisition our vessels during a period of war or emergency, resulting in loss of revenues.
A government could requisition for title or seize our vessels. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Also, a government could requisition our vessels for hire. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Government requisition of one or more of our vessels would adversely impact our operations and revenues, thereby resulting in loss of revenues.

#### Risks involved with operating ocean-going vessels could affect our business and reputation, which would adversely affect our revenues and stock price.
The operation of an ocean-going vessel carries inherent risks. These risks include the possibility of:

• marine accident or disaster;

• piracy and terrorism;

• explosions;

• environmental accidents;

• pollution;

• loss of life;

• cargo and property losses or damage; and

• business interruptions caused by mechanical failure, human error, war, political action in various countries, labor strikes or adverse weather conditions.

Any of these circumstances or events could increase our costs or lower our revenues. The involvement of our vessels in a serious accident could harm our reputation as a safe and reliable vessel operator and lead to a loss of business.

#### Our vessels may suffer damage and we may face unexpected repair costs, which could affect our cash flow and financial condition.
If our vessels suffer damages, they may need to be repaired at a shipyard facility. The costs of repairs are unpredictable and can be substantial. We may have to pay repair costs that our insurance does not cover. The loss of earnings while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, would have an adverse effect on our cash flow and financial condition. We do not intend to carry business interruption insurance.

#### Acts of piracy on ocean-going vessels could adversely affect our business.
Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Indian Ocean and in the Gulf of Aden, off the coast of Somalia. If these piracy attacks occur in regions in which our vessels are deployed and are characterized by insurers as "war risk" zones, as the Gulf of Aden continues to be, or Joint War Committee (JWC) "war and strikes" listed areas, premiums payable for such coverage, for which we are responsible with respect to vessels employed on spot charters, but not vessels employed on bareboat or time charters, could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew costs, including employing onboard security guards, could increase in such circumstances. We usually employ armed guards on board the vessels on time and spot charters that transit areas where Somali pirates operate. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse impact on our business, financial condition and results of operations.

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***Our operations outside the United States expose us to global risks, such as political conflict, terrorism and public health concerns, including the war in the Middle East between Iran and the U.S. and Israel and the conflict in Ukraine, which may interfere with the operation of our vessels.***

We are an international company and primarily conduct our operations outside the United States. Changing economic, political and governmental conditions in the countries where we are engaged in business or where our vessels are registered affect us. In the past, political conflicts, particularly in the Arabian Gulf, resulted in attacks on vessels, mining of waterways and other efforts to disrupt shipping in the area. Continuing conflicts, instability and other recent developments in Ukraine, the Middle East and elsewhere, including attacks in recent years involving vessels and vessel seizures for example in the Strait of Hormuz and off the coast of Gibraltar, the attack on an Iranian tanker near the Saudi Arabian port city of Jeddah and in Syria and Afghanistan, may lead to additional acts of terrorism or armed conflict around the world, and our vessels may face higher risks of being attacked or detained, or shipping routes transited by our vessels, such as the Strait of Hormuz or the Black Sea, may be otherwise disrupted. Acts of terrorism may increase with the continuing conflicts in the Middle East and North Africa, and therefore our vessels may face higher risks of being attacked. In addition, future hostilities or other political instability in regions where our vessels trade could affect our trade patterns and adversely affect our operations and performance. If certain shipping lanes were to close it could adversely affect the availability of, and the demand for crude oil and petroleum products. In particular, the recent outbreak of war in the Middle East between Iran and the U.S. and Israel, including Iran's strikes against energy infrastructure in other countries in the Middle East, and related disruption of shipping in the Persian Gulf and the effective closure of the Strait of Hormuz, has resulted in concerns that the supply of crude oil, petroleum products and LNG may be significantly constrained for some period of time.

This would negatively affect our business and our customers' investment decisions over an extended period of time. In addition, sanctions against oil exporting countries such as Iran, Syria and Venezuela, and the events in Ukraine and related sanctions against Russia and regions of Ukraine, may also impact the availability of crude oil and petroleum products and which would increase the availability of applicable vessels, thereby impacting negatively charter rates. Changes in laws and regulations, including tax matters and their implementation by local authorities could affect our vessels chartered to customers in certain countries, including Chinese customers, as well as our vessels calling to ports in certain countries, including Chinese ports, and could have a material adverse effect on our business, results of operations and financial condition.

Terrorist attacks, or the perception that oil refineries and product tankers or crude oil tankers are potential terrorist targets, could materially and adversely affect the continued supply of refined petroleum products and crude oil to the United States and to other countries. Furthermore, future terrorist attacks could result in increased volatility of the financial markets in the United States and globally, and could result in an economic recession in the United States or the world. Any of these occurrences could have a material adverse impact on our operating results, revenues and costs.

In addition, public health threats, such as the coronavirus, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we operate, including China, could adversely impact our operations, and the operations of our customers.

#### The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.
Our vessels call in ports in certain geographic areas where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims or penalties which could have an adverse effect on our business, results of operations, cash flows and financial condition.

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***Our vessels may call on ports located in countries that are subject to sanctions and embargoes imposed by the U.S. or other governments, which could adversely affect our reputation and the market for our common stock.***

From time to time on charterers' instructions, our vessels have called and may again call on ports located in countries subject to sanctions and embargoes imposed by the United States government and countries identified by the United States government as state sponsors of terrorism, such as Cuba, Russia, Iran and North Korea. The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time.

We believe all of our vessels port calls have been made in full compliance with applicable economic sanctions laws and regulations, including those of the United States, the EU and other relevant jurisdictions. Our charter agreements include provisions that restrict trades of our vessels to countries targeted by economic sanctions unless such transportation activities involving sanctioned countries are permitted under applicable economic sanctions and embargo regimes. Our ordinary chartering policy is to seek to include similar provisions in all of our period charters. Prior to agreeing to waive existing charter party restrictions on carrying cargoes to or from ports that may implicate sanctions risks, we ensure that the charterers have proof of compliance with international and U.S. sanctions requirements, or applicable licenses or other exemptions.

Although we believe that we are in compliance with all applicable sanctions and embargo laws and regulations and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may vary or may be subject to changing interpretations and we may be unable to prevent our charterers from violating contractual and legal restrictions on their operations of the vessels. Any such violation could result in fines or other penalties for us and could result in some investors deciding, or being required, to divest their interest, or not to invest, in the Company. Additionally, some investors may decide to divest their interest, or not to invest, in the Company simply because we do business with companies that do lawful business in sanctioned countries. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. Investor perception of the value of our shares may also be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in these and surrounding countries.

***Failure to comply with the U.S. Foreign Corrupt Practices Act and other anti-bribery legislation in other jurisdictions could result in fines, criminal penalties, contract terminations and an adverse effect on our business.***

We operate in a number of countries through the world, including countries that may be known to have a reputation for corruption. We are committed to doing business in accordance with applicable anti-corruption laws and have adopted policies which are consistent and in full compliance with the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA") and other anti-bribery laws. We are subject, however, to the risk that we, our affiliated entities or their respective officers, directors, employees and agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.

#### A cyber-attack could materially disrupt our business.
Our business operations could be targeted by individuals or groups seeking to sabotage or disrupt our information technology systems and networks, or to steal data. A successful cyber-attack could materially disrupt our operations, including the safety of our operations, or lead to unauthorized release of information or alteration of information on our systems. Any such attack or other breach of our information technology systems could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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#### Risks Related To Our Business

#### We are dependent on the ability and willingness of our charterers to honor their commitments to us for all our revenues.
We derive all our revenues from the payment of charter hire by charterers of our vessels. The ability and willingness of each of our counterparties to perform their obligations under charter agreements with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the refined petroleum product tanker sector, crude oil tanker sector and the drybulk sector, of the shipping industry and the overall financial condition of the counterparties. In addition, in depressed market conditions, charterers may seek to renegotiate their charters or may default on their obligations under charters and our charterers may fail to pay charter hire or attempt to renegotiate charter rates. Should a counterparty fail to honor its obligations under agreements with us, it may be difficult to secure substitute employment for such vessel, and any new charter arrangements we secure in the spot market or on bareboat or time charters could be at lower rates. If we lose a charter, we may be unable to re-deploy the related vessel on terms as favorable to us. We would not receive any revenues from such a vessel while it remained unchartered, but we may be required to pay expenses necessary to maintain the vessel in proper operating condition, insure it and service any indebtedness secured by such vessel. The failure by charterers to meet their obligations to us or an attempt by charterers to renegotiate our charter agreements could have a material adverse effect on our revenues, results of operations and financial condition.

#### Employment of our vessels on time or bareboat charters may prevent us from taking advantage of rising spot charter rates.
The spot market may fluctuate significantly based upon tanker, crude oil and refined petroleum product supply and demand, in the case of our tankers, and drybulk carrier and drybulk cargo supply and demand, in the case of our drybulk carriers. The factors affecting supply and demand for tankers, crude oil and refined petroleum products and drybulk carriers are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.

As of April 15, 2026, nine of our vessels were operating in the spot market. We may employ more vessels on time and bareboat charters in the future, and to the extent we employ our vessels on time and bareboat charters, the charter rates for such vessels will be fixed for a specified time period. We cannot assure you that charter rates will not increase during the period of such employment. If our vessels are employed on time or bareboat charters during a period of rising spot market charter rates, we would be unable to pursue opportunities to charter our vessels at such higher charter rates. Conversely, spot rates are volatile and cyclical and may decline substantially.

***Charters at attractive rates may not be available when the charters for our vessels expire, which would have an adverse impact on our revenues and financial condition.***

As of April 15, 2026 all of our vessels were employed in the spot market or on time charters expiring from April 2026 up to September 2027.We are exposed to prevailing charter rates in the product tanker, crude tanker and drybulk carrier sectors, including with respect to our vessels operating in the spot market and when our vessels' existing time charters expire, and to the extent the counterparties to our fixed-rate time charter contracts fail to honor their obligations to us. The successful operation of our vessels in the competitive and highly volatile spot charter market will depend on, among other things, obtaining profitable spot charters, which depends greatly on vessel supply and demand, and minimizing, to the extent possible, time spent waiting for charters and time spent traveling unladen to pick up cargo. When the current charters for our fleet expire or are terminated, it may not be possible to re-charter these vessels at similar rates, or at all, or to secure charters for any vessels we agree to acquire at similarly profitable rates, or at all. As a result, we may have to accept lower rates or experience off hire time for our vessels, which would adversely impact our revenues, results of operations and financial condition.

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***We depend upon a few significant customers for our revenues. The loss of one or more of these customers could adversely affect our financial performance.***

We derive a significant part of our revenue from a small number of charterers. For the year ended December 31, 2023 we had one customer from which we derived 21% of our revenues, for the year ended December 31, 2024 we had two customers from which we derived 21% of our revenues, and for the year ended December 31, 2025, we had two customers from which we derived 31% of our revenues. We anticipate a limited number of customers will continue to represent significant amounts of our revenue. If these customers cease doing business or do not fulfill their obligations under the charters of our vessels, due to financial pressure on these customers or otherwise, our results of operations and cash flows could be adversely affected. Further, if we encounter any difficulties in our relationships with these charterers, our results of operations, cash flows and financial condition could be adversely affected.

#### Technological innovation could reduce our charter hire income and the value of our vessels.

Competition from these more technologically advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels, and the resale value of our vessels could significantly decrease, which could also result in impairment costs. In these circumstances, we may also be forced to charter our vessels to less creditworthy charterers, either because the oil majors and other top tier charters will not charter older and less technologically advanced vessels or will only charter such vessels at lower contracted charter rates than we are able to obtain from these less creditworthy, second tier charterers. Consequently, our results of operations and financial condition could be adversely affected.

***The aging of our fleet may result in our vessels being less attractive to charterers and in increased operating costs in the future, which could adversely affect our earnings.***

Our fleet's average age, which was approximately 16.0 years, as of April 15, 2026, with our tankers having an average age of 17.7 years and our drybulk carriers having an average age of 14.7 years, which is above the average age of the global tanker fleet and the average age of the global drybulk carrier fleet, respectively. As our vessels age we may have difficulty competing with younger, more technologically advanced vessels for charters from oil majors and other top-tier charterers. In general, the costs to maintain a tanker or drybulk carrier in good operating condition increase with the age of the vessel. Older vessels are typically less fuel-efficient and more costly to maintain than more recently constructed tankers or drybulk carriers, as applicable, due to improvements in engine technology. Cargo insurance rates also increase with the age of a vessel, as do charterer's concerns regarding the perceived reliability of the vessel's technical performance. As a result, older vessels are generally less desirable to charterers, particularly oil majors and other top tier charterers.

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***Unless we set aside reserves for vessel replacement, at the end of a vessel's useful life, our revenue will decline, which would adversely affect our cash flows and income.***

As of April 15, 2026, the vessels in our fleet had an average age of approximately 16.0 years, with our tankers having an average age of 17.7 years and our drybulk carriers having an average age of 14.7 years. Unless we maintain cash reserves for vessel replacement, we may be unable to replace the vessels in our fleet upon the expiration of their useful lives. We estimate the useful life of our vessels to be 25 years from the completion of their construction. Our cash flows and income are dependent on the revenues we earn by chartering our vessels to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, financial condition and results of operations may be materially adversely affected. Any reserves set aside for vessel replacement would not be available for other cash needs or dividends, if any.

#### Any future financing arrangements may contain restrictive covenants that may limit our liquidity and corporate activities.
As of December 31, 2025 and the date of this report, we did not have any outstanding bank debt. Secured bank debt is common in the shipping industry, however, and we may incur indebtedness in connection with any further expansion of our fleet or the financing of existing vessels. We expect our future financing arrangements may impose operating and financial restrictions on us. These restrictions may limit our ability to:

• incur additional indebtedness;

• create liens on our assets;

• sell capital stock of our subsidiaries;

• make investments;

• engage in mergers or acquisitions;

• pay dividends; and

• make capital expenditures.

We expect that any future credit facilities will require us to maintain specified financial ratios, satisfy financial covenants and contain cross-default clauses. As a result of the restrictions in our future financing arrangements we may enter into with respect to future vessels which we have yet to identify, we may need to seek permission from our lenders in order to engage in some corporate actions. Our future lenders' interests may be different from ours, and we may not be able to obtain their permission when needed. This may prevent us from taking actions that we believe are in our best interest which may adversely impact our revenues, results of operations and financial condition.

If in the future we again incur debt, a failure by us to meet our payment and other obligations contained in the agreements for such indebtedness, including our financial covenants and security coverage requirement, could lead to defaults under any future secured loan agreements. Our lenders could then accelerate our indebtedness outstanding at such time and foreclose on any vessels in our fleet mortgaged thereunder. The loss of our vessels would mean we could not run our business.

***The market values of our vessels may decrease, which could cause us to breach covenants in any future credit facilities, and could have a material adverse effect on our business, financial condition and results of operations.***

Any future credit facilities, which likely would be secured by liens on our vessels, we enter into will likely contain various financial covenants, including requirements that relate to our financial condition, operating performance and liquidity. For example, we may be required to maintain a maximum consolidated leverage ratio that is based, in part, upon the market value of the vessels securing the applicable loan, as well as a minimum

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ratio of the market value of vessels securing a loan to the principal amount outstanding under such loan. The market value of drybulk carriers and tankers is sensitive to, among other things, changes in the drybulk carrier and tanker charter markets, respectively, with vessel values deteriorating in times when drybulk carrier charter rates or tanker charter rates, as applicable, are falling and improving when charter rates are anticipated to rise.

Lower charter rates coupled with the difficulty in obtaining financing for vessel purchases have adversely affected drybulk carrier and tanker values in the recent past. If we face similar conditions in the future, this could lead to a significant decline in the fair market values of our vessels, which may affect our ability to comply with these loan covenants. If the value of our vessels deteriorates, we may have to record an impairment charge in our financial statements which would adversely affect our financial results and could further hinder our ability to raise capital.

If in the future we again incur debt, a failure to comply with the covenants contained in such debt agreements and/or obtain covenant waivers or modifications could result in the lenders thereunder requiring us to post additional collateral, enhance our equity and liquidity, increase our interest payments or pay down indebtedness to a level where we were in compliance with such loan covenants, sell vessels in our fleet or accelerate our indebtedness, which would impair our ability to continue to conduct our business. If in the future we incur debt and such indebtedness is accelerated, we may not be able to refinance this debt or obtain additional financing and could lose our vessels if our lenders foreclosed on their liens. In addition, if we find it necessary to sell our vessels at a time when vessel prices are low, we will recognize losses and a reduction in our earnings, which could affect our ability to raise additional capital necessary for us to comply with loan agreements for debt we may incur in the future.

***Our ability to obtain debt financing may be dependent on the performance of our then existing charters and the creditworthiness of our charterers, as well as the perceived impact of emissions by our vessels on the climate.***

The actual or perceived credit quality of our charterers, and any defaults by them, may materially affect our ability to obtain the additional capital resources that we will require in order to purchase additional vessels or may significantly increase our costs of obtaining such capital. Our inability to obtain additional financing, or obtain financing at a higher than anticipated cost may materially affect our results of operation and our ability to implement our business strategy.

In 2019, a number of leading lenders to the shipping industry and other industry participants announced a global framework by which financial institutions can assess the climate alignment of their ship finance portfolios, called the Poseidon Principles, and additional lenders have subsequently announced their intention to adhere to such principles. If the ships in our fleet are deemed not to satisfy the emissions and other sustainability standards contemplated by the Poseidon Principles, or other Environmental Social Governance (ESG) standards required by lenders or investors, the availability and cost of bank financing for such vessels may be adversely affected.

#### An incurrence of a significant amount of debt may adversely affect us and our cash flows.
As of December 31, 2025 and the date of this report, we did not have any outstanding bank debt. We may, however, incur indebtedness in connection with any further expansion of our fleet or the financing of existing vessels. This increase in the level of indebtedness and the need to service the indebtedness may impact our profitability and cash available for growth of our fleet, working capital and dividends if any. In addition, dividend payments on our Series A Preferred Stock will reduce cash available for growth of our fleet, working capital and dividends, if any, on our common stock. If we incur debt in the future, we would have to dedicate a portion of our cash flow from operations to pay the principal and interest on such future debt. Additionally, any increases in interest rate levels, which have in the last couple of years increased significantly from historically low levels, may increase the cost of servicing any potential future indebtedness we incur with similar results. These payments would limit funds otherwise available for working capital, capital expenditures, and other

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purposes, including any distributions of cash to our stockholders, and our inability to service any such debt could lead to acceleration of such debt and foreclosure on our fleet. Moreover, carrying secured indebtedness would expose us to increased risks if the demand for oil, oil-related or drybulk marine transportation decreases and charter rates and vessel values are adversely affected.

#### We may become exposed to volatility in interest rates, including SOFR.
To the extent we enter into credit facilities in the future to finance our fleet, we expect that the loans advanced under such credit facilities would be advanced at a floating rate based on SOFR. Any future volatility in interest rates as witnessed in the past can affect the amount of interest payable on floating rate debt, and which, in turn, could have an adverse effect on our earnings and cash flow during periods in which we have such debt. Our financial condition could be materially adversely affected at any time that we have not entered into interest rate hedging arrangements to hedge our interest rate exposure and the interest rates applicable to any credit facilities and or other financing arrangements we may enter into in the future increase. Moreover, even if we have entered into interest rate swaps or other derivative instruments for purposes of managing our interest rate or bunker cost exposure, our hedging strategies may not be effective and we may incur substantial losses.

***Any derivative contracts we may enter into to hedge our exposure to fluctuations in interest rates could result in higher than market interest rates and charges against our income, as well as reductions in our stockholders' equity.***

We may enter into interest rate swaps for purposes of managing our exposure to fluctuations in interest rates applicable to indebtedness under any future credit facilities which are advanced at floating rates. Our hedging strategies, however, may not be effective and we may incur substantial losses if interest rates or currencies move materially differently from our expectations.

To the extent any interest rate swaps we may enter into do not qualify for treatment as hedges for accounting purposes, we will recognize fluctuations in the fair value of such contracts in our statement of comprehensive income. In addition, changes in the fair value of any derivative contracts that do qualify for treatment as accounting hedges, will be recognized in "Accumulated other comprehensive income" on our statement of equity. Our financial condition could also be materially adversely affected to the extent we do not hedge our exposure to interest rate fluctuations under our financing arrangements under which loans may be advanced at a floating rate.

In addition, we may enter in the future into foreign currency derivative contracts in order to hedge an exposure to foreign currencies related to shipbuilding contracts.

Any hedging activities we engage in may not effectively manage our interest rate and foreign exchange exposure or have the desired impact on our financial condition or results of operations.

***Because we generate all of our revenues in U.S. dollars but incur a portion of our expenses in other currencies, exchange rate fluctuations could adversely affect our results of operations.***

We generate the substantial majority of our revenues in U.S. dollars and the majority of our expenses are also in U.S. dollars. However, a relatively small portion of our overall expenses, mainly executive compensation, is incurred in Euros. This could lead to fluctuations in net income due to changes in the value of the U.S. dollar relative to the other currencies, in particular the Euro. Expenses incurred in foreign currencies against which the U.S. dollar falls in value can thereby increase, decreasing our net income.

#### Inflation could adversely affect our business and financial results.
Inflation could adversely affect our business and financial results by increasing the costs of labor and materials needed to operate our business. During 2023, 2024 and 2025, we experienced moderate inflationary

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cost increases in vessel operating expenses mainly in spares, stores and maintenance costs. In 2023 our main cost driver was the average increase of our fleet by approximately three vessels, while in 2024 our fleet increased by two more vessels thus leading to increased costs of operations and, in 2025, we expanded our fleet on the water by eight vessels, which fleet growth increased our operating costs. In an intense inflationary environment and depending on the tanker and drybulk industries' specific conditions and market cycles, we may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease our profit margins. Inflation may also raise our costs of capital and decrease our purchasing power, making it more difficult to maintain sufficient funds to operate our business. See "Item 5. Operating and Financial Review and Prospects—Inflation."

#### We are dependent on our relationship with Stealth Maritime.
Stealth Maritime serves as commercial and technical manager for all of the vessels in our fleet . We are accordingly dependent upon our fleet manager, Stealth Maritime, for:

• the administration, chartering and operations supervision of our fleet;

• our recognition and acceptance as owners of product and crude oil carriers, including our ability to attract charterers;

• our ability to obtain vetting approval from oil majors;

• relations with charterers and charter brokers;

• operational expertise; and

• management experience.

The loss of Stealth Maritime's services or its failure to perform its obligations to us properly for financial or other reasons could materially and adversely affect our business and the results of our operations, including the potential loss of oil major approvals to conduct business with us and in turn our ability to employ our vessels our charters with such oil majors. Although we may have rights against Stealth Maritime if it defaults on its obligations to us, you would have no recourse against Stealth Maritime. In addition, in such a case or if our management agreement were to be terminated we might not be able to find a replacement manager on terms as favorable as those currently in place with Stealth Maritime. Further, we expect that we will need to seek approval from our future lenders to change our manager. We are not permitted to change our commercial or technical our manager from Stealth Maritime, or to allow Stealth Maritime to subcontract or delegate commercial or technical management, without the prior written consent of our lenders.

In addition, if Stealth Maritime suffers material damage to its reputation or relationships, including as a result of a spill or other environmental incident or an accident, or any violation or alleged violation of U.S., EU, UN or other sanctions, involving ships managed by Stealth Maritime whether or not owned by us, it may harm the ability of our company or our subsidiaries to successfully compete in our industry, including due to oil majors and other charterers electing not to do business with Stealth Maritime or us.

***Since our manager, Stealth Maritime, is a privately held company and there is little or no publicly available information about it, an investor could have little advance warning of potential financial and other problems that might affect our manager that could have a material adverse effect on us.***

We would be materially adversely affected if our manager becomes unable or unwilling to provide services for our benefit at the level of quality they have provided such services to our vessels in the past. If we were required to employ a ship management company other than our manager, we cannot offer any assurances that the terms of such management agreements and results of operations would be equally or more beneficial to us in the long term.

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Our manager's ability to render management services will depend in part on its own financial strength. Circumstances beyond our control could impair Stealth Maritime's financial strength, and because it is a privately held company, information about its financial strength is not publicly available. As a result, our stockholders and we might have little advance warning of financial or other problems affecting our manager even though their financial or other problems could have a material adverse effect on our stockholders and us.

***Our officers face conflicts in the allocation of their time to our business. In addition, the fiduciary duties of our officers and directors may conflict with those of the officers and directors of StealthGas, C3is and/or its affiliates.***

Our Chief Executive Officer is involved in other business activities not associated with us, which may result in his spending less time than is appropriate or necessary to manage our business successfully. In particular, Mr. Vafias, who functions as our Chief Executive Officer and President, also provides services in similar capacities for StealthGas and is a significant stockholder of StealthGas, and is the Non-Executive Chairman of C3is Inc. Our officers are not required to work full-time on our affairs and also perform services for StealthGas, C3is Inc. and its affiliates. As a result, there could be material competition for the time and effort of our officers who also provide services to StealthGas, C3is and its affiliates, which could have a material adverse effect on our business, results of operations and financial condition. See "Item 6. Directors, Senior Management and Employees".

Our officers and directors have fiduciary duties to manage our business in a manner beneficial to us and our stockholders. However, some of our officers and directors also serve as executive officers and/or directors of StealthGas and C3is Inc. As a result, these individuals have fiduciary duties to manage the business of StealthGas, C3is Inc. and its affiliates in a manner beneficial to such entities and their stockholders. Consequently, these officers and directors may encounter situations in which their fiduciary obligations to StealthGas, C3is Inc. and us are in conflict. There may also be other business opportunities for which StealthGas and C3is Inc. may compete with us such as hiring employees, acquiring other businesses, or entering into joint ventures, which could have a material adverse effect on our business.

Companies affiliated with us or our management, including StealthGas, C3is Inc. Stealth Maritime and Brave Maritime, may manage or acquire vessels that compete with our fleet.

Entities affiliated with other members of the Vafias family own vessels that operate in various sectors of the shipping industry, including a number of product and crude oil tankers and drybulk carriers, which are managed by Stealth Maritime and/or Brave Maritime. It is possible that StealthGas, C3is Inc., Stealth Maritime or other companies affiliated with the Vafias family or Stealth Maritime, including Brave Maritime, could, in the future, agree to acquire or manage additional vessels that compete directly with ours and may face conflicts between their own interests and their obligations to us.

These conflicts may arise in connection with the chartering, purchase, sale and operations of the vessels in our fleet versus other vessels in which these persons or entities have an interest. Accordingly, our management and our manager might be faced with conflicts of interest with respect to their own interests and their obligations to us. These conflicts of interests may have an adverse effect on our business and your interests as stockholders.

#### We may enter into certain significant transactions with companies affiliated with members of the Vafias family which may result in conflicts of interests.
In addition to our management contract with Stealth Maritime, a company controlled by members of the Vafias family other than our Chief Executive Officer, from time to time we may enter into other transactions with companies affiliated with members of the Vafias family. For instance, we agreed to acquire an aggregate of twenty-four vessels from entities affiliated with the family of our Chief Executive Officer since 2022 and sold one vessel to C3is Inc. Stealth Maritime also contracts for the crewing of vessels in our fleet with Hellenic

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Manning Overseas Inc., which is 25% owned by an affiliate of Stealth Maritime. Such transactions could create conflicts of interest that could adversely affect our business or your interests as holders of our shares, as well as our financial position, results of operations and our future prospects.

***As our fleet grows in size, we will have to improve our operations and financial systems, staff and crew; if we cannot maintain these systems or continue to recruit suitable employees, our business and results of operations may be adversely affected.***

As we expand our fleet, we and Stealth Maritime will have to invest considerable sums in upgrading its operating and financial systems, as well as hiring additional well-qualified personnel to manage the vessels. In addition, as we expand our fleet, we will have to rely on our technical managers to recruit suitable additional seafarers and shoreside administrative and management personnel. Stealth Maritime and those technical managers may not be able to continue to hire suitable employees to the extent we continue to expand our fleet. Our vessels require a technically skilled staff with specialized training. If the technical managers' crewing agents are unable to employ such technically skilled staff, they may not be able to adequately staff our vessels. If Stealth Maritime is unable to operate our financial and operations systems effectively or our technical managers are unable to recruit suitable employees as we expand our fleet, our results of operation and our ability to expand our fleet may be adversely affected.

#### Delays in the delivery of any newbuilding or secondhand vessels we agree to acquire could harm our operating results.
Delays in the delivery of the four drybulk carriers and one tanker we have agreements to acquire, or any new-building or second-hand vessels we may agree to acquire in the future, would delay our receipt of revenues generated by these vessels and, to the extent we have arranged charter employment for these vessels, could possibly result in the cancellation of those charters, and therefore adversely affect our anticipated results of operations. Although this would delay our funding requirements for the installment payments to purchase these vessels, it would also delay our receipt of revenues under any charters we arrange for such vessels. The delivery of newbuilding vessels could be delayed, other than at our request, because of, among other things, work stoppages or other labor disturbances; bankruptcy or other financial crisis of the shipyard building the vessel; hostilities, health pandemics or political or economic disturbances in the countries where the vessels are being built, including any escalation of tensions involving North Korea; weather interference or catastrophic event, such as a major earthquake, tsunami or fire; our requests for changes to the original vessel specifications; requests from our customers, with whom we have arranged any charters for such vessels, to delay construction and delivery of such vessels due to weak economic conditions and shipping demand and a dispute with the shipyard building the vessel.

In addition, the refund guarantors under any newbuilding contracts, which are banks, financial institutions and other credit agencies, may also be affected by financial market conditions in the same manner as our lenders and, as a result, may be unable or unwilling to meet their obligations under their refund guarantees. If the shipbuilders or refund guarantors are unable or unwilling to meet their obligations to the sellers of the vessels, this may impact our acquisition of vessels and may materially and adversely affect our operations and our obligations under any of our future credit facilities. The delivery of any secondhand vessels could be delayed because of, among other things, hostilities or political disturbances, non-performance of the purchase agreement with respect to the vessels by the seller, our inability to obtain requisite permits, approvals or financing or damage to or destruction of the vessels while being operated by the seller prior to the delivery date.

#### If we fail to manage our growth properly, we may not be able to successfully expand our market share.
We intend to continue to grow our fleet. The acquisition of such additional vessels could impose significant additional responsibilities on our management and staff, and may necessitate that we, and they, increase the

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number of personnel. In the future, we may not be able to identify suitable vessels, acquire vessels on advantageous terms or obtain financing for such acquisitions. Any future growth will depend on:

• locating and acquiring suitable vessels;

• identifying and completing acquisitions or joint ventures;

• integrating any acquired business successfully with our existing operations;

• expanding our customer base; and

• obtaining required financing.

Growing a business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing relationships with customers and our commercial and technical managers and integrating newly acquired vessels into existing infrastructures. We may not be successful in executing any growth initiatives and may incur significant expenses and losses in connection therewith.

***We may be unable to attract and retain key management personnel and other employees in the shipping industry, which may negatively affect the effectiveness of our management and our results of operation.***

Our success depends to a significant extent upon the abilities and efforts of our management team, including our Chief Executive Officer, Harry Vafias. In addition, Harry Vafias is a member of the Vafias family, which controls Stealth Maritime, our fleet manager. Our success will depend upon our and Stealth Maritime's ability to hire and retain qualified managers to oversee our operations. The loss of any of these individuals could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining personnel could adversely affect our results of operations. We do not have employment agreements directly with our key personnel who are technically employees of Stealth Maritime, our fleet manager, although under our management agreement with Stealth Maritime, our relationship is governed by terms substantially similar to those typically included in employment agreements. We do not maintain "key man" life insurance on any of our officers.

***In the highly competitive international product tanker and crude oil tanker markets, we may not be able to compete for charters with new entrants or established companies with greater resources.***

We deploy our tanker vessels in highly competitive markets that are capital intensive. Competition arises primarily from other vessel owners, many of which have larger fleets and greater resources than we do. Competition for the transportation of refined petroleum products and crude oil can be intense and depends on price, location, size, age, condition and the acceptability of the vessel and its managers to the charterers. Competitors with greater resources could enter and operate larger tanker fleets through consolidations or acquisitions, and many larger fleets that compete with us in each of these sectors may be able to offer more competitive prices and fleets.

***The international drybulk shipping industry is highly competitive, and we may not be able to compete successfully for charters with new entrants or established companies with greater resources.***

We employ our drybulk vessels in highly competitive markets that are capital intensive and highly fragmented. Competition arises primarily from other vessel owners, some of whom have substantially greater resources than we do. Competition for the transportation of drybulk cargo by sea is intense and depends on price, customer relationships, operating expertise, professional reputation and size, age, location and condition of the vessel. Due in part to the highly fragmented market, additional competitors with greater resources could enter the drybulk shipping industry and operate larger fleets through consolidations or acquisitions and may be able to offer lower charter rates than we are able to offer, which could have a material adverse effect on our fleet utilization and, accordingly, our results of operations.

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#### Purchasing and operating previously owned, or secondhand, vessels may result in increased operating costs and vessels off-hire, which could adversely affect our revenues.
Our examination of secondhand vessels, which may not include physical inspection prior to purchase, does not provide us with the same knowledge about their condition and cost of any required (or anticipated) repairs that we would have had if these vessels had been built for and operated exclusively by us. Generally, we do not receive the benefit of warranties on secondhand vessels.

In general, the cost of maintaining a vessel in good operating condition increases with its age. As of April 15, 2026, the average age of the vessels in our fleet was approximately 16.0 years. Older vessels are typically less fuel efficient and more costly to maintain and operate than more recently constructed vessels due to improvements in engine technology. Cargo insurance rates increase with the age of a vessel, making older vessels less desirable to charterers.

Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment, to our vessels and may restrict the type of activities in which the vessels may engage. As our vessels age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives. If we sell vessels, the sales prices may not equal and could be less than their carrying values at that time and thereby negatively affect our profitability.

#### The shipping industry has inherent operational risks that may not be adequately covered by our insurance.
We procure hull and machinery insurance, protection and indemnity insurance, which include environmental damage and pollution insurance coverage, and war risk insurance for our fleet. While we endeavor to be adequately insured against all known risks related to the operation of our ships, there remains the possibility that a liability may not be adequately covered and we may not be able to obtain adequate insurance coverage for our fleet in the future. The insurers may also not pay particular claims. Even if our insurance coverage is adequate, we may not be able to timely obtain a replacement vessel in the event of a loss. Our insurance policies contain deductibles for which we will be responsible and limitations and exclusions which may increase our costs or lower our revenue. In addition, if one of our ships, or other ships managed by Stealth Maritime or Brave Maritime and owned by an affiliated entity of Stealth Maritime or Brave Maritime, were to incur significant costs from an accident, spill or other environmental liability, our insurance premiums and costs could increase significantly.

#### The operation of drybulk vessels has particular operational risks.
The operation of drybulk vessels has certain unique risks. With a drybulk vessel, the cargo itself and its interaction with the vessel can be an operational risk. By their nature, drybulk cargoes are often heavy, dense, easily shifted, and react badly to water exposure. In addition, drybulk vessels are often subjected to battering treatment during discharging operations with grabs, jackhammers (to pry encrusted cargoes out of the hold) and small bulldozers. This treatment may cause damage to the vessel. Vessels damaged due to treatment during discharging procedures may affect a vessel's seaworthiness while at sea. Hull fractures in drybulk vessels may lead to the flooding of the vessels' holds. If a drybulk vessel suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the vessel's bulkheads, leading to the loss of a vessel. If we are unable to adequately maintain our vessel and other vessels we may acquire, we may be unable to prevent these events. Any of these circumstances or events could negatively impact our business, financial condition, and results of operations.

#### We may be subject to lawsuits for damages and penalties.
The nature of our business exposes us to the risk of lawsuits for damages or penalties relating to, among other things, personal injury, property casualty and environmental contamination. From time to time, we may be

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subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. However, such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.

***Regulatory and legal risks as a result of our global operations, including with respect to sanctioned countries, could have a material adverse effect on our business, results of operations and financial conditions.***

Our global operations increase both the number and the level of complexity of U.S. or foreign laws and regulations applicable to us, some of which can conflict with one another, as is the case, for instance, with certain sanctions issued by U.S., E.U. and U.K. These laws and regulations include international labor laws; U.S. laws such as the FCPA and other laws and regulations established by the Office of Foreign Assets Control; local laws such as the U.K. Bribery Act 2010; data privacy requirements like the European General Data Protection Regulation, enforceable as of May 25, 2018; and the E.U.-U.S. Privacy Shield Framework, adopted by the European Commission on July 12, 2016. Some sanctions may also apply to transportation of goods (including crude oil) originating in sanctioned countries (particularly Iran, Venezuela and Russia), even if the vessel does not travel to those countries, or is otherwise acting on behalf of sanctioned persons. We may inadvertently breach some provisions of those laws and regulations which could result in cease of business activities, criminal sanctions against us, our officers or our employees, fines and materially damage our reputation. In addition, detecting, investigating and resolving such cases of actual or alleged violations may be expensive and time consuming for our senior management.

For example, in 2025 our tanker vessels made a total of 22 voyages while our drybulk carriers made a total of 13 voyages carrying cargoes originating in the Russian such as the ports of St. Petersburg and Ust-Luga and may from time to time in the future carry cargoes originating in Russia, Ukraine or sanctioned countries. It is possible that such cargoes, despite our belief that they are compliant with applicable sanctions, are alleged to have originated from sources that are not in compliance with such sanctions, which could result in penalties against us, including blacklisting of a vessel which would preclude chartering or selling such vessel, and negatively impact our acceptability to potential charterers and harm our business. In addition, it may not be possible for us to obtain war risk or other insurances for any vessel loading cargoes originating in such countries*,* as has been the case for certain of our vessels' voyages this year*.* In such a case, if the vessel was involved in an accident, spill or was otherwise damaged in connection with such a voyage, which could result in losses up to the total loss of the vessel, we would have to bear the repair, clean-up or other costs associated with such an incident, as well as the lack of revenue from any off-hire period, in reliance on our existing cash resources, and we would remain obligated to service and repay any outstanding indebtedness that may be secured by such vessel. In addition, any deemed non-compliance with sanctions could constitute an event of default under any loan agreements secured by such vessel, and our lenders may seek to accelerate for immediate repayment any indebtedness outstanding thereunder. Any such occurrences could adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, if ships managed by Stealth Maritime or Brave Maritime, including those not owned by us, and ships owned by an affiliated entity of Stealth Maritime or Brave Maritime, including StealthGas and C3is were deemed to have violated sanctions or other laws and regulations, we could face similar consequences, including an inability to charter, insure or sell our ships, if we, such affiliated entities or our ships are blacklisted by authorities.

***We are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to make dividend payments.***

We are a holding company and our subsidiaries, which are all wholly-owned by us, conduct all of our operations and own all of our operating assets. We have no significant assets other than the equity interests in our wholly-owned subsidiaries. As a result, our ability to make dividend payments to you depends on our subsidiaries and their ability to distribute funds to us. If we are unable to obtain funds from our subsidiaries, we may be unable or our Board of Directors may exercise its discretion not to pay dividends.

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#### Obligations associated with being a public company require significant company resources and management attention.
We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the other rules and regulations of the SEC, including the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley. Section 404 of Sarbanes-Oxley requires that we evaluate and determine the effectiveness of our internal control over financial reporting.

We work with our legal, accounting and financial advisors to identify any areas in which changes should be made to our financial and management control systems to manage our growth and our obligations as a public company. We evaluate areas such as corporate governance, corporate control, internal audit, disclosure controls and procedures and financial reporting and accounting systems. We will make changes in any of these and other areas, including our internal control over financial reporting, which we believe are necessary. However, these and other measures we may take may not be sufficient to allow us to satisfy our obligations as a public company on a timely and reliable basis. In addition, compliance with reporting and other requirements applicable to public companies do create additional costs for us and will require the time and attention of management. Our limited management resources may exacerbate the difficulties in complying with these reporting and other requirements while focusing on executing our business strategy. We may not be able to predict or estimate the amount of the additional costs we may incur, the timing of such costs or the degree of impact that our management's attention to these matters will have on our business.

***If management identifies material weaknesses in our internal control over financial reporting or is otherwise unable to provide reports as to the effectiveness of our internal control over financial reporting, investors could lose confidence in the reliability of our financial statements, which could result in a decrease in the value of our common stock.***

Under Section 404 of Sarbanes-Oxley, we are required to include in each of our annual reports on Form 20-F, a report containing our management's assessment of the effectiveness of our internal control over financial reporting, and beginning with our annual report for the year ending December 31, 2026, an audit opinion of our auditors as to the effectiveness of our internal control over financial reporting. If, in such annual reports on Form 20-F, our management or, as applicable, our auditors identify material weaknesses in our internal control over financial reporting or otherwise cannot provide a report as to the effectiveness of our internal control over financial reporting as required by Section 404, investors could lose confidence in the reliability of our financial statements, which could result in a decrease in the value of our shares.

#### Risks Related to Taxation
***A change in tax laws in any country in which we operate or loss of a major tax dispute or a successful tax challenge to our operating structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries could adversely affect us.***

Tax laws, treaties and regulations are highly complex and subject to interpretation. Consequently, we and our subsidiaries are subject to changing laws, treaties and regulations in and between the countries in which we operate. Our tax expense is based on our interpretation of the tax laws in effect at the time the expense was incurred. A change in tax laws, treaties or regulations, or in the interpretation thereof, could result in a materially higher tax expense or a higher effective tax rate on our earnings. Such changes may include measures enacted in response to the ongoing initiatives in relation to fiscal legislation at an international level such as the Action Plan on Base Erosion and Profit Shifting of the Organization for Economic Co-Operation and Development, which contemplates a global minimum tax rate of 15% calculated on a jurisdictional basis, subject to exemptions including for qualifying international shipping income.

In addition, if any tax authority successfully challenges positions we may take in tax filings, our operational structure, intercompany pricing policies, the taxable presence of our subsidiaries in certain countries or any other

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situation, or if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could increase substantially and our earnings and cash flows from operations could be materially adversely affected.

In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessels' tonnage.

The payment of said duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. As our manager is located in Greece, we will have to pay these duties. Our operations in Greece may be subjected to new regulations that may require us to incur new or additional compliance or other administrative costs, which may include requirements that we pay to the Greek government new taxes or other fees.

In addition, China has enacted a new tax for non-resident international transportation enterprises engaged in the provision of services of passengers or cargo, among other items, in and out of China using their own, chartered or leased vessels, including any stevedore, warehousing and other services connected with the transportation. The new regulation broadens the range of international transportation companies which may find themselves liable for Chinese enterprise income tax on profits generated from international transportation services passing through Chinese ports.

#### We may have to pay tax on United States-source income, which would reduce our earnings.
Under the United States Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of vessel owning or chartering corporations, such as our subsidiaries, that is attributable to transportation that begins or ends, but does not both begin and end, in the United States is characterized as United States-source shipping income. United States-source shipping income is subject to either a (i) 4% United States federal income tax without allowance for deductions or (ii) taxation at the standard United States federal income tax rates (and potentially to a 30% branch profits tax), unless derived by a corporation that qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder.

Generally, we and our subsidiaries will qualify for this exemption for a taxable year if our shares are treated as "primarily and regularly traded" on an established securities market in the United States. Our shares of common stock will be so treated if (i) the aggregate number of our shares of common stock traded during such year on an established securities market in the United States exceeds the aggregate number of our shares of common stock traded during that year on established securities markets in any other single country, (ii) either (x) our shares of common stock are regularly quoted during such year by dealers making a market in our shares or (y) trades in our shares of common stock are effected, other than in de minimis quantities, on an established securities market in the United States on at least 60 days during such taxable year and the aggregate number of our shares of common stock traded on an established securities market in the United States during such year equals at least 10% of the average number of our shares of common stock outstanding during such taxable year and (iii) our shares of common stock are not "closely held" during such taxable year. For these purposes, our shares of common stock will be treated as closely held during a taxable year if, for more than one-half the number of days in such taxable year, one or more persons each of whom owns either directly or under applicable attribution rules, at least 5% of our shares of common stock, own, in the aggregate, 50% or more of our shares of common stock, unless we can establish, in accordance with applicable documentation requirements, that a sufficient number of the shares of common stock in the closely-held block are owned, directly or indirectly, by persons that are residents of foreign jurisdictions that provide United States shipping companies with an exemption from tax that is equivalent to that provided by Section 883 to preclude other stockholders in the closely-held block from owning 50% or more of the closely-held block of shares of common stock.

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We believe that it will be the case, and may also be the case in the future, that, one or more persons each of whom owns, either directly or under applicable attribution rules, at least 5% of our shares of common stock own, in the aggregate, 50% or more of our shares of common stock. In such circumstances, we and our subsidiaries may qualify for the exemption provided in Section 883 of the Code only if a sufficient number of shares of the closely-held block of our shares of common stock were owned or treated as owned by "qualified shareholders" so it could not be the case that, for more than half of the days in the taxable year, the shares of common stock in the closely-held block not owned or treated as owned by qualified shareholders represented 50% or more of our shares of common stock. For these purposes, a "qualified shareholder" includes an individual that owns or is treated as owning shares of our common stock and is a resident of a jurisdiction that provides an exemption that is equivalent to that provided by Section 883 of the Code and certain other persons; provided in each case that such individual or other person complies with certain documentation and certification requirements set forth in the Section 883 regulations and designed to establish status as a qualified shareholder.

If we or our subsidiaries do not qualify for the exemption under Section 883 of the Code for any taxable year, then we or our subsidiaries would be subject for those years to the 4% United States federal income tax on gross United States shipping income or, in certain circumstances, to net income taxation at the standard United States federal income tax rates (and potentially also to a 30% branch profits tax). The imposition of such tax could have a negative effect on our business and would result in decreased earnings and cash flow.

***We could become a "passive foreign investment company," which would have adverse United States federal income tax consequences to United States holders and, in turn, us.***

A foreign corporation will be treated as a "passive foreign investment company," or PFIC, for United States federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of "passive income" or (2) at least 50% of the average value of the corporation's assets produce or are held for the production of those types of "passive income." For purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute "passive income" and working capital and similar assets held pending investment in vessels will generally be treated as an asset which produces passive income. United States stockholders of a PFIC (and holders of warrants in a PFIC) are subject to a disadvantageous United States federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.

In connection with determining our PFIC status we treat and intend to continue to treat the gross income that we derive or are deemed to derive from our time chartering and voyage chartering activities as services income, rather than rental income. We believe that our income from time chartering and voyage chartering activities does not constitute "passive income" and that the assets that we own and operate in connection with the production of that income do not constitute assets held for the production of passive income. We intend to treat, for purposes of the PFIC rules, any income that we derive from bareboat charters as passive income and the assets giving rise to such income as assets held for the production of passive income. There is, however, no legal authority specifically under the PFIC rules regarding our current and proposed method of operation and it is possible that the U.S. Internal Revenue Service, or IRS, may not accept our positions and that a court may uphold such challenge, in which case we and certain of our subsidiaries could be treated as PFICs. In this regard we note that a federal court decision addressing the characterization of time charters concludes that they constitute leases for federal income tax purposes and employs an analysis which, if applied to our time charters, could result in our treatment and the treatment of our vessel-owning subsidiaries as PFICs. In addition, in making the determination as to whether we are a PFIC, we intend to treat the deposits that we make on any newbuilding contracts we may enter into and that are with respect to vessels we do not expect to bareboat charter as assets which are not held for the production of passive income for purposes of determining whether we are a PFIC. We note that there is no direct authority on this point and it is possible that the IRS may disagree with our position.

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On the basis of the foregoing assumptions, we do not believe that we will be a PFIC for 2025. This belief is based in part upon our beliefs regarding the value of the assets that we hold for the production of or in connection with the production of passive income relative to the value of our other assets. Should these beliefs turn out to be incorrect, then we and certain of our subsidiaries could be treated as PFICs for 2025. There can be no assurance that the IRS or a court will not determine values for our assets that would cause us to be treated as a PFIC for 2025 or a subsequent year.

In addition, although we do not believe that we will be a PFIC for 2025, we may choose to operate our business in the current or in future taxable years in a manner that could cause us to become a PFIC for those years. Because our status as a PFIC for any taxable year will not be determinable until after the end of the taxable year, and depends upon our assets, income and operations in that taxable year, there can be no assurance that we will not be considered a PFIC for 2025 or any future taxable year.

If the IRS were to find that we are or have been a PFIC for any taxable year, our United States stockholders and warrant holders would face adverse United States tax consequences. Under the PFIC rules, unless those stockholders make an election available under the Code (which election could itself have adverse consequences for such stockholders, as discussed below under "Tax Considerations—United States Federal Income Taxation of United States Holders"), such stockholders would be liable to pay United States federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of our common stock, as if the excess distribution or gain had been recognized ratably over the stockholder's holding period of our common stock. Similar rules would apply to holders of our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants and Class E Warrants. See "Tax Considerations—United States Federal Income Tax Consequences—United States Federal Income Taxation of United States Holders" for a more comprehensive discussion of the United States federal income tax consequences to United States stockholders if we are treated as a PFIC. As a result of these adverse tax consequences to United States stockholders, such a finding by the IRS may result in sales of our common stock by United States stockholders, which could lower the price of our common stock and adversely affect our ability to raise capital.

#### Risk Related to an Investment in a Marshall Islands Corporation
***As a foreign private issuer we are entitled to claim exemptions from certain Nasdaq corporate governance standards, and to the extent we elect to rely on these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements.***

As a foreign private issuer, we are entitled to claim an exemption from many of Nasdaq's corporate governance practices. Currently, our corporate governance practices comply with the Nasdaq corporate governance standards applicable to U.S. listed companies other than that we only have two independent members on our audit committee whereas a domestic U.S. company would be required to have three independent members on its audit committee and, in lieu of obtaining stockholder approval prior to the issuance of certain designated securities issuances, the Company will comply with provisions of the Marshall Islands Business Corporations Act providing that the Board of Directors approves share issuances. To the extent we rely on these or other exemptions you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements.

#### We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law or a bankruptcy act.
Our corporate affairs are governed by our articles of incorporation and bylaws and by the Marshall Islands Business Corporations Act, or BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the

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Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain U.S. jurisdictions. Stockholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, our public stockholders may have more difficulty in protecting their interests in the face of actions by the management, directors or controlling stockholders than would stockholders of a corporation incorporated in a U.S. jurisdiction. The Marshall Islands has no established bankruptcy act, and as a result, any bankruptcy action involving our company would have to be initiated outside the Marshall Islands, and our public stockholders may find it difficult or impossible to pursue their claims in such other jurisdictions.

#### It may be difficult to enforce service of process and judgments against us and our officers and directors.
We are a Marshall Islands company, and our executive offices are located outside of the United States. All of our directors and officers reside outside of the United States, and most of our assets and their assets are located outside the United States. As a result, you may have difficulty serving legal process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in the U.S. courts against us or these persons in any action, including actions based upon the civil liability provisions of U.S. federal or state securities laws. There is also substantial doubt that the courts of the Marshall Islands would enter judgments in original actions brought in those courts predicated on U.S., federal or state securities laws.

#### Risks Related To Our Common Stock

#### An active trading market that will provide you with adequate liquidity for our common stock may not be sustained.
The lack of an active trading market on Nasdaq and low trading volume for our common stock may make it more difficult for you to sell our common stock and could lead to our share price becoming depressed or volatile. Our shares began regular way trading on the Nasdaq Capital Market on December 6, 2021, and there can be no assurance that an active trading market for our common stock on either Nasdaq or any other exchange will be sustained. If an active and liquid trading market is not sustained, relatively small sales of our common stock could have a significant negative impact on the price of our common stock.

***If securities or industry analysts do not publish research or reports about our business, or publish negative reports about our business, our share price and trading volume could decline.***

We became publicly traded on December 3, 2021, and there is currently no analyst covering the Company. The trading market for our common stock and Series A Preferred Stock will depend, in part, upon the research and reports that securities or industry analysts publish about us or our business. We do not have any control over analysts as to whether they will cover us, and if they do, whether such coverage will continue. If analysts do not commence coverage of the Company, or if one or more of these analysts cease coverage of the Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline. In addition, if one or more of the analysts who cover us downgrade our shares or change their opinion of our shares, our share price may likely decline.

#### The market price of our common stock may be subject to significant fluctuations.
The market price of our common stock may be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that could affect our stock price are:

• actual or anticipated fluctuations in quarterly and annual variations in our results of operations;

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• changes in market valuations or sales or earnings estimates or publication of research reports by analysts;

• changes in earnings estimates or shortfalls in our operating results from levels forecasted by securities analysts;

• speculation in the press or investment community about our business or the shipping industry, and the product and crude oil tanker and drybulk sectors in particular;

• changes in market valuations of similar companies and stock market price and volume fluctuations generally;

• payment of dividends;

• strategic actions by us or our competitors such as mergers, acquisitions, joint ventures, strategic alliances or restructurings;

• changes in government and other regulatory developments;

• additions or departures of key personnel;

• general market conditions and the state of the securities markets; and

• domestic and international economic, market and currency factors unrelated to our performance.

The international tanker and drybulk shipping industry has been highly unpredictable. In addition, the stock markets in general, and the markets for tanker and drybulk shipping and shipping stocks in general, have experienced extreme volatility that has sometimes been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock. Our common stock may trade at prices lower than you originally paid for such shares.

***You may experience future dilution as a result of future equity offerings and other issuances of our common stock, preferred stock or other securities. In addition, we may elect to sell one or more of our vessels or vessel- owning subsidiaries, conduct a spinoff of such vessels or subsidiaries, or contribute such vessels or vessel- owning subsidiaries to a joint venture, master limited partnership or other entity on terms with which you do not agree.***

In order to raise additional capital, including to support our growth plans, or in connection with equity awards, strategic transactions or otherwise, we expect in the future to offer additional common stock, preferred stock or other securities convertible into or exchangeable for our common stock, including convertible debt. We expect that a significant component of the financing for the planned expansion of our fleet will be through equity offerings. We cannot predict the size of future issuances or sales of our common stock, preferred stock or other securities, including those made in connection with future capital raising activities or acquisitions, or the effect, if any, that such issuances or sales may have on the market price of our common stock. The issuance and sale of substantial amounts of common stock, preferred stock or other equity-linked securities, or announcement that such issuance and sales may occur, could adversely affect the market price of our common stock and our Series A Preferred Stock. In addition, we cannot assure you that we will be able to make future sales of our common stock, preferred stock or other securities in any other offering at a price per share that is equal to or greater than the price per share paid by investors, and investors purchasing stocks or other securities in the future could have rights that are superior to existing stockholders. The issuance of additional common stock, preferred stock or other securities could adversely impact the trading price of our common stock.

Any such capital raising transactions may be at the Imperial Petroleum Inc. or subsidiary level, to which interests in certain vessels in our fleet and rights to receive related cash flows would be transferred, as well as other capital raising alternatives available to us at that particular time. In addition, we may elect to sell one or more of our vessels or vessel-owning subsidiaries, conduct a spinoff of such vessels or subsidiaries, or contribute

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such vessels or vessel-owning subsidiaries to a joint venture, master limited partnership or other entity on terms with which you do not agree. Any such transfer may reduce our asset base and our rights to cash flows related to the transferred assets. If we contribute assets to a joint venture or master limited partnership, the joint venture or master limited partnership may be owned by or issue equity securities to public or private investors, and as part of any spin-off of assets we may be required to distribute a portion of such assets to holders of outstanding warrants pursuant to the terms of such warrants, thereby reducing our percentage interest in such assets and in the related cash flows.

***Future issuances or sales, or the potential for future issuances or sales, of our common stock, including shares of common stock issuable upon the exercise of our outstanding warrants, may cause the trading price of our securities to decline and could impair our ability to raise capital through subsequent equity offerings.***

We have issued a significant number of our shares of common stock and we may do so in the future. Shares to be issued in future equity offerings could cause the market price of our common stock to decline, and could have an adverse effect on our earnings per share. In addition, future sales of our common stock or other securities in the public markets, or the perception that these sales may occur, including shares of common stock issuable upon the exercise of our outstanding warrants, could cause the market price of our common stock to decline, and could materially impair our ability to raise capital through the sale of additional securities.

The market price of our common stock could decline due to sales, or the announcements of proposed sales, of a large number of shares of common stock, including those issuable exercise of our outstanding warrants, in the market, including sales of common stock by our large stockholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our common stock and impair our ability to raise capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot predict the effect that future sales of common stock or other equity-related securities would have on the market price of our common stock.

Our Restated Articles of Incorporation, as amended, authorizes our Board, to, among other things, issue additional shares of common or preferred stock or securities convertible or exchangeable into equity securities, without stockholder approval. We may issue such additional equity or convertible securities to raise additional capital.

The issuance of any additional shares of common or preferred stock or convertible securities could be substantially dilutive to our stockholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or any additional warrants to purchase our common stock in the future or the exercise of the existing warrants to purchase common stock and those stock appreciation rights, options are exercised or as the restricted stock units vest, our stockholders may experience further dilution. Holders of shares of our common stock have no preemptive rights that entitle such holders to purchase their pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our stockholders.

***The superior voting rights of our Series B Preferred Stock may limit the ability of our common stockholders to control or influence corporate matters, and the interests of the holder of such shares could conflict with the interests of common stockholders***

While our shares of common stock have one vote per share, each of our 16,000 shares of Series B preferred stock currently outstanding has 25,000 votes per share; however, the voting power of the Series B preferred stock is limited such that no holder of Series B preferred stock may exercise voting rights pursuant to any Series B preferred stock that would result in the total number of votes a holder is entitled to vote on any matter submitted to a vote of stockholders of the Company to exceed 49.99% of the total number of votes eligible to be cast on such matter. The Series B preferred stock, however, have no dividend rights or distribution rights, other than the right upon dissolution to receive a payment equal to the par value per of $0.01 per share.

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As of the date of this report, our Chairman and Chief Executive Officer can therefore control 49.99% of the voting power of our outstanding capital stock. Our Chairman and Chief Executive Officer will have substantial influence over our management and affairs and over matters requiring stockholder approval, including the election of directors and significant corporate transactions, even though he owns significantly less than 50% of the Company economically.

The superior voting rights of our Series B preferred stock may limit our common stockholders' ability to influence corporate matters. The interests of the holder of the Series B preferred stock may conflict with the interests of our common stockholders, and as a result, the holders of our capital stock may approve actions that our common stockholders do not view as beneficial. Any such conflicts of interest could adversely affect our business, financial condition and results of operations, and the trading price of our common stock.

***Our amended and restated articles of incorporation and amended and restated bylaws contain anti-takeover provisions that may discourage, delay or prevent (1) our merger or acquisition and/or (2) the removal of incumbent directors and officers and (3) the ability of public stockholders to benefit from a change in control.***

Our restated articles of incorporation and amended and restated bylaws contain certain anti-takeover provisions. These provisions include blank check preferred stock, including preferred stock with superior voting rights, such as the Series B preferred stock, the prohibition of cumulative voting in the election of directors, a classified Board of Directors, advance written notice for stockholder nominations for directors, removal of directors only for cause, advance written notice of stockholder proposals for the removal of directors and limitations on action by stockholders. These anti-takeover provisions, either individually or in the aggregate, may discourage, delay or prevent (1) our merger or acquisition by means of a tender offer, a proxy contest or otherwise, that a stockholder may consider in its best interest, (2) the removal of incumbent directors and officers, and (3) the ability of public stockholders to benefit from a change in control. These anti-takeover provisions could substantially impede the ability of stockholders to benefit from a change in control and, as a result, may adversely affect the market price of our common stock and stockholders' ability to realize any potential change of control premium.

***Issuance of preferred stock, such as our Series B preferred stock, may adversely affect the voting power of our common stockholders and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common stock.***

Our restated articles of incorporation authorize our board of directors to issue preferred stock in one or more series and to determine the rights, preferences, privileges and restrictions, with respect to, among other things, dividends, conversion, voting, redemption, liquidation and the number of shares constituting any series without stockholders' approval. Our board of directors has issued, and may in the future issue, preferred stock with voting rights superior to those of the common stock, such as the Series B preferred stock. If our board of directors determines to issue preferred stock, such issuance may discourage, delay or prevent a merger or acquisition that stockholders may consider favorable. The issuance of preferred stock with voting and conversion rights may also adversely affect the voting power of the holders of common stock. This could substantially impede the ability of public stockholders to benefit from a change in control and, as a result, may adversely affect the market price of our common stock and our stockholders' ability to realize any potential change of control premium.

***We are an emerging growth company and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our share price may be more volatile.

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In addition, under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes- Oxley Act of 2002 for so long as we are an emerging growth company.

For as long as we take advantage of the reduced reporting obligations, the information that we provide our stockholders may be different from information provided by other public companies.

#### Our common stock ranks junior to the Series A Preferred Stock with respect to dividends and amounts payable in the event of our liquidation.
Our common stock ranks junior to our Series A Preferred Stock with respect to the payment of dividends and amounts payable in the event of our liquidation, dissolution or winding-up. This means that, unless accumulated dividends have been paid or set aside for payment on all of our outstanding Series A Preferred Stock for all past completed dividend periods, no dividends may be declared or paid on our common stock subject to limited exceptions. Likewise, in the event of our voluntary or involuntary liquidation, dissolution or winding-up, no distribution of our assets may be made to holders of our common stock until we have paid to holders of our Series A Preferred Stock a liquidation preference equal to $25.00 per share plus accumulated and unpaid dividends Accordingly, the Series A Preferred Stock may adversely affect the market price of the common stock.

#### Sales of our common stock by stockholders may have an adverse effect on the then prevailing market price of our common stock.
Sales of a substantial number of our common stock in the public market, including upon exercise of our outstanding warrants, could cause the market price of our common stock to decline and could impair our ability to raise capital through the sale of additional equity securities. We cannot predict the effect that future sales of our common stock or other equity-related securities would have on the market price of our common stock.

***Our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants are speculative in nature.***

Our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants do not confer any rights of common stock ownership on their holders, such as voting rights, but rather merely represent the right to acquire common stock at a fixed price. Specifically, holders of the Class A Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $18.75 per share, holders of the Class B Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $24.00 per share, holders of Class C Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $8.25 per share, holders of Class D Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $12.00 per share, holders of Class E Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $2.00 per share, holders of Class F Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $6.30 per share, and holders of Class G Warrants may acquire the common stock issuable upon the exercise of such warrants at an exercise price of $6.30 per share. Moreover, the market value of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants is uncertain and there can be no assurance that the market value of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will equal or exceed their exercise price.

***There is no public market for our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants and we do not expect one to develop.***

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market to develop. In addition, we do not intend to apply to list our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants on any securities exchange or nationally recognized trading system, including the Nasdaq. Without an active market, the liquidity of our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be limited.

***Holders of our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will not have any rights of common stockholders until such Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants are exercised.***

Our outstanding Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants do not confer any rights of common stock ownership on their holders, but rather merely represent the right to acquire common stock at a fixed price.

#### Risks Related to our Series A Preferred Stock
***The Series A Preferred Stock has limited trading volume and an active trading market that will provide you with adequate liquidity for our Series A Preferred Stock may not develop which may negatively affect their market value and your ability to transfer or sell your shares. In addition, the lack of a fixed redemption date for our Series A Preferred Stock will increase your reliance on the secondary market for liquidity purposes.***

There was no public market for our Series A Preferred Stock prior to the completion of the 2021 Spin-Off in December 2021, and immediately after the 2021 Spin-Off approximately 21.6% of our Series A Preferred Stock were held by one stockholder and an aggregate of 73.1% of our Series A Preferred Stock were held by seven separate stockholders that are not affiliated with one another, which concentration of ownership could make it less likely that an active and liquid trading market for our Series A Preferred Stock will develop on Nasdaq. In addition, since the securities have no stated maturity date, investors seeking liquidity will be limited to selling their shares in the secondary market absent redemption by us. There has been limited trading volume in the Series A Preferred Stock on Nasdaq historically, and we cannot predict the extent to which investor interest will lead to the development of an active and liquid trading market on Nasdaq for our Series A Preferred Stock or, if such market develops, whether it will be maintained. The lack of an active trading market on Nasdaq and low trading volume for our Series A Preferred Stock, may make it more difficult for you to sell our Series A Preferred Stock and could lead to our share price becoming depressed or volatile. If an active and liquid trading market does not develop, relatively small sales of our Series A Preferred Stock could have a significant negative impact on the price of our Series A Preferred Stock.

#### The Series A Preferred Stock represents perpetual equity interests.
The Series A Preferred Stock represents perpetual equity interests in us and, unlike any future indebtedness, will not give rise to a claim for payment of a principal amount at a particular date. As a result, holders of the Series A Preferred Stock may be required to bear the financial risks of an investment in the Series A Preferred Stock for an indefinite period of time. In addition, the Series A Preferred Stock ranks junior to any potential indebtedness and other liabilities, and to any other senior securities we may issue in the future with respect to assets available to satisfy claims against us.

***The shares of our Series A Preferred Stock are subordinated to any potential future debt, and your interests could be diluted by the issuance of additional preferred shares and by other transactions.***

Our Series A Preferred Stock are subordinate to any future indebtedness. As of December 31, 2025 and the date of this report, we did not have any outstanding indebtedness, however, we may incur debt as we expand our fleet or finance existing vessels of our fleet. Any future agreements for indebtedness will restrict our ability to

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pay dividends on or redeem preferred shares if an event of default has occurred or is continuing, and may impose similar or greater restrictions on our ability to pay dividends or redeem our preferred shares. Our articles of incorporation authorize the issuance of up to 200,000,000 preferred shares in one or more classes or series. The issuance of additional preferred shares on a parity with or senior to our Series A Preferred Stock would dilute the interests of the holders of our Series A Preferred Stock, and any issuance of preferred shares senior to our Series A Preferred Stock or of additional indebtedness could affect our ability to pay dividends on, redeem or pay the liquidation preference on our Series A Preferred Stock.

***The amount of the liquidation preference applicable to the Series A Preferred Stock is fixed and you have no right to receive any greater payment.***

The payment due upon liquidation is fixed at the liquidation preference of $25.00 per Series A Preferred Share, plus an amount equal to all accumulated and unpaid dividends thereon to the date of liquidation, whether or not declared. If, in the case of our liquidation, there are remaining assets to be distributed after payment of this amount, you have no right to receive or to participate in these amounts. In addition, if the market price of your Series A Preferred Stock is greater than the liquidation preference, you have no right to receive the market price from us upon our liquidation.

***The terms of the Series A Preferred Stock do not restrict our ability to engage in certain transactions, including spin-offs, transfers of assets or the formation of a master limited partnership, joint venture or other entity that may involve issuance of interests to third-parties in a substantial portion of our assets.***

Although the Statement of Designation with respect to the Series A Preferred Stock contains restrictions on our ability to dilute the value of your investment in the Series A Preferred Stock by issuing additional preferred shares ranking senior to the Series A Preferred Stock, we may engage in other transactions that will result in a transfer of value to third parties. We may elect to sell one or more of our vessels or vessel-owning subsidiaries, conduct a spin-off of such vessels or subsidiaries, or contribute such vessels or vessel-owning subsidiaries to a joint venture, master limited partnership or other entity on terms with which you do not agree or that are not in the best interests of the holders of Series A Preferred Stock. Any such transfer may reduce our asset base and our rights to cash flows related to the transferred assets. If we contribute assets to a joint venture or master limited partnership, the joint venture or master limited partnership may be owned by or issue equity securities to public or private investors, thereby reducing our percentage interest in such assets and in the related cash flows.

#### Item 4. Information on the Company
A. History and Development of the Company

We are a provider of international seaborne transportation services to oil producers, refineries and commodities traders and producers, as well as industrial users of drybulk cargoes. As of April 15, 2026, we owned and operated a fleet of seven medium range ("MR") refined petroleum product tankers that carry refined petroleum products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, two suezmax tankers that carry crude oil, four handysize drybulk carriers that transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier. The total cargo carrying capacity of our twenty-one vessel fleet is approximately 1,324,000 dwt. As of April 15, 2026, we had also contracted to acquire an additional four handysize drybulk carriers and a product tanker of 190,400 dwt aggregate capacity, which will increase the capacity of our fleet to 26 vessels with an aggregate capacity of 1.5 million dwt. We are managed by Stealth Maritime, a privately owned company controlled by the Vafias Group, which has been active in shipping for over 50 years and is controlled by the Vafias family, of which Harry Vafias, our Chief Executive Officer, is a member.

Imperial Petroleum Inc. was incorporated under the laws of the Republic of the Marshall Islands on May 14, 2021, by StealthGas Inc. to serve as the holding company of four subsidiaries, each owning one of the tanker

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vessels in our initial fleet, that it subsequently contributed to us in connection with the 2021 Spin-Off. On December 3, 2021, StealthGas distributed all of our outstanding common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock to its stockholders, which completed our separation from StealthGas. Upon consummation of the 2021 Spin-Off, the Company and StealthGas became independent publicly traded companies with separate boards of directors and management, although some of the directors and officers of the Company hold similar positions at StealthGas. Our common stock currently trades on the Nasdaq Capital Market under the symbol "IMPP" and our Series A Preferred Stock currently trades on the Nasdaq Capital Market under the symbol "IMPPP."

We agreed to acquire four tankers and two drybulk carriers in 2022, two drybulk carriers and two tankers in 2023, eight drybulk and one tanker in 2024 and six drybulk and one tanker in 2025 of which two drybulk carriers were delivered in January 2026 and April 2026 and the remaining four drybulk carriers and one tanker are scheduled to be delivered up until the end of the third quarter of 2026. We also sold an Aframax tanker in each of 2023 and 2024.

In addition, on June 21, 2023, we completed the spin-off (the "Spin-off") of our previously wholly-owned subsidiary, C3is Inc., the holding company for two drybulk carriers, the *Eco Angelbay* and the *Eco Bushfire*, with an aggregate capacity of 64,000 dwt. Imperial Petroleum stockholders and warrantholders received one C3is common share for every eight shares of Imperial Petroleum's common stock owned, or in the case of holders of Imperial Petroleum's outstanding Warrants that they have the right to purchase pursuant to Warrants owned, at the close of business on June 13, 2023. We retain an interest in C3is Inc. through our ownership of Series A Convertible Preferred Stock of C3is Inc., with an aggregate liquidation preference of $15,000,000, which is currently convertible into common stock of C3is Inc., at a conversion price of $1.5131 per share (prior to adjustment for the C3is Inc. reverse stock split effected April 27, 2026).

Our principal executive offices are located at 331 Kifissias Avenue, Kifissia 14561 Athens, Greece. Our telephone number from the United States is 011 30 210 625 0001. Our website address is www.imperialpetro.com. The information contained on or linked to from our website is not incorporated herein by reference.

Our company operates through a number of subsidiaries which directly own the vessels in our fleet. A list of our subsidiaries, including their respective jurisdiction of incorporation, as of April 15, 2026, all of which are wholly-owned by us is set forth in Exhibit 8 to this Annual Report on Form 20-F.

B. Business Overview

As of April 15, 2026, our fleet consists of (1) seven MR refined petroleum product tankers that carry refined petroleum products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, (2) two suezmax tankers that carry crude oil, and (3) four handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and one post panamax drybulk carrier which transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. As of April 15, 2026, we also had contracts to acquire an additional four drybulk carriers and one product tanker. Upon delivery of these contracted vessels, the total cargo carrying capacity of our combined 26-vessel fleet will be approximately 1.5 million dwt. Please see information in the section "Our Fleet", below. During 2023, 2024 and 2025, our fleet had a fleet operational utilization of 75.1%, 78.3% and 87.5%, respectively, and we generated voyage revenues of $183.7 million, $147.5 million and $161.0 million, respectively.

Our business strategy is focused on carefully selecting the timing and the structure of our investments in vessels and by reliably, safely and competitively operating the vessels we own, through our affiliate, Stealth Maritime.

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#### Our Fleet
As of April 15, 2026, the profile and deployment of our fleet is the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Year<br>Built** | **Country<br>Built** | **Vessel Size<br>(dwt)** | **Vessel<br>Type** | **Employment<br>Status** | **Expiration of<br>Charter(1)** |
|  ***Tankers*** |  |  |  |  |  |  |
|  Magic Wand | 2008 | Korea | 47000 | MR product tanker | Spot |  |
|  Clean Thrasher | 2008 | Korea | 47000 | MR product tanker | Time Charter | April 2026 |
|  Clean Sanctuary (ex. Falcon Maryam) | 2009 | Korea | 46000 | MR product tanker | Spot |  |
|  Aquadisiac | 2008 | Korea | 51000 | MR product tanker | Spot |  |
|  Clean Nirvana | 2008 | Korea | 50000 | MR product tanker | Spot |  |
|  Clean Justice | 2011 | Japan | 46000 | MR product tanker | Time Charter | September 2027 |
|  Clean Imperial | 2009 | Korea | 40000 | MR product tanker | Spot |  |
|  Suez Enchanted | 2007 | Korea | 160000 | Suezmax tanker | Spot |  |
|  Suez Protopia(2) | 2008 | Korea | 160000 | Suezmax tanker | Spot |  |
|  ***Drybulk Carriers*** |  |  |  |  |  |  |
|  Eco Wildfire | 2013 | Japan | 33000 | Handysize drybulk | Time Charter | May 2026 |
|  Glorieuse | 2012 | Japan | 38000 | Handysize drybulk | Spot |  |
|  Neptulus | 2012 | Japan | 33000 | Handysize drybulk | Time Charter | May 2026 |
|  Eco Crossfire | 2012 | Japan | 33000 | Handysize drybulk | Spot |  |
|  Supra Pasha | 2012 | Japan | 56000 | Supramax drybulk | Time Charter | May 2026 |
|  Supra Monarch | 2011 | Japan | 56000 | Supramax drybulk | Time Charter | May 2026 |
|  Supra Baron | 2009 | Japan | 56000 | Supramax drybulk | Time Charter | April 2026 |
|  Supra Sovereign | 2012 | Japan | 56000 | Supramax drybulk | Time Charter | May 2026 |
|  Supra Duke | 2011 | Japan | 56000 | Supramax drybulk | Time Charter | April 2026 |
|  Eco Sikousis | 2008 | Japan | 82000 | Kamsarmax drybulk | Time Charter | May 2026 |
|  Eco Czar | 2009 | Japan | 82000 | Kamsarmax drybulk | Time Charter | July 2026 |
|  Post Marvel | 2013 | Japan | 96000 | Post Panamax<br>Drybulk | Time Charter | April 2026 |
|  **Fleet Total (3)** |  |  | **1,324,000 dwt** |  |  |  |

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(1) Earliest date charters could expire.

(2) As of date of this report, this vessel is off hire, due to hull damage that is expected to be covered by insurance, for a period that is expected to total 30-50 days.

(3) We have agreements to acquire an additional four handysize drybulk carriers of 140,400 dwt aggregate capacity and a product tanker of 50,000 dwt capacity, with deliveries scheduled in 2026.

We intend to take advantage of the cyclical nature of the market by buying and selling ships when we believe favorable opportunities exist. We will deploy our fleet on a mix of period charters, including time charters which can last up to twelve years, and spot market charters, which generally last from one to six months, according to our assessment of market conditions.

#### Commercial and Technical Management of Our Fleet
We have entered into a management agreement with Stealth Maritime, pursuant to which Stealth Maritime provides us with technical, administrative, commercial and certain other services. Stealth Maritime is a leading ship-management company based in Greece, established in 1999 in order to provide shipping companies with a range of services. Our manager's safety management system is ISM certified in compliance with IMO's regulations by Lloyd's Register. In relation to the technical services, Stealth Maritime is responsible for arranging for the crewing of the vessels, the day to day operations, inspections and vetting, maintenance, repairs, drydocking and insurance. Administrative functions include, but are not limited to accounting, back-office,

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reporting, legal and secretarial services. In addition, Stealth Maritime provides services for the chartering of our vessels and monitoring thereof, freight collection, and sale and purchase. For our drybulk vessels, Stealth Maritime subcontracts these services to its affiliate Brave Maritime.

Under our management agreement with Stealth Maritime, which we entered into in conjunction with the 2021 Spin-Off, we pay Stealth Maritime a fixed management fee of $440 per vessel operating under a voyage or time charter per day on a monthly basis in advance, pro-rated for the calendar days we own the vessels. We pay a fixed fee of $125 per vessel per day for each of our vessels operating on bareboat charter. We are also obligated to pay Stealth Maritime a fee equal to 1.25% of the gross freight, demurrage and charter hire collected from the employment of our vessels. Stealth Maritime will also earn a fee equal to 1.0% of the contract price of any vessel bought or sold by them on our behalf.

The term of our management agreement with Stealth Maritime will expire on December 31, 2026. Unless six months' notice of non-renewal is given by either party prior to the end of the then current term, this agreement will automatically extend for additional 12-month periods.

For additional information about the management agreement, including the calculation of management fees and termination provisions, see "Item. 7. Major Stockholders and Related Party Transactions—B. Related Party Transactions—Management and Other Fees."

#### Crewing and Employees
Stealth Maritime ensures that all seamen have the qualifications and licenses required to comply with international regulations and shipping conventions, and that our vessels employ experienced and competent personnel. Hellenic Manning Overseas Inc (HMO), formerly known as Navis Maritime Services Inc., based in Manila, is responsible for providing the crewing of our fleet, under Stealth Maritime's technical management. These responsibilities include training, compensation, transportation and additional insurance of the crew.

#### Chartering of the Fleet
We, through Stealth Maritime, manage the employment of our fleet. We deploy our tankers and drybulk carriers on period charters, including time charters that can last up to several years, and spot market charters along with short-term time charters, which generally last from one to twelve months, subject to market conditions. Time charters are for a fixed period of time but could also occasionally include optional periods giving charterers the right to extend the charter. A voyage charter is generally a contract to carry a specific cargo from a loading port to a discharging port for an agreed-upon total charge. Under voyage charters we pay for voyage expenses such as port, canal and fuel costs. Under a time charter the charterer pays for voyage expenses.

Vessels operating in the spot market generate revenues that are less predictable but may enable us to capture increased profit margins during periods of improvements in tanker charter rates, although we are then exposed to the risk of declining tanker charter rates. Typically, spot market charters can last from a few days up to two months. If we commit vessels to period charters, future spot market rates may be higher or lower than those rates at which we have period chartered our vessels.

In formulating our chartering strategy, we evaluate past, present and future performance of the freight markets and balance the mix of our chartering arrangements in order to achieve optimal results for the fleet.

Our vessels trade globally. Some of the areas where we usually operate are the Middle East-Far East range, the Mediterranean, North West Europe range, Africa, USA and Latin America. As freight rates usually vary between these areas as well as voyage and operating expenses, we evaluate such parameters when positioning our vessels for new employment.

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#### Customers
Our assessment of a charterer's financial condition and reliability is an important factor in negotiating employment for our vessels. Principal charterers for our tankers include national, major and other independent energy companies and energy traders, and industrial users of those products. Principal charterers for our drybulk carriers include drybulk charterers, including major national and private industrial users, commodity producers and traders. For the years ended December 31, 2023, 2024 and 2025, we had one, two and two customers which accounted for 21%, 21% and 31%, respectively, of our total revenues. In addition, any vessels under bareboat charter may be sub-chartered to third parties.

The average age of our tankers is above the average age of the global tanker fleet and the average age of our drybulk carriers is slightly higher than the average age of the global drybulk carrier fleet, and as our vessels age we may have difficulty competing with younger, more technologically advanced tankers for charters from oil majors and other top-tier charterers and more technologically advanced drybulk carriers for charters from major industrial users, commodity producers and traders and other top-tier charterers. In these circumstances, we may also be forced to charter our vessels to less creditworthy charterers, either because the oil majors, industrial users and commodity producers and traders and other top tier charters will not charter older and less technologically advanced vessels or will only charter such vessels at lower contracted charter rates than we are able to obtain from other charterers.

#### Dry-BMS (RightShip Standards)
This program is designed to allow ship managers to measure their Safety Management System (SMS) against agreed industry standards, with the aim of improving fleet performance and risk management. This will ensure that policies align with the industry's best practice to both advance our vessels' performance and attain high standards of health, safety, security and pollution prevention. The draft guidelines focus on 30 areas of management practice across the four most serious risk areas faced in vessel operations: performance, people, plant and process. This grades the excellence of a company's SMS against measurable expectations and targets without involving the burdens of excessive inspections. This standard is not meant to replace any pre-existing system or rule but rather to enhance their existing application and raise the levels of excellence achieved. The minimum benefits of this venture would (a) cover all relevant ship management issues in one document, (b) be relevant to the entire dry bulk shipping industry worldwide, (c) complement other statutory requirements and industry guidance and (d) be frequently evaluated to drive continuous improvement across the management companies on an international level.

#### Environmental and other Regulations
Government regulations significantly affect the ownership and operation of our vessels. They are subject to international conventions and national, state and local laws and regulations in force in the countries in which they may operate or are registered.

A variety of governmental and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (United States Coast Guard (the "USCG"), harbor master or equivalent), classification societies, flag state administration (country of registry), charterers and particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and financial assurances for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of operation of one or more of our vessels.

We believe that the heightened level of environmental and quality concerns among insurance underwriters, regulators and charterers is leading to greater inspection and safety requirements on all vessels and may accelerate the scrapping of older vessels throughout the industry. Increasing environmental concerns have created

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a demand for vessels that conform to the stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations. However, because such laws and regulations are frequently changed and may impose increasingly stricter requirements, any future requirements may limit our ability to do business, increase our operating costs, force the early retirement of one or more of our vessels, and/or affect their resale value, all of which could have a material adverse effect on our financial condition and results of operations.

#### Environmental Regulations—International Maritime Organization (the "IMO")
The IMO, the United Nations agency for maritime safety and the prevention of pollution by ships, has negotiated international conventions relating to pollution by ships. In 1973, the IMO adopted the MARPOL, which has been periodically updated with relevant amendments. MARPOL addresses pollution from ships by oil, noxious liquid substances carried in bulk, harmful substances carried by sea in packaged form, sewage, garbage, and air emissions. For example, MARPOL Annex III regulates the transportation of marine pollutants, and imposes standards on packing, marking, labeling, documentation, stowage, quantity limitations and pollution prevention. Our vessels are subject to standards imposed by the IMO.

In September 1997, the IMO adopted MARPOL Annex VI to address air pollution from ships. Effective in May 2005, Annex VI set limits on SOx and nitrogen oxide ("NOx") emissions from ship exhausts and prohibited deliberate emissions of ozone depleting substances, such as chlorofluorocarbons. Annex VI also included a global cap on the sulfur content of fuel oil and allowed for special areas to be established with more stringent controls on emissions. Options for complying with the requirements of Annex VI include use of low sulfur fuels, modifications to vessel engines, or the addition of post combustion emission controls. Annex VI has been ratified by some, but not all IMO member states. Vessels that are subject to Annex VI must obtain an International Air Pollution Prevention Certificate evidencing compliance with Annex VI. We have obtained International Air Pollution Prevention Certificates for all of our vessels and believe they are compliant in all material respects with current Annex VI requirements.

Amendments to Annex VI, effective July 2010, set progressively stricter regulations to control SOx and NOx emissions from ships, which present both environmental and health risks. The amendments required a progressive reduction of sulfur levels in bunker fuels to be phased in by 2020 and imposed more stringent NOx emission standards on marine diesel engines, depending on their date of installation. The Annex VI amendments have also established tiers of stringent NOx emissions standards for new marine engines, depending on their dates of installation. The United States ratified the amendments, and all vessels subject to Annex VI must comply with the amended requirements when entering U.S. ports or operating in U.S. waters.

Since January 1, 2020, the amended Annex VI required that fuel oil contain no more than 0.50% sulfur. It is up to individual parties to MARPOL to enforce fines and sanctions, and several major port state regimes have announced plans to do so. We may incur costs to comply with the amended Annex VI requirements.

In November 2022, amendments to MARPOL Annex VI adopted by the IMO came into effect. These amendments require ships to improve their energy efficiency with a view to reducing their greenhouse gas emissions, with a particular focus on carbon emissions, both through changes in technical specifications as well as in modifications in vessels' operational parameters. The USCG is working to implement the amended provisions of MARPOL Annex VI, chiefly through proposed rule 1625-AC78, which remains at the proposed rule stage since its original publication in October of 2022. The amended MARPOL provisions and the rules proposed by the USCG to implement them, in addition to any other new or more stringent air emission regulations which may be adopted, could require significant capital expenditures to retrofit vessels and could otherwise increase our investment and operating costs. As of April 15, 2026, all of our 26 vessels, including those we have agreements to acquire, have ballast water treatment systems installed. In 2026, from the whole of

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our fleet, including those vessels we have agreements to acquire, we will be drydocking fourteen vessels, six tankers and eight drybulk carriers.

More stringent emission standards apply in coastal areas designated by the IMO as SOx Emission Control Areas ("ECAs"). For SOx, current ECAs in which a 0.1% cap on the sulfur content of fuel is enforced include: (i) the North American ECA, which includes the area extending 200 nautical miles from the Atlantic/Gulf and Pacific Coasts of the United States and Canada, the Hawaiian Islands, and the French territories of St. Pierre and Miquelon; (ii) the US Caribbean ECA, including Puerto Rico and the US Virgin Islands; (iii) the Baltic Sea ECA; and (iv) the North Sea ECA. Similar restrictions on the sulfur content of fuel apply in Icelandic and inland Chinese waters. Similar restrictions apply in Icelandic and inland Chinese waters. Specifically, as of January 1, 2019, China expanded the scope of its Domestic ECAs to include all coastal waters within 12 nautical miles of the mainland. Vessels operating within an ECA or an area with equivalent standards must use fuel with a sulfur content that does not exceed 0.10%.

Additionally, two new NOx ECAs, the Baltic Sea and the North Sea, will be enforced for ships constructed (keel laying) on or after January 1, 2021, or existing ships which replace an engine with "non-identical" engines, or install an "additional" engine. Other ECAs may be designated, and the jurisdictions in which our vessels operate may adopt more stringent emission standards independent of IMO. Effective from January 1, 2022, all vessels entering Korean ports are prohibited from consuming marine fuel with sulfur content exceeding 0.5% cap and are prohibited from consuming marine fuel with sulfur content exceeding 0.1% cap in the SOx ECAs. For NOx, current ECAs in which certain requirements exist regarding the engines used by vessels and the attendant NOx emissions, include (i) the North American ECA, and (ii) the US Caribbean ECA. Additionally, two new NOx ECAs, the Baltic Sea and the North Sea, are being enforced for ships constructed (keel laying) on or after January 1, 2021, or existing ships which replace an engine with "non-identical" engines, or install an "additional" engine. We may incur costs to install control equipment on our engines in order to comply with these requirements. In December 2021, the member states of the Convention for the Protection of the Mediterranean Sea Against Pollution agreed to support the designation of a new ECA in the Mediterranean. The Mediterranean Sea ECA for SOx and Particulate Matter was approved at MEPC 78 and was formally designated during MEPC 79 in December 2022. MEPC 79 designated the Mediterranean Sea as an ECA for SOx and particulate matter, under MARPOL Annex VI. The amendment is expected to enter into force on May 1, 2024, with the new limit taking effect on May 1, 2025.

Other ECAs may be designated, and the jurisdictions in which our vessels operate may adopt more stringent emission standards independent of IMO.

Many countries have ratified and follow the liability plan adopted by the IMO and set out in the International Convention on Civil Liability for Oil Pollution Damage of 1969 (the "CLC") (the United States, with its separate OPA regime described below, is not a party to the CLC). This convention generally applies to vessels that carry oil in bulk as cargo. Under this convention and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, the registered owner of a regulated vessel is strictly liable for pollution damage in the territorial waters or exclusive economic zone of a contracting state caused by the discharge of any oil from the ship, subject to certain defenses. Under an amendment to the 1992 Protocol that became effective on November 1, 2003, for vessels of 5,000 to 140,000 gross tons, liability per incident is limited to 4.51 million Special Drawing Rights ("SDR") plus 631 SDR for each additional gross ton over 5,000. For a vessel over 140,000 gross tons, liability is limited to 89.77 million SDR. SDR is an International Monetary Fund unit pegged to a basket of currencies. The right to limit liability under the CLC is forfeited where the spill is caused by the owner's actual fault and, under the 1992 Protocol, where the spill is caused by the owner's intentional or reckless conduct. Vessels trading in states that are parties to the CLC must provide evidence of insurance covering the liability of the owner. In jurisdictions where the CLC has not been adopted, various legislative schemes or common law regimes govern, and liability is imposed either on the basis of fault or in a manner similar to that convention. We believe that our protection and indemnity insurance will cover any liability under the CLC.

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In 2001, the IMO adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the "Bunker Convention"), which imposes strict liability on ship owners for pollution damage caused by discharges of bunker oil in jurisdictional waters of ratifying states. The Bunker Convention also requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the Convention on Limitation of Liability for Maritime Claims of 1976, as amended). Because the Bunker Convention does not apply to pollution damage governed by the CLC, it applies only to discharges from any of our vessels that are not transporting oil. The Bunker Convention entered into force on November 21, 2008. Liability limits under the Bunker Convention were increased as of June 2015. In jurisdictions where the Bunker Convention has not been adopted, such as the United States, liability for spills or releases of oil from ship's bunkers may be strictly imposed or fault-based.

In April 2025, during its 83<sup>rd</sup> session (MEPC 83), the International Maritime Organization (IMO) approved draft amendments to MARPOL Annex VI establishing the IMO Net-Zero Framework, a landmark package requiring a global fuel standard and a greenhouse-gas pricing mechanism for ships over 5,000 GT (covering ~85% of international shipping emissions), based on a global fuel standard requiring ships to reduce their annual greenhouse gas fuel intensity (GFI) using a "Base Target" and a "Direct Compliance Target" at which ships would be eligible to earn "surplus units", and requiring ships emitting above GFI thresholds to acquire remedial units to balance their deficit emissions. In October 2025, during the MEPC's second extraordinary session (MEPC/ES.2, 14-17 Oct), IMO delegates voted to adjourn the formal adoption of the framework delaying it by one year due to lack of consensus postponing its final adoption until October 2026. As a result, the entry-into-force date has been pushed back. The earliest realistic implementation is now projected for March 2028, provided adoption occurs in October 2026 and is ratified according to IMO legislative timelines.

Our vessels may also become subject to the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea adopted in 1996 as amended by the Protocol to the HNS Convention, adopted in April 2010 (2010 HNS Protocol) (collectively, the "2010 HNS Convention"), if it enters into force. The 2010 HNS Convention creates a regime of liability and compensation for damage from hazardous and noxious substances ("HNS"). The 2010 HNS Convention sets up a two-tier system of compensation composed of compulsory insurance taken out by ship owners and an HNS Fund that will come into play when the insurance is insufficient to satisfy a claim or does not cover the incident. Under the 2010 HNS Convention, if damage is caused by bulk HNS, claims for compensation will first be sought from the ship owner up to a maximum of 100 million SDR. If the damage is caused by packaged HNS or by both bulk and packaged HNS, the maximum liability is 115 million SDR. Once the limit is reached, compensation will be paid from the HNS Fund up to a maximum of 250 million SDR. The 2010 HNS Convention has not been ratified by a sufficient number of countries to enter into force, and at this time we cannot estimate with any certainty the costs of compliance with its requirements should it enter into force.

The IMO adopted International Convention for the Control and Management of Ships' Ballast Water and Sediments (the "BWM Convention") in February 2004. The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits. The BWM Convention took effect on September 8, 2017. Many of the implementation dates originally contained in the BWM Convention had already passed prior to its effectiveness, so that the period for installation of mandatory ballast water exchange requirements would be very short, with several thousand ships per year needing to install the systems. Consequently, the IMO Assembly passed a resolution in December 2013 revising the dates for implementation of the ballast water management requirements so that they are triggered by the entry into force date. In effect, this makes all vessels constructed before September 8, 2017 "existing" vessels, allowing for the installation of ballast water management systems on such vessels at the first renewal International Oil Pollution Prevention ("IOPP") survey following entry into force of the BWM Convention. In July 2017, the implementation scheme was further changed to require vessels with IOPP certificates expiring between September 8, 2017 and September 8, 2019 to comply at their second IOPP renewal. All ships must have installed a ballast water treatment system by September 8, 2024. Each vessel

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in our current fleet has been issued or will be issued a ballast water management plan Statement of Compliance by the classification society with respect to the applicable IMO regulations and guidelines. The cost of compliance could increase for our vessels as a result of these requirements, although it is difficult to predict the overall impact of such a requirement on our operations.

The operation of our vessels is also affected by the requirements set forth in the ISM Code of the IMO. The ISM Code requires ship owners and bareboat charterers to develop and maintain an extensive Safety Management System ("SMS") that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies.

Vessel operators must obtain a "Safety Management Certificate" from the government of the vessel's flag state to verify that it is being operated in compliance with its approved SMS. The failure of a ship owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, decrease available insurance coverage for the affected vessels and result in a denial of access to, or detention in, certain ports. Currently, each of the vessels in our fleet is ISM code-certified. However, there can be no assurance that such certification will be maintained indefinitely. Non-compliance with the ISM Code may subject such party to increased liability, invalidate existing insurance or decrease available insurance coverage for the affected vessels and result in a denial of access to, or detention in, certain ports. For example, the USCG and E.U. authorities have indicated that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and E.U. ports.

The operations of our product tankers are subject to compliance with the IMO's International Code for the Construction and Equipment of Ships carrying Dangerous Chemicals in Bulk (the "IBC Code") for chemical tankers built after July 1, 1986. The IBC Code includes ship design, construction and equipment requirements and other standards for the bulk transport of certain liquid chemicals. Amendments to the IBC Code pertaining to revised international certificates of fitness for the carriage of dangerous goods entered into force in June 2014, and additional requirements regarding stability, tank purging, venting and inerting requirements entered into force in January 2016. Further amendments to the IBC Code entered into force on

January 1, 2021 including revisions to carriage requirements for products. Moreover, on June 10, 2022, the IMO adopted additional amendments to the IBC Code to reduce flooding risks. These amendments entered into force on July 1, 2024. We may need to make certain expenditures to comply with these amendments.

#### Environmental Regulations—The United States Oil Pollution Act of 1990 and the U.S. Comprehensive Environmental Response, Compensation, and Liability Act
The United States Oil Pollution Act of 1990 ("OPA"), established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA applies to discharges of any oil from a vessel, including discharges of fuel oil (bunkers) and lubricants. OPA affects all owners and operators whose vessels trade in the United States, its territories and possessions or whose vessels operate in United States waters, which include the United States' territorial sea and its two hundred nautical mile exclusive economic zone. The United States has also enacted the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), which applies to the discharge of hazardous substances other than oil, whether on land or at sea. OPA and CERCLA both define "owner and operator" in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Accordingly, both OPA and CERCLA impact our operations.

Under OPA, vessel owners, operators and bareboat charterers are "responsible parties" and are jointly, severally and strictly liable (unless the discharge of pollutants results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of pollutants from their vessels. OPA broadly defines these other damages to include:

• natural resources damage and the costs of assessment thereof;

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• real and personal property damage;

• net loss of taxes, royalties, rents, fees and other lost revenues;

• lost profits or impairment of earning capacity due to property or natural resources damage; and

• net cost of public services necessitated by a spill response, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.

In December 2015, the USCG adjusted the limits of liability of responsible parties under the OPA and established a procedure to further adjust these limits every three years. Effective November 12, 2019, the OPA liability is limited to the greater of $1,200 per gross ton or $997,100 for non tank vessels, subject to adjustment by the USCG for inflation every three years. On December 23, 2022, the USCG again adjusted those limits to the greater of $1,300 per gross ton or $1,076,000 per non-tank vessel. Effective March 23, 2023, the current limits of OPA liability for double-hulled tank vessels larger than 3,000 gross tons are the greater of $2,500 per gross ton or $21,521,000, subject to adjustment for inflation by the USCG every three years. These limits of liability do not apply if an incident was directly caused by violation of applicable United States federal safety, construction or operating regulations or by a responsible party's gross negligence or willful misconduct, or if the responsible party fails or refuses to report the incident or to cooperate and assist in connection with oil removal activities.

OPA requires owners and operators of vessels over 300 gross tons to establish and maintain with the USCG evidence of financial responsibility sufficient to meet their potential liabilities under the OPA. Under the USCG regulations implementing OPA, vessel owners and operators may evidence their financial responsibility by showing proof of insurance, surety bond, self-insurance, or guaranty. Under the OPA regulations, an owner or operator of a fleet of vessels is required only to demonstrate evidence of financial responsibility in an amount sufficient to cover the vessels in the fleet having the greatest maximum liability under OPA.

CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damage for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.

We currently maintain, for each of our vessels, pollution liability coverage insurance in the amount of $1 billion per vessel per incident. In addition, we carry hull and machinery and protection and indemnity insurance to cover the risks of fire and explosion. Under certain circumstances, fire and explosion could result in a catastrophic loss. While we believe that our present insurance coverage is adequate, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates. If the damages from a catastrophic spill exceeded our insurance coverage, it would have a severe effect on us and could possibly result in our insolvency.

OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject as discussed above. Under the self-insurance provisions, the ship owner or operator must have a net worth and working capital, measured in assets located in the United States against liabilities located anywhere in the world, that exceeds the applicable amount of financial responsibility. We have complied with the USCG regulations by providing a financial guaranty evidencing sufficient self-insurance.

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OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, and some states have enacted legislation providing for unlimited liability for oil spills. In some cases, states, which have enacted such legislation, have not yet issued implementing regulations defining vessels owners' responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where our vessels call.

#### Environmental Regulations—Other Environmental Initiatives
The EU has adopted legislation that: (1) requires member states to refuse access to their ports to certain sub-standard vessels, according to vessel type, flag and number of previous detentions; (2) creates an obligation on member states to inspect at least 25% of vessels using their ports annually and provides for increased surveillance of vessels posing a high risk to maritime safety or the marine environment; (3) provides the EU with greater authority and control over classification societies, including the ability to seek to suspend or revoke the authority of negligent societies; and (4) requires member states to impose criminal sanctions for certain pollution events, such as the unauthorized discharge of tank washings. It is impossible to predict what additional legislation or regulations, if any, may be promulgated by the EU or any other country or authority.

On May 15, 2009, the IMO adopted the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (the "Hong Kong Convention"). The Hong Kong Convention was ratified by 16 states, representing 40% of the world fleet, in June 2023 and will enter into force on June 26, 2025. The Hong Kong Convention requires ships over 500 gross tonnes operating in international waters to maintain an Inventory of Hazardous Materials (an "IHM"). Only warships, naval auxiliary and governmental, non-commercial vessels are exempt from the requirements of the Hong Kong Convention. The IHM has three parts:

• Part I - hazardous materials inherent in the ship's structure and fitted equipment;

• Part II - operationally generated wastes; and

• Part III - stores.

Once the Hong Kong Convention has entered into force, each new and existing ship will be required to maintain Part I of IHM.

The Paris Memorandum of Understanding on Port State Control, to which 27 nations are parties, adopted the "New Inspection Regime" ("NIR"), effective January 1, 2011. The NIR is a significant departure from the previous system, as it is a risk based targeting mechanism that will reward quality vessels with a smaller inspection burden and subject high risk ships to more in depth and frequent inspections. The NIR is designed to identify potential substandard ships and increase the effectiveness of inspections. The inspection record of a vessel, its age and type, the Voluntary IMO Member State Audit Scheme, and the performance of the flag State and recognized organizations are used to develop the risk profile of a vessel.

The European Parliament and the Council of the E.U. have adopted regulation 2015/757, European Monitoring, Reporting and Verification Regulation (the "EU-MRV") on the monitoring, reporting and verification of CO2 emissions from maritime transport. It entered into force on July 1, 2015 and monitoring began January 1, 2018. The maritime EU-MRV regulation applies to all merchant ships of 5,000 gross tons or above on voyages from, to and between ports under jurisdiction of E.U. member states. Companies operating the vessels will have to monitor the CO2 emissions released while in port and for any voyages to or from a port under the jurisdiction of an E.U. member state and to keep records on CO2 emissions on both per-voyage and annual bases. Furthermore, as of January 1, 2018, our vessels began monitoring and reporting CO2 emissions pursuant to the IMO DCS regulation. On February 4, 2019, the European Commission tabled a proposal concerning the amendment of the EU-MRV. The main objective of the proposal was to amend the EU-MRV in order to take account of the new IMO DCS for fuel oil consumption of ships that was introduced by the IMO in

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March 2018. As part of the IMO's efforts to reduce GHG emissions from ships, an initial IMO GHG strategy envisaged a reduction in carbon intensity of international shipping (a 40 % reduction of average CO2 emissions per transport work by 2030 and a 70 % reduction by 2050, compared to 2008) and a 50 % reduction in total annual GHG emissions from international shipping by 2050, compared to 2008. In 2021, the United States announced its commitment to working with the IMO to adopt a goal of achieving zero emissions from international shipping by 2050; although the current U.S. administration opposed the draft proposals approved by the IMO in 2025, which ultimately resulted in IMO delegates voting to adjourn the formal adoption of the framework delaying it by one year due to lack of consensus postponing its final adoption until October 2026.

The globally applicable IMO DCS system, currently runs in parallel with the EU-MRV, thus duplicating regulation for shipping companies whose ships sail both inside and outside the EU. The EU recently included international carbon emissions from the maritime sector in the EU emissions trading system. These monitoring and reporting processes adopted by the EU-MRV and the IMO DCS regulations is considered to be part of a market-based mechanism for a carbon tax to be adopted. On June 22, 2022, the European Union revised proposed amendments to regulation 2015/757.

On September 16, 2020, the European Parliament voted in favor of amending the EU MRV Regulation to require shipping companies to reduce on a linear basis their annual average CO2 emissions relative to transport work for all their ships by at least 40% by 2030, with penalties for non-compliance. In May 2023, EU ETS regulations were amended in order to include emissions from maritime transport activities in the EU ETS and to require the monitoring, reporting and verification of emissions of additional greenhouse gases and emissions from additional ship types. In January 2024, the EU ETS was extended to cover CO2 emissions from all large ships (of 5,000 gross tonnage and above) entering EU ports, and will apply to methane and nitrous oxide emissions beginning in 2026. Shipping companies will need to buy allowances that correspond to the emissions covered by the system.

The introduction of shipping into the EU ETS means that an additional approximately 80 to 100 million emission allowances will be put on the market. Of these, auction revenues from 20 million emission allowances will go to the Innovation Fund, a funding program that develops low-carbon technologies, to be used for shipping-specific projects. The remaining revenues will go to the EU Member States and must be used for climate-related purposes.

On March 23, 2012, the USCG adopted ballast water discharge standards under the U.S. National Invasive Species Act. The regulations, which became effective on June 21, 2012, set maximum acceptable discharge limits for living organisms and established standards for ballast water management systems, and they are consistent with the requirements under the BWM Convention described above. The requirements are being phased in based on the size of the vessel and its next dry docking date. As of the date of this report, the USCG has approved forty Ballast Water Treatment Systems. A list of approved equipment can be found on the Coast Guard Maritime Information Exchange web page. Several U.S. states, such as California, have also adopted more stringent legislation or regulations relating to the permitting and management of ballast water discharges compared to U.S. Environmental Protection Agency ("EPA") regulations.

The U.S. Clean Water Act ("CWA") prohibits the discharge of oil or hazardous substances in navigable waters and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA. Under EPA regulations we are required to obtain a CWA permit to discharge ballast water and other wastewaters incidental to the normal operation of our vessels if we operate within the three mile territorial waters or inland waters of the United States. This permit, which the EPA has designated as the Vessel General Permit for Discharges Incidental to the Normal Operation of Vessels ("VGP"), incorporates the current USCG requirements for ballast water management, as well as supplemental ballast water requirements, and includes requirements applicable to 26 specific discharge streams, such as deck runoff, bilge water and gray water. The USCG and the EPA have entered into a memorandum of understanding which provides for

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collaboration on the enforcement of the VGP requirements. As a result, the USCG includes the VGP as part of its normal Port State Control inspections. The EPA issued a VGP that became effective in December 2013. Among other things, it contained numeric ballast water discharge limits for most vessels and more stringent requirements for exhaust gas scrubbers and required the use of environmentally friendly lubricants. We have submitted NOIs (Notices Of Intent) for Discharges Incidental to the Normal Operation of a Vessel under the 2013 VGP to the U.S. EPA for all our ships trading in U.S. waters. The 2013 VGP was set to expire on December 13, 2018; however, its provisions will remain in effect until the regulations under the 2018 Vessel Incidental Discharge Act ("VIDA") are final and enforceable. VIDA, signed into law on December 4, 2018, establishes a new framework for the regulation of vessel incidental discharges under CWA Section 312(p). VIDA requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the USCG to develop implementation, compliance, and enforcement regulations within two years of the EPA's promulgation of its performance standards. All provisions of the 2013 VGP will remain in force and effect until the USCG regulations under VIDA are finalized. On October 26, 2020, the EPA published a Notice of Proposed Rulemaking – Vessel Incident Discharge National Standards of Performance in the Federal Register for public comment. The comment period closed on November 25, 2020. Compliance with the EPA and USCG ballast water management regulations could require the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements at potentially substantial cost, or may otherwise restrict our vessels from entering United States waters.

#### Climate Control Initiatives
Although the Kyoto Protocol requires adopting countries to implement national programs to reduce emissions of greenhouse gases, emissions of greenhouse gases from international shipping are not currently subject to the Kyoto Protocol. The Kyoto Protocol was extended to 2020 at the 2012 United Nations Climate Change Conference, with the hope that a new climate change treaty would be adopted by 2015 and come into effect by 2020. The Paris Agreement adopted under the United Nations Framework Convention on Climate Change in December 2015 contemplates commitments from each nation party thereto to take action to reduce greenhouse gas emissions and limit increases in global temperatures but did not include any restrictions or other measures specific to shipping emissions. However, restrictions on shipping emissions are likely to continue to be considered and a new treaty may be adopted in the future that includes restrictions on shipping emissions. International or multi-national bodies or individual countries may adopt their own climate change regulatory initiatives. The IMO's Marine Environment Protection Committee adopted two sets of mandatory requirements to address greenhouse gas emissions from shipping that entered into force in January 2013. The Energy Efficiency Design Index establishes minimum energy efficiency levels per capacity mile and applies to new vessels of 400 gross tons or greater. Currently operating vessels must develop and implement Ship Energy Efficiency Plans. By 2025, all new ships built must be 30% more energy efficient than those built in 2014, but it is likely that the IMO will increase these requirements such that new ships must be up to 50% more energy efficient than those built in 2014 by 2022. These new requirements could cause us to incur additional costs to comply. Draft MARPOL amendments released in November 2020 and adopted in June 2021 built on the EEDI and SEEMP by requiring ships to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index ("EEXI") and reduce operational carbon intensity reductions based on a new operational carbon intensity indicator, in line with the IMO strategy which aims to reduce carbon intensity of international shipping by 40% by 2030. The EEXI, which entered into force in January 2023, requires alterations to a vessel's design, machinery or arrangements to meet a certain goal of CO2 grams emitted per capacity tonne mile under certain reference conditions. This measure accounts for the vessel's engine power, fuel consumption and CO2 conversion capacity, all of which make it impossible to effect EEXI compliance by merely reducing the ship's speed or cargo load. Alongside the EEXI, a mandatory Carbon Intensity Indicator ("CII") was introduced on January 1, 2023. CII requirements are set to become particularly stringent by 2030. The USCG plans to develop and propose regulations to implement these provisions in the United States. This measure of annual efficiency is used to rate vessels based on the grams of CO2 they emit per dwt-mile, giving all cargo vessels above 5,000 GT a rating of A to E every year. The rating thresholds will become increasingly stringent towards 2030. For ships that achieve a D rating for three consecutive years or an E rating, a corrective action plan needs to be developed as

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part of the SEEMP and approved. These changes were accompanied by the introduction of the so-called "Enhanced SEEMP," a strengthened version of SEEMP that includes new mandatory content, such as a CII target implementation plan, on top of being subject to approval by appropriate authorities. These new requirements for existing ships will be reviewed by the end of 2025, with particular focus on the enforcement of the carbon intensity rating requirements. The IMO is also considering the development of market-based mechanisms for limiting greenhouse gas emissions from ships, but it is impossible to predict the likelihood of adoption of such a standard or the impact on our operations. In April 2015, the EU adopted regulations requiring the monitoring and reporting of greenhouse gas emissions from marine vessels (of over 5,000 gross tons) which went into effect in January 2018. As described above, following a July 14, 2021 European Commission proposal, the European Parliament voted to include CO2, methane (NH4) and nitrous oxide (N2O) emissions from shipping within the EU's Emissions Trading Scheme. The proposal was adopted in May 2023, and became effective January 1, 2024. The EU ETS now applies to all voyages by vessels 5,000 gross tonnage and above that start or finish within the EU. It requires vessel operators to purchase allowances that correspond to the emissions covered by the system. The scheme phased in for CO2 in 2024, and will phase in for methane and nitrous oxide in 2026.

Additional jurisdictions may adopt similar GHG emissions monitoring and reduction schemes in the future. The EPA has issued a finding that greenhouse gas emissions endanger the public health and safety and has adopted regulations under the Clean Air Act to limit emissions of greenhouse gases from certain mobile sources and proposed regulations to limit greenhouse gas emissions from large stationary sources, although the mobile source regulations do not apply to greenhouse gas emissions from vessels. Any passage of climate control initiatives by the IMO, the EU or the individual countries in which we operate that limit greenhouse gas emissions from vessels could require us to limit our operations or make significant financial expenditures that we cannot predict with certainty at this time. Passage of climate control initiatives that affect the demand for oil may also materially affect our business. Even in the absence of climate control legislation and regulations, our business may be materially affected to the extent that climate change may result in sea level changes or more intense weather events.

On June 29, 2017, the Global Industry Alliance, or (the "GIA"), was officially inaugurated. The GIA is a program, under the Global Environmental Facility-United Nations Development Program-IMO project, which supports shipping, and related industries, as they move towards a low carbon future. Organizations including, but not limited to, ship owners, operators, classification societies, and oil companies, signed to launch the GIA.

The China Maritime Safety Administration (the "China MSA") issued the Regulation on Data Collection of Energy Consumption for Ships in November 2018. This regulation is effective as of January 1, 2019 and requires ships calling on Chinese ports to report fuel consumption and transport work details directly to the China MSA. This regulation also contains additional requirements for Chinese-flagged vessels (domestic and international) and other non-Chinese-flagged international navigating vessels. In November 2022, the China MSA published an additional Regulation of Administrative Measures of Ship Energy Consumption Data and Carbon Intensity, which came into effect on December 22, 2022. This regulation was essentially enacted to implement MARPOL Annex VI to Chinese-flagged vessels, though a few of its provisions also apply to foreign ships with a gross tonnage of at least 400 entering and exiting Chinese ports. This Regulation essentially applies more stringent rules around that collection and reporting of data related to ships' energy consumption, as is already required by the 2018 regulation.

On October 23, 2023, the China MSA modified its monitoring and inspection requirements for vessels subject to intensified monitoring and inspection. Effective December 1, 2023, the requirements expand the kinds of vessels that can be included in the list and authorize provincial-level offices to enter vessels parallel to the China MSA's existing authority. The modified rules no longer distinguish between Chinese and foreign vessels. Currently, we have no vessels on the list in question, and we strongly monitor compliance with applicable rules and regulations to avoid any such entry. Nevertheless, because it is unclear how the China MSA may amend the list's entry requirements, any number of our vessels could be entered into the list regardless of our efforts. This

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would subsequently result in heightened monitoring, inspection and compliance costs, as well as associated delays in the vessels' operations.

On June 29, 2017, the Global Industry Alliance, or the GIA, was officially inaugurated. The GIA is a program, under the Global Environmental Facility-United Nations Development Program-IMO project, which supports shipping, and related industries, as they move towards a low carbon future. Organizations including, but not limited to, ship owners, operators, classification societies, and oil companies, signed to launch the GIA.

In addition, the United States is currently experiencing changes in its environmental policy, the results of which have yet to be fully determined.

Additional legislation or regulation applicable to the operation of our ships that may be implemented in the future could negatively affect our profitability.

#### Vessel Security Regulations
Since the terrorist attacks of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security. On November 25, 2002, the Maritime Transportation Security Act of 2002 "MTSA") came into effect in the United States. To implement certain portions of the MTSA, in July 2003, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States. Similarly, in December 2002, amendments to the International Convention for the Safety of Life at Sea ("SOLAS"), created a new chapter of the convention dealing specifically with maritime security. The chapter went into effect in July 2004, and imposes various detailed security obligations on vessels and port authorities, most of which are contained in the newly created International Ship and Port Facilities Security or, ISPS, Code. Among the various requirements are:

• on-board installation of automatic information systems to enhance vessel-to-vessel and vessel-to-shore communications;

• on-board installation of ship security alert systems;

• the development of vessel security plans; and

• compliance with flag state security certification requirements.

The USCG regulation's aim to align with international maritime security standards exempted non-United States vessels from MTSA vessel security measures provided such vessels have on board, by July 1, 2004, a valid International Ship Security Certificate ("ISSC") that attests to the vessel's compliance with SOLAS security requirements and the ISPS Code. We have obtained ISSCs for all of our vessels and implemented the various security measures addressed by the MTSA, SOLAS and the ISPS Codes to ensure that our vessels attain compliance with all applicable security requirements within the prescribed time periods. We do not believe these requirements will have a material financial impact on our operations.

#### IMO Cyber Security
The Maritime Safety Committee, at its 98th session in June 2017, adopted Resolution MSC.428(98)— Maritime Cyber Risk Management in Safety Management Systems. The resolution encourages administrations to ensure that cyber risks are appropriately addressed in existing safety management systems (as defined in the ISM Code) no later than the first annual verification of the company's Document of Compliance after January 1, 2021. Owners risk having ships detained if they have not included cyber security in the SMS of ships.

#### Vessel Recycling Regulations
The EU has adopted a regulation that seeks to facilitate the ratification of the IMO Recycling Convention and sets forth rules relating to vessel recycling and management of hazardous materials on vessels. In addition to

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new requirements for the recycling of vessels, the new regulation contains rules for the control and proper management of hazardous materials on vessels and prohibits or restricts the installation or use of certain hazardous materials on vessels. The new regulation applies to vessels flying the flag of an EU member state and certain of its provisions apply to vessels flying the flag of a third country calling at a port or anchorage of a member state. For example, when calling at a port or anchorage of a member state, a vessel flying the flag of a third country will be required, among other things, to have on board an inventory of hazardous materials that complies with the requirements of the new regulation and the vessel must be able to submit to the relevant authorities of that member state a copy of a statement of compliance issued by the relevant authorities of the country of the vessel's flag verifying the inventory. The new regulation took effect on non-EU-flagged vessels calling on EU ports of call beginning on December 31, 2020.

#### Classification and Inspection
All our vessels are certified as being "in class" by a classification society member of the International Association of Classification Societies such as Lloyds Register of Shipping and Bureau Veritas, Registro Italiano Navale (Rina) and American Bureau of Shipping (ABS). All new and secondhand vessels that we purchase must be certified prior to their delivery under our standard contracts and memoranda of agreement. If the vessel is not certified on the date of closing, we have no obligation to take delivery of the vessel. Most insurance underwriters make it a condition for insurance coverage that a vessel be certified as "in class" by a classification society that is a member of the International Association of Classification Societies. Every vessel's hull and machinery is "classed" by a classification society authorized by its country of registry. The classification society certifies that the vessel has been built and maintained in accordance with the rules of such classification society and complies with applicable rules and regulations of the country of registry of the vessel and the international conventions of which that country is a member. Each vessel is inspected by a surveyor of the classification society every year— an annual survey, every two to three years—an intermediate survey, and every four to five years—a special survey. Vessels also may be required, as part of the intermediate survey process, to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel and for necessary repairs related to such inspection; alternatively, such requirements may be dealt concurrently with the special survey.

In addition to the classification inspections, many of our customers, including the major oil companies, regularly inspect our vessels as a pre-condition to chartering voyages on these vessels. We believe that our well- maintained, high quality tonnage should provide us with a competitive advantage in the current environment of increasing regulations, and customer emphasis on quality of service.

All areas subject to surveys as defined by the classification society, are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere. The period between two subsequent surveys of each area must not exceed five years.

Vessels are dry docked for the special survey for inspection of the underwater parts and for repairs related to inspections. If any defects are found, the classification surveyor will issue a "recommendation" which must be rectified by the ship owner within the prescribed time limits.

#### Risk of Loss and Liability Insurance

#### General
The operation of any cargo vessel includes amongst others the handling and management of situations such as mechanical failure and/or physical damage to the ship, collision, third party property loss, cargo loss or damage, business interruption due to political circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. While we believe that our present insurance coverage is adequate, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates.

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We procure hull and machinery insurance, protection and indemnity insurance, which include environmental damage and pollution insurance coverage, war risk and other insurance coverage for our fleet with insurance carriers that also provide insurance coverage for ships owned by affiliated entities, including StealthGas and private Vafias family interests. Accordingly, if one of our ships, or other ships managed by Brave Maritime or Stealth Maritime and owned by an affiliated entity of Brave Maritime or Stealth Maritime, including StealthGas and C3is, were to incur significant costs from an accident, spill or other environmental liability or were subject to insurance fraud or other incident, our insurance premiums and costs could increase significantly or we may not be able to obtain insurance for our ships.

#### Hull and Machinery Insurance
We have in place Fleet Marine Hull and Machinery and Fleet War Risk insurance policies, providing cover for particular damage to the vessel, salvage and towage costs following a casualty as well as for vessel Actual or Constructive Total Loss, subject to a deductible of $75,000, $150,000 or $200,000 (depending on the ship) per incident.

We also maintain Increased Value insurance. Under the Increased Value insurance, in case of total loss of a vessel, we will be able to recover the sum insured under the Increased Value policy in addition to the sum insured under the Hull and Machinery policy. Increased Value insurance also covers excess liabilities which are not recoverable in full by the Hull and Machinery policies by reason of under insurance.

For each ship the sum of the values insured under the Hull & Machinery and Increased Value policies represent its fair market value.

#### Protection and Indemnity Insurance
Protection and indemnity insurance, is a form of mutual indemnity insurance, which is designed to cover third party liabilities likely to arise out of our shipping activities. It is provided by non-profit-making insurance organizations commonly known as *Protection and Indemnity Associations* or " P&I Clubs". This insurance aims to respond towards third-party liability claims and other related expenses arising amongst others from injury or death of crew, shore personnel working on board the ships during cargo operations and other third parties, loss of or damage to cargoes, claims arising from collisions with other vessels, damage to third-party properties, pollution arising from oil or other substances, salvage costs to the extent that they aim to control or mitigate the environmental effect following a casualty, Wreck removal and other discretionary costs.

Our current Protection and Indemnity insurance provides cover for Oil Pollution up to $1.0 billion per vessel per incident. The collective liability of the Association and those other associations is limited, in the case of liability seamen, to USD 3 billion per event.

The 12 P&I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. Claims pooling between the clubs is regulated by the Pooling Agreement which defines the risks that can be pooled and how losses are to be shared between the participating clubs. The Pool provides a mechanism for sharing all claims in excess of US$10 million up to, approximately US$3.1 billion.

Under the current structure, clubs' contributions to claims in the lower pool layer i.e from $10 million to $30 million are assessed on a tripartite formula which takes account of each club's contributing tonnage, premium and claims record. For claims falling in the upper pool layer from $50 million to $100 million, 7.5% is retained by the club bringing the claim and 92.5% is shared by all on a tonnage-weighted basis.

The International Group clubs arrange a common market reinsurance contract to provide reinsurance for claims which exceed the upper limit of the pool (US $100 million) up to an amount of US $3.1 billion any one claim (US $1 billion for Oil Pollution claims). It is said to be the largest single marine reinsurance contract in the market. Claims from $30 million to $100 million are reinsured from a captive, named Hydra.

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As members of Mutual P&I Associations, we may become subject to unbudgeted supplementary calls payable to the P&I Club depending on its financial year results that they are determined by 3 main parameters, i.e., their exposure from payment of claims, the income through premium and the income arising from investments. Our aim at every renewal is to conclude our P&I insurance with "A rated" P&I clubs as this, amongst other benefits, eliminates the risk of unbudgeted supplementary calls being imposed.

#### Competition
We operate in a highly competitive global market based primarily on supply and demand of vessels and cargoes.

Ownership of medium range product tankers and crude oil tankers capable of transporting crude oil and refined petroleum products, such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, is highly diversified and is divided among many independent tanker owners. Many oil companies and other oil trading companies, the principal charterers of our product tankers and crude oil tankers, also operate their own vessels and transport oil for themselves and third-party charterers in direct competition with independent owners and operators. Competition for charters, including for the transportation of oil and oil products, can be intense and depends on price as well as on the location, size, age, condition, specifications and acceptability of the vessel and its operator to the charterer and is frequently tied to having an available vessel with the appropriate approvals from oil majors. Principal factors that are important to our charterers include the quality and suitability of the vessel, its age, technical sophistication, safety record, compliance with IMO standards and the heightened industry standards that have been set by some energy companies, and the competitiveness of the bid in terms of overall price.

The drybulk sector is characterized by relatively low barriers to entry, and ownership of drybulk vessels is highly fragmented. In general, we compete with other owners of drybulk vessels for charters based upon price, customer relationships, operating expertise, professional reputation and size, age, location and condition of the vessel. We negotiate the terms of our charters (whether voyage charters, period time charters, bareboat charters or pools) based on market conditions. In the drybulk sector we currently compete primarily with other owners of drybulk vessels, many of which may have more resources than us and may operate vessels that are newer, and therefore more attractive to charterers than vessels we may operate.

#### Seasonality
Tanker markets are typically stronger in the winter months as a result of increased oil consumption in the northern hemisphere, but weaker in the summer months as a result of lower oil consumption in the northern hemisphere and refinery maintenance. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and supplies of certain commodities. As a result, our revenues may be stronger in fiscal quarters ended December 31 and March 31 and relatively weaker during the fiscal quarters ended June 30 and September 30.

Coal, iron ore and grains, which are the major bulks of the drybulk shipping industry, are somewhat seasonal in nature. The energy markets primarily affect the demand for coal, with increases during hot summer periods when air conditioning and refrigeration require more electricity and towards the end of the calendar year in anticipation of the forthcoming winter period. The demand for iron ore tends to decline in the summer months because many of the major steel users, such as automobile makers, reduce their level of production significantly during the summer holidays. Grain trades are seasonal as they are driven by the harvest within a climate zone. Because three of the five largest grain producers (the United States of America, Canada and the European Union) are located in the northern hemisphere and the other two (Argentina and Australia) are located in the southern hemisphere, harvests occur throughout the year and grains transportation requires drybulk shipping accordingly.

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#### The Tanker Industry
In broad terms, demand for oil and oil products traded by sea is primarily affected by global and regional economic conditions, as well as other factors such as changes in the location of productive capacity, and variations in regional prices. Demand for shipping capacity is a product of the physical quantity of the cargo (measured, depending on the cargo in terms of tons or cubic metrics), together with the distance the cargo is carried.

Demand cycles move broadly in line with developments in the global economy, with growth rate of demand for products slowing significantly and becoming negative in some years in the period immediately after the onset of the global economic downturn in late 2008, before recovering gradually from 2011 with general improvement in the global macro-economic environment. Low crude prices between 2015 and 2017 induced greater consumption, which led to increased seaborne trade of crude oil as well as refined products. Growth in seaborne trade slowed in 2018 because of inventory drawdown in crude as well as refined products. In 2019, the decline in seaborne trade was on account of lower refinery runs and weaker economic growth. Refineries underwent maintenance in the first half of 2019 to prepare for low sulfur fuel oil and MGO demand related with IMO 2020 regulations on the control of Sulphur emission, while refinery runs were lower in the second half of 2019 due to weaker economic growth.

The outbreak of COVID-19 severely affected the demand for crude oil and refined petroleum products in 2020 and 2021 as several major economies enforced lockdowns to contain the spread of the virus and mitigate the damage caused by the pandemic. The decline in trade was mainly led by a sharp decline in both crude oil and oil products trade following restrictions enforced by authorities in several major economies. In 2022, oil demand and trade improved significantly as Covid-19 restrictions were being eased out and longer haul routes started emerging as a result of the war in Ukraine. Specifically, in 2022, 3,369 million tons of crude oil, products and vegetable oils/chemicals were moved by sea. Of this, crude shipments constituted 1,967 million tons of cargo and products 1,032 million tons, with the balance made up of other bulk liquids, including vegetable oils, chemicals and associated products. Products trades have received a boost in the last decade as a result of developments in exploration and production activity in the

U.S. Horizontal drilling and hydraulic fracturing have triggered a shale oil revolution and rising crude oil production has also ensured the availability of cheaper feedstocks to local refineries. As a result, the U.S. has become a major net exporter of products. In 2025 U.S. global exports of crude oil were approximately 4 million barrels per day, marking a slight 3% decline from 2024 levels. In addition, in 2024 global US exports of clean products were about 6.6 million barrels per day and remained around the same levels in 2025. The U.S. is the biggest net exporter of crude oil and clean petroleum products, holding a global market share of approximately 9.5% and 13%, respectively.

In 2024 global crude oil demand hit a record of approximately 104.7 million barrels per day marking a slowdown of 1% compared to 2023. In 2025, global crude oil demand increased compared to 2024 by about 1.1 million barrels per day. Global crude oil supply in 2024 reached about 103.0 million barrels per day driven mostly by an increase in non- OPEC + production, while in 2025 global crude oil supply expanded further by about 2.7 million barrels per day.

In 2024 global demand for clean oil products reached approximately 102 million barrels per day marking a slight decline compared to previous years. In 2025 global demand for clean oil products marked an increase of about 830 thousand barrels per day. In addition, global supply for clean products marked a growth in 2024 reaching about 84.0 million barrels per day while increasing further in 2025 by about 700 thousand barrels per day.

Crude oil is transported in uncoated vessels, which range upwards in size from 55,000 dwt. Products are carried predominantly in coated ships and include commodities such as gas oil, gasoline, jet fuel, kerosene and

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naphtha (often referred to as 'clean products'), and fuel oil and vacuum gas oil (often referred to as 'dirty products'). In addition, some product tankers are also able to carry bulk liquid chemicals and edible oils and fats if they have the appropriate International Maritime Organization (IMO) certification. These vessels are classified as product/chemical tankers, and as such, they represent a swing element in supply, having the ability to move between trades depending on market conditions. Clean petroleum products are therefore carried by non-IMO product tankers and IMO certified product/chemical tankers. IMO tankers will also carry, depending on their tank coatings, a range of other products including organic and inorganic bulk liquid chemicals, vegetable oils and animal fats and special products such as molasses.

Two other important factors are likely to affect product tanker supply in the future. The first is the requirement to retrofit Ballast Water Management Systems (BWTS) to existing vessels. In February 2004, the IMO adopted the International Convention for the Control and Management of Ships' Ballast Water and Sediments. The IMO Ballast Water Management (BWM) Convention contains an environmentally protective numeric standard for the treatment of a ship's ballast water before it is discharged. This standard, detailed in Regulation 'D-2' of the BWM Convention, sets out the numbers of organisms allowed in specific volumes of treated discharge water. The IMO 'D-2' standard is also the standard that has been adopted by the U.S. Coast Guard's ballast water regulations and the U.S. EPA's Vessel General Permit. The BWM Convention also contains an implementation schedule for the installation of IMO member state type approved treatment systems in existing ships and in new vessels, requirements for the development of vessel ballast water management plans, requirements for the safe removal of sediments from ballast tanks, and guidelines for the testing and type approval of ballast water treatment technologies. In July 2017, the IMO extended the regulatory requirement of compliance to the BWM Convention from September 8, 2017 to September 8, 2019. Vessels trading internationally will have to comply with the BWM Convention upon their next special survey after that date. Expenditure of this kind has become another factor impacting the decision to scrap older vessels after BWM Convention came into force in 2019.

The second factor that is likely to impact future vessel supply is the drive to control sulfur emission from ships. Heavy fuel oil (HFO) has been the main fuel of the shipping industry for many years. It is relatively inexpensive and widely available, but it is 'dirty' from an environmental point of view. The sulfur content of HFO consumed by ships has been about 3.5% until the end of 2019. It is the reason that maritime shipping accounts for 8% of global emissions of sulfur dioxide (SO2), an important source for acid rain, as well as respiratory diseases. In some port cities, such as Hong Kong, shipping is the largest single source of SO2 emissions, as well as emissions of particulate matter (PM), which are directly tied to the sulfur content of the fuel. One estimate suggests that PM emissions from maritime shipping led to 87,000 premature deaths worldwide in 2012.

#### Vessel chartering
Product tankers and crude oil tankers are ordinarily chartered either through a voyage charter or a time charter, under a longer term contract of affreightment ("COA") or in pools. Under a voyage charter, the owner agrees to provide a vessel for the transport of cargo between specific ports in return for the payment of an agreed freight rate per ton of cargo or an agreed dollar lump sum amount. Voyage costs, such as canal and port charges and bunker expenses, are the responsibility of the owner. Under a time charter, the ship owner places the vessel at the disposal of a charterer for a given period of time in return for a specified rate (either hire per day or a specified rate per dwt capacity per month) with the voyage costs being the responsibility of the charterer. In both voyage charters and time charters, operating costs (such as repairs and maintenance, crew wages and insurance premiums), as well as drydockings and special surveys, are the responsibility of the ship owner. The duration of time charters varies, depending on the evaluation of market trends by the ship owner and by charterers. Occasionally, tankers are chartered on a bareboat basis. Under a bareboat charter, operations of the vessels and all operating costs are the responsibility of the charterer, while the owner only pays the financing costs of the vessel. A COA is another type of charter relationship where a charterer and a ship owner enter into a written agreement pursuant to which a specific cargo will be carried over a specified period of time. COAs benefit

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charterers by providing them with fixed transport costs for a commodity over an identified period of time. COAs benefit ship owners by offering ascertainable revenue over that same period of time and eliminating the uncertainty that would otherwise be caused by the volatility of the charter market. A shipping pool is a collection of similar vessel types under various ownerships, placed under the care of a single commercial manager. The manager markets the vessels as a single fleet and collects the earnings which are distributed to individual owners under a pre-arranged weighing system by which each participating vessel receives its share. Pools have the size and scope to combine voyage charters, time charters and COA with freight forward agreements for hedging purposes, to perform more efficient vessel scheduling thereby increasing fleet utilization.

#### Market cyclicality and trends
The international tanker shipping industry is cyclical and volatile, having reached historical highs in 2008 and historical lows in 2016. Charter rates improved in the first half of 2020; before declining sharply in the second half of 2020 and remaining at low levels in 2021 and early 2022, before significantly improving in the second half of 2022 and remained at high levels for the majority of 2023. In 2024, tanker charter rates increased for the first half of the year and gradually decreased in the second half of 2024. In 2025, tanker charter rates remained at firm and steady levels in the first half of 2025. Since the third quarter of 2025 tanker charter rates have increased on the back of OPEC+ output increase and higher trading activity and remained strong until the end of 2025 while increasing sharply in early 2026 as a result of the Iran- U.S.- Israel war. Tanker charter hire rates and vessel values for all tankers are influenced by the supply-demand dynamics of the tanker market. Demand for vessels depends on the international trade of oil and refined petroleum products, including the availability of crude oil. Also, in general terms, time charter rates are less volatile than spot rates as they reflect the fact that the vessel is fixed for a longer period of time. In the spot market, rates will reflect the immediate underlying conditions in vessel supply and demand, and are thus prone to more volatility.

At the same time, the supply of tankers vessels cannot be changed drastically in the short term as it takes about nine months to build a ship and, usually, there is a lag of, at least, fifteen to eighteen months between placing an order to build a vessel and its delivery. In the near term, supply is limited by the existing number of vessels and can only be adjusted by increasing or decreasing the operating speed of a vessel but various economic and operational factors could limit the range of such adjustments.

Typically, periods of high charter rates result in an increased rate of new vessel ordering, often more than what the demand levels warrant; these vessels begin to be delivered eighteen months or more later when demand growth for vessels may have slowed down thus creating oversupply and quick correction of charter rates. The cyclicality of charter rates is also reflected in vessel values.

#### The Drybulk Shipping Industry
The global drybulk vessel fleet is divided into four principal categories based on a vessel's carrying capacity. These categories are:

*Capesize.* Capesize vessels have a carrying capacity of exceeding 100,000 dwt but normally are 160,000 to 185,000 dwt. Only the largest ports around the world possess the infrastructure to accommodate vessels of this size. Capesize vessels are primarily used to transport iron ore, bauxite or coal and, to a much lesser extent, grains, primarily on long-haul routes.

*Kamsarmax*. Kamsarmax vessels have a carrying capacity of around 80,000 dwt. The standard Kamsarmax vessel measures approximately 229-230 meters in length. These dimensions are generally larger than those of a Panamax vessel allowing for greater cargo capacity. These vessels are primarily used for transportation of drybulk commodities such as coal, iron ore, grain and bauxite.

*Panamax*. Panamax vessels have a carrying capacity of around 70,000 dwt. These vessels are designed to meet the physical restrictions of the Panama Canal locks (hence their name "Panamax" — the largest vessels able

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to transit the Panama Canal prior to its 2016 expansion, making them more versatile than larger vessels). These vessels carry coal, grains, and, to a lesser extent, minerals such as bauxite/alumina and phosphate rock. Panamax vessels with a carrying capacity above 70,00 dwt and up to about 100,000 dwt are referred to as post panamax drybulk vessels.

*Handymax/Supramax*. Handymax vessels have a carrying capacity of between 40,000 and 60,000 dwt. These vessels operate on a large number of geographically dispersed global trade routes, carrying primarily grains and minor bulks. The standard vessels are usually built with 25-30 ton cargo gear, enabling them to discharge cargo where grabs are required (particularly industrial minerals), and to conduct cargo operations in countries and ports with limited infrastructure. This type of vessel offers good trading flexibility and can, therefore, be used in a wide variety of bulk and neobulk trades, such as steel products.

*Handysize*. Handysize vessels have a carrying capacity of between 28,000 and to 40,000 dwt. These vessels are almost exclusively carry minor bulk cargo. Increasingly, vessels of this type operate on regional trading routes, and may serve as trans-shipment feeders for larger vessels. Handysize vessels are well suited for small ports with length and draft restrictions. Their cargo gear enables them to service ports lacking the infrastructure for cargo loading and discharging.

The supply of drybulk vessels is dependent on the delivery of new vessels and the removal of vessels from the global fleet, either through scrapping or loss. The level of scrapping activity is generally a function of scrapping prices in relation to current and prospective charter market conditions, as well as operating, repair and survey costs.

The demand for drybulk vessel capacity is determined by the underlying demand for commodities transported in drybulk vessels, which in turn is influenced by trends in the global economy. Demand for drybulk vessel capacity is also affected by the operating efficiency of the global fleet, with port congestion, which has been a feature of the market to greater or lesser degrees since 2004, absorbing tonnage and therefore leading to a tighter balance between supply and demand. In evaluating demand factors for drybulk vessel capacity, we believe that drybulk vessels can be the most versatile element of the global shipping fleets in terms of employment alternatives.

**Drybulk Carrier Charter Hire Rates**. Charter hire rates fluctuate by varying degrees among drybulk vessel size categories. The volume and pattern of trade in a small number of commodities (major bulks) affect demand for larger vessels. Therefore, charter rates and vessel values of larger vessels often show greater volatility. Conversely, trade in a greater number of commodities (minor bulks) drives demand for smaller drybulk vessels. Accordingly, charter rates and vessel values for those vessels are subject to less volatility.

Charter hire rates paid for drybulk vessels are primarily a function of the underlying balance between vessel supply and demand, although at times other factors may play a role. Furthermore, the pattern seen in charter rates is broadly mirrored across the different charter types and the different drybulk vessel categories. However, because demand for larger drybulk vessels is affected by the volume and pattern of trade in a relatively small number of commodities, charter hire rates (and vessel values) of larger ships tend to be more volatile than those for smaller vessels.

In the time charter market, rates vary depending on the length of the charter period and vessel specific factors such as age, speed and fuel consumption.

In the voyage charter market, rates are influenced by cargo size, commodity, port dues and canal transit fees, as well as commencement and termination regions. In general, a larger cargo size is quoted at a lower rate per ton than a smaller cargo size. Routes with costly ports or canals generally command higher rates than routes with low port dues and no canals to transit. Voyages with a load port within a region that includes ports where vessels usually discharge cargo or a discharge port within a region with ports where vessels load cargo also are

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generally quoted at lower rates, because such voyages generally increase vessel utilization by reducing the unloaded portion (or ballast leg) that is included in the calculation of the return charter to a loading area.

Within the drybulk shipping industry, the charter hire rate references most likely to be monitored are the freight rate indexes issued by the Baltic Exchange. These references are based on actual charter hire rates under charters entered into by market participants as well as daily assessments provided to the Baltic Exchange by a panel of major shipbrokers.

#### Legal Proceedings
To our knowledge, there are no material legal proceedings to which we are a party or to which any of our properties are subject, other than routine litigation incidental to our business. In our opinion, the disposition of these lawsuits should not have a material impact on our consolidated results of operations, financial position and cash flows.

See Note 16 "Commitments and Contingencies" to the audited financial statements included elsewhere in this report.

#### Properties
Other than our vessels, we do not own any material property.

C. Organizational Structure

As of April 15, 2026, we were the sole owner of all the outstanding shares of the subsidiaries listed in Exhibit 8.

D. Properties

Other than our vessels we do not have any material property. For information on our fleet, see "Item 4. Information on the Company—Business Overview."

We have no freehold or material leasehold interest in any real property. We lease office space from an affiliated company of Stealth Maritime. See "Item 7. Major Stockholders and Related Party Transactions—B. Related Party Transactions—Office Space."

#### Item 4A. Unresolved Staff Comments
None.

#### Item 5. Operating and Financial Review and Prospects
*The following presentation of management's discussion and analysis of financial condition and results of operations should be read in conjunction with our consolidated financial statements, accompanying notes thereto and other financial information, appearing elsewhere in this annual report. This discussion contains forward- looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth in the section entitled "Risk Factors" and elsewhere in this report. You should also carefully read the following discussion with "Risk Factors" and "Forward-Looking Statements." The financial statements have been prepared in accordance with U.S. GAAP.* 

*We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry.* 

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#### Overview
Imperial Petroleum Inc. was incorporated under the laws of the Republic of the Marshall Islands on May 14, 2021, by StealthGas Inc. to serve as the holding company of four subsidiaries, each owning one of the tanker vessels in our initial fleet, that it subsequently contributed to us in connection with the 2021 Spin-Off. On December 3, 2021, StealthGas distributed all of our outstanding shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Shares to its stockholders, which completed our separation from StealthGas.

We are a provider of international seaborne transportation services to oil producers, refineries and commodities traders and producers, as well as industrial users of drybulk cargoes. As of April 15, 2026, we owned and operated a fleet of seven MR refined petroleum product tankers that carry refined petroleum products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, two suezmax tankers that carry crude oil, four handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk carriers, and one post panamax drybulk carrier, which transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. In addition, we have contracts to acquire an additional four handysize drybulk carriers and a product tanker. Upon delivery of these contracted vessels, the total cargo carrying capacity of our combined 26-vessel fleet will be approximately 1.5 million dwt.

We actively manage the deployment of our fleet on a mix of period charters, including time charters which can last multiple years, and spot market charters, which generally last from one to six months, according to our assessment of market conditions. Some of our vessels may participate in shipping pools, or, in some cases in contracts of affreightment, although we have not employed any of our vessels under such arrangements to date. As of April 15, 2026, two of our four handysize drybulk vessels, all five of our supramax drybulk carriers, our two kamsarmax drybulk carriers and our post panamax carrier were operating under time charters of short duration. Two of our seven product tankers were under time charter employment concluding in April 2026 and September 2027, respectively, while our two suezmax tankers, our remaining five product tankers and the remaining two handysize drybulk vessels were operating in the spot market.

On June 21, 2023, we completed the Spin-off of our previously wholly-owned subsidiary, C3is Inc., the holding company for two drybulk carriers, the *Eco Angelbay* and the *Eco Bushfire*, with an aggregate capacity of 64,000 dwt. Imperial Petroleum stockholders and warrantholders received one C3is common share for every eight shares of Imperial Petroleum's common stock owned, or in the case of holders of Imperial Petroleum's outstanding Warrants that they have the right to purchase pursuant to Warrants owned, at the close of business on June 13, 2023. We retain an interest in C3is Inc. through our ownership of Series A Convertible Preferred Stock of C3is Inc., with an aggregate liquidation preference of $15,000,000, which is currently convertible into common stock of C3is Inc., at a conversion price of $1.5131 per share (prior to adjustment for the C3is Inc. reverse stock split effected April 27, 2026).

Vessels operating on period charters, principally time charters, provide more predictable cash flows but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. Vessels operating in the spot market generate revenues that are less predictable but may enable us to achieve increased profit margins during periods of high rates in the charter market, although we are exposed to the risk of having to seek to employ our vessels at low prevailing rates in weak market conditions, which may have a materially adverse impact on our overall financial performance.

As described below under " —Results of Operations", the mix of charters our vessels are deployed on, which affects our utilization, revenues, expenses and profitability, has differed in recent periods and over time we expect will continue to vary. In the year ended December 31, 2023, the percentage of our fleet's total calendar days on which our vessels operated in the spot market was 66.4%, time charter activity was 29.0%, while we had no bareboat activity. Our fleet total operational utilization for the year ended December 31, 2023 was 75.1%. In the year ended December 31, 2024, the percentage of our fleet's total calendar days on which our vessels

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operated in the spot market was 68.6%, time charter activity was 28.7%, while we had no bareboat activity. Our fleet total operational utilization for the year ended December 31, 2024 was 78.3%. In the year ended December 31, 2025, the percentage of our fleet's total calendar days on which our vessels operated in the spot market was 33.8%, time charter activity was 65.2%, while we had no bareboat activity. Our fleet total operational utilization for the year ended December 31, 2025 was 87.5%.

Operating vessels in the spot market, can result in decreased utilization, revenues and profitability in weak charter markets, as compared to periods of stronger markets or employment on period charters entered into during more favorable market conditions. In general, with any improvement in market conditions we may seek to employ our vessels predominately in the spot market or on short term time charters to take advantage of higher charter rates, or on a higher percentage of period charters, principally time charters, if attractive rates become available.

Conditions in the crude oil and product tanker charter markets were favorable throughout the majority of 2023 and the first half of 2024. In the second half of 2024 the market slightly softened but rates remained well above historical averages. In 2025 rates for both clean and product tankers were strong particularly in the second half of the year. Drybulk charter rates, which were at high levels from late 2020 until the latter part of 2022, declined throughout most of 2023 and stabilized at moderate levels towards the end of 2023 and throughout 2024, marked a gradual improvement within 2025, while ended 2025 at strong levels compared to the prior year's performance.

In general, with any improvement in market conditions we may seek to employ our vessels predominately in the spot market or on short term time charters to take advantage of higher charter rates, or on a higher percentage of period charters, principally time charters, if attractive rates become available.

Compared to operating in the spot market both time and bareboat period charters offer (1) higher utilization rates, particularly in weaker markets, (2) lower costs, particularly for bareboat charters under which we are not responsible for voyage or operating expenses, while under time charters we are responsible for operating expenses and in the spot market we are responsible for both voyage and operating expenses, and (3) may generate higher or lower revenues and profit margins depending on market conditions in the product tanker, crude oil tanker and drybulk carrier charter markets, as applicable, with generally higher rates than spot charters in weak markets and lower rates than spot charters in stronger markets, and at what point in the charter market cycle the bareboat or time charters were entered into. We have not employed any of our vessels on bareboat charters in 2023, 2024 and 2025. See " —Basis of Presentation and General Information—Revenues" for additional information regarding the different types of charters on which we employ our vessels.

We will be evaluating vessel purchase opportunities to expand our fleet accretive to our earnings and cash flow. Additionally, we will consider selling certain of our vessels when favorable sales opportunities present themselves. If, at the time of sale, the carrying value is lower than the sales price, we will realize a gain on sale, which will increase our earnings, but if, at the time of sale, the carrying value of a vessel is more than the sales price, we will realize a loss on sale, which will negatively impact our earnings. Please see "—Critical Accounting Estimates" below, for a further discussion of the consequences of selling our vessels for amounts below their carrying values.

#### Factors Affecting Our Results of Operations
We believe that the important measures for analyzing trends in the results of our operations consist of the following:

• *Calendar days.* We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Calendar days are an indicator of the size of our fleet

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over a period and affect both the amount of revenue and the amount of expense that we record during that period. We agreed to acquire four vessels in 2023 one of which was sold to a third party, nine vessels in 2024 the majority of which were delivered to the Company in 2025 and seven vessels in 2025, two of which have already been delivered and the remaining five will be delivered up until the end of the third quarter of 2026, significantly increasing our fleet's size and calendar days. We may also elect to sell vessels in our fleet from time to time, as did with respect to an aframax tanker in each of 2023 and 2024. <br>

• *Voyage days*. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with major repairs, dry dockings or special or *intermediate* surveys. The shipping industry uses voyage days (also referred to as available days) to measure the number of days in a period during which vessels are available to generate revenues.

• *Fleet utilization; Fleet operational utilization*. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our calendar days during that period, and we calculate fleet operational utilization by dividing the number of our voyage days-excluding commercially idle days-during a *period*, by the number of our calendar days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in minimizing the amount of days that its vessels are off-hire for reasons such as scheduled repairs, vessel upgrades or drydockings and other surveys, and uses fleet operational utilization to also measure a company's efficiency in finding suitable employment for its vessels.

• *Cyclicality*. As of April 15, 2026, we had twelve vessels operating under time charter contracts and nine vessels operating in the spot market. Two out of our four handysize drybulk carriers, all five of our supramax drybulk carriers, two of our kamsarmax drybulk carriers and our post panamax carrier were under time charter employment of short term duration while two of our product tankers were also under time charter employment expiring in April 2026 and September 2027, respectively. Tanker charter market rates have been strong since the second half of 2022, after remaining at low levels for most periods of prior years. This strength in market rates has been preserved since 2022 until recently driven mainly by geopolitical events such as the Russian – Ukraine ongoing war and most recently the US- Iran and Israel war, that have altered trade patterns to longer haul voyages. Conversely, drybulk charter rates, which were at high levels from late 2020 until the latter part of 2022, declined throughout most of 2023 and stabilized at moderate levels towards the end of 2023 and throughout 2024, and marked a gradual improvement within 2025 and ended 2025 at strong levels compared to the prior year's performance. In the event of renewed weakness in the global economy, including as a result of the imposition of tariffs by the United Sates and other countries, inflation or otherwise, charter rates face significant downside risks, as a weaker global economy may lead to lower demand for the seaborne transport of refined petroleum products, crude oil or drybulk cargoes. In addition, war in the Middle East between Iran and the U.S. and Israel and the conflict in Ukraine are disrupting energy production and trade patterns, including shipping in the Black Sea, Persian Gulf and elsewhere, and its impact on energy prices and tanker rates, which initially have increased, is uncertain, particularly if it results in an economic downturn and reduced demand for oil. The easing of trade pattern disruptions due to international events, including Houthi attacks on vessels in the Red Sea and Gulf of Aden resulting in rerouting of vessels away from the Suez Canal, could also reduce resulting support for charter rates. In March 2026, the outbreak of war in the Middle East between Iran and the U.S. and Israel, including strikes by Iran on energy infrastructure in a number of other Middle Eastern countries and related disruption of shipping in the Persian Gulf and the effective closure of the Strait of Hormuz, has resulted in a sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time. The resulting volatility in the market for crude oil and petroleum products and in the tanker charter markets, could result in lower tanker charter rates and adversely affect our business. The impact of

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the tariffs recently imposed by the U.S., and by China and other countries in response, remains uncertain; however, it could result in global economic weakness and recession, which may negatively impact demand for drybulk and crude oil cargoes and in turn our vessels and the charter hire rates they are able to earn. <br>

On April 7, 2026, a two-week cease fire in the war between Iran and the U.S. and Israel was announced, which was subsequently extended. The impact of this temporary cease fire, including whether its duration will hold or be further extended, is uncertain including the extent to which it may affect conditions that have supported energy prices and high charter rates for tankers that had initially resulted after the outbreak of the war. As of the date of this annual report two of our drybulk vessels are awaiting for charterers instructions regarding transit in the area of the Strait of Hormuz.

The impact of the tariffs and other protectionist measures recently imposed by the U.S., and by China and other countries in response, remains uncertain; however, it could result in global economic weakness and recession, which may negatively impact demand for drybulk, crude oil and refined petroleum product cargoes and in turn our vessels and the charter hire rates they are able to earn.

• *Seasonality.* As of April 15, 2026, we had two handysize drybulk vessels, five supramax drybulk carriers, two kamsarmax drybulk carriers, one post panamax carrier and two product tankers under time charter employment. The remaining two handysize drybulk carriers, five product tankers and two suezmax tankers of our fleet were operating in the spot market. At the end of these charters, seeking period or spot employment may expose us to seasonal changes. For instance, the tanker markets are typically stronger in the winter months as a result of increased oil consumption in the northern hemisphere but weaker in the summer months as a result of lower oil consumption in the northern hemisphere and refinery maintenance, and drybulk markets are typically stronger in the spring months due to grain season in the Southern Hemisphere, autumn months due to coal inventories and weaker in winter months.

Our ability to control our fixed and variable expenses, including those for commission expenses, crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses also affect our financial results. Factors beyond our control, such as developments relating to market premiums for insurance and the value of the U.S. dollar compared to currencies in which certain of our expenses, primarily crew wages are denominated, can also cause our vessel operating expenses to increase. In addition, our net income is affected by any financing arrangements, including any interest rate swap arrangements, that we may enter into from time to time.

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Below please see data regarding our fleet and average daily results for the years ended December 31, 2023, 2024 and 2025, which we use in analyzing our performance.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Fleet Data** | **2023** | **2024** | **2025** |
|  Average number of vessels(1) | 10.0 | 10.39 | 16.03 |
|  Total voyage days for fleet(2) | 3481 | 3700 | 5791 |
|  Total time charter days for fleet(3) | 1058 | 1092 | 3812 |
|  Total spot market days for fleet(4) | 2423 | 2608 | 1979 |
|  Total calendar days for fleet(5) | 3650 | 3801 | 5851 |
|  Fleet utilization(6) | 95.4% | 97.3% | 99.0% |
|  Fleet operational utilization(7) | 75.1% | 78.3% | 87.5% |
| **Average Daily Results** | **(In U.S. dollars per day per vessel)** | **(In U.S. dollars per day per vessel)** | **(In U.S. dollars per day per vessel)** |
|  Adjusted average charter rate(8) | 34816 | 25799 | 19272 |
|  Vessel operating expenses(9) | 7025 | 6938 | 6447 |
|  General and administrative expenses(10) | 1352 | 1288 | 789 |
|  Management fees (11) | 440 | 440 | 440 |
|  Total daily operating expenses(12) | 8377 | 8226 | 7236 |

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(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) Our total voyage days for our fleet reflect the total days the vessels we operated were in our possession for the relevant periods, net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

(3) Total time charter days for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.

(4) Total spot market charter days for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.

(5) Total calendar days 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.

(6) 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.

(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.

(8) Average time charter equivalent daily rate is a measure of the average daily revenue performance of a vessel. We determine the average time charter equivalent daily rate by dividing voyage revenues net of voyage expenses (the "Time charter equivalent revenues") by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage and are payable by us under a spot charter (which would otherwise be paid by the charterer under a time charter contract), as well as commissions or any voyage costs incurred while the vessel is idle. Time charter equivalent revenues and average time charter equivalent daily rate are non-GAAP measures, the most directly comparable GAAP measures to voyage revenues, assisting the Company's management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. They are also standard shipping industry performance measures used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters or time charters, but not bareboat charters) under which the vessels may be employed between the periods. Our calculation of time charter equivalent revenues and average time charter equivalent daily rate may not be comparable to that reported by other companies in the shipping or other industries. Under bareboat charters, we are not responsible for either voyage expenses, unlike spot charters, or vessel operating expenses, unlike spot charters and time charters; TCE assists our investors to assess our financial performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Reconciliation of time charter equivalent revenues

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as reflected in the consolidated statements of comprehensive income and calculation of average time charter equivalent daily rate follow:

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
|  **Voyage revenues** | $183725820 | $147479980 | $161004306 |
|  **Voyage expenses** | $62530941 | $52024890 | $49400017 |
|  **Charter equivalent revenues** | $121194879 | $95455090 | $111604289 |
|  **Total voyage days for fleet** | 3481 | 3700 | 5791 |
|  **Adjusted average charter rate** | $34816 | $25799 | $19272 |

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(9) Vessel operating expenses, including related party vessel operating expenses, consist of crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

(10) Daily general and administrative expenses are calculated by dividing total general and administrative expenses by fleet calendar days for the relevant period.

(11) Management fees are based on a fixed rate management fee of $440 per day for each vessel in our fleet under spot or time charter and a fixed rate fee of $125 per day for each of the vessels operating on bareboat charter. Daily management fees are calculated by dividing total management fees by fleet calendar days for the relevant period.

(12) Total operating expenses, or "TOE", is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE by fleet calendar days for the relevant time period.

#### Basis of Presentation and General Information

#### Revenues
Our voyage revenues are driven primarily by the number and type of vessels in our fleet, the number of voyage days during which our vessels generate revenues, the mix of charters our vessels are employed on and hire that our vessels earn under charters which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in drydock undergoing repairs, maintenance and upgrade work, the age of our vessels, condition and specifications of our vessels and the levels of supply and demand in the product tanker and crude oil tanker charter markets and the drybulk carrier charter markets.

We employ our vessels under time and spot charters. Bareboat charters provide for the charterer to bear the cost of operating the vessel and as such typically market rates for bareboat charters are lower than those for time charters. We have not employed any of our vessels on bareboat charters in 2023, 2024 and 2025. Vessels operating on period charters, principally time charters, provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market during periods characterized by favorable market conditions. As a result, during the time our vessels are committed on period charters we will be unable, during periods of improving charter markets, to take advantage of improving charter rates as we could if our vessels were employed only on spot charters.

Vessels operating in the spot charter periods of high rates in the charter market, although we are exposed to the risk of having to seek to employ our vessels at low prevailing rates in weak market conditions, and may have a materially adverse impact on our overall financial performance. If we commit vessels on period charters, future spot market rates may be higher or lower than those rates at which we have time chartered our vessels.

#### Voyage Expenses
Voyage expenses include port and canal charges, bunker (fuel oil) expenses and commissions. These charges and expenses increase in periods during which vessels are employed on the spot market or in periods

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during which vessels are not employed, because during such periods, these expenses are paid by the vessel owner. Under period charters, these charges and expenses, including bunkers (fuel oil) but excluding commissions which are always paid by the vessel owner, are paid by the charterer. Commissions on hire are paid to our manager Stealth Maritime and/or third-party brokers.

Stealth Maritime receives a fixed brokerage commission of 1.25% on freight, hire and demurrage for each vessel based on our management agreement. As of April 15, 2026, we had nine vessels operating in the spot market.

#### Vessel Operating Expenses
Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Our ability to control these fixed and variable expenses, also affects our financial results. In addition, the type of charter under which our vessels are employed (time or spot charter) also affects our operating expenses because we do not pay the operating expenses of vessels that we deploy on bareboat charters. Factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market prices for insurance and regulations related to safety and environmental matters may also cause these expenses to increase.

#### Management Fees
During each of the years ended December 31, 2023, 2024 and 2025, we paid Stealth Maritime, our fleet manager, a fixed rate management fee of $440 per day for each vessel in our fleet under spot or time charter and a fixed rate fee of $125 per day for each of the vessels operating on bareboat charter. Our Manager also receives a fee equal to 1.0% calculated on the price stated in the relevant memorandum of agreement for any vessel bought or sold by them on our behalf.

#### General and Administrative Expenses
We incur general and administrative expenses that consist primarily of legal fees, audit fees, office rental fees, officers and board remuneration or reimbursement, directors' and officers' insurance, listing fees and other general and administrative expenses. Our general and administrative expenses also include our direct compensation expenses and the value of non-cash executive services provided through, and other expenses arising from, our management agreement with Stealth Maritime, our directors' compensation and the value of the lease expense for the space we rent from Stealth Maritime.

#### Inflation
Inflation has had only a moderate effect on our expenses in recent years, particularly in 2022 following the outbreak of Russian war against Ukraine and had a milder impact on our expenses in 2023, 2024 and 2025. In general, the pressure on energy prices brought upon by the Russian invasion in Ukraine has resulted in inflationary effects mainly on financing expenses, prior to the repayment of our debt in the first half of 2023, and operating expenses, as well as bunker costs for which we are responsible when our vessels operate in the spot market or are unemployed. Although these impacts were milder in 2023 than 2022 and subsided further in 2024 and in 2025, a resumption of increased inflationary pressures would increase our financing, operating voyage and administrative expenses further.

#### Depreciation and Dry docking
The carrying value of our vessels includes the original cost of the vessels plus capitalized expenses since acquisition relating to improvements and upgrading of the vessels, less accumulated depreciation and less any

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impairment. We depreciate our vessels on a straight-line basis, from the date they were originally built over their estimated useful lives, determined to be 25 years. Depreciation is based on cost less the estimated scrap value of the vessels which equals $350 per light weight ton. We expense costs associated with drydockings and special and intermediate surveys as incurred which may affect the volatility of our results. In 2023, we drydocked three MR product tankers, namely the *Clean Thrasher*, the *Magic Wand* and the *Clean Nirvana,* one Suezmax tanker, the *Suez Protopia*, and two drybulk handysize vessels, the *Glorieuse* and the *Eco Wildfire,* at a total cost of $6.6 million. In 2024, we drydocked two vessels, an aframax tanker, the *Gstaad Grace II (ex. Stealth Haralambos),* and a product tanker, the *Clean Sanctuary,* at a total cost of $1.7 million. In 2025, we drydocked one Suezmax tanker, the *Suez Enchanted*, and one Supramax Drybulk carrier, the *Supra Pasha*, at a total cost of $1.7 million. All of the aforementioned vessels that underwent drydocking, with the exception of *Eco Wildfire* and *Suez Enchanted and Supra Pasha,* were installed with ballast water treatment systems as part of their drydocking. The installation of the ballast water treatment systems is considered an improvement and the respective cost has been capitalized in the vessel cost. In 2026, from the whole of our fleet, including those vessels we have agreements to acquire, we anticipate that we will be drydocking fourteen vessels, six tankers and eight drybulk carriers.

#### Interest Expense and Finance Costs
As of December 31, 2025 and 2024, we did not have any outstanding bank debt. In the first half of 2023, we repaid $70 million of outstanding indebtedness under secured credit facilities. As of December 31, 2025, we had a financial liability of $129.5 million in total consideration relating to the purchase prices of seven contracted vessels, two of which have now been delivered to us with the remaining five expected to be delivered to us during the third quarter of 2026. The full purchase price of each vessel will become due on delivery of the vessel, with our option to pay for the vessel up to one year at the latest after the Memorandum of Agreement date, which dates fall in August 2026 for three vessels and December 2026 for four vessels.

We incurred interest expense under these credit facilities in the first half of 2023 and will incur interest expense under any new credit facilities we enter into to finance new acquisitions or existing vessels, as described in the "—Liquidity and Capital Resources" section below. We would also incur financing costs in connection with establishing those facilities, which would be deferred and amortized over the period of the facility, which we would also include in interest expense.

#### Critical Accounting Estimates
The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting estimates are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. We have described below what we believe is our most critical accounting estimate that involves a high degree of judgment. For a description of our significant accounting policies, see Note 2 to our consolidated financial statements included elsewhere herein.

*Impairment of long-lived assets:* 

We follow the Accounting Standards Codification ("ASC") Subtopic 360-10, "Property, Plant and Equipment" ("ASC 360-10"), which requires long-lived assets used in operations be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. On a quarterly basis, in case an impairment indicator exists for a vessel, we perform an analysis of

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the anticipated undiscounted future net cash flows for such vessel. If the carrying value of the related vessel exceeds the undiscounted cash flows and the fair market value of the vessel, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statement of comprehensive income.

We review certain indicators of potential impairment, such as vessel fair values, vessel sales and purchases, business plans and overall market conditions including any regulatory changes that may have a material impact on the vessel lives. The decline in the values of our vessels was considered to be an indicator of potential impairment as of December 31, 2025. We determined undiscounted projected net operating cash flows for each vessel with carrying value exceeding its fair value and compared it to the vessel's carrying value. This assessment was made at the individual vessel level since separately identifiable cash flow information for each vessel was available. In developing estimates of future cash flows to be generated over remaining useful lives of the vessels, we made assumptions about the future, such as: (1) vessel charter rates, (2) vessel utilization rates, (3) vessel operating expenses, (4) dry docking costs, (5) vessel scrap values at the end of vessels' remaining useful lives and (6) the remaining useful lives of the vessels. These assumptions were based on historical trends as well as future expectations in line with our historical performance and our expectations for future fleet utilization under our current fleet deployment strategy, vessel sales and purchases, and overall market conditions.

Projected cash flows were determined for the vessels by considering the revenues from existing charters for those vessels that have short- and long-term employment, and revenue estimates based on nine-year historical average rates (base rates) for periods for which there is no charter in place. With regards to operating expenses and the utilization rate, these were based on historical trends. Revenue estimates are highly subjective. We believe that the nine- year average historical average rates represent an appropriate estimation of the future revenue rates since they more accurately reflect the earnings capacity of our vessels and because they capture the volatility of the market as they include numerous market highs and lows. Furthermore, they are considered a fair estimate based on past experience.

The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of new-buildings.

*Sensitivity Analysis.* 

The impairment test is highly sensitive to variances in future charter rates. When we conducted the analysis of the impairment test as of December 31, 2025 we also performed a sensitivity analysis related to the future cash flow estimates. Set forth below is an analysis, as of December 31, 2025, of the percentage difference between the current average rates for our fleet compared with the base rates used in the impairment test as described above, as well as an analysis of the impact on our impairment analysis if we were to utilize the most recent five-year and three- year historical average rates, which shows the number of vessels whose carrying value would not have been recovered and the related impairment charge. Based on the below, the current rates are close to the base rates used in the impairment test.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage difference<br>between<br>our actual average<br>2025<br>rates compared<br>with the base rates** | **5-year historical<br>average rate** | **5-year historical<br>average rate** | **3-year historical<br>average rate** | **3-year historical<br>average rate** |
|  | **Percentage difference<br>between<br>our actual average<br>2025<br>rates compared<br>with the base rates** | **No. of<br>vessels** | **Amount<br>($ million)** | **No. of<br>vessels** | **Amount<br>($ million)** |
|  **Product Tankers** | 11.90% |  |  |  |  |
|  **Kamsarmax Drybulk Carriers** | (24.05)% |  |  |  |  |
|  **Supramax Drybulk Carriers** | (5.49)**%** |  |  |  |  |
|  **Handysize Drybulk Carriers** | (13**.**62)**%** |  |  |  |  |

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Although we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and

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vessel values will remain at their current levels or whether they will improve by any significant degree. Charter rates may remain at relatively low levels for some time, or decline, which could adversely affect our revenue and profitability, and future assessments of vessel impairment.

Based on the carrying value of each of our vessels held for use as of December 31, 2025 and what we believe the charter-free market values of each of these vessels was as of these dates, thirteen of our owned vessels in the water had current carrying values above their market values (2024: four). We believe that the aggregate carrying value of these vessels, assessed separately, exceeds their aggregate charter-free market value by approximately $25.8 million (2024 $7.5 million). However, we believe that with respect to each of these thirteen vessels, we will recover their carrying values at the end of their useful lives, based on their undiscounted cash flows.

#### Implications of Being an Emerging Growth Company
We had less than $1.235 billion in revenue during our last fiscal year, which means that we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act, or JOBS Act. An emerging growth company may take advantage or specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

• exemption from the auditor attestation requirement in the assessment of the emerging growth company's internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act;

• exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies; and

• exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and financial statements.

We may take advantage of these provisions until December 31, 2026. We will cease to be an emerging growth company if, among other things, we have more than $1.235 billion in "total annual gross revenues" during the most recently completed fiscal year. We may choose to take advantage of some, but not all, of these reduced burdens. For as long as we take advantage of the reduced reporting obligations, the information that we provide stockholders may be different from information provided by other public companies. We are choosing to "opt out" of the extended transition period relating to the exemption from new or revised financial accounting standards and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

#### Results of Operations

#### Year ended December 31, 2025 compared to year ended December 31, 2024
The average number of vessels in our fleet was 16.03 for the year ended December 31, 2025 and 10.39 for the year ended December 31, 2024.

REVENUES—Revenues for the year ended December 31, 2025 were $161.0 million compared to $147.5 million for the year ended December 31, 2024, an increase of $13.5 million, primarily due to the increase in the average number of vessels following the expansion of our drybulk fleet. As of the end of 2025 we had ten drybulk vessels and our total fleet was 19 vessels while at the end of 2024 we had three drybulk vessels and our total fleet was 11 vessels. As of the end of 2025, daily spot market rates were approximately $28,000 and $93,000 for standard product tankers and for standard suezmax tankers, respectively, whereas as of the end of the

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same period of 2024 were approximately $22,000 and $30,000. Total calendar days for our fleet were 5,851 for the year ended December 31, 2025 compared to 3,801 for the year ended December 31, 2024. Of the total calendar days in 2025, 3,812 or 65.2% were time charter days and 1,979 or 33.8% were spot days. This compares to 1,092 or 28.7% time charter days and 2,608 or 68.6% spot days in 2024. Our fleet operational utilization was 87.5% and 78.3% for the years ended December 31, 2025 and December 31, 2024 respectively.

VOYAGE EXPENSES—Voyage expenses were $49.4 million for the year ended December 31, 2025 compared to $52.0 million for the year ended December 31, 2024. The $2.6 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 24.1% as a result of a rise in time charter activity. Voyage expenses consisted largely of bunker costs amounting to $27.3 million for 2025, accounting for 55.2% of total voyage expenses. Voyage expenses also included port expenses of $12.9 million for the year ended December 31, 2025, corresponding to 26.1% of total voyage expenses, and commission to third parties of $2.6 million, equivalent to 5.3% of total voyage expenses for 2025. For the year ended December 31, 2024, voyage expenses included bunker charges of $35.1 million corresponding to 67.5% of total voyage expenses, port expenses of $10.7 million corresponding to 20.6% of total voyage expenses, and commission to third parties of $2.0 million corresponding to 3.8% of total voyage expenses.

VESSEL OPERATING EXPENSES—Vessel operating expenses were $37.7 million for the year ended December 31, 2025 compared to $26.4 million for the year ended December 31, 2024, an increase of $11.3 million, or 42.8%. The increase in operating expenses was primarily due to the increase in the average size of our fleet increasing by 5.6 vessels.

DRY DOCKING COSTS—Dry docking costs were $1.7 million for each of the years ended December 31, 2025 and 2024. Dry docking costs for the year ended December 31, 2025 related to the dry docking of one suezmax tanker and one supramax drybulk carrier while during the year ended December 31, 2024 two of our tanker vessels underwent drydocking.

MANAGEMENT FEES—Management fees were $2.6 million for the year ended December 31, 2025 compared to $1.7 million for the year ended December 31, 2024, an increase of $0.9 million or 52.9%. The increase was due to the increase in the average size of our fleet by approximately 5.6 vessels. The daily management fees per vessel did not change during these periods and remained at $440 per day for vessels under time and spot charter.

GENERAL AND ADMINISTRATIVE EXPENSES—General and administrative expenses were $4.6 million for the year ended December 31, 2025, compared to $4.9 million for the year ended December 31, 2024, a decrease of $0.3 million or 6.1%. This change is mainly attributed to the decrease in stock-based compensation costs. The remaining unrecognized stock-based compensation cost relating to the 1,703,624 restricted shares granted under our equity compensation plan in 2023, 2024 and 2025, amounting to $1,895,715 as of December 31, 2025, is expected to be recognized over the remaining period of 1.1 years, according to the contractual terms of those non-vested share awards. The aggregate cash compensation to our officers in 2025 was $0.4 million and we expect such cash compensation to be approximately $0.4 million in 2026.

DEPRECIATION—Depreciation expenses for the year ended December 31, 2025 were $25.9 million while for the year ended December 31, 2024 depreciation expenses were $17.0 million. The $8.9 million increase in depreciation expenses is due to the increase in the average size of our fleet by approximately 5.6 vessels.

OTHER OPERATING INCOME—Other operating income for the year ended December 31, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years. This amount is expected to be collected within 2026. Other operating income for the year ended December 31, 2024 was $1.9 million and related to the collection of a claim in connection with repairs undertaken in prior years.

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NET LOSS ON SALE OF VESSEL—Net loss on sale of vessel for the year ended December 31, 2025 was nil whereas net loss on sale of vessel for the year ended December 31, 2024 was a loss of $1.6 million and related to the sale of the Aframax tanker *Gstaad Grace II* to a third party.

INTEREST AND FINANCE COSTS— Interest and finance costs for the years ended December 31, 2025 and 2024 were $2.3 million and $0.4 million, respectively. The $2.3 million of costs for the year ended December 31, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which purchase agreement allowed vessels for repayment to take place within one year from purchase agreement. For accounting purposes, the outstanding balances payable on these nine vessels had to be allocated between principal and imputed interest up until vessel repayment, although no interest was contractually charged by the sellers. The final balances repaid in full within the twelve months of 2025, remained the same as the originally agreed purchase price. The $0.4 million of costs for the year ended December 31, 2024 relate mainly to accrued interest expense – related party in connection with the $14.0 million, part of the acquisition price of our bulk carrier, *Neptulus,* which was fully repaid in May 2025.

INTEREST INCOME— Interest income for the years ended December 31, 2025 and 2024 was $7.3 million and $8.3 million, respectively. The decrease is mainly attributed to the $1.6 million of accrued interest income – related party for the twelve months ended December 31, 2024, in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the twelve months ended December 31, 2025 was nil.

FOREIGN EXCHANGE (LOSS)/GAIN—for the year ended December 31, 2025 was a gain of $4.4 million as compared to a loss of $2.7 million for the year ended December 31, 2024. The $4.4 million foreign exchange gain for the year ended December 31, 2025 is mainly attributed to favorable exchange rate movements, reflecting an appreciation of the euro/U.S. dollar exchange rate, compared to a depreciation during the same period in 2024.

NET INCOME—As a result of the above factors, we recorded a net income of $50.0 million for the year ended December 31, 2025 compared to a net income of $50.2 million for the year ended December 31, 2024.

#### Year ended December 31, 2024 compared to year ended December 31, 2023
For a discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023 please see "Item 5. Operating and Financial Review and Prospects-A. Operating Results-Year Ended December 31, 2024 Compared to Year Ended December 31, 2023" contained in our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 29, 2025, and incorporated herein by reference.

#### Recent Accounting Pronouncements
Please refer to Note 2 of the financial statements included elsewhere in this report.

#### Liquidity and Capital Resources
As of December 31, 2025, we had cash and cash equivalents including time deposits of $179.1 million. During the year ended December 31, 2025, we raised $60.0 million in gross proceeds, or $56.0 million in net proceeds, from public offerings of equity securities and $2.1 million from the exercises of Class E warrants, and in 2024 we raised $8.6 million in gross proceeds from the partial exercise of warrants issued in prior equity offerings.

Our principal sources of funds for our liquidity needs have been equity offerings and cash flows from operations, which we expect to continue to be components of the financing for further fleet growth. Potential additional sources of funds may include bank borrowings. Our principal use of funds has been to acquire our

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vessels, maintain the quality of our vessels, and fund working capital requirements. We did not sell any vessels in 2025. In July 2023, we sold an Aframax tanker to C3is Inc. for a consideration of $43 million, of which $4.3 million was received by us upon delivery of the vessel on July 14, 2023 and the balance was received in July 2024, and we sold a second Aframax tanker to a third party in 2024 for $42.0 million.

Our liquidity needs, as of December 31, 2025, primarily relate to funding expenses for operating our vessels, and payment of an aggregate of $129.5 million in total consideration for seven vessels that we had agreed to acquire, one of which was delivered in January 2026 and one in April 2026. The remaining five vessels have scheduled deliveries up until the end of the third quarter of 2026.

From these seven vessels, three drybulk carriers were agreed to be acquired on August 8, 2025, for a total consideration of $51.6 million, 10% of which will be payable by the Company in shares of common stock. The remaining cash consideration of $46.4 million will be paid no later than August 2026. The remaining four vessels, namely three drybulk carriers and a product tanker, were agreed to be acquired in December 2025 for an aggregate purchase price of $77.9 million of cash. This cash consideration will be paid no later than December 2026. We expect to fund these cash purchase considerations with cash on hand.

As of December 31, 2025, we had no outstanding bank debt.

We believe that our working capital along with our cash flows generated from operations are sufficient for our present short-term liquidity requirements. We believe that, unless there is a major and sustained downturn in market conditions applicable to our specific shipping industry sectors, our internally generated cash flows will be sufficient to fund our operations, including working capital requirements, for at least 12 months.

In February 2026, our Board of Directors approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Company's common stock. As of April 1, 2026, we had repurchased 535,079 shares of common stock for an aggregate amount of $2.2 million (excluding commissions) under this program.

Our contractual obligations as of December 31, 2025 were:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payments due by period (in thousands of U.S. dollars)** | **Payments due by period (in thousands of U.S. dollars)** | **Payments due by period (in thousands of U.S. dollars)** | **Payments due by period (in thousands of U.S. dollars)** |
|  | **Total** | **Less than<br>1 year (2026)** | **1-3 years<br>(2027-2028)** | **3-5 years<br>(2029-2030)** |
|  Management fees (1) | $20436 | $3732 | $8352 | $8352 |
|  Vessel acquisition agreements | 129510 | 129510 |  |  |
|  Executive fees | 1980 | 396 | 792 | 792 |
|  **Total** | $**151926** | $**133638** | $**9144** | $**9144** |

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(1) This amount represents the aggregate daily management fees payable to Stealth Maritime. Based on our management agreement with Stealth Maritime, we pay $125 per vessel per day for vessels on bareboat charter and $440 per vessel per day for vessels not on bareboat charter for our existing fleet. The amount presented does not include brokerage commission of 1.25% of the gross freight, demurrage and charter hire collected from employment of our ships and 1% of the contract price of any vessels bought or sold on our behalf payable to Stealth Maritime. The term of our management agreement with Stealth Maritime will expire in December 2026, but is extended on a year-to-year basis thereafter, unless six months' written notice is provided prior to the expiration of the term or if a vessel is sold.

We have 795,878 shares of Series A Preferred Stock outstanding, which have a dividend rate of 8.75% per annum per $25.00 of liquidation preference per share, with respect to which we paid aggregate dividends of $1.7 million in each of the years ended December 31, 2025, 2024 and 2023.

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From time to time and depending upon market conditions, we may consider various capital raising alternatives to finance the strategic growth and diversification of our fleet. Any such capital raising transactions may be at the Imperial Petroleum Inc. or subsidiary level, to which interests in certain vessels in our fleet and rights to receive related cash flows would be transferred, as well as other capital raising alternatives available to us at that particular time. In addition, we may elect to sell one or more of our vessels or vessel-owning subsidiaries, conduct a spinoff of such vessels or subsidiaries, or contribute such vessels or vessel-owning subsidiaries to a joint venture, master limited partnership or other entity. Any such transfer may reduce our asset base and our rights to cash flows related to the transferred assets. If we contribute assets to a joint venture or master limited partnership, the joint venture or master limited partnership may be owned by or issue equity securities to public or private investors, and as part of any spin-off of assets we may be required to distribute a portion of such assets to holders of outstanding warrants pursuant to the terms of such warrants, thereby reducing our percentage interest in such assets and in the related cash flows.

#### Cash Flows
For the year ended December 31, 2025, we had a working capital surplus of $182.4 million.

**Net cash provided by operating activities.** Net cash provided by operating activities was $80.8 million for the year ended December 31, 2025, $77.7 million for the year ended December 31, 2024 and $79.5 million for the year ended December 31, 2023. This mainly represents the net amount of cash, after expenses, generated by chartering our vessels. Net cash provided by operating activities increased in the year ended December 31, 2025 compared to the year ended December 31, 2024 by $3.1 million, mainly due to the increase in our profitability excluding non- cash items of $4.0 million. Net cash provided by operating activities decreased in the year ended December 31, 2024 compared to the year ended December 31, 2023 by $1.8 million, mainly due to lower profitability offset by improved cash flow from working capital items such as trade receivables and related party liabilities.

**Net cash provided by/(used in) investing activitie**s. Net cash used in investing activities was $35.1 million for the year ended December 31, 2025 and $106.7 million for the year ended December 31, 2024, and net cash provided by investing activities was $12.3 million for the year ended December 31 2023. During the year ended December 31, 2025, payments of $1.7 million for vessel improvements occurred, we placed $318.1 million under time deposits and had $284.8 million of funds under time deposits matured during the year. During the year ended December 31, 2024, we generated $41.2 million of proceeds from the sale of an aframax vessel, deployed $74.7 million for vessel acquisitions, placed $259.6 million under time deposits and had $150.8 million of funds under time deposits maturing during the course for the year. We also had $35.7 million of proceeds received from repayment of seller financing in connection with the Aframax tanker we sold to C3is Inc. in 2023.

#### Net cash provided by/(used in) financing activities.
For the year ended December 31, 2025, cash outflows for financing activities amounted to $107.7 million. For the year ended December 31, 2024, cash inflows from financing activities were $4.8 million, while for the year ended December 31, 2023 cash outflows for financing activities amounted to $57.4 million.

During the year ended December 31, 2025, we raised $56.0 million in net proceeds from equity financings, $2.1 million from warrant exercises and $0.7 million from exercise of stock options, and paid dividends on our Series A Preferred Stock amounting to $1.7 million.

During the year ended December 31, 2024, we raised $8.6 million from warrant exercises and $0.5 million from exercise of stock options, used $2.5 million on share repurchases and paid dividends on our Series A Preferred Stock amounting to $1.7 million.

During the year ended December 31, 2023, we raised $27.6 million in net proceeds from equity financings, expended $70.4 million in order to repay all of our outstanding indebtedness and expended $7.4 million on

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common share and outstanding warrant repurchases. During the year ended December 31, 2023, we also paid dividends on our Series A and Series C Preferred Stock amounting to $2.1 million and provided $5.0 million to C3is Inc. in connection with its Spin-off.

As and when we identify assets that we believe will provide attractive returns, we may enter into specific term loan facilities and borrow amounts under these facilities as the vessels are delivered to us. Aside from the proceeds of equity offerings, this is the primary driver of the timing and amount of cash provided to us by our financing activities.

We operate in a capital intensive industry which requires significant amounts of investment, and we may, at times elect, to fund a significant portion of this investment through long term debt. We will maintain debt levels we consider prudent based on our market expectations, cash flow, interest coverage and percentage of debt to capital. StealthGas, and the subsidiaries that owned the four tankers that comprised our initial fleet upon the completion of the 2021 Spin- Off, entered into credit facilities in connection with financing the acquisition of these vessels. We entered into a senior secured credit facility with DNB to refinance the outstanding balances under these credit facilities that were entered into by StealthGas for which the four tankers served as security prior to the 2021 Spin-Off, which facility was repaid in full using cash on hand on March 10, 2023. In September and November 2022, we entered into senior secured credit facilities to refinance part of the purchase price for the other four tankers in our fleet, which we acquired earlier in 2022. In the first and second quarter of 2023 we repaid all of our then outstanding loans amounting to $70 million.

#### Capital Expenditures
We may make capital expenditures from time to time in connection with our vessel acquisitions and improvements. Please refer to section above "Liquidity and Capital Resources –Cash Flows" for a discussion of how we plan to cover our working capital requirements and possible capital commitments.

C. Research and Development, Patents and Licenses

None.

D. Trend Information

#### Tankers
The tanker industry is both cyclical and volatile in terms of charter rates and profitability while geopolitical events affect the demand for seaborne transportation. Indicatively, during the ten-year period from the first quarter of 2013- through the fourth quarter of 2022, average earnings for an Aframax tanker fluctuated between $3,479 to $90,991 per day on a quarterly basis. Similarly, average MR tanker earnings fluctuated between $5,809 to -$41,411 per day over the same period. Asset values are also subject to price fluctuations and market cyclicality. For example, the price of a 5-year-old Aframax tanker fluctuated between $27.0 million and $60.0 million during the ten-year period from the first quarter of 2013 through the fourth quarter of 2022 while the price of a 5-year-old MR tanker ranged between $22.0 million and $40.0 million over the same period.

In late 2019 and during the first half of 2020, tanker shipping charter rates reached near record highs driven mainly by extraordinary floating storage demand and dropped to less than operating cost levels by the end of the year. Specifically, average Aframax tanker earnings spiked over $50,000 per day in the fourth quarter of 2019 as compared to approximately $5,700 per day in the fourth quarter of 2020, $7,648 per day in the second quarter of 2021 and $11,093 in the fourth quarter of 2021. Similarly, average MR tanker earnings stood at approximately $20,000 per day in the fourth quarter of 2019 before dropping to approximately $6,400 per day in the fourth quarter of 2020, $6,880 in the second quarter of 2021 and $7,847 in the fourth quarter of 2021. The geopolitical crisis between Russia and Ukraine has caused tanker charter rates to rise significantly. Indicatively, average

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Aframax tanker earnings were $32,266 per day in the first quarter of 2022, and spiked to $82,810 per day in mid-March 2023 Similarly, average MR tanker earnings stood at $9,749 per day in the first quarter of 2022, and spiked to $31,489 per day in mid-March 2023. Ongoing geopolitical tensions such as the events in the Middle East which commenced in the fourth quarter of 2023 in conjunction with the Houthi attacks in the Red Sea created an upward pressure on rates which remained at high levels during the first half of 2024 and then gradual begun to decline in the second half of 2024 mostly due to the closing of West- East arbitrage and reduced refinery runs. In the first half of 2025 tanker rates remained at quite modest levels. In the beginning of the second half of 2025 tanker rates strengthened on the back of the brief Israel- Iran conflict which affected rates mostly in the Middle East region, OPEC+ unwinding production and US, EU and UK imposing further sanctions on tanker vessels involved in Russian oil trade.

Indicatively, by the end of year 2023 rates for aframax, suezmax and MR tankers had climbed to $55,000 per day, $60,400 per day and $33,000 per day. As of April 1, 2024, rates for aframax, suezmax and MR tankers were in the region of $46,000, $40,000 and $30,000, respectively. As of April 1, 2025, rates for aframax, suezmax and MR tankers were in the region of $36,000, $46,000 and $25,000, respectively. As of April 1, 2026, rates for aframax, suezmax and MR tankers were in the region of $228,000, $260,000 and $57,000, respectively. This sharp increase in charter rates in 2026 were the result of the war between Iran and the U.S. and Israel, and may not be sustained depending on the continuation of the war or its conclusion.

The ongoing war in Ukraine and the embargo imposed by the European Union to Russian crude oil and refined petroleum products along with the crisis in the Middle East are creating shifts in trade patterns, benefiting longer- haul routes and thus supporting tanker tonne-mile demand and tanker vessel charter rates. Specifically, crude tanker dwt demand is estimated to have increased by 6.7% in 2023, and product tanker demand is expected to have increased by around 10% in 2023 as demand for oil transportation recovers further, refinery capacity in key exporting regions further expands and Russia looks for alternative markets to outsource its refined petroleum products. Year 2024 started off on a very strong note with firm tanker demand however increased Iranian exports and slightly softer Chinese oil demand contributed to the closing of West- East arbitrage for crude oil into the summer and the second half of the year. In 2025 the market was still governed by the ongoing geopolitical tensions, the increase of output by OPEC+ and a gradual but steady growth in oil consumption. These factors positively affected the market particularly in the second half of the year.

Overall in 2024 demand for oil transportation was overall 0.8% higher year on year due to the increase in tonne mile distances. On the supply side, the crude tanker trading fleet is estimated to have increased by 2.0% in 2023 while the product tanker fleet is estimated to have increased by approximately 0.5%. For 2024 fleet growth for crude tankers was in the region of 0.3% while for product tankers fleet growth was somewhat higher in the region of 2%. As at the end of 2025 the orderbook for crude tankers was in the region of 17% while for the product tankers was at the region of 31%, in both categories though there is a significant portion of the existing fleet that is above twenty years of age.

In 2026, it is expected that geopolitical tensions that will mainly shape the market; For instance, a potential end of the Russian–Ukraine conflict could reopen European markets to Russian crude thus lessening long- haul voyages. On the other hand the recent escalation of the US- Iran and Israel conflict might lead to major trades disruptions if the Strait of Hormuz closes for a prolonged period. About 20% of the world's oil supply moves through the Strait of Hormuz, so any disruption will be a major global shock and lead to a rise in energy prices causing uncertainty and volatility.

#### Drybulk Carriers
Over the course of 2022, the BDI registered a low of 965 on August 31, 2022 and a high of 3,369 on May 23, 2022. Since the start of the financial crisis in 2008 the performance of the BDI has been characterized by high volatility, as the growth in the size of the drybulk fleet outpaced growth in vessel demand for an extended period of time.

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Specifically, in the period from 2010 to 2020, the size of the fleet in terms of deadweight tons grew by an annual average of about 6.0% while the corresponding growth in tonne-mile demand for drybulk carriers grew by 4.2%, resulting in a drop of about 61% in the value of the BDI over the period. In 2022, the total size of the drybulk fleet in deadweight tons rose by about 2.8%, compared to a decline in tonne-mile demand of 1.8%, which resulted in a year over year drop of about 34% in the value of the BDI. According to preliminary industry estimates, the total size of the drybulk fleet is expected to have risen by about 1.9% in 2023, compared to tonne- mile demand growth of 2.2%. Meanwhile, the war in Ukraine has amplified the volatility in the drybulk market with the BDI ranging between 965 and 3,369 in 2022. Specifically, the BDI ranged from a low of 965 on August 31, 2022 and a high of 3,369 on May 23, 2022, while it stood at 1,424 on March 10, 2023. Similarly, average handysize drybulk carrier spot rates ranged from a low of $10,833 per day on December 30, 2022, and a high of $33,333 per day on March 25, 2022. As at the end of 2023 spot rates for handysize drybulk carriers stood close to $11,800 per day while as at the end of March 1, 2024, rates had declined to approximately $11,200 per day. In the short term, the effect of the invasion of Ukraine has been mildly positive for the drybulk market, yet the overall longer-term effect on ton-mile demand is uncertain given that cargoes such as grains, coal and iron ore exported previously from Ukraine and Russia will need to be substituted by cargoes from different sources. Overall, the BDI declined significantly in the second half of 2022, which was attributed in part to the easing of port congestion which positively affected the drybulk carrier demand in 2021 as well as to the weakening Chinese demand for drybulk commodities, a trend which was expected to continue in 2023 but the Gaza war and the resulting upscaling of hostilities in Suez Canal at Gulf of Aden proved otherwise, pushing BDI to higher numbers, especially during the fourth quarter of 2023. The resultant condition of the two major Canals, Panama due to drafts and subsequent congestion and Suez because of Houthis hostilities pushed BDI to its high of 2023 during December 2023, climbing at 3,346 before stabilizing to 2,000, a figure still better than the rest of 2023. The BDI experienced notable fluctuations throughout 2024 and into early 2025. The highest point was on November 19, 2024, when the BDI reached 1,627 points, and the lowest point was on December 10, 2024, when the BDI fell to 1,156 points, marking a 15-month low at that time. As of April 15, 2025, the BDI stood at 1,263, having declined from 1,821 at April 1, 2024. Disruptions arising both from the Ukraine conflict and from recent vessel attacks in Red Sea compounded with tighter Panama Canal transit restrictions due to climate related issues, have provided support in ton-mile demand as many vessels have to divert towards longer-haul routes. Due to these reasons the second half of 2025 exerted positive momentum for the drybulk market. Iron ore volumes to China were strong supported by a drop in domestic iron ore output. In addition Guinean bauxite exports along with coal shipments to China marked an increase. Indicatively on June 1, 2025 the BDI index stood at 1,294 and as of December 31, 2025 the BDI index had increased to 2,014 creating a positive sentiment for 2026 drybulk sector performance.

The escalating trade wars resulting from the tariffs recently imposed by the U.S., and by China and other countries in response, could result in global economic weaknesses and recessions, which may negatively impact demand for dryblk cargoes and in turn our drybulk carriers and the charter hire rates they are able to earn.

In addition the recent conflict in the Middle East has affected the drybulk segment in terms of constraining and altering trade patterns but not to the extent that other markets such as the tanker segment have been affected.

See "Business—The Tanker Industry" and "Business—The Drybulk Carrier Industry."

E. Critical Accounting Estimates

Please see "—Critical Accounting Estimates" above.

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#### Item 6. Directors, Senior Management and Employees
A. Directors, Senior Management and Employees

The following table sets forth, as of April 15, 2026, information for each of our directors and executive officers.

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|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Positions** | **Year<br>Became<br>Director** | **Year<br>Director's<br>current<br>Term<br>Expires** |
|  Harry N. Vafias | 48 | Chief Executive Officer, President and Class III Director | 2021 | 2028 |
|  John Kostoyannis | 59 | Class II Director | 2021 | 2026 |
|  George Xiradakis | 61 | Class I Director | 2021 | 2027 |
|  Ifigeneia (Fenia) Sakellari | 45 | Interim Chief Financial Officer |  |  |

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Certain biographical information about each of these individuals is set forth below.

*Harry N. Vafias* has been a member of the Board of Directors and Chief Executive Officer and President of Imperial Petroleum since its inception on May 14, 2021. He has also been the President and Chief Executive Officer and a member of the Board of Directors of StealthGas, which is listed on the Nasdaq Global Select Market, since its inception in December 2004 and its Chief Financial Officer since January 2014. Mr. Vafias is also the Non-Executive Chairman of C3is Inc., which has been listed on the Nasdaq Capital Market since its Spin-off from the Company in June 2023. Mr. Vafias has been actively involved in the tanker and gas shipping industry since 1999. Mr. Vafias worked at Seascope, a leading ship brokering firm specializing in sale and purchase of vessels and chartering of oil tankers. Mr. Vafias also worked at Braemar, a leading ship brokering firm, where he gained extensive experience in tanker and dry cargo chartering. Seascope and Braemar merged in 2001 to form Braemar Seascope Group plc, a public company quoted on the London Stock Exchange and one of the world's largest ship brokering and shipping service groups. From 2000 until 2004, he worked at Brave Maritime and Stealth Maritime, companies providing comprehensive ship management services, where Mr. Vafias headed the operations and chartering departments of Stealth Maritime and served as manager for the sale and purchase departments of both Brave Maritime and Stealth Maritime. Mr. Vafias graduated from City University Business School in the City of London in 1999 with a B.A. in Management Science and from Metropolitan University in 2000 with a Masters degree in Shipping, Trade and Transport.

*John Kostoyannis* has been a member of our Board of Directors since November 2021. He has also been a member of the Board of Directors of StealthGas since 2010 and of C3is Inc. since 2023, each of which is listed on Nasdaq. Mr. Kostoyannis is a Managing Director at Allied Shipbroking Inc., a leading shipbroking house in Greece, providing Sale and Purchase and Chartering services in the shipping industry. Before joining Allied Shipbroking, from 1991 until September 2001, Mr. Kostoyannis worked in several prominent shipbroking houses in London and Piraeus. He is a member of the Hellenic Shipbrokers Association. Mr. Kostoyannis graduated from the City of London Polytechnic in 1988 where he studied Shipping and Economics.

*George Xiradakis* has been a member of our Board of Directors since November 2021. Mr. Xiradakis is the founder and Managing Director of XRTC Business Consultants Ltd. ("XRTC") (January 1999). The company was established in order to represent financial institutions in the Greek territory and initially acted as the exclusive Shipping Representative of Credit Lyonnais Group in Greece. XRTC expanded its scope as Financial and Advisor Consultant for Greek Shipping, offering its services in national and International Institutions and Organizations. From February 2005 to 2008, XRTC acted as shipping finance consultant of the French banking group NATIXIS. He is also the General Secretary of the Association of Banking and Financial Executives of Hellenic Shipping, Vice President of China Hellenic Chamber (HCCI), Vice President (International and Financial Relations) of the China-Greece Association. He served as the President of the International Propeller

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Club, Port of Piraeus from 2013 to 2019 and he acted as a VP of the International Propeller Club of the United States. He is now Emeritus President of International Propeller Club, Port of Piraeus, Emeritus Member of The Piraeus Chamber of Commerce & Industry, Member of the Mediterranean Committee of China Classification Society, Piraeus Marine Club, Hellenic Maritime Museum and Hellas Liberty Floating Museum. He is currently a non-executive director of C3is Inc. and Rubico Inc., both of which are listed on Nasdaq, and has also been a Board Member of other US listed shipping companies.

*Ifigeneia (Fenia) Sakellari* is our Interim Chief Financial Officer. Ms. Sakellari has 19 years of experience in finance and had been a finance officer of StealthGas from 2015 until becoming our Interim Chief Financial Officer in 2023. Prior to this, Ms. Sakellari was employed for seven years with Piraeus Bank where she held positions in both its credit departments (corporate and project finance) and in its private equity investment arm. Ms. Sakellari holds a Bachelor Degree in Management Sciences from the London School of Economics and a Masters Degree in finance from SDA Bocconi.

Our President and Chief Executive Officer Harry Vafias, and the other individuals providing services to us or our subsidiaries may face a conflict regarding the allocation of their time between our business and the other business interests of StealthGas or its affiliates. The amount of time our officers and such other individuals providing services to us will allocate between our business and the business of StealthGas and its affiliates will vary from time to time depending on various circumstances and needs of the businesses, such as the level of strategic activity of each business. While there will be no formal requirements or guidelines for the allocation of time spent between our business and the other businesses they are involved in, the performance of their duties will be subject to the ongoing oversight of our board of directors.

B. Compensation of Directors and Senior Management

Our Chief Executive Officer who also serves as a Board Director will not receive additional compensation for his service as a director. Each independent director receives annualized fees of $25,000 plus reimbursement of their out-of-pocket expenses incurred in attending meetings of our Board of Directors or any committee of our Board of Directors.

We have no direct employees. The services of our Chief Executive Officer and Interim Chief Financial Officer are provided under the management agreement with Stealth Maritime. Stealth Maritime compensates each of these individuals for their services, in amounts approved by our Compensation Committee and Board of Directors, and we, in turn, reimburse Stealth Maritime for their compensation. The aggregate cash compensation to our officers that we reimbursed in 2023, 2024 and 2025 was $0.4 million, $0.4 million and $0.4 million, respectively, and we expect such cash compensation to be approximately $0.4 million in 2026.

Our executive officers and directors are also eligible to receive awards under our equity compensation plan described below under " —Equity Compensation Plan." We recognized non-cash stock-based compensation expense of $2.4 million in 2023, $3.4 million in 2024 and $3.2 million in 2025, and had unrecognized non-cash stock-based compensation expense of $1,895,715 as of December 31, 2025, which we expect to recognize over a weighted average period of 1.1 years. Of these amounts of recognized non-cash stock-based compensation expense, $1.8 million in 2023, $2.9 million in 2024 and $2.5 million in 2025 related to restricted share or option awards to our executive officers and $0.01 million in 2023, $0.1 million in 2024 and $0.05 million in 2025 related to restricted share or option awards to our non-employee directors.

We have no service contracts with any of our directors that provide for benefits upon termination of employment.

C. Board Practices

We have three members on our board of directors. The board of directors may change the number of directors to not less than three, nor more than 15, by a vote of a majority of the entire board. Each director shall

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#### Corporate Governance
Our Board of Directors and our Company's management reviews our corporate governance practices in order to oversee our compliance with the applicable corporate governance rules of the Nasdaq Stock Market and the SEC.

We have adopted a number of key documents that are the foundation of our corporate governance, including:

• a Code of Business Conduct and Ethics;

• a Nominating and Corporate Governance Committee Charter;

• a Compensation Committee Charter; and

• an Audit Committee Charter.

We will provide a paper copy of any of these documents upon the written request of a stockholder. Stockholders may direct their requests to the attention of Investor Relations, c/o Harry Vafias, Imperial Petroleum Inc., 331 Kifissias Avenue, Kifissia 14561 Athens, Greece. These documents are also available on our website at www.imperialpetro.com under the heading "Corporate Governance."

To promote open discussion among the independent directors, our independent directors will meet in regularly scheduled executive sessions without participation of our Company's management. Stockholders who wish to send communications on any topic to the Board of Directors or to the independent directors may do so by writing to Imperial Petroleum Inc., 331 Kifissias Avenue, Kifissia 14561 Athens, Greece.

We are a "foreign private issuer" under the securities laws of the United States and the rules of the Nasdaq Capital Market. Under the securities laws of the United States, "foreign private issuers" are subject to different disclosure requirements than U.S. domiciled registrants, as well as different financial reporting requirements. Under the Nasdaq Capital Market rules, a "foreign private issuer" is subject to less stringent corporate governance requirements. Subject to certain exceptions, the rules of the Nasdaq Capital Market permit a "foreign private issuer" to follow its home country practice in lieu of the listing requirements of the Nasdaq Capital Market. As permitted by these exemptions, as well as by our bylaws and the laws of the Marshall Islands, we currently intend to have an audit committee composed solely of two independent committee members, whereas a domestic U.S. public company would be required to have three such independent members. In addition, in lieu of obtaining stockholder approval prior to certain issuances of designated securities, the Company will comply with provisions of the Marshall Islands Business Corporations Act, providing that the Board of Directors approves share issuances.

#### Committees of the Board of Directors
The Board of Directors has established an Audit Committee, a Nominating and Corporate Governance Committee and a Compensation Committee. The members of the Audit Committee are George Xiradakis (Chairman), and John Kostoyannis. The members of the Nominating and Corporate Governance Committee are John Kostoyannis (Chairman) and George Xiradakis. The members of the Compensation Committee are George

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Xiradakis (Chairman) and John Kostoyannis. Each of the directors on the Audit Committee has been determined by our Board of Directors to be independent.

#### Audit Committee
The Audit Committee is governed by a written charter, which is approved and annually adopted by the Board. The Board has determined that the members of the Audit Committee meet the applicable independence requirements of the SEC and the Nasdaq Stock Market, that all members of the Audit Committee fulfill the requirement of being financially literate and that George Xiradakis is an Audit Committee financial expert as defined under current SEC regulations.

The Audit Committee is appointed by the Board and is responsible for, among other matters overseeing the:

• integrity of the Company's financial statements, including its system of internal controls;

• Company's compliance with legal and regulatory requirements;

• independent auditor's qualifications and independence;

• retention, setting of compensation for, termination and evaluation of the activities of the Company's independent auditors, subject to any required stockholder approval; and

• performance of the Company's independent audit function and independent auditors,

#### Nominating and Corporate Governance Committee
The Nominating and Corporate Governance Committee is appointed by the Board and is responsible for, among other matters:

• reviewing the Board structure, size and composition and making recommendations to the Board with regard to any adjustments that are deemed necessary;

• identifying candidates for the approval of the Board to fill Board vacancies as and when they arise as well as developing plans for succession, in particular, of the chairman and executive officers;

• overseeing the Board's annual evaluation of its own performance and the performance of other Board committees;

• retaining, setting compensation and retentions terms for and terminating any search firm to be used to identify candidates; and

• developing and recommending to the Board for adoption a set of Corporate Governance Guidelines applicable to the Company and to periodically review the same.

#### Compensation Committee
The Compensation Committee is appointed by the Board and is responsible for, among other matters:

• establishing and periodically reviewing the Company's compensation programs;

• reviewing the performance of directors, officers and employees of the Company who are eligible for awards and benefits under any plan or program and adjust compensation arrangements as appropriate based on performance;

• reviewing and monitoring management development and succession plans and activities;

• reporting on compensation arrangements and incentive grants to the Board;

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• retaining, setting compensation and retention terms for, and terminating any consultants, legal counsel or other advisors that the Compensation Committee determines to employ to assist it in the performance of its duties; and

• preparing any Compensation Committee report included in our annual proxy statement.

#### Code of Ethics
We have adopted a code of ethics that complies with the applicable guidelines issued by the SEC, copies of which are available on our website: www.imperialpetro.com under "Investor Relations" and upon written request by our stockholders at no cost.

D. Employees

We have no salaried employees. Our manager employs and provides us with the services of our Chief Executive Officer, Interim Chief Financial Officer and any other management executives the Company may require. In each case their services are provided under the management agreement with Stealth Maritime. Stealth Maritime compensates each of these individuals for their services and we, in turn, reimburse Stealth Maritime for their compensation. For our compensation expenses, pursuant to our management agreement, we reimburse Stealth Maritime for its payment of the compensation of our Chief Executive Officer and Interim Chief Financial Officer as described above.

As of December 31, 2025, 187 officers and 254 crew members served on board the vessels in our fleet. However, these officers and crew are not directly employed by the Company.

E. Share Ownership

The shares of common stock beneficially owned by our directors and senior managers and/or companies affiliated with these individuals are disclosed in "Item 7. Major Stockholders and Related Party Transactions" below.

#### Equity Compensation Plan
We have an equity compensation plan, the 2024 Equity Compensation Plan, which was adopted in April 2024 and is administered by our Board of Directors which can make awards totaling in aggregate up to 10% of the number of shares of common stock outstanding at the time any award is granted. Officers, directors and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates will be eligible to receive awards under the equity incentive plan. Awards may be made under the expected equity compensation plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.

The 2024 Equity Plan replaced the 2021 Equity Plan, under which we will not grant any additional awards. In 2023 and 2024 we granted five awards under the 2021 Equity Plan and in 2025, we granted an aggregate of two awards under the 2024 Equity Plan. This includes grants of restricted shares to our Chief Executive Officer, in an aggregate amount of 1,337,550 shares, Interim Chief Financial Officer, our independent directors and employees of our manager providing services to us, including 164,737 restricted shares to Nikolas Vafias, the senior executive of our manager and father of our Chief Executive Officer. This also includes options to purchase 593,750, 25,000 and 12,500 shares of common stock granted to our Chief Executive Officer, Directors of our Board and Interim Chief Financial Officer, respectively, on October 30, 2023, each at an exercise price of $1.60 per share, the closing price of the Common Stock on October 30, 2023, and 50% of which vested on October 30,

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2024 and 50% of which vested on October 30, 2025 and options to purchase 100,000, 10,000 and 1,000, shares of common stock granted to our Chief Executive Officer, Directors of our Board and Interim Chief Financial Officer, respectively, on April 12, 2024, each at an exercise price of $3.60 per share, which was the closing price of the Common Stock on April 12, 2024, and 50% of which vested on April 12, 2025 and 50% of which vested on April 12, 2026. Under the 2024 Equity Plan, on January 8, 2025 we have granted an aggregate of 391,600 restricted shares and options to acquire 312,500 shares of common stock, including grants to our Chief Executive Officer of 281,250 restricted shares, 50% of which vest on January 8, 2026 and 50% of which vest on January 8, 2027, subject to satisfaction of the time-based vesting terms, and options exercisable for 234,375 shares of common stock at an exercise price per share of $3.20, 50% of which options vest on January 8, 2026 and 50% of which options vest on January 8, 2027, subject to satisfaction of the time-based vesting terms. On August 8, 2025, we granted 431,894 restricted shares of common stock to our Chief Executive Officer, 50% of which vest on August 8, 2026 and 50% of which vest on August 8, 2027, subject to satisfaction of the time-based vesting terms, and options exercisable for 299,003 shares of common stock at an exercise price per share of $3.01, 50% of which options vest on August 8, 2026 and 50% of which options vest on August 8, 2027, subject to satisfaction of the time-based vesting terms.

#### Item 7. Major Stockholders and Related Party Transactions
A. Major Stockholders

The following table sets forth certain information regarding the beneficial ownership of our outstanding shares of common stock as of April 15, 2026 by:

• each person or entity that we know beneficially owns 5% or more of our shares of common stock;

• our Chief Executive Officer and our other executive officers;

• each of our directors; and

• all of our current directors and executive officers as a group.

The table also includes information regarding the beneficial ownership of our outstanding Series A Preferred Stock by each of directors and executive officers individually and as a group. Beneficial ownership is determined in accordance with the rules of the SEC.

In general, a person who has or shares voting power and/or dispositive power with respect to securities is treated as a beneficial owner of those securities. It does not necessarily imply that the named person has the economic or other benefits of ownership. For purposes of this table, shares subject to options, warrants or rights currently exercisable or exercisable within 60 days of April 15, 2026 are considered as beneficially owned by the person holding such options, warrants or rights. The applicable percentage of ownership for each stockholder is based on 45,213,658 outstanding shares of Common Stock and 795,878 8.75% Series A Cumulative Redeemable Perpetual Preferred Shares issued and outstanding as of April 15, 2026. As of April 15, 2026, we also had outstanding Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants, as described in "Item 10. Additional Information-A. Share Capital."

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Information for certain holders is based on their latest filings with the Securities and Exchange Commission or information delivered to us. All of our stockholders, including the stockholders listed in this table, are entitled to one vote for each share of common stock held. Series A Preferred Stock generally have no voting rights, other than in very limited circumstances. See "Item 10. Additional Information—Authorized Capital—Description of Series A Preferred Stock."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock<br>Beneficially Owned** | **Common Stock<br>Beneficially Owned** | **Series A Preferred<br>Stock Beneficially<br>Owned** | **Series A Preferred<br>Stock Beneficially<br>Owned** |
| **Name of Beneficial Owner** | **Number** | **Percentage** | **Number** | **Percentage** |
|  **Principal Stockholders** | | | | |
|  Flawless Management Inc.(1) | 6991255 | 15.5% | 148030 | 18.6% |
|  Arethusa Properties Ltd.(1) | 3307452 | 7.3% | 28146 | 3.5% |
|  Anson Funds Management LP(6) | 4359759 | 9.6% |  |  |
|  **Executive Officers and Directors** |  |  |  |  |
|  Harry N. Vafias(1)(2) | 13643773 | 30.1% | 200209 | 25.2% |
|  John Kostoyannis(3) | 31469 | \* | 235 | \* |
|  George Xiradakis(4) | 35750 | \* |  | \* |
|  Ifigeneia (Fenia) Sakellari(5) | 37666 | \* | 66 | \* |
|  All executive officers and directors as a group (four persons) | 13748658 | 30.3% | 200510 | 25.3% |

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\* Less than 1%. 

(1) According to Amendment No. 10 to Schedule 13D jointly filed with the SEC on December 3, 2025 by Flawless Management Inc., Arethusa Properties LTD and Harry N. Vafias, Harry N. Vafias has voting power and dispositive power with respect to the shares owned by Flawless Management Inc. and Arethusa Properties LTD.

(2) Includes 167,187 shares acquirable pursuant to vested options, 117,187 with an exercise price per share of $3.20 and 50,000 with an exercise price per share of $3.60. Excludes options exercisable to acquire (i) 299,003 shares of Common Stock at an exercise price per share of $3.01, 50% of which options vest on August 8, 2026 and 50% of which options vest on August 8, 2027, subject to satisfaction of the time-based vesting terms, and (ii) 117,188 shares of Common Stock at an exercise price per share of $3.20, which options vest on January 8, 2027, subject to satisfaction of the time-based vesting terms. Harry N. Vafias also holds 16,000 shares of Series B Preferred Stock, each of which entitles the holder hereof to 25,000 votes per share on all matters submitted to a vote of the shareholders of the Company, *provided however,* that no holder of Series B preferred shares may exercise voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series B preferred shares, common shares or otherwise) to exceed 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Company.

(3) Includes 15,500 vested stock options, 3,000 of which are exercisable at a price of $3.60 per share and 12,500 of which are exercisable at a price of $1.60 per share.

(4) Includes 19,500 vested stock options, 7,000 of which are exercisable at a price of $3.60 per share and 12,500 of which are exercisable at a price of $1.60 per share.

(5) Includes 13,500 vested stock options, 1,000 of which are exercisable at a price of $3.60 per share and 12,500 of which are exercisable at a price of $1.60 per share.

(6) Based on Schedule 13G filed on February 17, 2026.

Our common stock and Series A Preferred Stock began regular-way trading on the Nasdaq Capital Market on December 6, 2021. As of April 15, 2026, we had approximately 37 common stockholders of record. Five of the common stockholders of record were located in the United States and held in the aggregate 35,341,117 shares of common stock representing approximately 77.3% of our outstanding shares of common stock. However, the five United States stockholders of record include CEDEFAST, which, as nominee for The Depository Trust Company, is the record holder of 35,337,998 shares of common stock. Accordingly, we believe that the shares

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held by CEDEFAST include shares of common stock beneficially owned by both holders in the United States and non-United States beneficial owners. As a result, these numbers may not accurately represent the number of beneficial owners in the United States. We are not aware of any arrangements the operation of which may at a subsequent date result in a change of control of the Company.

B. Related Party Transactions

Pursuant to our Audit Committee Charter, our Audit Committee is responsible for establishing procedures for the approval of all related party transactions involving executive officers and directors. Our Code of Business Conduct and Ethics requires our Audit Committee to review and approve any "related party" transaction as defined in Item 7.B of Form 20-F before it is consummated.

#### Management Affiliations
Harry Vafias, our president, chief executive officer and one of our directors, is an officer, director and the sole stockholder of Flawless Management Inc., our largest stockholder. He is also the son of the principal and founder of Brave Maritime, an affiliate of Stealth Maritime, which is our management company. Stealth Maritime may subcontract the technical management of some of our vessels to Brave Maritime in the future.

#### Management and Other Fees
In connection with the 2021 Spin-Off, we entered into a management agreement with Stealth Maritime, pursuant to which Stealth Maritime provides us with technical, administrative, commercial and certain other services, on substantially the same terms, including the same fee levels, as Stealth Maritime provided these services to the vessel-owning subsidiaries of StealthGas contributed to us in connection with the 2021 Spin-Off. In relation to the technical services, Stealth Maritime is responsible for arranging for the crewing of the vessels, the day to day operations, inspections and vetting, supplies, maintenance, repairs, bunkering drydocking and insurance. Administrative functions include but are not limited to accounting, back-office, reporting, legal and secretarial services. In addition, Stealth Maritime provides services for the chartering of our vessels and monitoring thereof, freight collection, and sale and purchase. In providing most of these services, Stealth Maritime pays third parties and receives reimbursement from us. Under the management agreement Stealth Maritime subcontracts certain of its obligations. For our drybulk vessels, Stealth Maritime subcontracts these services to its affiliate Brave Maritime.

Stealth Maritime also provides crew management services to certain of our vessels. The majority of these services have been subcontracted by Stealth Maritime to an affiliated ship-management company, Hellenic Manning Overseas Inc. (formerly known as Navis Maritime Services Inc.), which is 25% owned by an affiliate of Stealth Maritime. The Company pays to Stealth Maritime a fixed monthly fee of $2,500 per vessel for these crew management services, all of which fees are passed on to Hellenic Manning Overseas Inc. For the years ended December 31, 2023, 2024 and 2025, these crew management fees were, $0.3 million, $0.3 million and $0.5 million, respectively. As of April 15, 2026, all of our vessels were being manned by Hellenic Manning Overseas Inc., while for our Aframax tanker sold in July 2023 and for one of our product tankers, crewing services were provided by Bernard Shulte Management up until April 2023 and February 2023 respectively with a lumpsum monthly fee of $0.1 million. We are not responsible for crewing any vessels deployed on bareboat charters.

In the years ended December 31, 2023, 2024 and 2025, Stealth Maritime received a fixed management fee of $440 per vessel per day operating under a voyage or time charter, and a fixed fee of $125 per vessel per day for each of our vessels operating on bareboat charter, with respect to the vessels in our fleet. In addition, our manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve-month period we are charged $500 for each additional day. We pay our manager, Stealth Maritime, a fee equal to 1.25% of the gross freight, demurrage and charter hire collected from the employment of our vessels. Stealth Maritime also receives a fee equal to 1.0% calculated on the price as stated in the relevant memorandum of agreement for any vessel bought or sold by them on our behalf.

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The above management fees for the years ended December 31, 2023, 2024 and 2025 were $1.6 million, $1.7 million and $2.6 million, respectively. We also paid $0.06 million, $0.02 million and $0.04 million, respectively, in the years ended December 31, 2023, 2024 and 2025 related to onboard supervision which were included in our operating expenses – related party. For the years ended December 31, 2023, 2024 and 2025, total brokerage commissions of 1.25% amounted to $2.3 million, $1.9 million and $2.0 million, respectively, and in each period were included in voyage expenses – related party. For the years ended December 31, 2023, 2024 and 2025, commissions on vessels purchased/sold were $0.8 million, $1.3 million and $1.5 million.

We also reimburse Stealth Maritime for its payment for services related to our executive officers.

Additional vessels that we may acquire in the future may be managed by Stealth Maritime or other unaffiliated management companies.

Under the management agreement we have agreed to keep Stealth Maritime and its employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of the management agreement and against and in respect of all costs, loss, damages, and expenses, which they may suffer or incur, during the course of the performance of the management agreement.

The term of our management agreement with Stealth Maritime will expire on December 31, 2026 and will be extended on a year-to-year basis thereafter unless six-month written notice of termination is provided by either party prior to the expiration of the term.

Stealth Maritime may terminate the management agreement prior to the end of its term if any money payable by us is not paid within 30 days following demand by Stealth Maritime. The management agreement will also terminate (1) upon an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of us or Stealth Maritime (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if we or Stealth Maritime suspends payment, ceases to carry on business, or makes any special arrangement or composition with creditors or (2) in the case of the sale of all of our vessels or if all of our vessels become a total loss or are declared as a constructive or compromised or arranged total loss or are requisitioned.

#### Office Space
Stealth Maritime provided our office space to us without charge for the first year after the completion of the 2021 Spin-Off, and thereafter the lease rate was €5,000 per month until January 1, 2024, when the lease term ended. The lease rate for 2024 was €72,000 per year as per renewed contract effective from January 1, 2024 through January 1, 2026, which lease may be terminated by tenant upon eight weeks' notice to landlord. The lease contract was renewed effective from January 1, 2026 through January 1, 2029 at a rate of € 96,000 per year.

#### Vessel Acquisitions
On February 14, 2023, we entered into agreements to acquire two handysize drybulk carriers from entities affiliated with our Chief Executive Officer for aggregate cash consideration of $25.5 million and 13,875 shares of Series C Cumulative Convertible Perpetual Preferred Stock. Delivery of the vessels on a charter-free basis, and closing of the transactions, occurred in March 2023. The Series C Convertible Preferred Stock had a dividend rate of 5.00% per annum per $1,000 liquidation preference per share, which is payable in cash or additional shares of Series C Convertible Preferred Stock at our election, and was convertible, at the holder's option, after the six-month anniversary of issuance into shares of our common stock at a conversion price equal to the lower of $7.50 and the ten-day volume weighted average price of the common stock. The transaction was approved by a committee comprised of independent directors, which received a fairness opinion from an

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independent financial advisor in connection with the issuance of the Series C Convertible Preferred Stock in the transaction. On December 21, 2023, all 13,875 shares of our Series Convertible Preferred Stock were converted by the holder, Flawless Management Inc., into 6,932,043 shares of our Common Stock.

On September 5, 2023, we entered into an agreement with entities affiliated with the Vafias family to acquire two tanker vessels, the aframax tanker *Gstaad Grace II* (ex. *Stealth Haralambos)*, built in 2009 and the product tanker *Aquadisiac* built in 2008, with an aggregate capacity of approximately 164,000 dwt. The aggregate purchase price for these acquisitions is $71 million. Both vessels were delivered to us on a charter-free basis in February 2024. The transaction was approved by the Company's audit committee comprised of independent directors.

On May 17, 2024, we entered into an agreement with entities affiliated with the family of our Chief Executive Officer to acquire the handysize drybulk carrier *Neptulus*, built in 2012, and the product tanker Clean *Imperial*, built in 2009, with an aggregate capacity of approximately 73,000 dwt, for an aggregate purchase price of $38.9 million. In August 2024, we took delivery of the handysize drybulk carrier *Neptulus*. The product tanker *Clean Imperial* was delivered on a charter-free basis in the first quarter of 2025. The transaction was approved by the Company's audit committee comprised of independent directors. Pursuant to the terms of the purchase agreements the Company has the right to pay for the purchase price for the vessels up to one year after the date of the purchase agreement. These vessels were paid in full on April 22, 2025.

On September 20, 2024, we entered into agreements to acquire seven Japanese built drybulk carriers (5 supramaxes and 2 kamsarmaxes) for an aggregate purchase price of $129 million, from entities affiliated with Brave Maritime Corp Inc. One of the vessels was delivered to us on April 26, 2025 and the remaining six vessels were delivered to us in the third quarter of 2025. Brave Maritime is affiliated with members of the Vafias family. The transaction was approved by the Company's audit committee comprised of independent directors. Pursuant to the terms of the purchase agreements the Company has the right to pay the purchase price for the vessels up to one year after the date of the purchase agreement.

On August 8, 2025, we entered into agreements to acquire three Japanese-built drybulk carriers for an aggregate purchase price of $51.6 million, 10% of which is payable by the Company by issuing shares of common stock, valued at the 30-day VWAP through the date of the acquisition agreement, from entities affiliated with Brave Maritime Corp Inc. One of the vessels was delivered to us in January 2026 and one in April 2026 while the third vessel is expected to be delivered to us up until the end of the third quarter of 2026. The transaction with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the independent directors of the Company, which obtained independent valuations of the vessels.

On December 15, 2025, we entered into agreements to acquire one South Korean-built, in 2010, product tanker with 50,000 dwt capacity, for a purchase price of $20.65 million and three Japanese-built handysize drybulk carriers, two in 2016 and one in 2015, with a total capacity of approximately 105,000 dwt, for an aggregate purchase price of $57.26 million, from entities affiliated with Brave Maritime Corp Inc. The transactions with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the independent directors of the Company, which obtained independent valuations of the vessels. The vessels are expected to be delivered during the third quarter of 2026.

#### Vessel Sale to C3is Inc.
On July 7, 2023, we entered into a memorandum of agreement for the disposal of the vessel *Stealth Berana* to C3is Inc., in which we hold an interest through Series A Convertible Preferred Stock, for $43,000,000. The vessel was delivered to her new owners in July 2023. Payment of 10% of the purchase price was effected at the time of delivery, with the remaining balance due no later than one year after delivery of the vessel, which took place on July 14, 2023. The remaining balance bore interest at an implicit rate of 8.1% per annum for accounting purposes and was paid in July 2024.

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#### Spin-off of C3is Inc.
On June 21, 2023, we completed the Spin-off of our previously wholly-owned subsidiary, C3is Inc., the holding company for two drybulk carriers, the *Eco Angelbay* and the *Eco Bushfire*, with an aggregate capacity of 64,000 dwt. Imperial Petroleum stockholders and warrantholders received one C3is common share for every eight shares of Imperial Petroleum's common stock owned, or in the case of holders of Imperial Petroleum's outstanding Warrants that they have the right to purchase pursuant to Warrants owned, at the close of business on June 13, 2023. We retain an interest in C3is Inc. through our ownership of Series A Convertible Preferred Stock of C3is Inc., with an aggregate liquidation preference of $15,000,000, which is currently convertible into common stock of C3is Inc., at a conversion price of $1.5131 per share (prior to adjustment for the C3is Inc. reverse stock split effected April 27, 2026).

C. Interest of Experts and Counsel

Not applicable.

#### Item 8. Financial Information
See "Item 18. Financial Statements" below.

*Significant Changes.* Other than as described in Note 17 "Subsequent Events" to our consolidated financial statements included in this Annual Report, no significant change has occurred since the date of such consolidated financial statements.

*Legal Proceedings.* To our knowledge we are not currently a party to any material lawsuit that, if adversely determined, would have a material effect on our financial position, results of operations or liquidity. From time to time in the future we may be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. We have not been involved in any legal proceedings which may have, or have had a material effect on our financial position, results of operations or liquidity, nor are we aware of any proceedings that are pending or threatened which may have a significant effect on our financial position, results of operations or liquidity. See Note 16 "Commitments and Contingencies" to our consolidated financial statements included elsewhere in this Annual Report.

*Dividend Policy.* We currently intend to retain our future earnings, if any, to fund the development and growth of our business. Our board of directors will, however, evaluate our dividend policy consistent with our cash flows and liquidity requirements and we may consider paying dividends on our common stock depending on future performance of our business and financial condition. Declaration and payment of any future dividend is subject to the discretion of our Board of Directors. The timing and amount of dividend payments will be dependent upon our earnings, financial condition, cash requirements and availability, restrictions in our loan agreements, or other financing arrangements, the provisions of Marshall Islands law affecting the payment of distributions to stockholders and other factors, and will be subject to the priority of our Series A Preferred Stock, which, as described elsewhere in this report, earn dividends at a dividend rate of 8.75% per annum per $25.00 of liquidation preference per share. Because we are a holding company with no material assets other than the stock of our subsidiaries, our ability to pay dividends will depend on the earnings and cash flow of our subsidiaries and their ability to pay dividends to us. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent upon the payment thereof.

#### Item 9. The Offer and Listing Trading on the Nasdaq Stock Market
Following the 2021 Spin-Off, regular way trading in our common stock and Series A Preferred Stock began on the Nasdaq Capital Market on December 6, 2021, under the symbols "IMPP" and "IMPPP", respectively.

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#### Item 10. Additional Information
A. Share Capital

#### Authorized Capitalization
Under our amended and restated articles of incorporation, our authorized capital stock consists of 2,000,000,000 shares of common stock, par value $0.01 per share, and 200,000,000 shares of preferred stock, par value $0.01 per share. All of our shares of stock are in registered form. As of April 15, 2026, the Company had 50,000,620 shares of common stock issued and 45,213,658 shares of common stock outstanding, 795,878 shares of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock and 16,000 shares of Series B Preferred Stock issued and outstanding, as well as Class A Warrants to purchase up to 2,867 shares of common stock at an exercise price of $18.75 per share, Class B Warrants to purchase up to 786,800 shares of common stock at an exercise price of $24.00 per share, Class C Warrants to purchase up to 1,347,267 shares of common stock at an exercise price of $8.25 per share, Class D Warrants to purchase up to 173,334 shares of common stock at an exercise price of $12.00 per share, Class E Warrants to purchase up to 3,166,666 shares of common stock at an exercise price of $2.00 per share, Class F Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, Class G Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, and underwriters warrants to purchase up to 36,800 shares of common stock at an exercise price of $20.625 per share, 114,999 shares of common stock at an exercise price of $30.00 per share and 139,393 shares of common stock at an exercise price of $10.3125 per share. We have also agreed to issue 1,652,046 shares of common stock by August 8, 2026, which constitutes a portion of the purchase price for three of our drybulk carriers pursuant to the memoranda of agreement for such vessels entered into in August 2025.

#### Common Stock
Under our amended and restated articles of incorporation, we are authorized to issue up to 2,000,000,000 shares of common stock, par value $0.01 per share, of which there were 48,900,620 shares issued and 44,648,737 shares outstanding as of December 31, 2025 and 50,000,620 shares issued and 45,213,658 shares outstanding as of April 15, 2026. As of April 15, 2026, we also had outstanding Class A Warrants to purchase up to 2,867 shares of common stock at an exercise price of $18.75 per share, Class B Warrants to purchase up to 786,800 shares of common stock at an exercise price of $24.00 per share, Class C Warrants to purchase up to 1,347,267 shares of common stock at an exercise price of $8.25 per share, Class D Warrants to purchase up to 173,334 shares of common stock at an exercise price of $12.00 per share, Class E Warrants to purchase up to 3,166,666 shares of common stock at an exercise price of $2.00 per share, Class F Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, Class G Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, and underwriters warrants to purchase up to 36,800 shares of common stock at an exercise price of $20.625 per share, 114,999 shares of common stock at an exercise price of $30.00 per share and 139,393 shares of common stock at an exercise price of $10.3125 per share.

Each outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the stockholders. Holders of our common stock (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued common stock when issued will be fully paid for and non-assessable.

*Dividends*. We currently intend to retain our future earnings, if any, to fund the development and growth of our business. Our board of directors will, however, evaluate our dividend policy consistent with our cash flows and liquidity requirements and we may consider paying dividends on our common stock depending on future performance of our business and financial condition. Declaration and payment of any future dividend is subject to the discretion of our Board of Directors. The timing and amount of dividend payments will be dependent upon our earnings, financial condition, cash requirements and availability, restrictions in our loan agreements, or other

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financing arrangements, the provisions of Marshall Islands law affecting the payment of distributions to stockholders and other factors, and will be subject to the priority of our Series A Preferred Stock, which, as described elsewhere in this report, earn dividends at a dividend rate of 8.75% per annum per $25.00 of liquidation preference per share. Because we are a holding company with no material assets other than the stock of our subsidiaries, our ability to pay dividends will depend on the earnings and cash flow of our subsidiaries and their ability to pay dividends to us. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent upon the payment thereof.

#### Warrants
*General*. As of April 15, 2026, we had outstanding Class A Warrants to purchase up to 2,867 shares of common stock at an exercise price of $18.75 per share, Class B Warrants to purchase up to 786,800 shares of common stock at an exercise price of $24.00 per share, Class C Warrants to purchase up to 1,347,267 shares of common stock at an exercise price of $8.25 per share, Class D Warrants to purchase up to 173,334 shares of common stock at an exercise price of $12.00 per share, Class E Warrants to purchase up to 3,166,666 shares of common stock at an exercise price of $2.00 per share, Class F Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, Class G Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, and underwriters warrants to purchase up to 36,800 shares of common stock at an exercise price of $20.625 per share, 114,999 shares of common stock at an exercise price of $30.00 per share and 139,393 shares of common stock at an exercise price of $10.3125 per share.

The following summary of certain terms and provisions of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants is not complete and is subject to, and qualified in its entirety by the provisions of the forms of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants, respectively, which are each filed as an exhibit to this Annual Report.

*Exercisability*. The Class A Warrants are exercisable at any time after their original issuance, of February 2, 2022, up to the date that is five years after their original issuance (February 2, 2027). The Class B Warrants are exercisable at any time after their original issuance, of March 23, 2022, up to the date that is five years after their original issuance (March 23, 2027). The Class C Warrants are exercisable at any time after their original issuance, of May 19, 2022, up to the date that is five years after their original issuance (May 19, 2027). The Class D Warrants are exercisable at any time after their original issuance, of June 15, 2022, up to the date that is five years after their original issuance (June 15, 2027). The Class E Warrants are exercisable at any time after their original issuance, of August 15, 2023, up to the date that is five years after their original issuance (August 15, 2028). The Class F Warrants and the Class G Warrants are exercisable at any time after their original issuance, of December 1, 2025, up to the date that is five years after their original issuance (December 1, 2030). The Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the common stock underlying the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of shares of common stock purchased upon such exercise. If a registration statement registering the issuance of the common stock underlying the Class A Warrants, Class B Warrants, Class C Warrants, Class E Warrants, Class F Warrants, Class G Warrants or the resale of the common stock underlying the Class D Warrants, under the Securities Act is not effective or available and, in the case of the Class A Warrants, Class B Warrants, Class C Warrants, Class E Warrants, Class F Warrants and Class G Warrants, an exemption from registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Class A Warrant, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G

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Warrants through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the Class A Warrant, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants. No fractional shares of common stock will be issued in connection with the exercise of a Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.

*Exercise Limitation*. A holder will not have the right to exercise any portion of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any Class A warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants, 9.99%) of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, upon at least 61 days' prior notice from the holder to us with respect to any increase in such percentage.

*Exercise Price.* The exercise price per whole share of common stock purchasable upon exercise of the Class A Warrants is $18.75 per share, upon exercise of the Class B Warrants is $24.00 per share, upon exercise of the Class C Warrants is $8.25 per share, upon exercise of the Class D Warrants is $12.00 per share, upon exercise of the Class E Warrants is $2.00 per share, upon exercise of the Class F Warrants is $6.30 per share and upon exercise of the Class G Warrants is $6.30 per share. The exercise price and number of shares of common stock issuable upon exercise will adjust in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock.

*Transferability.* Subject to applicable laws, the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants may be offered for sale, sold, transferred or assigned without our consent.

*Exchange Listing.* We do not intend to apply for the listing of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants on any stock exchange. Without an active trading market, the liquidity of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be limited.

*Rights as a Stockholder.* Except as otherwise provided in the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants or by virtue of such holder's ownership of our common stock, the holder of a Class A Warrant, Class B Warrant, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises the warrant.

*Fundamental Transactions.* In the event of a fundamental transaction, as described in the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants and generally including, with certain exceptions, any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction. Additionally, as more fully described in the Class A Warrant, Class B Warrant, Class C Warrants, Class D Warrants, Class E

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Warrants, Class F Warrants and Class G Warrants, as applicable, in the event of certain fundamental transactions, the holders of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be entitled to receive consideration in an amount equal to the Black Scholes value of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, respectively, on the date of consummation of such transaction.

*Governing Law*. The Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants and related warrant agency agreement, as applicable, are governed by New York law.

*Underwriter's Warrants*. The February 2022 Representative's Purchase Warrants, issued to the representative of the underwriters of our February 2022 underwritten public offering, have substantially similar terms as the Class A Warrants other than that they will be exercisable for up to an aggregate of 36,800 shares of common stock at any time, and from time to time, in whole or in part, during the period commencing July 31, 2022 and expiring January 31, 2027 at an exercise price of $20.625 per share. These warrants are governed by New York law.

The March 2022 Representative's Purchase Warrants, issued to the representative of the underwriters of our March 2022 underwritten public offering, have substantially similar terms as the Class B Warrants other than that they will be exercisable for up to an aggregate of 115,000 shares of common stock, at any time, and from time to time, in whole or in part, during the period commencing September 18, 2022 and expiring March 18, 2027 at an exercise price of $30.00 per share. These warrants are governed by New York law.

The May 2022 Representative's Purchase Warrants, issued to the representative of the underwriters of our May 2022 underwritten public offering, have substantially similar terms as the Class C Warrants other than that they will be exercisable for up to an aggregate of 139,394 shares of common stock, at any time, and from time to time, in whole or in part, during the period commencing November 12, 2022 and expiring May 16, 2027 at an exercise price of $10.3125 per share. These warrants are governed by New York law.

#### Preferred Stock
Under our amended and restated articles of incorporation, we are authorized to issue up to 200,000,000 shares of preferred stock, par value $0.01 per share, of which 800,000 shares have been designated as Series A Preferred Stock, of which 795,878 shares of Series A Preferred Stock are outstanding as of December 31, 2025 and April 15, 2026; 16,000 shares have been designated as Series B Preferred Stock, all of which were outstanding as of December 31, 2025 and April 15, 2026. The undesignated authorized preferred stock may be issued in one or more series and our Board of Directors, without further approval from our stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the relative voting power of the holders of our common stock. See "Description of Series A Preferred Stock" and "Description of Series B Preferred Stock" below.

#### Transfer Agent and Registrar
Equiniti Trust Company, LLC is the transfer agent and registrar for Imperial Petroleum common stock and Series A Preferred Stock, and the warrant agent for the Class A, B and C Warrants.

#### Listing
Our common stock is listed on the Nasdaq Capital Market under the symbol "IMPP." Our Series A Preferred Stock is listed on the Nasdaq Capital Market under the symbol "IMPPP."

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#### Description of Series A Preferred Stock
*The following description of the Series A Preferred Stock does not purport to be complete and is subject to, and qualified in its entirety by reference to the Statement of Designations designating the Series A Preferred Stock (the "Statement of Designations") and setting forth the rights, preferences and limitations of the Series A Preferred Stock. A copy of the Statement of Designations is filed as an exhibit to this Annual Report.* 

References to "Imperial Petroleum Inc.," "we," "our" and "us" refer specifically to Imperial Petroleum Inc.

#### General
As of December 31, 2025, and April 15, 2026, there were 800,000 Series A Preferred Stock authorized, and 795,878 Series A Preferred Stock issued and outstanding*.* We may, without notice to or consent of the holders of the then-outstanding Series A Preferred Stock, authorize and issue additional Series A Preferred Stock as well as Parity Securities and Junior Securities and, subject to the further limitations described under "—Voting Rights", Senior Securities.

The holders of our common stock are entitled to receive dividends out of assets legally available for that purpose at times and in amounts as our board of directors may from time to time determine. Upon the occurrence of a liquidation, dissolution or winding up the holders of common stock would be entitled to share ratably in the distribution of all of our assets remaining available for distribution after satisfaction of all our liabilities and payment to the holders of shares of any class or series of capital stock (including the Series A Preferred Stock) having preferential rights to receive distributions of our assets.

The Series A Preferred Stock entitle the holders thereof to receive cumulative cash dividends when, as and if declared by our board of directors out of legally available funds for such purpose. Each share of Series A Preferred Stock have a fixed liquidation preference of $25.00 per share plus an amount equal to accumulated and unpaid dividends thereon to the date fixed for payment, whether or not declared*.* Please read "—Liquidation Rights."

The Series A Preferred Stock represents perpetual equity interests in us and, unlike any potential indebtedness we may incur in the future, will not give rise to a claim for payment of a principal amount at a particular date. As such, the Series A Preferred Stock ranks junior to any future indebtedness and other liabilities with respect to assets available to satisfy claims against us.

All the Series A Preferred Stock are represented by a single certificate issued to the Securities Depository (as defined below) and registered in the name of its nominee and, so long as a Securities Depository has been appointed and is serving, no person acquiring Series A Preferred Stock will be entitled to receive a certificate representing such shares unless applicable law otherwise requires or the Securities Depository resigns or is no longer eligible to act as such and a successor is not appointed*.* Please read "—Book-Entry System."

The Series A Preferred Stock are not convertible into common stock or other of our securities and will not have exchange rights or be entitled or subject to any preemptive or similar rights. The Series A Preferred Stock will not be subject to mandatory redemption or to any sinking fund requirements. The Series A Preferred Stock will be subject to redemption, in whole or from time to time in part, at our option commencing on September 30, 2022. Please read "—Redemption."

#### Ranking
The Series A Preferred Stock, with respect to dividend distributions and distributions upon the liquidation, winding-up and dissolution of our affairs, rank:

• senior to all classes of our common stock, and to each other class or series of stock established after the initial issue date of the Series A Preferred Stock by our board of directors, the terms of

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which class or series do not expressly provide that it is made senior to or on parity with the Series A Preferred Stock as to dividend distributions and distributions upon the liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary (collectively, the "Junior Securities"); <br>

• on a parity with any class or series of stock established after the initial issue date of the Series A Preferred Stock by our board of directors, the terms of which class or series are not expressly subordinated or senior to the Series A Preferred Stock as to dividend distributions and distributions upon the liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary (collectively, the "Parity Securities"); and

• junior to (i) any future indebtedness and other liabilities with respect to assets available to satisfy claims against us, and (ii) each class or series of capital stock expressly made senior to the Series A Preferred Stock as to the payment of dividends and amounts payable upon liquidation, dissolution or winding up, whether voluntary or involuntary (such shares described in this clause (ii), the "Senior Securities").

Under the Statement of Designations, we may issue Junior Securities and, so long as cumulative dividends on the Series A Preferred Stock are not in arrears, Parity Securities from time to time in one or more series without the consent of the holders of the Series A Preferred Stock. Our board of directors has the authority to determine the preferences, powers, qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such series before the issuance of any shares of that series. Our board of directors will also determine the number of shares constituting each series of securities. Our ability to issue additional Senior Securities is limited as described under "—Voting Rights."

#### Liquidation Preference
The holders of issued and outstanding Series A Preferred Stock will be entitled, in the event of any liquidation, dissolution or winding up of our affairs, whether voluntary or involuntary, to receive the liquidation preference of $25.00 per share in cash plus an amount equal to accumulated and unpaid dividends thereon to (but not including) the date fixed for payment of such amount (whether or not declared), and no more, before any distribution will be made to the holders of our common stock or any other Junior Securities. A consolidation or merger of us with or into any other entity, individually or in a series of transactions, will not be deemed a liquidation, dissolution or winding up of our affairs for this purpose. In the event that our assets available for distribution to holders of the issued and outstanding Series A Preferred Stock and any Parity Securities are insufficient to permit payment of all required amounts, our assets then remaining will be distributed among the Series A Preferred Stock and any Parity Securities, as applicable, ratably on the basis of their relative aggregate liquidation preferences. After payment of all required amounts to the holders of the outstanding shares of Series A Preferred Stock and Parity Securities, our remaining assets and funds will be distributed among the holders of the common stock and any other Junior Securities then issued and outstanding according to their respective rights.

#### Voting Rights
The Series A Preferred Stock have no voting rights except as provided by Marshall Islands law and as follows*.* In the event that six quarterly dividends, whether consecutive or not, payable on Series A Preferred Stock are in arrears, the holders of Series A Preferred Stock will have the right, voting separately as a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, at the next meeting of stockholders called for the election of directors, to elect one member of our board of directors, and the size of our board of directors will be increased as needed to accommodate such change (unless the size of our board of directors already has been increased by reason of the election of a director by holders of Parity Securities upon which like voting rights have been conferred and with which the Series A Preferred Stock voted as a class for the election of such director)*.* The right of such holders of Series A Preferred

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Stock to elect one member of our board of directors will continue until such time as all dividends accumulated and in arrears on the Series A Preferred Stock have been paid in full, at which time such right will terminate, subject to revesting in the event of each and every subsequent failure to pay six quarterly dividends as described above*.* Upon any termination of the right of the holders of the Series A Preferred Stock and any other Parity Securities to vote as a class for a director, the term of office of all directors then in office elected by such holders voting as a class will terminate immediately*.* Any director elected by the holders of the Series A Preferred Stock and any other Parity Securities shall each be entitled to one vote per director on any matter before our board of directors.

Unless we have received the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series A Preferred Stock, voting as a single class, we may not (i) adopt any amendment to our articles of incorporation or Statement of Designations, that adversely alters the preferences, powers or rights of the Series A Preferred Stock, (ii) issue any Parity Securities if the cumulative dividends payable on outstanding Series A Preferred Stock are in arrears, or (iii) create or issue any Senior Securities.

On any matter described above on which the holders of the Series A Preferred Stock are entitled to vote as a class, such holders will be entitled to one vote per share*.* The Series A Preferred Stock held by us or any of our subsidiaries or affiliates will not be entitled to vote.

#### Dividends
*Gene*ral

Holders of Series A Preferred Stock will be entitled to receive, when, as and if declared by our board of directors out of legally available funds for such purpose, cumulative cash dividends from December 3, 2021.

*Dividend Rate* 

Dividends on Series A Preferred Stock will be cumulative, commencing December 3, 2021 and payable on each Dividend Payment Date, commencing December 30, 2021, when, as and if declared by our board of directors or any authorized committee thereof out of legally available funds for such purpose. Dividends on the Series A Preferred Stock will accrue at a rate of 8.75% per annum per $25.00 stated liquidation preference per Series A Preferred Stock. The dividend rate is not subject to adjustment.

*Dividend Payment Date* 

The "Dividend Payment Dates" for the Series A Preferred Stock will be each March 30, June 30, September 30 and December 30, commencing December 30, 2021. Dividends will accumulate in each dividend period from and including the preceding Dividend Payment Date or the initial issue date, as the case may be, to but excluding, the applicable Dividend Payment Date for such dividend period. If any Dividend Payment Date otherwise would fall on a day that is not a Business Day, declared dividends will be paid on the immediately succeeding Business Day without the accumulation of additional dividends. Dividends on the Series A Preferred Stock will be payable based on a 360-day year consisting of twelve 30-day months.

"Business Day" means a day on which the Nasdaq Stock Market is open for trading and which is not a Saturday, a Sunday or other day on which banks in New York City are authorized or required by law to close.

*Payment of Dividends* 

Not later than the close of business, New York City time, on each Dividend Payment Date, we will pay those dividends, if any, on the Series A Preferred Stock that have been declared by our board of directors to the holders of such shares as such holders' names appear on our share transfer books maintained by the Registrar and

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Transfer Agent on the applicable Record Date. The applicable record date (the "Record Date"), will be three Business Days immediately preceding the applicable Dividend Payment Date, except that in the case of payments of dividends in arrears, the Record Date with respect to a Dividend Payment Date will be such date as may be designated by our board of directors in accordance with our Bylaws then in effect and the Statement of Designations.

So long as the Series A Preferred Stock are held of record by the Securities Depository or its nominee, declared dividends will be paid to the Securities Depository in same-day funds on each Dividend Payment Date. The Securities Depository will credit accounts of its participants in accordance with the Securities Depository's normal procedures. The participants will be responsible for holding or disbursing such payments to beneficial owners of the Series A Preferred Stock in accordance with the instructions of such beneficial owners.

No dividend may be declared or paid or set apart for payment on any Junior Securities (other than dividend payable solely in shares of Junior Securities) unless full cumulative dividends have been or contemporaneously are being paid or provided for on all issued and outstanding Series A Preferred Stock and any Parity Securities through the most recent respective dividend payment dates*.* Accumulated dividends in arrears for any past dividend period may be declared by our board of directors and paid on any date fixed by our board of directors, whether or not a Dividend Payment Date, to holders of the Series A Preferred Stock on the record date for such payment, which may not be more than 60 days, nor less than 15 days, before such payment date*.* Subject to the next succeeding sentence, if all accumulated dividends in arrears on all outstanding Series A Preferred Stock and any Parity Securities have not been declared and paid, or sufficient funds for the payment thereof have not been set apart, payment of accumulated dividends in arrears will be made in order of their respective dividend payment dates, commencing with the earliest*.* If less than all dividends payable with respect to all Series A Preferred Stock and any Parity Securities are paid, any partial payment will be made pro rata with respect to the Series A Preferred Stock and any Parity Securities entitled to a dividend payment at such time in proportion to the aggregate amounts remaining due in respect of such shares at such time*.* Holders of the Series A Preferred Stock will not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment which may be in arrears on the Series A Preferred Stock.

#### Redemption
The Series A Preferred Stock represent perpetual equity interests in us. We will have no obligation to redeem or repurchase any Series A Preferred Stock at any time.

*Optional Redemption* 

We may redeem, at our option, in whole or from time to time in part, the Series A Preferred Stock (i) on or after June 30, 2024 and prior to June 30, 2025, at a price equal to $25.50 per Series A Preferred Stock, (ii) on or after June 30, 2025 and prior to June 30, 2026, at a price equal to $25.25 per Series A Preferred Stock and (iii) on or after June 30, 2026, at a price equal to $25.00 per Series A Preferred Stock, plus, in each case, an amount equal to all accumulated and unpaid dividends thereon to (but not including) the date of redemption, whether or not declared*.* Any such optional redemption may be effected only out of funds legally available for such purpose.

*Redemption Upon a Change of Control* 

In connection with a Change of Control (as defined below), we may, at our option, redeem the Series A Preferred Stock, in whole but not in part, no later than 90 days after the first date on which such Change of Control occurs, at a redemption price of (1) if the "Change of Control" occurs prior to December 31, 2023, $26.50 per share and (2) if the "Change of Control" occurs on or after December 31, 2023 at the same redemption prices as apply to an optional redemption as set forth above under "Optional Redemption", plus, in the case of either (1) or (2), an amount equal to all accumulated and unpaid dividends thereon to (but not

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including) the date of redemption, whether or not declared. Any such redemption may be effected only out of funds legally available for such purpose.

A "Change of Control" means the following events have occurred and are continuing:

• the acquisition by any "person" or "group" (within the meaning of Section 13(d)(3) of the Exchange Act) of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of our shares entitling that person or group to exercise more than 50% of the total voting power of all of our shares entitled to vote generally in elections of directors (except that such person or group will be deemed to have beneficial ownership of all securities that such person or group has the right to acquire, whether such right is currently exercisable or is exercisable only upon the passage of time or occurrence of a subsequent condition); and

• following the closing of any transaction referred to in the above bullet point, neither we nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange ("NYSE"), the NYSE American or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (collectively, "Nasdaq") or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or the Nasdaq.

*Redemption Procedure* 

We will give notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60 days before the scheduled date of redemption, to the holders of any shares to be redeemed as such holders' names appear on our share transfer books maintained by the Registrar and Transfer Agent at the address of such holders shown therein*.* Such notice shall state: (1) the redemption date, (2) the number of shares of Series A Preferred Stock to be redeemed and, if less than all issued and outstanding Series A Preferred Stock are to be redeemed, the number (and the identification) of shares to be redeemed from such holder, (3) the redemption price, (4) the place where the Series A Preferred Stock are to be redeemed and shall be presented and surrendered for payment of the redemption price therefor, and (5) that dividends on the shares to be redeemed will cease to accumulate from and after such redemption date.

If fewer than all of the issued and outstanding Series A Preferred Stock are to be redeemed, the number of shares to be redeemed will be determined by us, and such shares will be redeemed pro rata or by lot as the Securities Depository shall determine, with adjustments to avoid redemption of fractional shares*.* So long as all Series A Preferred Stock are held of record by the Securities Depository or its nominee, we will give notice, or cause notice to be given, to the Securities Depository of the number of shares of Series A Preferred Stock to be redeemed and the Securities Depository will determine the number of shares of Series A Preferred Stock to be redeemed from the account of each of its participants holding such shares in its participant account*.*

So long as the Series A Preferred Stock are held of record by the Securities Depository or its nominee, the redemption price will be paid by the Paying Agent to the Securities Depository on the redemption date*.* The Securities Depository's normal procedures provide for it to distribute the amount of the redemption price in same-day funds to its participants who, in turn, are expected to distribute such funds to the persons for whom they are acting as agent.

If we give or cause to be given a notice of redemption, then we will deposit with the Paying Agent funds sufficient to redeem the Series A Preferred Stock as to which notice has been given by the close of business, New York City time, no later than the Business Day immediately preceding the date fixed for redemption, and will give the Paying Agent irrevocable instructions and authority to pay the redemption price to the holder or holders thereof upon surrender or deemed surrender (which will occur automatically if the certificate representing such shares is issued in the name of the Securities Depository or its nominee) of the certificates therefor*.* If notice of

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redemption shall have been given, then from and after the date fixed for redemption, unless we default in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the notice, all dividends on such shares will cease to accumulate and all rights of holders of such shares as our stockholders will cease, except the right to receive the redemption price, including an amount equal to accumulated and unpaid dividends to (but not including) the date fixed for redemption, whether or not declared*.* We will be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the Paying Agent (to the extent that such interest income is not required to pay the redemption price of the shares to be redeemed), and the holders of any shares so redeemed will have no claim to any such interest income*.* Any funds deposited with the Paying Agent hereunder by us for any reason, including, but not limited to, redemption of Series A Preferred Stock, that remain unclaimed or unpaid after two years after the applicable redemption date or other payment date, shall be, to the extent permitted by law, repaid to us upon our written request after which repayment the holders of the Series A Preferred Stock entitled to such redemption or other payment shall have recourse only to us.

If only a portion of the Series A Preferred Stock represented by a certificate has been called for redemption, upon surrender of the certificate to the Paying Agent (which will occur automatically if the certificate representing such shares is registered in the name of the Securities Depository or its nominee), the Paying Agent will issue to the holder of such shares a new certificate (or adjust the applicable book-entry account) representing the number of shares of Series A Preferred Stock represented by the surrendered certificate that have not been called for redemption.

Notwithstanding any notice of redemption, there will be no redemption of any Series A Preferred Stock called for redemption until funds sufficient to pay the full redemption price of such shares, including all accumulated and unpaid dividends to the date of redemption, whether or not declared, have been deposited by us with the Paying Agent.

We and our affiliates may from time to time purchase the Series A Preferred Stock, subject to compliance with all applicable securities and other laws*.* Neither we nor any of our affiliates has any obligation or any present plan or intention, to purchase any Series A Preferred Stock*.* Any shares repurchased and cancelled by us will revert to the status of authorized but unissued preferred stock, undesignated as to series.

Notwithstanding the foregoing, in the event that full cumulative dividends on the Series A Preferred Stock and any Parity Securities have not been paid or declared and set apart for payment, we may not repurchase, redeem or otherwise acquire, in whole or in part, any Series A Preferred Stock or Parity Securities except pursuant to a purchase or exchange offer made on the same terms to all holders of Series A Preferred Stock and any Parity Securities*.* Common stock and any other Junior Securities may not be redeemed, repurchased or otherwise acquired unless full cumulative dividends on the Series A Preferred Stock and any Parity Securities for all prior and the then-ending dividend periods have been paid or declared and set apart for payment.

#### No Sinking Fund
The Series A Preferred Stock do not have the benefit of any sinking fund.

#### Description of Series B Preferred Stock
*The following description of the Series B Preferred Stock is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation filed as an exhibit to this Annual Report.* 

On October 21, 2022, we issued 16,000 shares of our newly-designated Series B Preferred Stock, par value $0.01 per share. As of December 31, 2025 and April 15, 2026, there were 16,000 shares of Series B Preferred Stock authorized, and 16,000 shares of Series B Preferred Stock issued and outstanding.

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#### Voting
To the fullest extent permitted by law, each share of Series B preferred stock entitles the holder hereof to 25,000 votes per share on all matters submitted to a vote of the shareholders of the Company, *provided however,* that no holder of Series B preferred stock may exercise voting rights pursuant to Series B preferred stock that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series B preferred stock, common stock or otherwise) to exceed 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Company. To the fullest extent permitted by law, the holder of Series B preferred stock shall have no special voting or consent rights and shall vote together as one class with the holders of the common stock on all matters put before the shareholders.

#### Conversion
The Series B preferred stock is not convertible into shares of common stock or any other security.

#### Redemption
The Series B preferred stock is not redeemable.

#### Dividends
The Series B preferred stock has no dividend rights.

#### Transferability
All issued and outstanding Series B preferred stock must be held of record by one holder, and the Series B preferred stock shall not be transferred or sold without the prior approval of our board of directors.

#### Liquidation Preference
Upon any liquidation, dissolution or winding up of the Company, the Series B preferred stock will rank pari- passu with the common stockholders and shall be entitled to receive a payment equal to the par value of $0.01 per share. The Series B preferred stockholder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company.

B. Articles of Incorporation and Bylaws

Our articles of incorporation and our bylaws are filed as Exhibit 1.1 and Exhibit 1.2, respectively, hereto.

*Purpose.* 

Our purpose is to engage in any lawful act or activity relating to the business of chartering, rechartering or operating tankers, drybulk carriers or other vessels or any other lawful act or activity customarily conducted in conjunction with shipping, and any other lawful act or activity approved by the Board of Directors of the Corporation. Our articles of incorporation and bylaws do not impose any limitations on the ownership rights of our stockholders.

Under our bylaws, annual stockholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall Islands. Special meetings may be called by the Board of Directors. Our Board of Directors may set a record date between 15 and 60 days before the date of any meeting to determine the stockholders that will be eligible to receive notice and vote at the meeting.

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*Directors.* 

Our directors are elected by a plurality of the votes cast at a meeting of the stockholders by the holders of shares entitled to vote in the election.

There is no provision for cumulative voting.

The Board of Directors may change the number of directors by a vote of a majority of the entire board. Each director shall be elected to serve until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of office. The Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors for attendance at any meeting or for services rendered to us.

*Dissenters' Rights of Appraisal and Payment.* 

Under the BCA, our stockholders have the right to dissent from various corporate actions, including any merger or sale of all or substantially all of our assets not made in the usual course of our business, and receive payment of the fair value of their shares. However, the right of a dissenting stockholder under the BCA to receive payment of the fair value of his shares is not available for the shares of any class or series of stock, which shares or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of and to vote at the meeting of the stockholders to act upon the agreement of merger or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting stockholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation. In the event of any further amendment of our articles of incorporation, a stockholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting stockholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting stockholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the circuit court in the judicial circuit in the Marshall Islands in which our Marshall Islands office is situated. The value of the shares of the dissenting stockholder is fixed by the court after reference, if the court so elects, to the recommendations of a court-appointed appraiser.

*Stockholders' Derivative Actions.* 

Under the BCA, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of common stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates.

*Anti-takeover Provisions of our Charter Documents.* 

Several provisions of our articles of incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a stockholder may consider in its best interest and (2) the removal of incumbent officers and directors.

*Blank Check Preferred Stock.* 

Under the terms of our articles of incorporation, our Board of Directors has authority, without any further vote or action by our stockholders, to issue up to 200,000,000 shares of blank check preferred stock, of which

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800,000 have been designated Series A Preferred Stock and of which 795,878 are issued and outstanding as of April 15, 2026 and 16,000 have been designated Series B Preferred Stock and of which 16,000 are issued and outstanding as of April 15, 2026. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.

*Classified Board of Directors.* 

Our articles of incorporation provide for a Board of Directors serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our company. It could also delay stockholders who do not agree with the policies of the Board of Directors from removing a majority of the Board of Directors for two years.

*Election and Removal of Directors.* 

Our articles of incorporation and bylaws prohibit cumulative voting in the election of directors. Our bylaws require parties other than the Board of Directors to give advance written notice of nominations for the election of directors. Our bylaws also provide that our directors may be removed only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.

*Calling of Special Meetings of Stockholders.* 

Our bylaws provide that special meetings of our stockholders may be called only by resolution of our Board of Directors.

*Advance Notice Requirements for Stockholder Proposals and Director Nominations.* 

Our bylaws provide that stockholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of stockholders must provide timely notice of their proposal in writing to the corporate secretary.

Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the previous year's annual meeting. If, however, the date of our annual meeting is more than 30 days before or 60 days after the first anniversary date of the previous year's annual meeting, a stockholder's notice must be received at our principal executive offices by the later of (i) the close of business on the 90th day prior to the annual meeting date or (ii) the close of business on the tenth day following the date on which such annual meeting date is first publicly announced or disclosed by us. Our bylaws also specify requirements as to the form and content of a stockholder's notice. These provisions may impede stockholders' ability to bring matters before an annual meeting of stockholders or make nominations for directors at an annual meeting of stockholders.

*Business Combinations.* 

Our articles of incorporation prohibit us from engaging in a "business combination" with certain persons for three years following the date the person becomes an interested stockholder. Interested stockholders generally include:

• persons who are the beneficial owners of 15% or more of the outstanding voting stock of the corporation; and

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• persons who are affiliates or associates of the corporation and who hold 15% or more of the corporation's outstanding voting stock at any time within three years before the date on which the person's status as an interested stockholder is determined.

Subject to certain exceptions, a business combination includes, among other things:

• certain mergers or consolidations of the corporation or any direct or indirect majority-owned subsidiary of the company;

• the sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets having an aggregate market value equal to 10% or more of either the aggregate market value of all assets of the corporation, determined on a consolidated basis, or the aggregate value of all the outstanding stock of the corporation;

• certain transactions that result in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

• any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the corporation that is owned directly or indirectly by the interested stockholder; and

• any receipt by the interested stockholder of the benefit (except as a stockholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

These provisions of our articles of incorporation do not apply to a business combination if:

• before a person becomes an interested stockholder, the board of directors of the corporation approves the business combination or transaction in which the stockholder became an interested stockholder;

• upon consummation of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than certain excluded shares;

• following a transaction in which the person became an interested stockholder, the business combination is (a) approved by the board of directors of the corporation and (b) authorized at a regular or special meeting of stockholders, and not by written consent, by the vote of the holders of at least two-thirds of the voting stock of the corporation not owned by the stockholder; or

• the transaction is with a stockholder that was or became an interested stockholder prior to or at the time the 2021 Spin-Off was consummated.

C. Material Contracts

We refer to "Item 7. Major Stockholders and Related Party Transactions—B. Related Party Transactions" for a discussion of our material agreements outside the ordinary course of our business to which we are a party. We have entered into a management agreement with Stealth Maritime as described as described in "—Related Party Transactions – Management Arrangements" and memoranda of agreement for the acquisition of vessels from entities affiliated with Brave Maritime "—Related Party Transactions—Vessel Acquisitions."

Other than the agreements discussed in the aforementioned section of this annual report, we have no material contracts, other than contracts entered into in the ordinary course of business, to which we or any member of the group is a party.

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D. Exchange Controls and Other Limitations Affecting Stockholders

Under Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our common stock.

We are not aware of any limitations on the rights to own our common stock, including rights of non-resident or foreign stockholders to hold or exercise voting rights on our common stock, imposed by foreign law or by our articles of incorporation or bylaws.

E. Tax Considerations

#### Marshall Islands Tax Consequences
The following discussion is based on the current laws of the Republic of the Marshall Islands applicable to persons who do not reside in, maintain offices in or engage in business in the Republic of the Marshall Islands.

Imperial Petroleum is incorporated in the Marshall Islands. Under current Marshall Islands law, Imperial Petroleum is not subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon payments of dividends by Imperial Petroleum to holders of its common stock or Series A Preferred Stock that are not residents or domiciled or carrying any commercial activity in the Marshall Islands. The holders of Imperial Petroleum common stock and Series A Preferred Stock will not be subject to Marshall Islands tax on the sale or other disposition of such common stock or Series A Preferred Stock.

#### United States Federal Income Tax Consequences
The following discussion of United States federal income tax matters is based on the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury, or the Treasury Regulations, all as of the date of this report, and all of which are subject to change, possibly with retroactive effect. This discussion is also based in part upon Treasury Regulations promulgated under Section 883 of the Code. The discussion below is based, in part, on the description of Imperial Petroleum's business as described in "Business" above and assumes that Imperial Petroleum will conduct its business as described in that section.

#### United States Federal Income Taxation of Our Company

#### Taxation of Operating Income: In General
Unless exempt from United States federal income taxation under the rules discussed below, a foreign corporation is subject to United States federal income taxation in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a pool, partnership, strategic alliance, joint operating agreement, code sharing arrangement or other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as "shipping income," to the extent that the shipping income is derived from sources within the United States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States exclusive of certain U.S. territories and possessions constitutes income from sources within the United States, which we refer to as "U.S.-source shipping income."

Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by law to engage in transportation that produces income which is considered to be 100% from sources within the United States. Shipping income attributable to transportation exclusively between non-United States ports will be considered to be 100% derived from sources outside the United States. Shipping income derived from sources outside the United States will not be subject to any United States federal income tax.

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In the absence of exemption from tax under Section 883 of the Code, our gross U.S.-source shipping income would be subject to a 4% tax imposed without allowance for deductions as described below.

#### Exemption of Operating Income from United States Federal Income Taxation
Under Section 883 of the Code and the Treasury Regulations thereunder, Imperial Petroleum will be exempt from United States federal income taxation on its U.S.-source shipping income if:

• Imperial Petroleum is organized in a foreign country, or its country of organization, that grants an "equivalent exemption" to corporations organized in the United States; and

either

• more than 50% of the value of Imperial Petroleum's stock is owned, directly or indirectly, by "qualified shareholders," individuals who are "residents" of a foreign country that grants an "equivalent exemption" to corporations organized in the United States, which we refer to as the "50% Ownership Test," or

• Imperial Petroleum's stock is "primarily and regularly traded on an established securities market" in a country that grants an "equivalent exemption" to United States corporations, or in the United States, which we refer to as the "Publicly-Traded Test."

The Marshall Islands jurisdiction where Imperial Petroleum and certain of its shipowning subsidiaries, are incorporated, and Liberia where its other shipowning subsidiaries are incorporated, grant an "equivalent exemption" to United States corporations. Therefore, Imperial Petroleum will be exempt from United States federal income taxation in any taxable year with respect to our U.S.-source shipping income if Imperial Petroleum satisfies either the 50% Ownership Test or the Publicly-Traded Test for such taxable year.

Imperial Petroleum does not expect that it will be able to satisfy the 50% Ownership Test for any taxable year due to the anticipated, widely-held nature of its stock.

Imperial Petroleum's ability to satisfy the Publicly-Traded Test is discussed below.

The Treasury Regulations provide, in pertinent part, that the stock of a foreign corporation will be considered to be "primarily traded" on an established securities market in a country if the number of shares of each class of stock that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established securities markets in any other single country. Imperial Petroleum common stock and Series A Preferred Stock will be "primarily traded" on the Nasdaq Capital Market, which is an established securities market for these purposes.

Under the regulations, Imperial Petroleum stock will be considered to be "regularly traded" on an established securities market if one or more classes of its stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and total value, is listed on the market (the "listing threshold"). Since Imperial Petroleum common stock and Series A Preferred Stock, which represent more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and total value, will be listed on the Nasdaq Capital Market, Imperial Petroleum will satisfy the listing threshold.

It is further required that with respect to each class of stock relied upon to meet the listing threshold (i) such class of the stock is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year (or 1/6 of the days in the case of a short taxable year); and (ii) the aggregate number of shares of such class of stock traded on such market is at least 10% of the average number of shares of such class of stock outstanding during such year (or as appropriately adjusted in the case of a short taxable year). Imperial Petroleum expects to

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satisfy the trading frequency and trading volume tests described in this paragraph. Even if this were not the case, the relevant Treasury regulations provide that the trading frequency and trading volume tests will be deemed satisfied by a class of stock if, as Imperial Petroleum expects to be the case with its common stock and Series A Preferred Stock, such class of stock is traded on an established market in the United States, such as the Nasdaq Capital Market and such class of stock is regularly quoted by dealers making a market in such stock.

Notwithstanding the foregoing, the Treasury regulations provide that, in pertinent part, a class of a non-U.S. corporation's stock will not be considered to be "regularly traded" on an established securities market for any taxable year if 50% or more of the outstanding shares of such class of the corporation's stock is owned, actually or constructively under specified attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of such class of the corporation's stock (the "5% Override Rule").

For purposes of being able to determine the persons who own 5% or more of a class of a corporation's stock ("5% Stockholders") the Treasury regulations permit a corporation to rely on Schedule 13G and Schedule 13D filings with the SEC to identify persons who have a 5% or more beneficial interest in such corporation's common stock, which currently are our sole class of voting shares, or, if our Series A Preferred Stock are then entitled to vote, our Series A Preferred Stock. The Treasury regulations further provide that an investment company that is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Stockholder for such purposes.

It is possible that 5% Stockholders may own more than 50% of the Imperial Petroleum common stock. In the event the 5% Override Rule is triggered, the Treasury regulations provide that the 5% Override Rule will nevertheless not apply if Imperial Petroleum can establish that within the group of 5% Stockholders, there are sufficient 5% Stockholders that are considered to be "qualified shareholders" for purposes of Section 883 of the Code to preclude non-qualified 5% Stockholders in the closely-held group from owning 50% or more of the corporation's common stock for more than half the number of days during the taxable year. To establish this exception to the 5% Override Rule, 5% Stockholders owning a sufficient number of our common stock would have to provide the Corporation with certain information in order to substantiate their status as qualified shareholders. If, after the 2021 Spin-Off, 5% Stockholders were to own more than 50% of the Imperial Petroleum common stock, there is no assurance that Imperial Petroleum would be able to satisfy the foregoing requirements.

#### Taxation in Absence of Exemption
If the benefits of Section 883 of the Code are unavailable for any taxable year, Imperial Petroleum's U.S. source shipping income, to the extent not considered to be "effectively connected" with the conduct of a United States trade or business, as described below, will be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions ("4% gross basis tax regime"). Since under the sourcing rules described above, no more than 50% of our shipping income is treated as being derived from United States sources, the maximum effective rate of United States federal income tax on our shipping income will not exceed 2% under the 4% gross basis tax regime.

To the extent the benefits of the Section 883 of the Code are unavailable and Imperial Petroleum's U.S. source shipping income is considered to be "effectively connected" with the conduct of a United States trade or business, as described below, any such "effectively connected" U.S. source shipping income, net of applicable deductions, would be subject to the United States federal corporate income tax currently imposed at rates of up to 21%. In addition, Imperial Petroleum may be subject to the 30% United States federal "branch profits" taxes on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of such United States trade or business.

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Imperial Petroleum's U.S. source shipping income would be considered "effectively connected" with the conduct of a United States trade or business only if:

• Imperial Petroleum has, or is considered to have, a fixed place of business in the United States involved in the earning of shipping income; and

• Substantially all of Imperial Petroleum's U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.

Imperial Petroleum does not intend to have, or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of Imperial Petroleum's shipping operations and other activities, Imperial Petroleum believes that none of its U.S. source shipping income will be "effectively connected" with the conduct of a United States trade or business.

#### United States Taxation of Gain on Sale of Vessels
Regardless of whether Imperial Petroleum qualifies for exemption under Section 883 of the Code, Imperial Petroleum will not be subject to United States federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under United States federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by Imperial Petroleum will be considered to occur outside of the United States.

#### United States Federal Income Taxation of U.S. Holders
The following discussion regarding the material U.S. federal income tax consequences, subject to the limitations described below, to U.S. Holders (as defined below) of acquiring, and of owning and disposing, our common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular person.

As used herein, the term "U.S. Holder" means a beneficial owner of Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants and that is a United States citizen or resident, United States corporation or other United States entity taxable as a corporation, an estate the income of which is subject to United States federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or the trust has in effect a valid election to be treated as a United States person.

This discussion does not purport to deal with the tax consequences of owning Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants to all categories of investors, some of which, such as dealers in securities, investors whose functional currency is not the United States dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of our common stock, may be subject to special rules. This discussion deals only with holders who hold Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants as a capital asset. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under United States federal,

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state, local or foreign law of the ownership of Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants.

If a partnership holds Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, you are encouraged to consult your tax advisor.

The foregoing treatment of the common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants are not binding on the IRS or the courts.

#### Distributions
Subject to the discussion of passive foreign investment companies below, any distributions made by Imperial Petroleum with respect to its common stock or Series A Preferred Stock to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or "qualified dividend income" to the extent of Imperial Petroleum's current or accumulated earnings and profits, as determined under United States federal income tax principles. Distributions in excess of Imperial Petroleum's current or accumulated earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder's tax basis their common stock or Series A Preferred Stock on a dollar-for-dollar basis and thereafter as capital gain. Because Imperial Petroleum is not a United States corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions such corporate U.S. Holders receive. Dividends paid with respect to the Imperial Petroleum common stock or Series A Preferred Stock will generally be treated as "passive category income" or, in the case of certain types of U.S. Holders, "general category income" for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes.

Dividends paid on the Imperial Petroleum common stock or Series A Preferred Stock to a U.S. Holder who is an individual, trust or estate (a "U.S. Individual Holder") are expected generally to be treated as "qualified dividend income" provided certain requirements are met. Qualified dividend income is taxable to such U.S. Individual Holders at preferential tax rates provided that (1) Imperial Petroleum is not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (which as discussed below, Imperial Petroleum does not believe it is, has been or will be), (2) the Imperial Petroleum common stock or Series A Preferred Stock, as applicable, are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market, on which the Imperial Petroleum common stock and Series A Preferred Stock will be listed), (3) the U.S. Individual Holder has owned the common stock or Series A Preferred Stock, as applicable, for more than 60 days in the 121-day period beginning 60 days before the date on which the common stock or Series A Preferred Stock, respectively, become ex-dividend, and (4) the U.S. Individual Holder is not under an obligation (whether pursuant to a short sale or otherwise) to make payments with respect to positions in similar or related property. There is no assurance that any dividends paid on the Imperial Petroleum common stock or Series A Preferred Stock will be eligible for these preferential rates in the hands of a U.S. Individual Holder. Any dividends paid by Imperial Petroleum that are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Individual Holder.

Special rules may apply to any "extraordinary dividend", which is generally a dividend paid by Imperial Petroleum in an amount which is equal to or in excess of ten percent (in the case of common stock) or five percent (in the case of Series A Preferred Stock) of a stockholder's adjusted tax basis (or fair market value in certain circumstances) in Imperial Petroleum common stock or Series A Preferred Stock. If Imperial Petroleum

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pays an "extraordinary dividend" on its common stock or Series A Preferred Stock that is treated as "qualified dividend income," then any loss derived by a U.S. Individual Holder from the sale or exchange of such common stock or Series A Preferred Stock will be treated as long-term capital loss to the extent of such dividend.

For foreign tax credit purposes, if at least 50 percent of our stock by voting power or by value is owned, directly, indirectly or by attribution, by United States persons, then, subject to the limitation described below, a portion of the dividends that we pay in each taxable year will be treated as U.S.-source income, depending in general upon the ratio for that taxable year of our U.S.-source earnings and profits to our total earnings and profits. The remaining portion of our dividends (or all of our dividends, if we do not meet the 50 percent test described above) will be treated as foreign-source income and generally will be treated as passive category income or, in the case of certain types of United States holders, general category income for purposes of computing allowable foreign tax credits for United States federal income tax purposes. However, if, in any taxable year, we have earnings and profits and less than ten percent of those earnings and profits are from United States sources, then, in general, dividends that we pay from our earnings and profits for that taxable year will be treated entirely as foreign-source income. Where a United States holder that is an individual receives a dividend on our shares that is a qualifying dividend (as described in the second preceding paragraph), special rules will apply that will limit the portion of such dividend that will be included in such individual's foreign source taxable income and overall taxable income for purposes of calculating such individual's foreign tax credit limitation.

#### Sale, Exchange or other Disposition of Common Stock or Series A Preferred Stock
Assuming Imperial Petroleum does not constitute a passive foreign investment company for any taxable year, a U.S. Holder generally will recognize taxable gain or loss for U.S. federal income tax purposes upon a sale, exchange or other disposition of Imperial Petroleum common stock or Series A Preferred Stock in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in such stock. Such gain or loss will generally be treated as long-term capital gain or loss if the U.S. Holder's holding period is greater than one year at the time of the sale, exchange or other disposition. Gain or loss realized by a United States holder on the sale or exchange of common stock or Series A Preferred Stock generally will be treated as U.S.-source gain or loss for United States foreign tax credit purposes. A United States holder's ability to deduct capital losses against ordinary income is subject to certain limitations.

#### Exercise of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants Class F Warrants and Class G Warrants
A U.S. Holder should not recognize gain or loss on the exercise of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants and related receipt of common stock (unless cash is received in lieu of the issuance of a fractional shares of common stock). A U.S. Holder's initial tax basis in the common stock received on the exercise of a Class A Warrant, Class B Warrant, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants should be equal to the sum of (a) such U.S. Holder's initial tax basis in such warrant plus (b) the exercise price paid by such U.S. Holder on the exercise of such warrant. If we were to become a PFIC, pursuant to proposed Treasury Regulations a U.S. Holder's holding period for the common stock received will begin on the date on which such U.S. holder acquired its Class A Warrant, Class B Warrant, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants.

In certain limited circumstances, a U.S. Holder may be permitted to undertake a cashless exercise of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants into common stock. The U.S. federal income tax treatment of a cashless exercise of warrants into common stock is unclear, and the tax consequences of a cashless exercise could differ from the consequences upon the exercise of a Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant described in the preceding paragraph. U.S. Holders should

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consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants.

#### Disposition of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants
A U.S. Holder will recognize gain or loss on the sale or other taxable disposition of a Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant in an amount equal to the difference, if any, between the amount of cash plus the fair market value of any property received and such U.S. Holder's tax basis in the Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant sold or otherwise disposed of. Subject to the PFIC rules discussed below, any such gain or loss generally will be a capital gain or loss, which will be long-term capital gain or loss if the Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant is held for more than one year. Deductions for capital losses are subject to complex limitations under the Code.

***Expiration of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants without Exercise***

Upon the lapse or expiration of a Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant, a U.S. Holder will recognize a loss in an amount equal to such U.S. Holder's tax basis in the Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrant, Class F Warrant or Class G Warrant, respectively. Subject to the PFIC rules discussed below, any such loss generally will be a capital loss and will be long-term capital loss if the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants are held for more than one year. Deductions for capital losses are subject to complex limitations under the Code.

***Certain Adjustments to the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants***

Under Section 305 of the Code, an adjustment to the number of shares of common stock that will be issued on the exercise of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, or an adjustment to the exercise price of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, may be treated as a constructive distribution to a U.S. Holder of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants respectively, if, and to the extent that, such adjustment has the effect of increasing such U.S. Holder's proportionate interest in our earnings and profits or our assets, depending on the circumstances of such adjustment (for example, if such adjustment is to compensate for a distribution of cash or property to the stockholders). Adjustments to the exercise price of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing dilution of the interest of the holders of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants should generally not be considered to result in a constructive distribution. Any such constructive distribution would be taxable whether or not there is an actual distribution of cash or other property (see more detailed discussion of the rules applicable to distributions we make at "Distributions" above).

#### Passive Foreign Investment Company Status and Significant Tax Consequences
Special United States federal income tax rules apply to a U.S. Holder that holds stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants

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in a foreign corporation classified as a passive foreign investment company, or PFIC, for United States federal income tax purposes. In general, Imperial Petroleum will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, either:

• at least 75% of Imperial Petroleum's gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or

• at least 50% of the average value of Imperial Petroleum's assets during such taxable year produce, or are held for the production of, passive income, which we refer to as "passive assets".

For purposes of determining whether Imperial Petroleum is a PFIC, Imperial Petroleum will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of its subsidiary corporations, in which Imperial Petroleum owns at least 25% of the value of the subsidiary's stock. Income earned, or deemed earned, by Imperial Petroleum in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute "passive income" unless Imperial Petroleum were treated under specific rules as deriving rental income in the active conduct of a trade or business.

Based on Imperial Petroleum's anticipated operations and future projections, Imperial Petroleum does not believe that it is a PFIC for the taxable year ended December 31, 2025. Although there is no legal authority directly on point, and Imperial Petroleum is not relying upon an opinion of counsel on this issue, Imperial Petroleum's belief is based principally on the position that, for purposes of determining whether Imperial Petroleum is a PFIC, the gross income Imperial Petroleum derives or is deemed to derive from the time chartering and voyage chartering activities of its wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that Imperial Petroleum or its wholly-owned subsidiaries own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether Imperial Petroleum is a PFIC. Imperial Petroleum believes there is substantial legal authority supporting its position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. Moreover, in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with Imperial Petroleum's position. In addition, although Imperial Petroleum intends to conduct its affairs in a manner to avoid being classified as a PFIC with respect to any taxable year, there can be no assurance that the nature of Imperial Petroleum's operations will not change in the future.

As discussed more fully below, if Imperial Petroleum were to be treated as a PFIC for any taxable year which included a U.S. Holder's holding period in Imperial Petroleum common stock or Series A Preferred Stock, then such U.S. Holder would be subject to different U.S. federal income taxation rules depending on whether the U.S. Holder makes an election to treat Imperial Petroleum as a "qualified electing fund" (a "QEF election"). As an alternative to making a QEF election, a U.S. Holder should be able to make a "mark-to-market" election with respect to Imperial Petroleum common stock or Series A Preferred Stock, as discussed below. In addition, if Imperial Petroleum were to be treated as a PFIC, a U.S. Holder of Imperial Petroleum common stock or Series A Preferred Stock would be required to file annual information returns with the IRS.

In addition, if a U.S. Holder owns Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants and Imperial Petroleum is a PFIC, such U.S. Holder must generally file IRS Form 8621 with the IRS.

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#### U.S. Holders Making a Timely QEF Election
A U.S. Holder who makes a timely QEF election with respect to Imperial Petroleum common stock or Series A Preferred Stock (an "Electing Holder") would report for U.S. federal income tax purposes his pro rata share of Imperial Petroleum's ordinary earnings and of Imperial Petroleum's net capital gain, if any, for Imperial Petroleum's taxable year that ends with or within the taxable year of the Electing Holder. Imperial Petroleum's net operating losses or net capital losses would not pass through to the Electing Holder and will not offset Imperial Petroleum's ordinary earnings or net capital gain reportable to the Electing Holder in subsequent years (although such losses would ultimately reduce the gain, or increase the loss, if any, recognized by the Electing Holder on the sale of his common stock or Series A Preferred Stock). Distributions received from Imperial Petroleum by an Electing Holder are excluded from the Electing Holder's gross income to the extent of the Electing Holder's prior inclusions of Imperial Petroleum's ordinary earnings and net capital gain. The Electing Holder's tax basis in his common stock or Series A Preferred Stock would be increased by any amount included in the Electing Holder's income. Distributions received by an Electing Holder, which are not includible in income because they have been previously taxed, would decrease the Electing Holder's tax basis in Imperial Petroleum common stock or Series A Preferred Stock, as applicable. An Electing Holder would generally recognize capital gain or loss on the sale or exchange of Imperial Petroleum common stock or Series A Preferred Stock. In order for an Electing Holder to make a QEF election, we would need to provide such Electing Holder with annual information regarding Imperial Petroleum. If we were aware that we were to be treated as a PFIC for any taxable year, we currently expect that we would provide each United States Holder with all necessary information, to the extent reasonably available, in order to make the QEF election described above with respect to our common stock and Series A Preferred Stock. We may elect to provide such information on our website. A QEF election will not be available with respect to Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants.

#### U.S. Holders Making a Timely Mark-to-Market Election
A U.S. Holder who makes a timely mark-to-market election with respect to Imperial Petroleum common stock or Series A Preferred Stock would include annually in the U.S. Holder's income, as ordinary income, any excess of the fair market value of the common stock or Series A Preferred Stock at the close of the taxable year over the U.S. Holder's then adjusted tax basis in the common stock or Series A Preferred Stock, respectively. The excess, if any, of the U.S. Holder's adjusted tax basis at the close of the taxable year over the then fair market value of the common stock or Series A Preferred Stock would be deductible in an amount equal to the

lesser of the amount of the excess or the net mark-to-market gains that the U.S. Holder included in income in previous years with respect to the common stock or Series A Preferred Stock, as applicable. A U.S. Holder's tax basis in his common stock and Series A Preferred Stock would be adjusted to reflect any income or loss amount recognized pursuant to the mark-to-market election. A U.S. Holder would recognize ordinary income or loss on a sale, exchange or other disposition of the common stock or Series A Preferred Stock; provided, however, that any ordinary loss on the sale, exchange or other disposition may not exceed the net mark-to-market gains that the U.S. Holder included in income in previous years with respect to the common stock or Series A Preferred Stock. A mark-to-market election will not be available with respect to the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants.

#### U.S. Holders Not Making a Timely QEF Election or Mark-to-Market Election
A U.S. Holder who does not make a timely QEF Election or a timely mark-to-market election with respect to Imperial Petroleum common stock, Series A Preferred Stock or is holding our Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants (a "Non-Electing Holder") would be subject to special rules with respect to (i) any "excess distribution" (generally, the portion of any distributions received by the Non-Electing Holder on the common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F

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Warrants or Class G Warrants in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants), and (ii) any gain realized on the sale or other disposition of the common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants. Under these rules, (i) the excess distribution or gain would be allocated ratably over the Non-Electing Holder's holding period for the common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants; (ii) the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as ordinary income; and (iii) the amount allocated to each of the other prior taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. If a Non-Electing Holder dies while owning Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, the Non-Electing Holder's successor would be ineligible to receive a step-up in the tax basis of those common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants.

#### Unearned Income Medicare Contribution Tax
Certain U.S. Holders that are individuals, estates or trusts are required to pay an additional 3.8% tax on, among other things, dividends on and capital gains from the sale or other disposition of stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants. U.S. Holders are encouraged to consult their own tax advisors regarding the effect, if any, of this tax on the ownership and disposition of our common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class F Warrants and Class G Warrants.

#### United States Federal Income Taxation of "Non-U.S. Holders"
A beneficial owner of Imperial Petroleum common stock or Series A Preferred Stock (other than a partnership) that is not a U.S. Holder is referred to herein as a "Non-U.S. Holder."

#### Dividends on Common Stock and Series A Preferred Stock
Non-U.S. Holders generally will not be subject to United States federal income tax or withholding tax on dividends received from Imperial Petroleum with respect to its common stock or with respect to its Series A Preferred Stock, unless such income is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States. If the Non-U.S. Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, such income is taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.

***Sale, Exchange or Other Disposition of Common Stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants***

Non-U.S. Holders generally will not be subject to United States federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, unless:

• such gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States, if the Non-U.S. Holder is entitled to the benefits of a United States income tax

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treaty with respect to that gain, that gain is taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or

• the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.

If the Non-U.S. Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the common stock or Series A Preferred Stock, including dividends and the gain from the sale, exchange or other disposition of the common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants that is effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating to the taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, its earnings and profits that are attributable to the effectively connected income, subject to certain adjustments, may be subject to an additional United States federal "branch profits" tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.

#### Backup Withholding and Information Reporting
In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements. Such payments will also be subject to backup withholding tax if a U.S. Individual Holder:

• fails to provide an accurate taxpayer identification number;

• is notified by the IRS that he failed to report all interest or dividends required to be shown on your

• United States federal income tax returns; or

• in certain circumstances, fails to comply with applicable certification requirements.

Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an appropriate IRS Form W-8.

If a stockholder sells Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup withholding and information reporting unless the stockholder certifies that it is a non-U.S. person, under penalties of perjury, or the stockholder otherwise establishes an exemption. If a stockholder sells Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants through a non-United States office of a non-United States broker and the sales proceeds are paid outside the United States then information reporting and backup withholding generally will not apply to that payment. However, United States information reporting requirements, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made outside the United States, if a stockholder sells Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants through a non-United States office of a broker that is a United States person or has some other contacts with the United States.

Backup withholding is not an additional tax. Rather, a stockholder generally may obtain a refund of any amounts withheld under backup withholding rules that exceed the stockholder's United States federal income tax liability by filing a refund claim with the IRS.

Individuals who are U.S. Holders (and to the extent specified in the applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain United States entities) who hold "specified foreign financial

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assets" (as defined in Section 6038D of the Code and the applicable Treasury Regulations) are required to file IRS Form 8938 (Statement of Specified Foreign Financial Assets) with information relating to each such asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year. Specified foreign financial assets would include, among other assets, Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, unless Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants were held through an account maintained with a United States financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, the statute of limitations on the assessment and collection of United States federal income tax with respect to a taxable year for which the filing of IRS Form 8938 is required may not close until three years after the date on which IRS Form 8938 is filed. U.S. Holders (including United States entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under Section 6038D of the Code.

Imperial Petroleum encourages each stockholder and warrant holder to consult with his, her or its own tax advisor as to particular tax consequences to it of acquiring, holding and disposing of Imperial Petroleum common stock, Series A Preferred Stock, Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, including the applicability of any state, local or foreign tax laws and any proposed changes in applicable law.

F. Dividends and Paying Agents

Not applicable.

G. Statement by Experts

Not applicable.

H. Documents on Display

We are subject to the informational requirements of the Exchange Act. In accordance with these requirements, we file reports and other information as a foreign private issuer with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. You may access our public filings with the SEC without charge on this website.

I. Subsidiary Information

Not applicable.

#### Item 11. Quantitative and Qualitative Disclosures About Market Risk

#### Our risk management policy
Our primary market risks relate to adverse movements in freight rates for product tankers and crude oil tankers and any declines that may occur in the value of our assets which are made up primarily of product tankers and crude oil tankers. Our policy is to also continuously monitor our exposure to other business risks, including the impact of changes in interest rates, currency rates, and bunker prices on earnings and cash flows. We assess these risks and, when appropriate, enter into derivative contracts with credit-worthy counter parties to minimize our exposure to the risks. In regard to bunker prices, as our employment policy for our vessels has continued to be and is expected to continue with a high percentage of our fleet on spot employment, we are directly exposed for the majority of our fleet to increases in bunker fuel prices.

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#### Interest rate risk
We did not have any outstanding bank debt as of December 31, 2025. If, however, we again incur indebtedness in the future to finance our fleet, we would expect to be subject to market risks relating to changes in interest rates, because we would expect such loans to be floating rate debt on which we pay interest based on SOFR plus a margin. Currently we have, and during 2025 we had, no interest rate swap agreements outstanding.

#### Foreign exchange rate fluctuation
We generate all of our revenues in U.S. dollars and incurred about 13.2% of our expenses in currencies other than U.S. dollars in 2025 (2024: 11.8%; 2023: 12.0%). For accounting purposes, expenses incurred in other currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. Due to our relatively low percentage exposure of any particular currency other than our base currency, which is the U.S. dollar we believe that such currency movements will not otherwise have a material effect on us. As such, we do not hedge these exposures as the amounts involved do not make hedging economic. As of April 15, 2026, we have no payment obligations related to any building of vessels or capital commitments related to acquisition of second hand vessels agreed to be delivered and yet to be paid in currencies other than U.S. dollars.

We have not and do not intend to enter into foreign currency contracts for speculative purposes.

#### Item 12. Description of Securities Other than Equity Securities
Not Applicable.

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#### PART II

#### Item 13. Defaults, Dividend Arrearages and Delinquencies
Not applicable.

#### Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
Not applicable.

#### Item 15. Controls and Procedures
a. Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of December 31, 2025. Disclosure controls and procedures are defined under SEC rules as controls and other procedures that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within required time periods. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Based on the Company's evaluation, management concluded that the Company's disclosure controls and procedures were effective as of December 31, 2025.

b. Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, and for the assessment of the effectiveness of internal control over financial reporting. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States ("U.S. GAAP").

A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with US GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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In making its assessment of the Company's internal control over financial reporting as of December 31, 2025, management used the criteria set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and evaluated the internal control over financial reporting.

Management concluded that, as of December 31, 2025 the Company's internal control over financial reporting was effective.

c. Attestation Report of the Registered Public Accounting Firm.

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our report was not subject to attestation by our independent registered public accounting firm pursuant to the rules of the Securities and Exchange Commission for "emerging growth companies" that permit us to provide only management's report in this report.

d. Changes in Internal Control Over Financial Reporting

Not applicable.

#### Item 16A. Audit Committee Financial Expert
The Board has determined that George Xiradakis is an Audit Committee financial expert as defined by the U.S. Securities and Exchange Commission and meets the applicable independence requirements of the U.S. Securities and Exchange Commission and the Nasdaq Stock Market.

#### Item 16B. Code of Ethics
We have adopted a Code of Business Conduct and Ethics, a copy of which is posted on our website, and may be viewed at http://www.imperialpetro.com. We will also provide a paper copy free of charge upon written request by our stockholders. Stockholders may direct their requests to the attention of: Investor Relations, 331 Kifissias Avenue, Kifissia 14561 Athens, Greece. No waivers of the Code of Business Conduct and Ethics were granted to any person during the fiscal year ended December 31, 2025.

#### Item 16C. Principal Accountant Fees and Services
Deloitte Certified Public Accountants S.A. ("Deloitte"), an independent registered public accounting firm, has audited our annual financial statements for fiscal years ended 2025, 2024 and 2023, acting as our independent auditor since our inception in 2021. All services provided by Deloitte were pre-approved by the Audit Committee. The chart below sets forth the total amount billed and accrued for Deloitte for services performed in 2024 and 2025 and breaks down these amounts by the category of service (in thousands):

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|:---|:---|:---|
|  | **2024** | **2025** |
|  Audit fees | $151 | $236 |
|  Assurance/audit related fees |  |  |
|  Tax fees |  |  |
|  All other fees |  |  |
|  Total | $**151** | $**236** |

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**(1)**  ***Audit fees*** 

Audit fees represent compensation for professional services rendered for (i) the audit of our annual financial statements, (ii) the review of our quarterly financial information (iii) audit services provided in connection with filing of registration statements and related consents and comfort letters and other audit services required for SEC or other regulatory filings.

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**(2)**  ***Assurance / Audit Related Fees*** 

Deloitte did not provide any services that would be classified in this category in 2024 or 2025.

**(3)**  ***Tax Fees*** 

Deloitte did not provide any tax services in 2024 or 2025.

**(4)**  ***All Other Fees*** 

Deloitte did not provide any other services that would be classified in this category in 2024 or 2025.

#### Non-audit services
The Audit Committee of our Board of Directors has the authority to pre-approve permissible audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees.

Engagements for proposed services either may be separately pre-approved by the audit committee or entered into pursuant to detailed pre-approval policies and procedures established by the audit committee, as long as the audit committee is informed on a timely basis of any engagement entered into on that basis.

Approval for other permitted non-audit services has to be sought on an ad hoc basis.

Where no Audit Committee meeting is scheduled within an appropriate time frame, the approval is sought from the Chairman of the Audit Committee subject to confirmation at the next meeting.

#### Item 16D. Exemptions from the Listing Standards for Audit Committees
None.

#### Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On February 9, 2026, we publicly announced that our Board of Directors had authorized the repurchase of up to $10,000,000 of shares of our common stock. As of April 1, 2026, 535,079 shares of common stock had been repurchased for an aggregate of $2.2 million (excluding commissions), with the average purchase price of $4.12 per share.

Shares may be purchased from time to time in open market or privately negotiated transactions, which may include derivative transactions, at times and prices that are considered to be appropriate by the Company and the program may be discontinued at any time. The below table presents information about our stock repurchases from January 1, 2025 through April 1, 2026. All purchases have been made on the open market within the safe harbor provisions of Regulation 10b-18 under the Exchange Act.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total<br>Number<br>of Shares<br>Purchased<br>(a)** | **Average<br>Price<br>Paid Per<br>Share<br>(b)** | **Total<br>Number of<br>Shares<br>Purchased<br>as Part of<br>Publicly<br>Announced<br>Plans or<br>Programs<br>(c)** | **Maximum<br>Approximate<br>Dollar Value of<br>Shares<br>that May Yet Be<br>Purchased<br>Under the Plans<br>or Programs (d)** |
|  February 11 to 20, 2026 | 251625 | 3.70 | 251625 | 9071020 |
|  March 6 to 23, 2026 | 283454 | 4.49 | 535079 | 7799541 |

---

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##### [**Table of Contents**](#toc)

#### Item 16F. Change in Registrant's Certifying Accountant
Not Applicable.

#### Item 16G. Corporate Governance

#### Statement of Significant Differences Between our Corporate Governance Practices and Nasdaq Corporate Governance Standards for Non-Controlled U.S. Issuers
As a foreign private issuer, we are not required to comply with certain of the corporate governance practices followed by U.S. companies under the Nasdaq corporate governance standards. We, however, voluntarily comply with all applicable Nasdaq corporate governance standards other than that, (1) we have two rather than three members on our audit committee, each of whom is independent under Nasdaq and SEC rules, and (2) while Nasdaq requires listed companies to obtain prior stockholder approval for certain issuances of authorized stock in transactions not involving a public offering, as permitted under Marshall Islands law and our articles of incorporation and bylaws, we do not need prior stockholder approval to issue shares of authorized stock, including under equity compensation plans such as our 2024 Equity Compensation Plan.

#### Item 16H. Mine Safety Disclosures
Not Applicable.

#### Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not Applicable.

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##### [**Table of Contents**](#toc)

#### Item 16J. Insider Trading Policies.
We have adopted an insider trading policy that governs the purchase, sale, and/or other transactions of our securities by our directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards that apply to us. A copy of our insider trading policy is filed as Exhibit 11.2 to this Annual Report on Form 20-F. In addition, with regard to our trading in our own securities, it is the our policy to comply with the applicable insider trading laws, rules and regulations, and any exchange listing standards when engaging in transactions in our securities.

#### Item 16K. Cybersecurity

#### Risk Management and Strategy
Our company recognizes the importance of safeguarding the security of the computer systems, software, networks, and other technology assets used in our business, both ashore and onboard our vessels.

Our manager, Stealth Maritime, has implemented processes for identifying, assessing, and mitigating cybersecurity risks and, as part of an Enterprise Risk Management, or ERM, process, our manager has implemented a cybersecurity risk management program that is informed by recognized industry standards and frameworks and incorporates elements of the same.

Our manager's cybersecurity risk management program incorporates a number of components, including, but not limited to, information security policies and operating procedures, periodic information security risk assessments and other vulnerability analyses, and ongoing monitoring of critical risks from cybersecurity threats using automated tools.

Additionally, our manager has implemented a process to conduct cybersecurity awareness training for employees during onboarding and, thereafter, throughout the year, and conducts regular phishing simulations in an effort to raise awareness of spoofed or manipulated electronic communications and other cybersecurity threats.

Our manager maintains a Cybersecurity Incident Response Plan, which is designed to guide responses to cyber incidents, including to mitigate and contain any potential cybersecurity incidents that could affect its systems, network, or data. The Cybersecurity Incident Response Plan identifies the individuals responsible for developing, maintaining, and following procedures related to cybersecurity incident response, including escalation protocols.

As part of our manager's cybersecurity risk management program, all processes around third-party vendor risk management are maintained, including a framework for managing third-party information security risks.

#### Governance
Our Board of Directors has ultimate responsibility for the oversight of cybersecurity risks and responses to cybersecurity incidents, should they arise. The Board of Directors is informed periodically regarding the status of initiatives to further reduce cybersecurity risk by the IT function and other functions as needed.

The key individuals responsible for the overall assessment and day-to-day management of material risks from cybersecurity threats include the Head of Information Technology and head of the legal function at our manager Stealth Maritime. Our manager's current Head of IT at our manager possesses approximately 27 years of experience with information technology and cybersecurity risk management programs.

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#### **Table of Contents**
Our manager's Head of IT, alongside the head of our manager's legal function and our Chief Financial Officer, provide quarterly reports to the Board of Directors covering cybersecurity and other information technology risks affecting us. These reports may include reviewing our manager's current infrastructure and the status of key cybersecurity initiatives, including the status of ongoing mitigation efforts, providing insights into the latest cybersecurity threats, and discussing any recent security incidents impacting similarly-situated companies. In the event of a cybersecurity incident, we have implemented a process in which our Chief Financial Officer and the head of our manager's legal function would report such incident to our board of directors if the incident is determined to present critical risk to us.

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##### [**Table of Contents**](#toc)

#### PART III

#### Item 17. Financial Statements
See Item 18

#### Item 18. Financial Statements
Reference is made to the financial statements beginning on page F-1, which are incorporated herein by reference.

#### Item 19. Exhibits

---

| | |
|:---|:---|
| **Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Restated Articles of Incorporation of the Company , as amended by Articles of Amendment, dated April 27, 2023, to Restated Articles of Incorporation (incorporated by reference to Exhibit 1.1 to the Company's Annual Report on Form 20-F or the fiscal year ended December 31, 2023 filed with the SEC on April 12, 2024)](http://www.sec.gov/Archives/edgar/data/1876581/000119312524094635/d708015dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | [Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form F-1 (File No. 333-262264) filed with the SEC on January 20, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522013800/d178080dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 | [Statement of Designation of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form F-1 (File No. 333-262264) filed with the SEC on January 20, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522013800/d178080dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;1.4 | [Statement of Designation of Series B Preferred Stock (incorporated by reference to Exhibit 99.1 to the Company's Report on Form 6-K filed with the SEC on October 21, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522266785/d306760dex991.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | [Description of Securities](d60380dex21.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Management Agreement between Imperial Petroleum Inc. and Stealth Maritime S.A. (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (File No. 333-262264) filed with the SEC on January 20, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522013800/d178080dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2.1 | [Warrant Agency Agreement, dated February 2, 2022, between the Company and American Stock Transfer & Trust Company , LLC (incorporated by reference to Exhibit 4.1 to the Company's Report on Form 6-K filed with the SEC on February 3, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522026057/d298315dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2.2 | [Warrant Agency Agreement, dated March 23, 2022, between the Company and American Stock Transfer & Trust Company , LLC (incorporated by reference to Exhibit 4.1 to the Company's Report on Form 6-K filed with the SEC on March 23, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522082851/d280195dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2.3 | [Warrant Agency Agreement, dated May 19, 2022, between the Company and American Stock Transfer & Trust Company , LLC (incorporated by reference to Exhibit 4.1 to the Company's Report on Form 6-K filed with the SEC on May 19, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522155163/d349109dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [Form of Class A Warrant (incorporated by reference to Exhibit 4.2 to the Company's Report on Form 6-K filed with the SEC on February 3, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522026057/d298315dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | [Form of Class B Warrant (incorporated by reference to Exhibit 4.2 to the Company's Report on Form 6-K filed with the SEC on March 23, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522082851/d280195dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | [Form of Class C Warrant (incorporated by reference to Exhibit 4.2 to the Company's Report on Form 6-K filed with the SEC on May 19, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522155163/d349109dex42.htm) |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6 | [Form of Class D Warrant (incorporated by reference to Exhibit 4.1 to the Company's Report on Form 6-K filed with the SEC on June 13, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522172526/d343263dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7 | [Form of Class E Warrant (incorporated by reference to Exhibit 4.1 to the Company's Report on Form 6-K filed with the SEC on August 15, 2023)](http://www.sec.gov/Archives/edgar/data/1876581/000119312523213058/d538113dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8 | [Form of Class F Warrant (incorporated by reference to Exhibit 4.1 to the Company's Report on Form 6-K filed with the SEC on December 1, 2025)](http://www.sec.gov/Archives/edgar/data/1876581/000119312525303156/d31859dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.9 | [Form of Class G Warrant (incorporated by reference to Exhibit 4.2 to the Company's Report on Form 6-K filed with the SEC on December 1, 2025)](http://www.sec.gov/Archives/edgar/data/1876581/000119312525303156/d31859dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | [Representative's Purchase Warrants (incorporated by reference to Exhibit 4.3 to the Company's Report on Form 6-K filed with the SEC on March 23, 2022; Exhibit 4.5 to the Company's Registration Statement on Form F-1 (File No. 333-263593) filed with the SEC on March 16, 2022; Exhibit 4.4 to the Company's Report on Form 6-K filed with the SEC on March 23, 2022 and Exhibit 4.3 to the Company's Report on Form 6-K filed with the SEC on May 19, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522155163/d349109dex43.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.11 | [Memoranda of Agreement for acquisition of Drybulk Carriers and Product Tanker](d60380dex411.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.12 | [2021 Equity Compensation Plan (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1 (File No. 333-262264) filed with the SEC on January 20, 2022)](http://www.sec.gov/Archives/edgar/data/1876581/000119312522013800/d178080dex103.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13 | [2024 Equity Compensation Plan (incorporated by reference to Exhibit 4.12 to the Company's Annual Report on Form 20-F or the fiscal year ended December 31, 2023 filed with the SEC on April 12, 2024)](http://www.sec.gov/Archives/edgar/data/1876581/000119312524094635/d708015dex412.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8 | [Subsidiaries](d60380dex8.htm) |
| 11.1 | [Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to the Company's Registration Statement on Form F-1 (File No. 333-260829) filed with the SEC on November 12, 2021)](http://www.sec.gov/Archives/edgar/data/1876581/000119312521327741/d195453dex141.htm) |
| 11.2 | [Insider Trading Policy](d60380dex112.htm) |
| 12.1 | [Certification of the Chief Executive Officer](d60380dex121.htm) |
| 12.2 | [Certification of the Chief Financial Officer](d60380dex122.htm) |
| 13.1 | [Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002](d60380dex131.htm) |
| 13.2 | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002](d60380dex132.htm) |
| 15.1 | [Consent of Deloitte Certified Public Accountants S.A.](d60380dex151.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;97 | [Compensation Recovery Policy (incorporated by reference to Exhibit 97 to the Company's Annual Report on Form 20-F or the fiscal year ended December 31, 2023 filed with the SEC on April 12, 2024)](http://www.sec.gov/Archives/edgar/data/1876581/000119312524094635/d708015dex97.htm) |
| 101.INS | Interactive Data File — The instance document does not appear separately because its XBRL tags are embedded within the inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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##### [**Table of Contents**](#toc)

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | |
|:---|:---|
| **IMPERIAL PETROLEUM INC.** | **IMPERIAL PETROLEUM INC.** |
| By: | /s/ Harry N. Vafias |
| Name: | **Harry N. Vafias** |
| Title: | **President and Chief Executive Officer** |
| Date: April 29, 2026 | Date: April 29, 2026 |

---

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##### [**Table of Contents**](#toc)
IMPERIAL PETROLEUM INC.

#### CONSOLIDATED FINANCIAL STATEMENTS

#### Index to consolidated financial statements

---

| | |
|:---|:---|
|  | Pages |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID No. 1163)](#fin60380_1) | F-2 |
| [Consolidated balance sheets as of December 31, 2024 and 2025](#fin60380_2) | F-3 |
| [Consolidated statements of comprehensive income for the years ended December 31, 2023, 2024 and 2025](#fin60380_3) | F-4 |
| [Consolidated statements of stockholders' equity for the years ended December 31, 2023, 2024 and 2025](#fin60380_4) | F-5 |
| [Consolidated statements of cash flows for the years ended December 31, 2023, 2024 and 2025](#fin60380_5) | F-6 |
| [Notes to the consolidated financial statements](#fin60380_6) | F-7 |

---

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#### **Table of Contents**

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of

Imperial Petroleum Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Imperial Petroleum Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2025, the related consolidated statements of comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte Certified Public Accountants S.A.

Athens, Greece

April 29, 2026

We have served as the Company's auditor since 2021.

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#### **Table of Contents**

#### Imperial Petroleum Inc.

#### Consolidated balance sheets

#### (Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | As of December 31,<br> 2024 | As of December 31,<br> 2025 |
| Assets |  |  |
| Current assets |  |  |
| Cash and cash equivalents | 67783531 | 5771505 |
| Time deposits | 138948481 | 173282440 |
| Trade and other receivables | 13456083 | 13403555 |
| Other current assets (Note 12) | 652769 | 1107956 |
| Claim receivables |  | 479488 |
| Inventories | 7306356 | 4720873 |
| Advances and prepayments | 250562 | 245014 |
| Total current assets | 228397782 | 199010831 |
| Non current assets |  |  |
| Operating lease right-of-use asset | 78761 |  |
| Vessels, net (Note 4) | 208230018 | 335406781 |
| Investment in related party (Note 3) | 12798500 | 12990167 |
| Total non current assets | 221107279 | 348396948 |
| Total assets | 449505061 | 547407779 |
| Liabilities and Stockholders' Equity |  |  |
| Current liabilities |  |  |
| Trade accounts payable | 5243872 | 5959924 |
| Payable to related parties (Note 3) | 18725514 | 3038447 |
| Accrued liabilities (Note 6) | 3370020 | 4195986 |
| Deferred income | 1419226 | 3399325 |
| Operating lease liability, current portion | 78761 |  |
| Total current liabilities | 28837393 | 16593682 |
| Total liabilities | 28837393 | 16593682 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' equity |  |  |
| Capital stock, $0.01 par value, 2,000,000,000 authorized at December 31, 2024 and 2025, 38,275,518 issued and 34,023,635 shares outstanding at December 31, 2024 and 48,900,620 shares issued and 44,648,737 shares outstanding as at December 31, 2025 (Note 8) | 382755 | 489006 |
| Preferred stock, 200,000,000 authorized (Note 8) |  |  |
| Preferred stock, Series A, $0.01 par value, 800,000 preferred shares authorized, 795,878 preferred shares, issued and outstanding at December 31, 2024 and 2025 (Note 8) | 7959 | 7959 |
| Preferred stock, Series B, $0.01 par value, 16,000 preferred shares authorized, 16,000 preferred shares, issued and outstanding at December 31, 2024 and 2025 (Note 8) | 160 | 160 |
| Treasury stock 4,251,883 shares at December 31, 2024 and 2025, respectively with a par value of $0.01 per share (Note 8) | (8390225) | (8390225) |
| Additional paid-in capital (Note 8) | 282642357 | 344445271 |
| Retained earnings | 146024662 | 194261926 |
| Total stockholders' equity | 420667668 | 530814097 |
| Total liabilities and stockholders' equity | 449505061 | 547407779 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Imperial Petroleum Inc.

#### Consolidated statements of comprehensive income

#### (Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | 2023 | 2024 | 2025 |
| Revenues |  |  |  |
| Revenues (Note 12) | 183725820 | 147479980 | 161004306 |
| Total revenues | 183725820 | 147479980 | 161004306 |
| Expenses / (income) |  |  |  |
| Voyage expenses | 60276962 | 50168529 | 47426686 |
| Voyage expenses – related party (Notes 3) | 2253979 | 1856361 | 1973331 |
| Vessels' operating expenses (Note 13) | 25295851 | 26044734 | 37198535 |
| Vessels' operating expenses – related party (Notes 3, 13) | 346583 | 328000 | 523000 |
| Dry-docking costs | 6551534 | 1691361 | 1744525 |
| Management fees – related party (Note 3) | 1606440 | 1672440 | 2574440 |
| General and administrative expenses (including $465,176, $490,054 and $490,782 to related party) (Note 3) | 4934468 | 4894070 | 4615373 |
| Depreciation (Note 4) | 15629116 | 16991900 | 25930557 |
| Other operating income (Note 14) |  | (1900000) | (885443) |
| Impairment loss (Note 1, 4) | 8996023 |  |  |
| Net gain on sale of vessel – related party (Note 3) | (8182777) |  |  |
| Net loss on sale of vessel (Note 4) |  | 1589702 |  |
| Total expenses, net | 117708179 | 103337097 | 121101004 |
| Income from operations | 66017641 | 44142883 | 39903302 |
| Other (expenses) / income |  |  |  |
| Interest and finance costs | (1821908) | (16269) | (12906) |
| Interest expense – related party (Note 3) |  | (382051) | (2311041) |
| Interest income | 4470396 | 6668877 | 7258348 |
| Interest income – related party (Note 3) | 1363360 | 1636640 |  |
| Dividend income from related party (Note 3) | 404167 | 762500 | 760417 |
| Foreign exchange gain / (loss) | 700346 | (2654808) | 4380127 |
| Other income, net | 5116361 | 6014889 | 10074945 |
| Net income | 71134002 | 50157772 | 49978247 |
| Earnings per share attributable to common shareholders — basic (Note 11) | 3.22 | 1.54 | 1.35 |
| Earnings per share attributable to common shareholders — diluted (Note 11) | 2.93 | 1.40 | 1.29 |
| Weighted average number of shares, basic | 18601539 | 29933920 | 34499909 |
| Weighted average number of shares, diluted | 22933671 | 33010419 | 36230221 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Imperial Petroleum Inc.

#### Consolidated statements of stockholders' equity

#### (Expressed in United States dollars)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Capital stock | Capital stock | Treasury stock | Treasury stock | Preferred stock | Preferred stock | Additional<br> Paid-in<br> Capital<br> (Note 8) | (Accumulated<br> Deficit)/<br> Retained<br> Earnings | |
|  | Number of<br> Shares<br> (Note 8) | Amount<br> (Note 8) | Number of<br> Shares<br> (Note 8) | Amount<br> (Note 8) | Number of<br> Shares<br> (Note 8) | Amount<br> (Note 8) | Additional<br> Paid-in<br> Capital<br> (Note 8) | (Accumulated<br> Deficit)/<br> Retained<br> Earnings |<br>Total |
| Balance, January 1, 2023\* | 12972358 | 129724 |  |  | 811878 | 8119 | 252912550 | 28604125 | 281654518 |
| Issuance of common stock (including the exercise of warrants) net of issuance costs | 11767579 | 117676 |  |  |  |  | 27460093 |  | 25577769 |
| Stock repurchase |  |  | (3444536) | (5885727) |  |  |  |  | (5885727) |
| Warrants repurchase |  |  |  |  |  |  | (1521738) |  | (1521738) |
| Issuance of restricted shares and stock based compensation | 1585311 | 15853 |  |  |  |  | 2419002 |  | 2434855 |
| Dividends declared on series A preferred shares ($2.19 per preferred share) |  |  |  |  |  |  |  | (1740983) | (1740983) |
| Dividends declared on Series C preferred shares ($28.06 per preferred share) (Note 9) |  |  |  |  |  |  |  | (389271) | (389271) |
| Conversion of Series C preferred shares (Note 9) | 6932043 | 69320 |  |  |  |  | 9930680 | 6507789 | 16507789 |
| Deemed dividends declared on Series C preferred shares ($0.94 per preferred share) (Note 9) |  |  |  |  |  |  |  | (6507789) | (6507789) |
| Net Income |  |  |  |  |  |  |  | 71134002 | 71134002 |
| Distribution of net assets of C3is |  |  |  |  |  |  | (20957952) |  | (20957952) |
| Balance December 31, 2023\* | 33257291 | 332573 | (3444536) | (5885727) | 811878 | 8119 | 270242635 | 97607873 | 362305473 |
| Exercise of warrants | 4300000 | 43000 |  |  |  |  | 8534822 |  | 8577822 |
| Stock repurchase |  |  | (807347) | (2504498) |  |  |  |  | (2504498) |
| Issuance of restricted shares and stock based compensation | 421352 | 4213 |  |  |  |  | 3392869 |  | 3397082 |
| Dividends declared on Series A preferred shares ($2.19 per preferred share) |  |  |  |  |  |  |  | (1740983) | (1740983) |
| Net income |  |  |  |  |  |  |  | 50157772 | 50157772 |
| Exercise of stock options | 296875 | 2969 |  |  |  |  | 472031 |  | 475000 |
| Balance, December 31, 2024 | 38275518 | 382755 | (4251883) | (8390225) | 811878 | 8119 | 282642357 | 146024662 | 420667668 |
| Exercise of warrants | 1033333 | 10333 |  |  |  |  | 2056333 |  | 2066666 |
| Issuance of common stock, net of issuance costs | 8423900 | 84239 |  |  |  |  | 55915610 |  | 55999849 |
| Issuance of restricted shares and stock based compensation | 820994 | 8210 |  |  |  |  | 3179440 |  | 3187650 |
| Exercise of stock options | 346875 | 3469 |  |  |  |  | 651531 |  | 655000 |
| Dividends declared on series A preferred shares ($2.19 per preferred share) |  |  |  |  |  |  |  | (1740983) | (1740983) |
| Net income |  |  |  |  |  |  |  | 49978247 | 49978247 |
| Balance, December 31, 2025 | 48900620 | 489006 | (4251883) | (8390225) | 811878 | 8119 | 344445271 | 194261926 | 530814097 |

---

\* Adjusted to reflect the reverse stock split effect on April 28, 2023 (see Note 1 and 8)

The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Imperial Petroleum Inc.

#### Consolidated statements of cash flows

#### (Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  Cash flows from operating activities: |  |  |  |
|  Net income for the year | 71134002 | 50157772 | 49978247 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
|  Depreciation | 15629116 | 16991900 | 25930557 |
|  Amortization of deferred finance charges | 474039 |  |  |
|  Noncash lease expense | 62609 | 71237 | 78761 |
|  Shared based compensation | 2434855 | 3397082 | 3187650 |
|  Impairment loss | 8996023 |  |  |
|  Net gain on sale of vessel – related party | (8182777) |  |  |
|  Net loss on sale of vessel |  | 1589702 |  |
|  Unrealized foreign exchange (gain)/loss on time deposits | (426040) | 1983810 | (967751) |
|  Dividends income from related party | (404167) |  |  |
|  Changes in operating assets and liabilities: |  |  |  |
|  (Increase)/decrease in |  |  |  |
|  Trade and other receivables | (6477912) | 42730 | 52528 |
|  Other current assets | (62771) | (349996) | (455187) |
|  Claim receivables |  |  | (479488) |
|  Inventories | (1908513) | (15233) | 2585483 |
|  Changes in operating lease liabilities | (62609) | (71237) | (78761) |
|  Advances and prepayments | (181990) | (88625) | 5548 |
|  Due from related party | (2940967) | 2206821 | (191667) |
|  Increase/(decrease) in |  |  |  |
|  Trade accounts payable | 118523 | (2173926) | 716052 |
|  Due to related parties |  | 3091759 | (2386635) |
|  Accrued liabilities | 1383841 | 361520 | 825966 |
|  Deferred income | (54903) | 500110 | 1980099 |
|  Net cash provided by operating activities | 79530359 | 77695426 | 80781402 |
|  Cash flows from investing activities: |  |  |  |
|  Dividends income received | 241667 |  |  |
|  Proceeds from sale of vessel, net | 3865890 | 41153578 |  |
|  Payments for acquisition and capitalized expenses of vessels | (28145103) | (74672266) | (1707320) |
|  Purchase of bank time deposits | (167501480) | (259603451) | (318126975) |
|  Maturity of bank time deposits | 203827710 | 150770970 | 284760767 |
|  Proceeds from seller financing |  | 35700000 |  |
|  Net cash provided by/(used in) investing activities | 12288684 | (106651169) | (35073528) |
|  Cash flows from financing activities: |  |  |  |
|  Proceeds from exercise of stock options |  | 475000 | 655000 |
|  Proceeds from equity offerings | 29070586 |  | 60000570 |
|  Proceeds from warrants exercise |  | 8600000 | 2066666 |
|  Stock issuance costs | (1492817) |  | (4000721) |
|  Issuance costs on warrants exercise |  | (22178) |  |
|  Stock repurchase | (5885727) | (2504498) |  |
|  Warrants repurchase | (1521738) |  |  |
|  Dividends paid on preferred shares | (2130254) | (1736562) | (1736415) |
|  Loan repayments | (70438500) |  |  |
|  Repayment of seller and capital expenditures financing |  |  | (164705000) |
|  Cash retained by C3is Inc. at spin off | (5000000) |  |  |
|  Net cash (used in)/ provided by financing activities | (57398450) | 4811762 | (107719900) |
|  Net increase/(decrease) in cash, cash equivalents | 34420593 | (24143981) | (62012026) |
|  Cash, cash equivalents at the beginning of the year | 57506919 | 91927512 | 67783531 |
|  Cash, cash equivalents at the end of the year | 91927512 | 67783531 | 5771505 |
|  Supplemental cash flow information: |  |  |  |
|  Interest paid | 1735054 |  | 2693092 |
|  Non cash investing activity – Vessel improvements included in liabilities | 859320 |  |  |
|  Non cash investing and financing activity – Part payment of vessel acquisition through issuance of Series C Preferred Shares | 10000000 |  |  |
|  Non cash investing activity – Dividend on Series A Perpetual Convertible Preferred shares included in investment in related party | 162500 | 162500 | 354167 |
|  Non cash investing activity – Vessel acquisition included in payable to related parties |  | 13305000 |  |
|  Non cash investing activity – Seller financing included in receivables from related party | 35700000 |  |  |
|  Non cash financing activity – Dividend on Series A Preferred Shares included in payable to related parties |  | 4421 | 8989 |
|  Distribution of net assets of C3is Inc. to shareholders and warrant holders | 20957952 |  |  |

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The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Imperial Petroleum Inc.

#### Notes to the consolidated financial statements

#### (Expressed in United States dollars)
1. General Information and Basis of Presentation

Imperial Petroleum Inc. ("Imperial") was formed by StealthGas Inc (the "former Parent Company") on May 14, 2021 under the laws of the Republic of the Marshall Islands. Initial share capital of Imperial consisted of 33 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in 4 subsidiaries, Clean Power Inc., MR Roi Inc., King of Hearts Inc. and Tankpunk Inc. (the "Subsidiaries"), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 318,318 newly issued common shares and 795,878 Series A 8.75% Preferred Shares (the "Series A Preferred Shares") in Imperial. On December 3, 2021, StealthGas Inc. distributed the 318,351 common shares and 795,878 8.75% Series A Preferred Shares (with a liquidation preference of $25.00 per share) in Imperial to holders of StealthGas Inc.'s common stock on a pro rata basis (the "2021 Spin-Off").

The accompanying consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the "Company") using the historical carrying costs of the assets and the liabilities of the Subsidiaries from their dates of incorporation until their dates of disposal, if any.

On June 21, 2023, the Company completed the spin-off transaction (the "Spin-off") of its wholly-owned subsidiary C3is Inc. ("C3is"), which was formed by the Company in July 2022. Prior to the Spin-off, Imperial received all issued and outstanding common shares and all 600,000 5.00% Series A Perpetual Convertible Preferred shares of C3is (Note 3) in exchange for the contribution to C3is of the entities owning Imperial's two Handysize drybulk carriers, "Eco Bushfire" and "Eco Angelbay" together with $5,000,000 in cash as working capital. Imperial, as the sole shareholder of C3is, distributed the common shares it held in C3is to the Company's stockholders and warrant holders in accordance with the terms of the Company's outstanding warrants on a pro rata basis on June 21, 2023. Common shares of C3is commenced trading on June 21, 2023 on the Nasdaq Capital Market under the ticker symbol "CISS". Imperial Inc. continues to operate in the tanker and dry bulk shipping market and remains a publicly traded company.

The assets and liabilities of C3is on June 21, 2023, were as follows:

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| | |
|:---|:---|
|  | June 21, 2023 |
|  Cash and cash equivalents | 5000000 |
|  Trade and other receivables | 877202 |
|  Inventories | 124813 |
|  Advances and prepayments | 192961 |
|  Due from related party | 188750 |
|  Vessels, net (after impairment of $8,996,023) | 28500000 |
|  Trade accounts payable | 816187 |
|  Accrued and other liabilities | 357647 |
|  Deferred income | 115940 |
|  Net assets of C3is distributed to stockholders and warrantholders | 33593952 |
|  Less investment in preferred shares of C3is issued as part of Spin-off | (12636000) |
|  Distribution of net assets of C3is to stockholders and warrantholders | 20957952 |

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At December 31, 2025, the Company's fleet was comprised of 19 vessels consisting of 7 medium range (M.R.) type Product tankers, 2 Suezmax crude oil tankers, 3 Handysize drybulk carriers, 5 Supramax drybulk carriers and 2 Kamsarmax drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters.

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#### **Table of Contents**
The Company's vessels are managed by Stealth Maritime Corporation S.A. (the "Manager"), a company controlled by members of the family of the Company's Chief Executive Officer. The Manager, a related party, was incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (Note 3).

At December 31, 2025, the Company held 100% interest in the below companies.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Company | Date of<br> Incorporation | Name of Vessel<br> Owned by<br> Subsidiary | Dead Weight<br> Tonnage<br> ("dwt") | Acquisition<br> Date | Disposal<br> Date |
|  Clean Power Inc. | 5/2/2007 | Magic Wand | 47000 | 9/1/2008 |  |
|  MR Roi Inc. | 5/2/2007 | Clean Thrasher | 47000 | 27/2/2008 |  |
|  King of Hearts Inc. | 17/3/2008 | Clean Sanctuary | 46000 | 14/7/2009 |  |
|  Nirvana Product Trading Inc | 25/2/2022 | Clean Nirvana | 50000 | 28/3/2022 |  |
|  Volume Jet Trading Inc. | 25/2/2022 | Clean Justice | 46000 | 31/5/2022 |  |
|  Intercontinental Crude and Product Enterprises Inc. | 18/5/2022 | Suez Enchanted | 160000 | 3/6/2022 |  |
|  Petroleum Trading and Shipping Inc. | 21/4/2022 | Suez Protopia | 160000 | 3/6/2022 |  |
|  Haven Exotic Trading Inc. | 31/1/2023 | Eco Wildfire | 33000 | 28/3/2023 |  |
|  Blue Oddysey International Inc. | 31/1/2023 | Glorieuse | 38000 | 27/3/2023 |  |
|  Aquatic Success International Inc. | 6/9/2023 | Aquadisiac | 51000 | 18/2/2024 |  |
|  Alpine Hydrocarbons Inc. | 6/9/2023 | Gstaad Grace II \* | 113000 | 28/2/2024 | 26/4/2024 |
|  Poseidonas Corporation Inc. | 20/5/2024 | Neptulus | 33000 | 24/8/2024 |  |
|  Imperial Petroleum Product Solutions Inc. | 20/5/2024 | Clean Imperial | 40000 | 10/1/2025 |  |
|  Artemisia Commodities Inc. | 13/9/2024 | Eco Sikousis | 82000 | 31/5/2025 |  |
|  Aurelia World Transports Inc. | 13/9/2024 | Eco Czar | 82000 | 14/6/2025 |  |
|  Guinevere Dry Cargoes Inc. | 13/9/2024 | Supra Duke | 56000 | 13/6/2025 |  |
|  Edrys Shipments Inc. | 13/9/2024 | Supra Baron | 56000 | 22/6/2025 |  |
|  Ophelia Grain Inc. | 13/9/2024 | Supra Sovereign | 56000 | 19/6/2025 |  |
|  Laurentia Bulk Inc. | 13/9/2024 | Supra Monarch | 56000 | 23/5/2025 |  |
|  Sapphira Wheat Inc. | 13/9/2024 | Supra Pasha | 56000 | 26/4/2025 |  |
|  Marvellous Iron Transport Inc.\*\* | 30/12/2025 |  |  |  |  |
|  Ancient Mythology Trading Inc.\*\*\*\* | 22/12/2025 |  |  |  |  |
|  Blackhawk Fire Industries Inc. \*\*\* | 30/12/2025 |  |  |  |  |
|  Catharge Transports Inc. \*\*\*\* | 30/12/2025 |  |  |  |  |
|  Out and About Grain and Wheat Inc. \*\*\*\* | 22/12/2025 |  |  |  |  |
|  Panacea Potions Inc. \*\*\*\* | 22/12/2025 |  |  |  |  |
|  Rider Petroleum Products Inc. \*\*\*\*<br>| 22/12/2025 |  |  |  |  |

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\* The vessel Gstaad Grace II was sold on April 26, 2024 (Note 3) and the vessel owning company became dormant.

\*\* The Post Panamax bulker vessel "Post Marvel" owned by Marvellous Iron Transport Inc. was delivered to the Company on January 12, 2026 (Notes 3, 17) 

\*\*\* The drybulk carrier vessel "Eco Crossfire" owned by Blackhawk Fire Industries Inc. was delivered to the Company on April 3, 2026 (Notes 3, 17) 

\*\*\*\* Companies are associated with the acquisition of four drybulk carriers and one product tanker (Note 3).

Effective as of the opening of trading on April 28, 2023, the Company effected a one-for-fifteen reverse stock split of its shares of common stock. The reverse stock split affected all outstanding shares of common stock. No fractional shares were issued in connection with the reverse split. Stockholders who would otherwise hold a fractional share of the Company's common stock received a cash payment in lieu of such fractional share. Furthermore, in connection with the reverse stock split, the exercise price of the Company's outstanding warrants

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at that date increased and the number of shares issuable upon their exercise decreased in accordance with their terms. In addition, the conversion price of the Company's Series C Cumulative Convertible Perpetual Preferred Shares was proportionately adjusted in accordance with their terms (Note 9). The par value and other terms of the Company's shares of common stock were not affected by the reverse stock split.

During 2023, 2024 and 2025 one, two and two charterers, respectively, accounted for 10% or more of the Company's revenues.

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| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| Charterer | 2023 | 2024 | 2025 |
| A | 21% |  |  |
| B |  | 10% | 19% |
| C |  | 11% |  |
| D |  |  | 12% |

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2. Significant Accounting Policies

Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and include the accounts of Imperial Petroleum Inc. and its subsidiaries referred to in Note 1 from their date of incorporation/ acquisition and until their date of disposal. All inter-company balances and transactions have been eliminated upon consolidation.

Use of Estimates: The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates.

Other comprehensive (loss) / income: The Company has no other comprehensive (loss) / income and accordingly comprehensive (loss) / income equals net (loss) / income for all periods presented. As such, no statement of comprehensive (loss) / income has been presented.

Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company's vessels operate in international shipping markets, which utilize the U.S. Dollar as the functional currency. The accounting books of the Company are maintained in U.S. Dollars. Transactions involving other currencies are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the period end exchange rates. Resulting gains or losses are separately reflected in the accompanying consolidated statements of comprehensive income.

Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash equivalents.

Time Deposits: Time deposits held with banks with original maturities longer than three months are classified and presented as Time Deposits. In the event remaining maturities are shorter than 12 months, such deposits are classified as current assets; if original maturities are longer than 12 months, such deposits are classified as non-current assets.

Trade Receivables: The amount shown as trade receivables includes estimated recoveries from charterers for hire, freight and demurrage billings, net of allowance for doubtful accounts. The Company assesses collectability by reviewing trade receivables on an individual basis when the Company identifies specific

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customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. The Company also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to determine adjustments to historical loss data. The Company assessed that any impairment of trade receivables arising from operating leases, i.e. time charters, should be accounted in accordance with ASC 842, while all other receivables are assessed for expected credit losses under ASC 326. Under the simplified approach of ASC 326, the Company recognizes lifetime expected credit losses ("ECLs") on receivables and the loss allowance is always equal to ECLs. With regards to operating lease receivables, ASC 842 requires lessors to evaluate the collectability of all lease payments. If collection of all operating lease payments, plus any amount necessary to satisfy a residual value guarantee, is not probable (either at lease commencement or after the commencement date), lease income is constrained to the lesser of cash collected or lease income reflected on a straight-line or another systematic basis, plus variable rent when it becomes accruable. No provision for doubtful accounts was required for the periods presented.

Claim Receivables: Claim receivables are recorded on the accrual basis and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities.

Inventories: Inventories consist of bunkers (for vessels under voyage charter or on ballast or idle) and lubricants which are stated at the lower of cost and net realizable value. The cost is determined by the first-in, first-out method. The Company considers victualing and stores as being consumed when purchased and, therefore, such costs are expensed when incurred.

Vessels, net: Vessels, net are stated at cost less depreciation and impairment, if any. Cost consists of the contract price less discounts and any material expenses incurred upon acquisition (initial repairs, improvements, acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels, or otherwise are charged to expenses as incurred.

Impairment or Disposal of Long-lived Assets: Impairment charges are recorded for long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related vessels, quarterly. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statements of comprehensive income. Various factors including anticipated future charter rates, estimated scrap values, future dry-docking costs and estimated vessel operating costs are included in this analysis. These factors are based on historical trends as well as future expectations. Undiscounted cash flows are determined by considering the revenues from existing charters for those vessels that have long term employment and when there is no charter in place the estimates based on historical average rates for the respective class of vessel.

Vessels' Depreciation: The cost of each of the Company's vessels is depreciated on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value. Management estimates the useful life of each of the Company's vessels to be 25 years, from the date of their construction.

Segment Reporting: The Chief Executive Officer, who is the Chief Operating Decision Maker ("CODM"), receives financial information and evaluates the Company's operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. The CODM does not use discrete financial information to evaluate the operating results of each type of charter or vessel but is instead regularly provided with only the consolidated expenses as noted on the face of the consolidated statements of comprehensive income. Although revenue can be identified for these types of charters or vessels, management

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cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the CODM, reviews operating results solely by revenue per day and operating results of the fleet and the CODM assesses performance for the vessel operations and decides how to allocate resources based on consolidated net income. Thus, the Company has determined that it operates under one reportable segment as well as one operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.

Accounting for Special Survey and Dry-docking Costs: Special survey and dry-docking costs are expensed in the period incurred.

Accounting for Revenue and Related Expenses: The Company generates revenues from charterers for the charter hire of its vessels. Vessels are chartered on time charters or voyage charters.

A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company's time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. The Company's time charter contracts are classified as operating leases pursuant to Accounting Standards Codification ("ASC") 842 – Leases, because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer.

The Company elected to make use of a practical expedient for lessors, not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and the non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease.

A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. The Company accounts for a voyage charter when all the following criteria are met: (1) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (2) the Company can identify each party's rights regarding the services to be transferred, (3) the Company can identify the payment terms for the services to be transferred, (4) the charter agreement has commercial substance (that is, the risk, timing, or amount of the Company's future cash flows is expected to change as a result of the contract) and (5) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company determined that its voyage charters consist of a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period, and is met evenly as the voyage progresses and begins to be satisfied once the vessel is ready to load the cargo. The voyage charter party agreement generally has a demurrage/despatch clause according to which, in the case of demurrage the charterer reimburses the vessel owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited

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which is recorded as demurrage revenue, while in the case of despatch, the owner reimburses the charterer for the earlier discharging of the cargo from the agreed time. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company's performance as the Company performs. Therefore, since the Company's performance obligation under each voyage contract is met evenly as the voyage progresses, revenues from voyage charters are recognized on a straight-line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. Demurrage/despatch revenues/expenses are recognized when the amount can be estimated and its collection/payment is probable. In voyage charters, vessel operating and voyage expenses are paid for by the Company. The voyage charters are considered service contracts which fall under the provisions of ASC 606 because the Company retains control over the operations of the vessels such as the routes taken or the vessels' speed.

Deferred income mainly represents cash received for undelivered performance obligations. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability.

Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers and the Manager for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel's arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered 'contract fulfillment costs' and are included in 'other current assets' in the accompanying consolidated balance sheets.

Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred.

Equity Compensation Plan: Share-based compensation includes vested and non-vested shares and options to purchase common shares that may be granted to employees of the Company, to employees of the Manager and to non-employee directors, for their services as directors and is included in General and administrative expenses in the consolidated statements of comprehensive income. These shares are measured at their fair value. The fair value of the restricted shares is equal to the market value of the Company's common stock on the grant date. The fair value of each option to purchase a common share granted is estimated on the date of the grant using the Black-Scholes option pricing model. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is recognized in full on the grant date. The restricted shares and the options to purchase common shares that contain a time-based service vesting condition are considered non-vested on the grant date and a total fair value of such awards is recognized over the vesting period on a straight-line basis over the requisite service period for each separate portion of the award as if the award was, in substance, multiple awards (graded vesting attribution method). The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest. The Company accounts for forfeitures as they occur.

Dividends: Dividends on cumulative preferred shares are recorded when declared. Dividends are recorded in equity against retained earnings to the extent there are retained earnings on the date of recording, while any shortfall is recorded in additional paid-in capital.

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Earnings per common share: Basic earnings per common share are computed under the two-class method by dividing net income by the weighted average number of common shares outstanding during the period. Dividends on cumulative redeemable perpetual preferred shares reduce the income available to common shareholders, (whether or not earned). Diluted earnings per common share, reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Dilution is computed by either the treasury stock method or the two–class method, whichever results in the more dilutive effect. Under the treasury stock method, all of the Company's dilutive securities are assumed to be exercised or converted and the proceeds used to repurchase common shares at the weighted average market price of the Company's common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation to the extent these are not anti-dilutive.

Offering costs: Expenses directly attributable to an equity offering are deferred and set off against the proceeds of the offering within paid-in capital, unless the offering is aborted, in which case they are written-off and charged to earnings.

Distinguishing Liabilities from Equity: The Company follows the provisions of ASC 480 "Distinguishing liabilities from equity" and ASC 815 "Derivatives and Hedging" to determine the classification of certain freestanding financial instruments as either liabilities or equity. ASC 480 requires that a warrant which contains an obligation that may require the issuer to redeem the shares in cash, be classified as a liability and accounted for at fair value. The Company further analyses the key features of the warrants and examines whether certain of these features affect their classification under ASC 815.

Investment in related party (Financial Instruments, Recognition and Measurement): The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in ASC 820 Fair Value Measurement to estimate fair value using the Net Asset Value ("NAV") per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee's performance and its ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.

Stock and warrant repurchases: The Company records the repurchase of its common shares and warrants at cost. The Company's common shares repurchased for retirement are immediately cancelled and the Company's common stock is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. For warrants repurchased, if the instrument is classified as equity, any cash paid in the settlement is recorded as an offset to additional paid-in capital. The Company's warrants are all classified as equity.

#### Recent Accounting Pronouncements:
In November 2024, the FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. The amendments primarily affect disclosure requirements (and do not change expense recognition or income statement presentation) and generally require disaggregation, in the notes, of relevant expense captions into prescribed natural expense categories, as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its financial statements.

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#### **Table of Contents**
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This standard clarifies the measurement of expected credit losses for accounts receivable and contract assets within its scope. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The amendments clarify the applicability of Topic 270 to interim financial statements and notes prepared in accordance with GAAP, provide a comprehensive list of interim disclosure requirements and add a disclosure principle requiring disclosure of events and changes since the end of the most recent annual reporting period that have a material impact on the entity. For public business entities, the amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, "Codification Improvements." The amendments clarify, correct errors in, and make minor improvements to various topics in the FASB Accounting Standards Codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures.

3. Transactions with Related Parties

The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter (the "Management fees") and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the "Brokerage commissions"), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the "Superintendent fees").

The Manager also provides crew management services to the Company's vessels. These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of $2,500 per vessel for crew management services (the "Crew management fees").

The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased ("Commissions – vessels purchased") are capitalized to the cost of the vessels as incurred. The commission fees relating to vessels sold ("Commissions – vessels sold") are included in the consolidated statements of comprehensive income.

In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the "Executive compensation"). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the "Rental expense").

On February 14, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company's Chief Executive Officer for the acquisition of the vessels "Glorieuse" and "Eco Wildfire" for a total consideration of $35,500,000. The vessels were delivered to the Company on March 27, 2023 and March 28, 2023, respectively. The aggregate purchase price of $18,500,000 of the vessel Glorieuse comprised of $8,500,000 in cash and 13,875 Series C Cumulative Convertible Perpetual Preferred Shares ("Series C Preferred Shares") (Note 9).

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On June 21, 2023, the Company completed the Spin-off (Note 1) and received 600,000 Series A Perpetual Convertible Preferred shares of C3is, having a liquidation preference of $25 per share and a par value of $0.01 per share. The Company is the holder of all of the issued and outstanding Series A Perpetual Convertible Preferred share of C3is (Note 1). The Series A Perpetual Convertible Preferred shares entitle the Company to a number of votes equal to the number of C3is common shares into which the shares are then convertible multiplied by 30 provided however, that voting rights may not be exercised pursuant to Series A Perpetual Convertible Preferred shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series A Perpetual Convertible Preferred shares, C3is' common shares or otherwise) exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders. The Series A Perpetual Convertible Preferred are convertible into common stock of C3is at the Company's option at any time and from time to time on or after the date that is the date 90 days following the issuance date, at a conversion price equal to 150% of the VWAP of C3is common shares over the five consecutive trading day period commencing on the issuance date. The conversion price has been adjusted to the lowest price of issuance of common stock by C3is in any registered offering of common stock of C3is after the original issuance of Series A Perpetual Convertible Preferred shares. Furthermore, Imperial is entitled to receive cumulative cash dividends, at the annual rate of 5.00% on the stated amount of $25 per share, of the 600,000 Series A Perpetual Convertible Preferred shares, receivable quarterly in arrears on the 15<sup>th</sup> day of January, April, July and October in each year, subject to C3is's Board of Directors approval. The Company recognized for the period from June 21, 2023 to December 31, 2023, the amount of $404,167 and in the years ended December 31, 2024 and 2025, the amounts of $762,500 and $760,417, respectively, which are presented in 'Dividend income from related party' in the accompanying consolidated statements of comprehensive income.

As there was no observable market for the Series A Perpetual Convertible Preferred shares, these were recorded at $12,636,000, being the fair value of the shares determined through Level 3 inputs of the fair value hierarchy by taking into consideration a third-party valuation based on the income approach taking into account the present value of the future cash flows the Company expects to receive from holding the equity instrument.

Investment in related party was initially measured at fair value which is deemed to be the cost and subsequently assessed for the existence of any observable market for the Series A Perpetual Convertible Preferred shares and any observable price changes for identical or similar investments as well as the existence of any indications for impairment. As per the Company's assessment no such case was identified as at December 31, 2024 and 2025.

The valuation methodology applied comprised the bifurcation of the value of the Series A Perpetual Convertible Preferred shares in three components namely, the "straight" preferred stock component, the embedded option component and the control premium component. The mean of the sum of the three components was used to estimate the value for the Series A Perpetual Convertible Preferred shares at $12,636,000. The valuation methodology and the significant other observable inputs used for each component are set out below:

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| | | | |
|:---|:---|:---|:---|
|  | Valuation technique | Significant other observable input | Values |
| "Straight" Preferred Stock component | Discounted Cash Flow Model | - Weighted average cost of capital | 13% |
| Embedded Option component | Black & Scholes | - Volatility<br>- Risk-free rate<br>- Weighted average cost of capital<br>- Strike price<br>- Share price (based on the first 5 trading days volume weighted average) | 78% 4%<br>13%<br>$3.50<br>$2.33 |
| Control Premium Component | Discounted Cash Flow Model | - Control premium<br>- Weighted average cost of capital | 12% <br>13% |

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As of December 31, 2024 and 2025, the aggregate value of investments in C3is amounted to $12,798,500 and $12,990,167, including $162,500 and $354,167 of accrued dividends, respectively, and are presented as 'Investment in related party' in the accompanying consolidated balance sheets. As of December 31, 2025, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer.

On July 7, 2023, the Company entered into a memorandum of agreement with C3is for the disposal of the vessel "Stealth Berana" for an aggregate consideration of $43,000,000. The vessel was delivered to her new owners on July 14, 2023. 10% of the total consideration i.e. $4,300,000 was received in cash, while the remaining amount of $38,700,000 was received in July 2024 and had no stated interest. The Company's receivable from C3is was recorded at its fair value of $35,700,000 (the "Remaining Selling Price") on July 14, 2023. Since the collection of the remaining amount of $38,700,000 depended only on the passage of time, this arrangement was accounted for as seller financing and the financing component amounting to $3,000,000, being the difference between the Remaining Selling Price of $35,700,000 and the amount of $38,700,000, receivable in July 2024, was accounted for as interest income over the life of the receivable i.e. until July 2024. Interest income amounting to $1,363,360 for the period from July 14, 2023, to December 31, 2023, $1,636,640 and nil for the years ended December 31, 2024 and 2025, respectively, are included in "Interest income – related party" in the consolidated statements of comprehensive income. Net gain recognized from the sale of the vessel "Stealth Berana" amounted to $8,182,777 is included in "Net gain on sale of vessel – related party" in the consolidated statement of comprehensive income for the year ended December 31, 2023.

On September 5, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company's Chief Executive Officer for the acquisition of two tanker vessels for an aggregate purchase price of $71,000,000 (Note 4). No deposit was paid as of December 31, 2023. The vessels "Aquadisiac" and "Gstaad Grace II" were delivered to the Company on February 18 and 28, 2024, respectively.

On May 17, 2024, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company's Chief Executive Officer for the acquisition of one handysize drybulk vessel and one product tanker vessel for purchase prices of $15,500,000 and $23,350,000, respectively. The handysize drybulk vessel "Neptulus" was delivered to the Company on August 24, 2024. 10% of the purchase price i.e. $1,550,000 was paid in cash, while the remaining amount of $13,950,000 was paid in April 2025 and had no stated interest. The vessel was recorded at its fair value of $14,700,000 as determined by an independent broker and the liability to related party was recorded at $13,150,000 (the "Remaining Purchase Price") on August 24, 2024. Since the payment of the remaining amount of $13,950,000 depended only on the passage of time, this arrangement was accounted for as seller financing and the financing component amounting to $800,000, being the difference between the Remaining Purchase Price of $13,150,000 and the amount of $13,950,000 which was paid in April 2025, was accounted for as interest expense over the life of the payable i.e. until April 2025. Interest expense amounting to nil, $382,051 and $417,949 for the years ended December 31, 2023, 2024 and 2025, respectively, are included in "Interest expense – related party" in the consolidated statements of comprehensive income.

The product tanker vessel "Clean Imperial" was delivered to the Company on January 10, 2025. Its purchase price of $23,350,000 and the amount of $622,145, representing 50% of the previous owners' capitalized costs, covered by the new owners, was paid in April 2025, and had no stated interest. The vessel was recorded at its fair value of $23,550,000 as determined by an independent broker and the liability to related party was recorded at $23,550,000 (the "Purchase Price") on January 10, 2025. Since the payment of the amount of $23,972,145 depended only on the passage of time, this arrangement was accounted for as seller financing and the financing component amounting to $422,145, being the difference between the Purchase Price of $23,550,000 and the amount of $23,972,145, which was paid in April 2025, was accounted for as interest expense over the life of the payable i.e. until April 2025. Interest expense amounting to nil, nil and $422,145 for the years ended December 31, 2023, 2024 and 2025, respectively, is included in "Interest expense – related parties" in the consolidated statement of comprehensive income.

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On September 20, 2024, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company's Chief Executive Officer for the acquisition of seven Japanese built bulkers for an aggregate purchase price of $129,000,000. The vessels were delivered to the Company during the second quarter of 2025. Their aggregate purchase price of $129,000,000 and the amount of $475,947, representing 50% of the previous owners' capitalized costs, covered by the new owners, was paid in the third quarter of 2025 and had no stated interest. The vessels were recorded at their fair values in the aggregate amount of $128,005,000 as determined by an independent broker and the liability to related parties was recorded at $128,005,000 (the "Purchase price"), upon all respective deliveries. Since the payment of the outstanding amount of $129,475,947 depended only on the passage of time, this arrangement was accounted for as seller financing and the financing component amounting to $1,470,947, being the difference between the Purchase price of $128,005,000 and the aggregate amount of $129,475,947, which was paid in the third quarter of 2025, was accounted for as interest expense over the life of the payable i.e. within third quarter 2025. Interest expense amounting to nil, nil and $1,470,947 for the years ended December 31, 2023, 2024 and 2025, respectively, is included in "Interest expense – related parties" in the consolidated statements of comprehensive income.

On August 8, 2025, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company's Chief Executive Officer for the acquisition of three drybulk carriers for an aggregate purchase price of $51,600,000, 10% of which is payable by the Company in shares of its common stock valued at the 30-day "volume weighted average price ("VWAP")" through the date of the acquisition agreement. The first vessel, the post panamax "Post Marvel" was delivered to the Company on January 12, 2026 (Note 17), the second vessel, the drybulk carrier "Eco Crossfire" was delivered to the Company on April 3, 2026 (Note 17), while the third vessel is expected to be delivered in the third quarter of 2026.

On December 15, 2025, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company's Chief Executive Officer for the acquisition of three handysize drybulk carriers and one product tanker for an aggregate purchase price of $77,910,000. The vessels are expected to be delivered to the Company during the third quarter of 2026.

The current account balance with Eco Dry Ventures Inc. at December 31, 2025 was nil (2024:$14,193,586). The liability as of December 31, 2024 related to the outstanding amount for the acquisition of the vessel "Neptulus" which included the Remaining Purchase Price, accrued interest of $382,051 and a payable of $661,535 relating to inventory on board the vessel.

The current account balance with the Manager at December 31, 2025 was a liability of $3,038,447 (2024: $4,531,928). The liability mainly represents payments made by the Manager on behalf of the Company.

The amounts charged by the Company's related parties comprised the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | <br>Location in statement of comprehensive income | 2023 | 2024 | 2025 |
|  Management fees | Management fees – related party | 1606440 | 1672440 | 2574440 |
|  Brokerage commissions | Voyage expenses – related party | 2253979 | 1856361 | 1973331 |
|  Superintendent fees | Vessels' operating expenses – related party | 57000 | 18000 | 43000 |
|  Crew management fees | Vessels' operating expenses – related party | 289583 | 310000 | 480000 |
|  Executive compensation | General and administrative expenses | 400072 | 412470 | 412021 |
|  Commissions – vessels purchased | Vessels, net | 355000 | 865000 | 1523500 |
|  Commissions – vessels sold | Net gain on sale of vessel – related party /<br> Net loss on sale of vessel | 430000 | 420000 |  |
|  Rental expense | General and administrative expenses | 65104 | 77584 | 78761 |

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4. Vessels, net

An analysis of vessels, net is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Vessel Cost | Accumulated<br> depreciation | Net book<br> value |
|  Balance as at January 1, 2024 | 292065147 | (111217895) | 180847252 |
|  Acquisitions and improvements | 87117946 |  | 87117946 |
|  Disposal | (43043220) | 299940 | (42743280) |
|  Depreciation for the year |  | (16991900) | (16991900) |
|  Balance as at December 31, 2024 | 336139873 | (127909855) | 208230018 |
|  Acquisitions and improvements | 153107320 |  | 153107320 |
|  Depreciation for the year |  | (25930557) | (25930557) |
|  Balance as at December 31, 2025 | 489247193 | (153840412) | 335406781 |

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The additions during the year ended December 31, 2024, mainly relate to the acquisition of the vessels "Aquadisiac", "Gstaad Grace II" and "Neptulus" (Note 3).

The disposal during the year ended December 31, 2024, relates to the sale of the vessel "Gstaad Grace II". On April 17, 2024, the Company entered into a memorandum of agreement for the disposal of the vessel "Gstaad Grace II" to an unaffiliated third party for an aggregate consideration of $42,000,000. The vessel was delivered to her new owners on April 26, 2024. The Company realized an aggregate loss from the sale of this vessel of $1,589,702 which is included in the Company's consolidated statement of comprehensive income under the caption "Net loss on sale of vessel" for the year ended December 31, 2024.

The additions during the year ended December 31, 2025, mainly relate to the acquisition of the vessels "Clean Imperial", "Supra Monarch", "Supra Pasha", "Eco Sikousis", "Supra Duke", "Eco Czar", "Supra Sovereign" and "Supra Baron" (Note 3).

As of December 31, 2024, and December 31, 2025, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As the undiscounted net operating cash flows, for the four vessels whose fair value was below their carrying value, as of December 31, 2024, exceeded each vessel's carrying value, no impairment was recorded. As the undiscounted net operating cash flows, for the thirteen vessels whose fair value was below their carrying value, as of December 31, 2025, exceeded each vessel's carrying value, no impairment was recorded for the year ended December 31, 2025.

5. Long-term Debt

On March 10, 2023, the Company prepaid $23.2 million representing the then outstanding balance of the loan facility issued in November 2021 and originally maturing in November 2026 ("term loan A") using cash on hand and the related mortgages of the vessels "Magic Wand", "Clean Thrasher", "Clean Sanctuary" and "Stealth Berana" was released.

In the first quarter of 2023, the Company repaid the amount of $1.4 million in line with the amortization schedule of the loan facility issued in September 2022 and originally maturing in September 2026 ("term loan B") and the loan facility issued in November 2022 and originally maturing in November 2027 ("term loan C"), and then proceeded with their full prepayment as follows:

On April 7, 2023, the Company prepaid $30.0 million representing the then outstanding balance of the term loan C using cash on hand and the related mortgages of the vessels "Suez Enchanted" and "Suez Protopia" were released.

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On April 25, 2023, the Company prepaid $15.9 million representing the then outstanding balance of the term loan B using cash on hand and the related mortgages of the vessels "Clean Nirvana" and "Clean Justice" were released.

Bank loan interest expense for the above loans for the years ended December 31, 2023, 2024 and 2025 amounted to $1,271,409, nil and nil, respectively. Interest expense is included in interest and finance costs in the consolidated statements of comprehensive income. For the years ended December 31, 2023, 2024 and 2025, the amortization of deferred financing charges amounted to $474,039, nil and nil, respectively, and is included in interest and finance costs in the consolidated statements of comprehensive income. The average interest rate (including the margin) on the above loans was 7.55% for the year ended December 31, 2023.

6. Accrued Liabilities

Accrued liabilities consist of the following:

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| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  Administrative expenses | 78592 | 171552 |
|  Vessel operating and voyage expenses | 3291428 | 4024434 |
|  Total | 3370020 | 4195986 |

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7. Fair Value of Financial Instruments and Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, time deposits, claim receivables, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities. The Company limits its credit risk with respect to trade receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade receivable. The Company places its cash and cash equivalents and time deposits with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions.

Fair Value Disclosures: The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The carrying values of cash and cash equivalents, time deposits, claim receivables, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities.

8. Stockholders' Equity

Under the Company's articles of incorporation, the Company's authorized capital stock consists of 2,000,000,000 common shares, par value $0.01 per share, and of 200,000,000 preferred shares, par value $0.01 per share. Following the 2021 Spin-Off discussed in Note 1, the Company issued a total of 318,351 common shares and 795,878 of 8.75% Series A cumulative redeemable perpetual preferred shares. Each outstanding common share is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the shareholders. Holders of common shares (i) have equal ratable

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rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued common shares are fully paid for and non-assessable.

i) NASDAQ Notification

On June 17, 2022, the Company received a written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, from May 5, 2022 to June 16, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until December 14, 2022. In December 2022, the Company received formal notification from the Listing Qualification Department of the Nasdaq Stock Market notifying the Company that it has been granted an additional 180-day compliance period, or until June 12, 2023, to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2). The Company could cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. At the opening of trading on April 28, 2023, following an approval from the Company's Board of Directors, the Company effected 1-for-15 reverse stock split of the Company's common stock. On May 16, 2023 the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company's common stock.

ii) Equity Offerings – common stock and warrants

In the first quarter of 2022, the Company completed an underwritten public offering for 736,000 of its common stock and 11,040,000 Class A Warrants exercisable for 736,000 shares of common stock at an exercise price of $18.75 per share, including full exercise of the underwriter's overallotment option. The Company also issued the underwriters of the offering 552,000 warrants (the "February 2022 Representative Purchase Warrants"), exercisable for 36,800 shares of common stock at an exercise price of $20.625 per share. The offering resulted in gross proceeds to the Company of $13,800,000. For the year ended December 31, 2025, no Class A warrants had been exercised (2024: nil, 2023: nil).

In March 2022, the Company completed an underwritten public offering, including the full exercise of the underwriter's overallotment option, of 2,874,997 units for $24 per unit, each unit consisting of (i) one share of common stock of the Company and (ii) fifteen Class B Warrants to purchase one share of common stock at an exercise price of $24 per share. The Company also issued 1,724,998 warrants to the representative of the underwriters (the "March 2022 Representative Purchase Warrants") to purchase up to an aggregate of 115,000 shares of common stock at an exercise price of $30.00 per share. The offering resulted in gross proceeds to the Company of $68,999,920. In June 2022, several existing holders of Class B Warrants exercised 31,150,000 outstanding Class B Warrants to purchase an aggregate of 2,076,667 shares of common stock for cash, at an exercise price reduced by the Company from $24 per share to $10.5 per share, resulting in gross proceeds to the Company of $21,805,000. For the year ended December 31, 2025, no Class B and Class D warrants had been exercised (2024: nil, 2023: nil).

In May 2022, the Company completed an underwritten public offering, including the full exercise of the underwriter's overallotment option, of 5,575,757 units for $8.25 per unit, each unit consisting of (i) one share of common stock of the Company and (ii) fifteen Class C Warrants to purchase one share of common stock at an exercise price of $8.25 per share. The Company also issued 2,090,909 warrants to the representative of the underwriters (the "May 2022 Representative Purchase Warrants") to purchase up to an aggregate of 139,394 shares of common stock at an exercise price of $10.3125 per share. The offering resulted in gross proceeds to the Company of $45,999,999. For the year ended December 31, 2025, no Class C warrants had been exercised (2024: nil, 2023: nil).

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In January 2023, February 2023 and March 2023, the Company completed a public offering of 3,287,062 shares of common stock resulting in gross proceeds of $12,095,255.

In August 2023, the Company completed an underwritten public offering of 8,499,999 units, each unit consisting of (i) one share of common stock of the Company at a price per share of $2.00 or one pre-funded warrant exercisable for one share of common stock at a price per share of $1.99 and (ii) one Class E Warrant to purchase one share of common stock at an exercise price of $2.00 per share. The holders of the pre-funded warrants were permitted to cashless exercise their warrants into common stock. As a result, 6,033,333 units were issued at a price per share of $2.00 and 2,447,184 were cashless exercised from the issued pre-funded warrants at a price per warrant of $1.99. The offering resulted in gross proceeds to the Company of $16,975,331. For the year ended December 31, 2025, 1,033,333 of Class E warrants had been exercised (2024: 4,300,000, 2023: nil) for aggregate gross proceeds of $2,066,666.

During the year ended December 31, 2023, certain Class C and D warrants were repurchased. In October 2023, the Company repurchased 22,200,000 Class C warrants exercisable to 1,480,000 common shares for an amount of $414,400 and 16,500,000 Class D Warrants exercisable to 1,100,000 common shares for an amount of $253,000. In addition, in December 2023, the Company repurchased 35,869,862 Class C warrants exercisable to 2,391,323 common shares for an amount of $669,570 and 12,049,995 Class D Warrants exercisable to 803,333 common shares for an amount of $184,768.

In December 2025, the Company completed an underwritten public offering of (1) 8,423,900 units, each unit consisting of (i) one share of common stock of the Company, (ii) one Class F Warrant to purchase one share of common stock at an exercise price of $6.30 per share and (iii) one Class G Warrant to purchase one share of common stock at an exercise price of $6.30 and (2) 1,100,000 units, each unit consisting each consisting of (i) one pre-funded warrant to purchase one share of common stock at an exercise price of $0.01 per share, (ii) one Class F Warrant and (iii) one Class G Warrant, at a purchase price of $6.29 per unit. The offering resulted in gross proceeds to the Company of $60,000,570. For the year ended December 31, 2025, no Class F and Class G warrants had been exercised. The 1,100,000 pre-funded warrants were exercised subsequently to December 31, 2025 by their holders, and 1,100,000 shares of common stock were issued in 2026.

As of December 31, 2025, the number of common shares that can potentially be issued under each outstanding class of warrants are:

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| | |
|:---|:---|
| Warrant class | Shares to be issued upon<br> exercise of remaining<br> warrants |
| Class A | 2867 |
| Class B | 786800 |
| Class C | 1347267 |
| Class D | 173334 |
| Class E | 3166666 |
| Class F | 9523900 |
| Class G | 9523900 |
| Total | 24524734 |

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In addition, an aggregate of 291,194 additional common shares are potentially issuable upon exercise of the February 2022, March 2022 and May 2022 Representative Purchase Warrants.

The Company in its assessment for the accounting of the warrants issued during the years ended December 31, 2023, 2024 and 2025 has taken into consideration ASC 480 "Distinguishing liabilities from equity" and ASC 815 "Derivatives and Hedging" and determined that the warrants should be classified as equity instead of liability. Upon exercise of the warrants, the holder is entitled to receive common shares.

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iii) Treasury stock

On September 7, 2023, the Company's Board of Directors approved a stock repurchase plan for an amount of up to $10,000,000 to be used for repurchasing the Company's common shares. For the year ended December 31, 2023, the Company completed the repurchase of 3,444,536 shares paying an average price per share of $1.71 and $5,885,727 in total. For the year ended December 31, 2024, the Company completed the repurchase of 807,347 shares paying an average price per share of $3.10 and $2,504,498 in total. For the year ended December 31, 2025, the Company did not repurchase any of its common shares. These shares are held as treasury stock by the Company.

iv) Preferred Shares:

The table below presents a summary of preferred shares outstanding as of December 31, 2024 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Series | Description | Initial<br> Issuance<br> Date | Total<br> Shares<br> Outstanding | Liquidation<br> Preference<br> per Share<br> (in dollars) | Carrying<br> value (1) | Dividend Rate |
| Series A | 8.75% Cumulative<br> Redeemable<br> Perpetual | November 10, 2021 | 795878 | $25 | $7959 | 8.75% per annum of<br> the Liquidation<br> Preference per share |
| Series B | Series B<br> Preferred Shares | October 21, 2022 | 16000 | $0.01 | 160 | No dividend rights |
|  |  |  | 811878 |  | $8119 |  |

---

1) There are no issuance costs.

#### 8.75% Series A cumulative redeemable perpetual preferred shares:
Holders of Series A Preferred Shares will be entitled to receive, when, as and if declared by the Company's board of directors out of legally available funds for such purpose, cumulative cash dividends from the date of the 2021 Spin-Off.

Dividends on the Series A Preferred Shares accrue at a rate of 8.75% per annum per $25.00 stated liquidation preference per Series A Preferred Share. The dividend rate is not subject to adjustment. Dividends are payable on the 30th day of March, June, September and December of each year.

Aggregate dividends of $1,740,983, $1,736,562 and $1,736,415 were paid on the Company's 795,878 Series A Preferred Shares ($0.1640625 per share) each of the years ended December 31, 2023, 2024 and 2025, respectively.

In the event of any liquidation, dissolution or winding-up of the Company's affairs, whether voluntary or involuntary, holders of the Series A Preferred Shares will have the right to receive the liquidation preference of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to (but not including) the date of payment, whether or not declared, before any payments are made to holders of the Company's common shares or any other junior securities.

The Series A Preferred Shares represent perpetual equity interests in the Company. The Company has no obligation to redeem or repurchase any Series A Preferred Shares at any time. The Series A Preferred Shares are subject to redemption, in whole or from time to time in part, at the Company's option commencing on June 30, 2022.

Holders of the Series A Preferred Shares generally have no voting rights. However, if and whenever dividends payable on the Series A Preferred Shares are in arrears for six or more quarterly periods, whether or

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#### **Table of Contents**
not consecutive, holders of Series A Preferred Shares (voting together as a class with holders of any Parity Securities upon which like voting rights have been conferred and are exercisable) will, subject to certain exceptions, be entitled to elect one additional director to serve on the Company's board of directors unless the size of the board of directors already has been increased by reason of the election of a director by holders of Parity Securities upon which like voting rights have been conferred. This right will continue until the Company pays, or declares and sets apart for payment, all cumulative dividends on the Series A Preferred Shares.

#### Series B preferred shares:
On October 21, 2022, the Company entered into a stock purchase agreement and issued 16,000 shares of its newly-designated Series B Preferred Shares, par value $0.01 per share, to its Chairman and Chief Executive Officer, Harry Vafias, considered a related party, in return for cash consideration of $200,000. The issuance of the Series B preferred shares was approved by an independent committee of the board of directors of the Company which received a fairness opinion from an independent financial advisor that the transaction was fair from a financial point of view to the Company. Each series B preferred share entitles the holder to 25,000 votes per share on all matters submitted to a vote of the shareholders of the Company, provided however, that no holder of series B preferred shares may exercise voting rights pursuant to series B preferred shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates to exceed 49.99 % of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Company. The holder of series B preferred shares shall have no special voting or consent rights and shall vote together as one class with the holders of the common shares on all matters put before the shareholders. The series B preferred shares are not convertible into common shares or any other security, are not redeemable, are not transferable and have no dividend rights. Upon any liquidation, dissolution or winding up of the Company, the series B preferred shares will rank pari-passu with the common shareholders and shall be entitled to receive a payment equal to the par value of $0.01 per share. The Series B preferred holder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company.

9. Mezzanine equity

On February 17, 2023, the Company entered into a Share Purchase Agreement with Flawless Management Inc. and sold to Flawless Management Inc. 13,875 newly issued Series C Cumulative Convertible Perpetual Preferred Shares ("Series C Preferred Shares") having a liquidation preference of one thousand dollars ($1,000) per share ("the Liquidation Preference"). The Series C Cumulative Convertible Perpetual Preferred Shares were used as a partial consideration for the acquisition of the Handysize drybulk carrier "Glorieuse" (Note 3) from an affiliated company.

Each holder of Series C Preferred Share, at any time and from time to time on or after the date that was the date immediately following the six-month anniversary of February 17, 2023, could elect to convert, in whole or in part, its Series C Preferred Shares into shares of common stock at a rate equal to the Series C Liquidation Preference, plus the amount of any accrued and unpaid dividend thereon to and including the conversion date, divided by the lower of (1) $7.50 and (2) the Ten-Day VWAP, subject to adjustment from time to time, provided, that, the conversion price should not be less than $1.50. If the Company should, at any time or from time to time, pay a stock dividend or otherwise make a distribution or distributions on its shares of common stock or any other equity or equity equivalent securities payable in shares of common stock, or effect a subdivision or split of the outstanding common shares, the conversion price in effect immediately before such stock dividend or distribution, subdivision or split should be proportionately decreased and, conversely, if the Company should have, at any time or from time to time, effected a combination (including by means of a reverse stock split) of the outstanding shares of common stock the conversion price in effect before such combination should have been proportionately increased. Following the reverse stock split on April 28, 2023 (Note 1), the conversion price was adjusted to reflect the 1-for-15 reverse stock split.

The holder of the Series C Preferred Shares was entitled to receive dividends from time to time out of any assets of the Company legally available for the payment of dividends at a rate equal to 5.00% per annum when,

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#### **Table of Contents**
as, and if declared by the Board of Directors. Dividends, to the extent declared to be paid by the Company, were payable quarterly on each January 15, April 15, July 15 and October 15 of each year commencing on July 15, 2023. Dividends on the Series C Preferred Shares were payable based on a 360-day year consisting of twelve 30-day months. The dividend rate of 5.00% per annum was not subject to adjustment. As of December 31, 2023, the Company paid dividends of $389,271 on the Company's 13,875 Series C Preferred Shares to Flawless Management Inc.

The Series C Preferred Shares were redeemable upon a change in control, which is defined as the acquisition by any "person" or "group" of beneficial ownership through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of the Company's shares entitling that person or group to exercise more than 50% of the total voting power of all of the Company's shares entitled to vote generally in elections of directors. The occurrence of the above events was not solely in the control of the Company, and hence Series C Preferred Shares were initially classified within Mezzanine equity as per ASC 480-10-S99 "Distinguishing liabilities from Equity – SEC Materials". The Series C Preferred Shares were recorded at $10.0 million at initial recognition representing the acquisition price of the vessel Glorieuse amounting to $18.5 million less the cash consideration of $8.5 million. The acquisition price of the vessel, which approximated its fair value as determined by an independent broker, was used for the determination of the fair value of the mezzanine equity, since it was more clearly evident and, thus, more reliably measurable than the fair value of the Series C Preferred Shares issued.

On December 21, 2023, all 13,875 Series C Preferred Shares, were converted by their holder, Flawless Management Inc., into 6,932,043 shares of the Company's common stock. The Series C Preferred Shares were converted with a conversion price of $2.02, which represented the daily volume weighted average price of the Company's common stock over the 10 consecutive trading days expiring on the trading day immediately prior to the date of delivery of the written notice of conversion. The Company determined that the Series C Preferred Shares conversion feature is in essence a redemption, since such conversion was settled by a delivery of a variable number of shares of common stock with a fixed monetary amount and by applying ASC 260-10-S99-2 has recognized the difference between the carrying amount of the Series C Preferred Shares at the date of conversion and the fair value of the common stock delivered on the same date amounting to $6,507,789 as a deemed dividend, included in the statement of stockholders' equity.

10. Equity Compensation Plan

In 2021 the Company's shareholders and board of directors adopted an Equity Compensation Plan ("the Plan") under which the Company's employees, directors or other persons or entities providing significant services to the Company or its subsidiaries are eligible to receive awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock, stock appreciation rights and options to purchase common stock. The Plan is administered by the Compensation Committee of the Company's board of directors and the aggregate number of shares of common stock that may be issued with respect to awards granted under this Plan cannot exceed 10% of the number of shares of the Company's common stock issued and outstanding at the time any award is granted. The Company's Board of Directors may terminate the Plan at any time. For the year ended December 31, 2024, 426,253 restricted shares and 111,000 options to purchase common stock were granted under the Plan. (2023:

1,775,787 restricted shares and 631,250 options to purchase common stock).

In April 2024, the Company's shareholders and board of directors adopted a 2024 Equity Compensation Plan ("the 2024 Equity Plan") which replaced the Plan. The 2024 Equity Compensation Plan is administered by the Board of Directors which can make awards totaling in aggregate up to 10% of the number of shares of common stock outstanding at the time any award is granted. Officers, directors and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates will be eligible to receive awards under the equity incentive plan. Awards may be made under the expected equity compensation plan in the form of

------

incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. For the year ended December 31, 2025, a total of 823,494 restricted shares and 611,503 options to purchase common stock were granted under the 2024 Equity Plan.

#### Restricted shares
On November 21, 2022, the Company granted $1,000,000 worth of shares of the Company's common stock under the Plan to the Company's CEO. The number of shares awarded was determined based on the closing price at the grant date i.e. on November 21, 2022 which was equal to $5.25. 95,238 of the restricted shares vested on July 17, 2023 and the remaining 95,238 of the restricted shares vested on July 15, 2024.

On March 21, 2023, the Company granted 280,392 of non-vested restricted shares under the Plan to employees of the Manager. The fair value of each share granted was $2.55 which is equal to the market value of the Company's common stock on that day. 140,196 of the restricted shares vested on July 17, 2023, 135,295 of the remaining 140,196 restricted shares, vested on July 15, 2024 and 4,901 restricted shares forfeited.

On May 15, 2023, the Company granted 547,550 of non-vested restricted shares under the Plan to the Company's CEO. The fair value of each share granted was $3.48 which is equal to the market value of the Company's common stock on that day. 273,775 of the restricted shares vested on May 15, 2024 and the remaining 273,775 of the restricted shares vested on May 15, 2025.

On October 25, 2023, the Company granted 179,244 of non-vested restricted shares under the Plan to employees of the Manager. The fair value of each share granted was $1.59 which is equal to the market value of the Company's common stock on that day. 89,622 of the restricted shares vested on October 25, 2024 and the remaining 89,622 of the restricted shares vested on October 25, 2025.

On October 30, 2023, the Company granted 578,125 of non-vested restricted shares under the Plan to the Company's CEO, Interim CFO and non-executive members of Board of Directors of the Company. The fair value of each share granted was $1.60 which is equal to the market value of the Company's common stock on that day. 289,062 of the restricted shares vested on October 30, 2024 and the remaining 289,063 of the restricted shares vested on October 30, 2025.

On April 12, 2024, the Company granted 426,253 of non-vested restricted shares under the Plan to the Company's CEO, Interim CFO, non-executive members of the Board of Directors of the Company and employees of the Manager. The fair value of each share granted was $3.60 which is equal to the market value of the Company's common stock on that day. 210,626 of the 213,126 restricted shares vested on April 12, 2025, 2,500 restricted shares forfeited, and the remaining 213,127 restricted shares vest on April 12, 2026.

On January 8, 2025, the Company granted 391,600 of non-vested restricted shares under the 2024 Equity Plan to the Company's CEO and employees of the Manager. The fair value of each share granted was $3.20 which is equal to the market value of the Company's common stock on that day. 195,800 of the restricted shares vest on January 8, 2026 and the remaining 195,800 of the restricted shares vest on January 8, 2027.

On August 8, 2025, the Company granted 431,894 of non-vested restricted shares under the 2024 Equity Plan to the Company's CEO. The fair value of each share granted was $3.01 which is equal to the market value of the Company's common stock on that day. 215,947 of the restricted shares vest on August 8, 2026 and the remaining 215,947 of the restricted shares vest on August 8, 2027.

All unvested restricted shares are conditional upon the option holder's continued service as an employee of the Company, or as a director until the applicable vesting date. Until the forfeiture of any restricted shares, the grantee has the right to vote such restricted shares, to receive and retain all regular cash dividends paid on such restricted shares and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the restricted shares.

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#### **Table of Contents**
The Company pays dividends on all restricted shares regardless of whether they have vested and there is no obligation of the employee to return the dividend when employment ceases. The Company did not pay any dividends during the years ended December 31, 2023, 2024 and 2025.

The stock-based compensation expense for the years ended December 31, 2023, 2024 and 2025 amounted to $2,343,210, $2,756,027 and $2,322,615, respectively and is included in the consolidated statements of comprehensive income under the caption "General and administrative expenses".

A summary of the status of the Company's non-vested restricted shares as of 2023, 2024 and 2025, is presented below:

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| | | |
|:---|:---|:---|
|  | Number of restricted<br> shares | Weighted average grant<br> date fair value per<br> non-vested share |
| Non-vested, January 1, 2023 | 190476 | 5.25 |
| Granted | 1585311 | 2.42 |
| Vested | (235434) | (3.64) |
| Non-vested, December 31, 2023 | 1540353 | 2.58 |
| Granted | 426253 | 3.60 |
| Vested | (882992) | (2.72) |
| Forfeited | (4901) | (2.55) |
| Non-vested, December 31, 2024 | 1078713 | 2.87 |
| Granted | 823494 | 3.10 |
| Vested | (863086) | (2.18) |
| Forfeited | (2500) | (3.60) |
| Non-vested, December 31, 2025 | 1036621 | 3.63 |

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The total fair value of shares vested during the year ended December 31, 2025, was $3,156,706.

The remaining unrecognized compensation cost relating to the shares granted amounting to $1,354,891 as of December 31, 2025, is expected to be recognized over the remaining weighted average period of 1.10 years, according to the contractual terms of those non-vested share awards.

#### Options to purchase common shares
On October 30, 2023, the Company granted options to acquire up to 631,250 shares of common stock under the Plan to the Company's CEO, Interim CFO and non-executive members of Board of Directors of the Company. 50% of these options vested on October 30, 2024 and the remaining 50% vested on October 30, 2025. These options expire on October 30, 2033. The fair value of each option granted was $1.14. The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 81%; expected term of 5.75 years; risk-free interest rate of 5%. The expected term of the options granted was estimated to be the average of the vesting and the contractual term. The expected volatility was generally based on historical volatility of the stock prices of various tanker shipping companies as calculated using historical data during approximately 6 years prior to the grant date.

On April 12, 2024, the Company granted options to acquire up to 111,000 of common stock under the Plan to the Company's CEO, Interim CFO and non-executive members of the Board of Directors of the Company. 50% of these options vested on April 12, 2025 and the remaining 50% vest on April 12, 2026. These options expire on April 12, 2034. The fair value of each option granted was $2.69. The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 88.3%;

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#### **Table of Contents**
expected term of 5.75 years; risk-free interest rate of 4.5%. The expected term of the options granted was estimated to be the average of the vesting and the contractual term. The expected volatility was generally based on historical volatility of the stock prices of various tanker shipping companies as calculated using historical data during approximately 7 years prior to the grant date.

On January 8, 2025, the Company granted options to acquire up to 312,500 of common stock under the 2024 Equity Plan to the Company's CEO and employees of the Manager. 50% of these options vest on January 8, 2026 and the remaining 50% vest on January 8, 2027. These options expire on January 8, 2035. The fair value of each option granted was $1.95. The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 63.7%; expected term of 5.75 years; risk-free interest rate of 4.4%. The expected term of the options granted was estimated to be the average of the vesting and the contractual term. The expected volatility was generally based on historical volatility of the stock prices of various tanker shipping companies as calculated using historical data during approximately 7 years prior to the grant date.

On August 8, 2025, the Company granted options to acquire up to 299,003 of common stock under the 2024 Equity Plan to the Company's CEO. 50% of these options vest on August 8, 2026 and the remaining 50% vest on August 8, 2027. These options expire on August 8, 2035. The fair value of each option granted was $1.70. The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 57.9%; expected term of 5.75 years; risk-free interest rate of 3.8%. The expected term of the options granted was estimated to be the average of the vesting and the contractual term. The expected volatility was generally based on historical volatility of the stock prices of various tanker shipping companies as calculated using historical data during approximately 7 years prior to the grant date.

A summary of the Company's non-vested stock option activity and related information for the years ended December 31, 2023, 2024 and 2025, is as follows:

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| | | |
|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 |
|  | Option shares<br> # | Weighted-<br> Average<br> Exercise Price<br> $ |
| Outstanding, January 1, 2023 |  |  |
| Granted | 631250 | 1.60 |
| Outstanding, December 31, 2023 | 631250 | 1.60 |
| Exercisable, December 31, 2023 |  |  |
| Granted | 111000 | 3.60 |
| Exercised | (296875) | 1.60 |
| Outstanding, December 31, 2024 | 445375 | 2.10 |
| Exercisable, December 31, 2024 | 18750 | 1.60 |
| Granted | 611503 | 3.11 |
| Exercised | (346875) | 1.89 |
| Outstanding, December 31, 2025 | 710003 | 3.07 |
| Exercisable, December 31, 2025 | 43000 | 1.86 |

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No options vested during the year ended December 31, 2023. During the year ended December 31, 2024, 315,625 options vested of which 296,875 options were exercised. During the year ended December 31, 2025, 371,125 options vested of which 346,875 options were exercised. The remaining unrecognized compensation

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cost relating to the options granted amounting to $540,824 as of December 31, 2025, is expected to be recognized over the remaining period of 1.0 years, according to the contractual terms of those non-vested options.

The stock-based compensation expense for the vested and non-vested options for the years ended December 31, 2023, 2024 and 2025 amounted to $91,645, $641,055 and $865,035 respectively, and is included in the consolidated statements of comprehensive income under the caption "General and administrative expenses".

As at December 31, 2025, the intrinsic value of outstanding stock options was $0.55 per option.

11. Earnings per share

All of the Company's shares (including non-vested restricted stock issued under the Company's equity compensation plans) participate equally in dividend distributions and in undistributed earnings. The Company applies the two-class method of computing earnings per share ("EPS") as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed. The denominator of the basic earnings per common share includes the total shares issuable upon the exercise of the 1,100,000 pre-funded warrants (Note 8), as the exercise of the pre-funded warrants is considered virtually certain. Dilution is computed by either the treasury stock method or the two–class method, whichever results in the more dilutive effect. The Company calculates basic and diluted earnings per share as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2023 | 2023 | 2024 | 2024 | 2025 | 2025 |
|  | Basic EPS | Diluted EPS | Basic EPS | Diluted EPS | Basic EPS | Diluted EPS |
| Numerator |  |  |  |  |  |  |
| Net income | 71134002 | 71134002 | 50157772 | 50157772 | 49978247 | 49978247 |
| Less: Cumulative dividends on preferred shares | (2130254) | (1740983) | (1740983) | (1740983) | (1740983) | (1740983) |
| Less: Deemed divided from conversion of the Series C Preferred Shares (Note 9) | (6507789) |  |  |  |  |  |
| Less: Undistributed earnings allocated to non-vested shares | (2508399) | (2276360) | (2311172) | (2105141) | (1675770) | (1598389) |
| Net income attributable to common shareholders | 59987560 | 67116659 | 46105617 | 46311648 | 46561494 | 46638875 |
| Denominator |  |  |  |  |  |  |
| Weighted average number of shares outstanding, basic | 18601539 | 18601539 | 29933920 | 29933920 | 34499909 | 34499909 |
| Options to purchase common shares (Note 10) |  | 97318 |  | 323283 |  | 252695 |
| Warrants (Note 8) |  |  |  | 2753216 |  | 1477617 |
| Series C Preferred Shares (Note 9) |  | 4234814 |  |  |  |  |
| Effect of dilutive shares |  | 4332132 |  | 3076499 |  | 1730312 |
| Weighted average number of shares outstanding, diluted |  | 22933671 |  | 33010419 |  | 36230221 |
| Earnings per share | 3.22 | 2.93 | 1.54 | 1.40 | 1.35 | 1.29 |

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For 2025 the most dilutive method was the two-class method and the diluted earnings per share reflects the potential dilution of the unexercised options to acquire common shares (Note 10) calculated using the treasury stock method which resulted in 252,695 incremental shares and of the 3,166,666 Class E warrants (Note 8) that

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are in the money as of the reporting date calculated using the treasury stock method which resulted in 1,477,617 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares resulting from the non-vested restricted share awards (Note 10) and any incremental shares resulting from the exercise of the unexercised Class A, B, C, D, F and G warrants that were out-of-the money as of the reporting date, calculated using the treasury stock method. As of December 31, 2025, the aggregate number of common shares issuable upon the exercise of the unexercised Class A, B, C, D, F and G warrants was 21,358,068 (Note 8).

For 2024 the most dilutive method was the two-class method and the diluted earnings per share reflects the potential dilution of the unexercised options to acquire common shares (Note 10) calculated using the treasury stock method which resulted in 323,283 incremental shares and of the 4,199,999 Class E warrants (Note 8) that are in the money as of the reporting date calculated using the treasury stock method which resulted in 2,753,216 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares resulting from the non-vested restricted share awards (Note 10) and any incremental shares resulting from the exercise of the unexercised Class A, B, C and D warrants that were out-of-the money as of the reporting date, calculated using the treasury stock method. As of December 31, 2024, the aggregate number of common shares issuable upon the exercise of the unexercised Class A, B, C and D warrants was 2,310,268 (Note 8).

For 2023 the most dilutive method was the two-class method and the diluted earnings per share reflects the potential dilution of the unexercised options to acquire common shares (Note 10) calculated using the treasury stock method which resulted in 97,318 incremental shares and the potential dilution from the conversion of outstanding Series C Preferred Shares (Note 9) calculated with the "if converted" method by using the average closing market price over the period up to their conversion which resulted in 4,234,814 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares resulting from the non-vested restricted share awards (Note 10) and any incremental shares resulting from the exercise of the unexercised Class A, B, C, D and E warrants that were out-of-the money as of the reporting date, calculated using the treasury stock method. As of December 31, 2023, the aggregate number of common shares issuable upon the exercise of the unexercised Class A, B, C, D and E warrants was 10,810,267.

The weighted average number of shares outstanding was adjusted to reflect the reverse stock split effected on April 28, 2023 (Note 1).

12. Revenues

The amounts in the accompanying consolidated statements of comprehensive income are analyzed as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2023 | 2024 | 2025 |
| Time charter revenues | 21738874 | 20153955 | 67952884 |
| Voyage charter revenues | 158583636 | 124860634 | 86822863 |
| Other income | 3403310 | 2465391 | 6228559 |
| Total | 183725820 | 147479980 | 161004306 |

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Time charter agreements may have renewal options for one to 12 months. The related charter hire is generally payable in advance. The time charter party generally provides typical warranties regarding the speed and the performance of the vessel as well as some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful

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and non-hazardous cargo. The Company may enter into time charters ranging from one month to twelve months and in isolated cases on longer terms depending on market conditions. The charterer has the full discretion over the ports visited, shipping routes and vessel speed, subject only to the owner protective restrictions discussed above.

Vessels may also be chartered under voyage charters, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. A significant portion of the voyage hire is typically paid upon the completion of the voyage.

The amount of revenue earned as demurrage relating to the Company's voyage charters for the years ended December 31, 2023, 2024 and 2025 was $19.2 million, $23.8 million and $12.1 million, respectively and is included within "Voyage charter revenues" in the above table.

As of December 31, 2024 and December 31, 2025, receivables from the Company's voyage charters amounted to $11.8 million and $5.3 million, respectively.

As of December 31, 2024 and 2025, the Company recognized $652,769 and $1,107,956, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company's voyage charters. These costs are recorded in "Other current assets" in the consolidated balance sheets.

As of December 31, 2024 and 2025, revenues relating to undelivered performance obligations of the Company's voyage charters amounted to $5.4 million and $10.8 million, respectively. The Company recognized the undelivered performance obligation as of December 31, 2024 as revenues in the first quarter of 2025. The Company will recognize the undelivered performance obligation as of December 31, 2025 as revenues in the first quarter of 2026.

13. Vessel Operating Expenses

The amount in the accompanying consolidated statements of comprehensive income are analyzed as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2023 | 2024 | 2025 |
| Vessels' Operating Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crew wages and related costs | 13452713 | 13899451 | 19817861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 1168486 | 1300635 | 1665173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 3884234 | 3800814 | 5483633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spares and consumable stores | 4821081 | 4713148 | 7416239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 2315920 | 2658686 | 3338629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 25642434 | 26372734 | 37721535 |

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14. Other operating income

The amounts of $1,900,000 and $885,443 included within "Other operating income" for the years ended December 31, 2024 and 2025, respectively, in the consolidated statement of comprehensive income related to collections of claims in connection with repairs undertaken in prior years.

15. Income Taxes

Under the laws of the countries the Company (which includes its subsidiaries) are incorporated and/or Company's vessels are registered, the Company is not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in Vessels' operating expenses in the consolidated statements of comprehensive income.

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Pursuant to the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. The Company satisfies these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the country of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. The Company also currently satisfies the more than 50% beneficial ownership requirement.

16. Commitments and Contingencies

• From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally relating to personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.

Currently, the Company is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.

• Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, time charter contracts as of December 31, 2025, amount to $14,863,294 during the twelve months ending December 31, 2026 and $7,294,950 during the twelve months ending December 2027.

• As of December 31, 2025, the Company had total obligations under the memoranda of agreements (Note 3) for the acquisitions of the five handysize drybulk vessels, the product tanker vessel and the post panamax bulker vessel "Post Marvel" of $129,510,000, out of which $124,350,000 will be paid in cash and $5,160,000 in Company's common shares, due during the twelve months ending December 31, 2026.

17. Subsequent events

On January 12 and on April 3, 2026, the vessels "Post Marvel" and "Eco Crossfire", respectively, were delivered to the Company (Note 3).

On February 9, 2026, the Company's Board of Directors approved a stock repurchase plan for an amount of up to $10,000,000 to be used for repurchasing the Company's common shares. The Company completed the repurchase of

546,679 shares paying an average price per share of $4.12 and $2.3 million up until today.

On March 9, 2026, the Company declared dividends amounting to $435,246 to the holders of the Company's Series A Preferred Shares.

Subsequent to December 31, 2025, military conflict involving Iran disrupted vessel transit in and around the Strait of Hormuz. At the date of the issuance of these consolidated financial statements the Company had two drybulk vessels awaiting for charterers instructions regarding transit in the area and cannot predict the duration or financial effect of this matter.

## Exhibit 2.1

**Exhibit 2.1** 

**DESCRIPTION OF IMPERIAL PETROLEUM INC.'S SECURITIES** 

**REGISTERED PURSUANT TO SECTION 12** 

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED** 

*References in this description to the "Company," "we," "our," "or "us" are to Imperial Petroleum Inc. Defined terms used but not defined herein have the meaning given to them in our Annual Report on Form 20-F to which this description is an exhibit.* 

The common stock of Imperial Petroleum Inc., par value $0.01 per share (the "Common Stock"), and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share (the "Series A Preferred Shares"), are the only securities of the Company registered under Section 12 of the Securities Exchange Act of 1934, as amended. Other than the Series A Preferred Shares, none of the Company's preferred stock, par value $0.01 per share (the "Preferred Stock") is so registered. This description does not describe every aspect of the Company's capital stock and is subject to, and qualified in its entirety by reference to, the provisions of the Company's Restated Articles of Incorporation, as amended, including the Series A Preferred Shares Statement of Designations, and the Company's Amended and Restated By-laws, each as currently in effect, each of which is incorporated by reference as an exhibit to the Annual Report on Form 20-F of the Company, to which this description is filed as Exhibit 2.1.

**Authorized Capitalization** 

Under our amended and restated articles of incorporation, our authorized capital stock consists of 2,000,000,000 shares of common stock, par value $0.01 per share, and 200,000,000 shares of preferred stock, par value $0.01 per share. All of our shares of stock are in registered form. As of April 15, 2026, the Company had 50,000,620 shares of common stock issued and 45,213,658 shares of common stock outstanding, 795,878 shares of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock and 16,000 shares of Series B Preferred Stock issued and outstanding, as well as Class A Warrants to purchase up to 2,867 shares of common stock at an exercise price of $18.75 per share, Class B Warrants to purchase up to 786,800 shares of common stock at an exercise price of $24.00 per share, Class C Warrants to purchase up to 1,347,267 shares of common stock at an exercise price of $8.25 per share, Class D Warrants to purchase up to 173,334 shares of common stock at an exercise price of $12.00 per share, Class E Warrants to purchase up to 3,166,666 shares of common stock at an exercise price of $2.00 per share, Class F Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, Class G Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, and underwriters warrants to purchase up to 36,800 shares of common stock at an exercise price of $20.625 per share, 114,999 shares of common stock at an exercise price of $30.00 per share and 139,393 shares of common stock at an exercise price of $10.3125 per share.

***Common Stock***

Under our amended and restated articles of incorporation, we are authorized to issue up to 2,000,000,000 shares of common stock, par value $0.01 per share, of which there were 48,900,620 shares issued and 44,648,737 shares outstanding as of December 31, 2025 and 50,000,620 shares issued and 45,213,658 shares outstanding as of April 15, 2026. As of April 15, 2026, we also had outstanding Class A Warrants to purchase up to 2,867 shares of common stock at an exercise price of $18.75 per share, Class B Warrants to purchase up to 786,800 shares of common stock at an exercise price of $24.00 per share, Class C Warrants to purchase up to 1,347,267 shares of common stock at an exercise price of $8.25 per share, Class D Warrants to purchase up to 173,334 shares of common stock at an exercise price of $12.00 per share, Class E Warrants to purchase up to 3,166,666 shares of common stock at an exercise price of $2.00 per share, Class F Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, Class G Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, and underwriters warrants to purchase up to 36,800 shares of common stock at an exercise price of $20.625 per share, 114,999 shares of common stock at an exercise price of $30.00 per share and 139,393 shares of common stock at an exercise price of $10.3125 per share.

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Each outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the stockholders. Holders of our common stock (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued common stock when issued will be fully paid for and non-assessable.

*Dividends*. We currently intend to retain our future earnings, if any, to fund the development and growth of our business. Our board of directors will, however, evaluate our dividend policy consistent with our cash flows and liquidity requirements and we may consider paying dividends on our common stock depending on future performance of our business and financial condition. Declaration and payment of any future dividend is subject to the discretion of our Board of Directors. The timing and amount of dividend payments will be dependent upon our earnings, financial condition, cash requirements and availability, restrictions in our loan agreements, or other financing arrangements, the provisions of Marshall Islands law affecting the payment of distributions to stockholders and other factors, and will be subject to the priority of our Series A Preferred Stock, which, as described elsewhere in this report, earn dividends at a dividend rate of 8.75% per annum per $25.00 of liquidation preference per share. Because we are a holding company with no material assets other than the stock of our subsidiaries, our ability to pay dividends will depend on the earnings and cash flow of our subsidiaries and their ability to pay dividends to us. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent upon the payment thereof.

***Warrants***

*General*. As of April 15, 2026, we had outstanding Class A Warrants to purchase up to 2,867 shares of common stock at an exercise price of $18.75 per share, Class B Warrants to purchase up to 786,800 shares of common stock at an exercise price of $24.00 per share, Class C Warrants to purchase up to 1,347,267 shares of common stock at an exercise price of $8.25 per share, Class D Warrants to purchase up to 173,334 shares of common stock at an exercise price of $12.00 per share, Class E Warrants to purchase up to 3,166,666 shares of common stock at an exercise price of $2.00 per share, Class F Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, Class G Warrants to purchase up to 9,523,900 shares of common stock at an exercise price of $6.30 per share, and underwriters warrants to purchase up to 36,800 shares of common stock at an exercise price of $20.625 per share, 114,999 shares of common stock at an exercise price of $30.00 per share and 139,393 shares of common stock at an exercise price of $10.3125 per share.

The following summary of certain terms and provisions of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants is not complete and is subject to, and qualified in its entirety by the provisions of the forms of Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants, respectively, which are each filed as an exhibit to this Annual Report.

*Exercisability*. The Class A Warrants are exercisable at any time after their original issuance, of February 2, 2022, up to the date that is five years after their original issuance (February 2, 2027). The Class B Warrants are exercisable at any time after their original issuance, of March 23, 2022, up to the date that is five years after their original issuance (March 23, 2027). The Class C Warrants are exercisable at any time after their original issuance, of May 19, 2022, up to the date that is five years after their original issuance (May 19, 2027). The Class D Warrants are exercisable at any time after their original issuance, of June 15, 2022, up to the date that is five years after their original issuance (June 15, 2027). The Class E Warrants are exercisable at any time after their original issuance, of August 15, 2023, up to the date that is five years after their original issuance (August 15, 2028). The Class F Warrants and the Class G Warrants are exercisable at any time after their original issuance, of December 1, 2025, up to the date that is five years after their original issuance (December 1, 2030). The Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the common stock underlying the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately available

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funds for the number of shares of common stock purchased upon such exercise. If a registration statement registering the issuance of the common stock underlying the Class A Warrants, Class B Warrants, Class C Warrants, Class E Warrants, Class F Warrants, Class G Warrants or the resale of the common stock underlying the Class D Warrants, under the Securities Act is not effective or available and, in the case of the Class A Warrants, Class B Warrants, Class C Warrants, Class E Warrants, Class F Warrants and Class G Warrants, an exemption from registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Class A Warrant, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the Class A Warrant, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants. No fractional shares of common stock will be issued in connection with the exercise of a Class A Warrant, Class B Warrant, Class C Warrant, Class D Warrant, Class E Warrants, Class F Warrant or Class G Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.

*Exercise Limitation*. A holder will not have the right to exercise any portion of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any Class A warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants, 9.99%) of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, upon at least 61 days' prior notice from the holder to us with respect to any increase in such percentage.

*Exercise Price.* The exercise price per whole share of common stock purchasable upon exercise of the Class A Warrants is $18.75 per share, upon exercise of the Class B Warrants is $24.00 per share, upon exercise of the Class C Warrants is $8.25 per share, upon exercise of the Class D Warrants is $12.00 per share and upon exercise of the Class E Warrants is $2.00 per share, upon exercise of the Class F Warrants is $6.30 per share and upon exercise of the Class G Warrants is $6.30 per share. The exercise price and number of shares of common stock issuable upon exercise will adjust in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock.

*Transferability.* Subject to applicable laws, the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants may be offered for sale, sold, transferred or assigned without our consent.

*Exchange Listing.* We do not intend to apply for the listing of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants on any stock exchange. Without an active trading market, the liquidity of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be limited.

*Rights as a Stockholder.* Except as otherwise provided in the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants or by virtue of such holder's ownership of our common stock, the holder of a Class A Warrant, Class B Warrant, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises the warrant.

*Fundamental Transactions.* In the event of a fundamental transaction, as described in the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants and generally including, with certain exceptions, any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders would have received had they

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exercised the warrants immediately prior to such fundamental transaction. Additionally, as more fully described in the Class A Warrant, Class B Warrant, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants, as applicable, in the event of certain fundamental transactions, the holders of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants will be entitled to receive consideration in an amount equal to the Black Scholes value of the Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants or Class G Warrants, respectively, on the date of consummation of such transaction.

*Governing Law*. The Class A Warrants, Class B Warrants, Class C Warrants, Class D Warrants, Class E Warrants, Class F Warrants and Class G Warrants and related warrant agency agreement, as applicable, are governed by New York law.

*Underwriter's Warrants*. The February 2022 Representative's Purchase Warrants, issued to the representative of the underwriters of our February 2022 underwritten public offering, have substantially similar terms as the Class A Warrants other than that they will be exercisable for up to an aggregate of 36,800 shares of common stock at any time, and from time to time, in whole or in part, during the period commencing July 31, 2022 and expiring January 31, 2027 at an exercise price of $20.625 per share. These warrants are governed by New York law.

The March 2022 Representative's Purchase Warrants, issued to the representative of the underwriters of our March 2022 underwritten public offering, have substantially similar terms as the Class B Warrants other than that they will be exercisable for up to an aggregate of 115,000 shares of common stock, at any time, and from time to time, in whole or in part, during the period commencing September 18, 2022 and expiring March 18, 2027 at an exercise price of $30.00 per share. These warrants are governed by New York law.

The May 2022 Representative's Purchase Warrants, issued to the representative of the underwriters of our May 2022 underwritten public offering, have substantially similar terms as the Class C Warrants other than that they will be exercisable for up to an aggregate of 139,394 shares of common stock, at any time, and from time to time, in whole or in part, during the period commencing November 12, 2022 and expiring May 16, 2027 at an exercise price of $10.3125 per share. These warrants are governed by New York law.

***Preferred Stock***

Under our amended and restated articles of incorporation, we are authorized to issue up to 200,000,000 shares of preferred stock, par value $0.01 per share, of which 800,000 shares have been designated as Series A Preferred Stock, of which 795,878 shares of Series A Preferred Stock are outstanding as of December 31, 2025 and April 15, 2026; 16,000 shares have been designated as Series B Preferred Stock, all of which were outstanding as of December 31, 2025 and April 15, 2026. The undesignated authorized preferred stock may be issued in one or more series and our Board of Directors, without further approval from our stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the relative voting power of the holders of our common stock. See "Description of Series A Preferred Stock" and "Description of Series B Preferred Stock" below.

***Transfer Agent and Registrar***

Equiniti Trust Company, LLC is the transfer agent and registrar for Imperial Petroleum common stock and Series A Preferred Stock, and the warrant agent for the Class A, B and C Warrants.

***Listing***

Our common stock is listed on the Nasdaq Capital Market under the symbol "IMPP." Our Series A Preferred Stock is listed on the Nasdaq Capital Market under the symbol "IMPPP."

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**Description of Series A Preferred Stock** 

*The following description of the Series A Preferred Stock does not purport to be complete and is subject to, and qualified in its entirety by reference to the Statement of Designations designating the Series A Preferred Stock (the "Statement of Designations") and setting forth the rights, preferences and limitations of the Series A Preferred Stock. A copy of the Statement of Designations, is filed as an exhibit to this Annual Report." References to "Imperial Petroleum Inc.," "we," "our" and "us" refer specifically to Imperial Petroleum Inc.* 

**General** 

As of December 31, 2025 and April 15, 2026, there were 800,000 Series A Preferred Stock authorized, and 795,878 Series A Preferred Stock issued and outstanding*.* We may, without notice to or consent of the holders of the then-outstanding Series A Preferred Stock, authorize and issue additional Series A Preferred Stock as well as Parity Securities and Junior Securities and, subject to the further limitations described under "—Voting Rights", Senior Securities.

The holders of our common stock are entitled to receive dividends out of assets legally available for that purpose at times and in amounts as our board of directors may from time to time determine. Upon the occurrence of a liquidation, dissolution or winding up the holders of common stock would be entitled to share ratably in the distribution of all of our assets remaining available for distribution after satisfaction of all our liabilities and payment to the holders of shares of any class or series of capital stock (including the Series A Preferred Stock) having preferential rights to receive distributions of our assets.

The Series A Preferred Stock entitle the holders thereof to receive cumulative cash dividends when, as and if declared by our board of directors out of legally available funds for such purpose. Each share of Series A Preferred Stock have a fixed liquidation preference of $25.00 per share plus an amount equal to accumulated and unpaid dividends thereon to the date fixed for payment, whether or not declared*.* Please read "—Liquidation Rights."

The Series A Preferred Stock represents perpetual equity interests in us and, unlike any potential indebtedness we may incur in the future, will not give rise to a claim for payment of a principal amount at a particular date. As such, the Series A Preferred Stock ranks junior to any future indebtedness and other liabilities with respect to assets available to satisfy claims against us.

All the Series A Preferred Stock are represented by a single certificate issued to the Securities Depository (as defined below) and registered in the name of its nominee and, so long as a Securities Depository has been appointed and is serving, no person acquiring Series A Preferred Stock will be entitled to receive a certificate representing such shares unless applicable law otherwise requires or the Securities Depository resigns or is no longer eligible to act as such and a successor is not appointed*.* Please read "—Book-Entry System."

The Series A Preferred Stock are not convertible into common stock or other of our securities and will not have exchange rights or be entitled or subject to any preemptive or similar rights. The Series A Preferred Stock will not be subject to mandatory redemption or to any sinking fund requirements. The Series A Preferred Stock will be subject to redemption, in whole or from time to time in part, at our option commencing on September 30, 2022. Please read "—Redemption."

**Ranking** 

The Series A Preferred Stock, with respect to dividend distributions and distributions upon the liquidation, winding-up and dissolution of our affairs, rank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• senior to all classes of our common stock, and to each other class or series of stock established after the
initial issue date of the Series A Preferred Stock by our board of directors, the terms of which class or series do not expressly provide that it is made senior to or on parity with the Series A Preferred Stock as to dividend distributions and
distributions upon the liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary (collectively, the "Junior Securities");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a parity with any class or series of stock established after the initial issue date of the Series A Preferred
Stock by our board of directors, the terms of which class or series are not expressly subordinated or senior to the Series A Preferred Stock as to dividend distributions and distributions upon the liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary (collectively, the "Parity Securities"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• junior to (i) any future indebtedness and other liabilities with respect to assets available to satisfy
claims against us, and (ii) each class or series of capital stock expressly made senior to the Series A Preferred Stock as to the payment of dividends and amounts payable upon liquidation, dissolution or winding up, whether voluntary or
involuntary (such shares described in this clause (ii), the "Senior Securities").

Under the Statement of Designations, we may issue Junior Securities and, so long as cumulative dividends on the Series A Preferred Stock are not in arrears, Parity Securities from time to time in one or more series without the consent of the holders of the Series A Preferred Stock. Our board of directors has the authority to determine the preferences, powers, qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such series before the issuance of any shares of that series. Our board of directors will also determine the number of shares constituting each series of securities. Our ability to issue additional Senior Securities is limited as described under "—Voting Rights."

**Liquidation Preference** 

The holders of issued and outstanding Series A Preferred Stock will be entitled, in the event of any liquidation, dissolution or winding up of our affairs, whether voluntary or involuntary, to receive the liquidation preference of $25.00 per share in cash plus an amount equal to accumulated and unpaid dividends thereon to (but not including) the date fixed for payment of such amount (whether or not declared), and no more, before any distribution will be made to the holders of our common stock or any other Junior Securities. A consolidation or merger of us with or into any other entity, individually or in a series of transactions, will not be deemed a liquidation, dissolution or winding up of our affairs for this purpose. In the event that our assets available for distribution to holders of the issued and outstanding Series A Preferred Stock and any Parity Securities are insufficient to permit payment of all required amounts, our assets then remaining will be distributed among the Series A Preferred Stock and any Parity Securities, as applicable, ratably on the basis of their relative aggregate liquidation preferences. After payment of all required amounts to the holders of the outstanding shares of Series A Preferred Stock and Parity Securities, our remaining assets and funds will be distributed among the holders of the common stock and any other Junior Securities then issued and outstanding according to their respective rights.

**Voting Rights** 

The Series A Preferred Stock have no voting rights except as provided by Marshall Islands law and as follows*.* In the event that six quarterly dividends, whether consecutive or not, payable on Series A Preferred Stock are in arrears, the holders of Series A Preferred Stock will have the right, voting separately as a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, at the next meeting of stockholders called for the election of directors, to elect one member of our board of directors, and the size of our board of directors will be increased as needed to accommodate such change (unless the size of our board of directors already has been increased by reason of the election of a director by holders of Parity Securities upon which like voting rights have been conferred and with which the Series A Preferred Stock voted as a class for the election of such director)*.* The right of such holders of Series A Preferred Stock to elect one member of our board of directors will continue until such time as all dividends accumulated and in arrears on the Series A Preferred Stock have been paid in full, at which time such right will terminate, subject to revesting in the event of each and every subsequent failure to pay six quarterly dividends as described above*.* Upon any termination of the right of the holders of the Series A Preferred Stock and any other Parity Securities to vote as a class for a director, the term of office of all directors then in office elected by such holders voting as a class will terminate immediately*.* Any director elected by the holders of the Series A Preferred Stock and any other Parity Securities shall each be entitled to one vote per director on any matter before our board of directors.

Unless we have received the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series A Preferred Stock, voting as a single class, we may not (i) adopt any amendment to our articles of incorporation or Statement of Designations, that adversely alters the preferences, powers or rights of the Series A Preferred Stock, (ii) issue any Parity Securities if the cumulative dividends payable on outstanding Series A Preferred Stock are in arrears, or (iii) create or issue any Senior Securities.

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On any matter described above on which the holders of the Series A Preferred Stock are entitled to vote as a class, such holders will be entitled to one vote per share*.* The Series A Preferred Stock held by us or any of our subsidiaries or affiliates will not be entitled to vote.

**Dividends** 

***General***

Holders of Series A Preferred Stock will be entitled to receive, when, as and if declared by our board of directors out of legally available funds for such purpose, cumulative cash dividends from December 3, 2021.

***Dividend Rate***

Dividends on Series A Preferred Stock will be cumulative, commencing December 3, 2021 and payable on each Dividend Payment Date, commencing December 30, 2021, when, as and if declared by our board of directors or any authorized committee thereof out of legally available funds for such purpose. Dividends on the Series A Preferred Stock will accrue at a rate of 8.75% per annum per $25.00 stated liquidation preference per Series A Preferred Stock. The dividend rate is not subject to adjustment.

***Dividend Payment Date***

The "Dividend Payment Dates" for the Series A Preferred Stock will be each March 30, June 30, September 30 and December 30, commencing December 30, 2021. Dividends will accumulate in each dividend period from and including the preceding Dividend Payment Date or the initial issue date, as the case may be, to but excluding, the applicable Dividend Payment Date for such dividend period. If any Dividend Payment Date otherwise would fall on a day that is not a Business Day, declared dividends will be paid on the immediately succeeding Business Day without the accumulation of additional dividends. Dividends on the Series A Preferred Stock will be payable based on a 360-day year consisting of twelve 30-day months.

"Business Day" means a day on which the Nasdaq Stock Market is open for trading and which is not a Saturday, a Sunday or other day on which banks in New York City are authorized or required by law to close.

***Payment of Dividends***

Not later than the close of business, New York City time, on each Dividend Payment Date, we will pay those dividends, if any, on the Series A Preferred Stock that have been declared by our board of directors to the holders of such shares as such holders' names appear on our share transfer books maintained by the Registrar and Transfer Agent on the applicable Record Date. The applicable record date (the "Record Date"), will be three Business Days immediately preceding the applicable Dividend Payment Date, except that in the case of payments of dividends in arrears, the Record Date with respect to a Dividend Payment Date will be such date as may be designated by our board of directors in accordance with our Bylaws then in effect and the Statement of Designations.

So long as the Series A Preferred Stock are held of record by the Securities Depository or its nominee, declared dividends will be paid to the Securities Depository in same-day funds on each Dividend Payment Date. The Securities Depository will credit accounts of its participants in accordance with the Securities Depository's normal procedures. The participants will be responsible for holding or disbursing such payments to beneficial owners of the Series A Preferred Stock in accordance with the instructions of such beneficial owners.

No dividend may be declared or paid or set apart for payment on any Junior Securities (other than dividend payable solely in shares of Junior Securities) unless full cumulative dividends have been or contemporaneously are being paid or provided for on all issued and outstanding Series A Preferred Stock and any Parity Securities through the most recent respective dividend payment dates*.* Accumulated dividends in arrears for any past dividend period may be declared by our board of directors and paid on any date fixed by our board of directors, whether or not a Dividend Payment Date, to holders of the Series A Preferred Stock on the record date for such payment, which may not be more than 60 days, nor less than 15 days, before such payment date*.* Subject to the next succeeding sentence, if all accumulated dividends in arrears on all outstanding Series A Preferred Stock and any Parity Securities have not

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been declared and paid, or sufficient funds for the payment thereof have not been set apart, payment of accumulated dividends in arrears will be made in order of their respective dividend payment dates, commencing with the earliest*.* If less than all dividends payable with respect to all Series A Preferred Stock and any Parity Securities are paid, any partial payment will be made pro rata with respect to the Series A Preferred Stock and any Parity Securities entitled to a dividend payment at such time in proportion to the aggregate amounts remaining due in respect of such shares at such time*.* Holders of the Series A Preferred Stock will not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment which may be in arrears on the Series A Preferred Stock.

**Redemption** 

The Series A Preferred Stock represent perpetual equity interests in us. We will have no obligation to redeem or repurchase any Series A Preferred Stock at any time.

***Optional Redemption***

We may redeem, at our option, in whole or from time to time in part, the Series A Preferred Stock (i) on or after June 30, 2022 and prior to June 30, 2023, at a price equal to $26.00 per Series A Preferred Stock, (ii) on or after June 30, 2023 and prior to June 30, 2024, at a price equal to $25.75 per Series A Preferred Share, (iii) on or after June 30, 2024 and prior to June 30, 2025, at a price equal to $25.50 per Series A Preferred Stock, (iv) on or after June 30, 2025 and prior to June 30, 2026, at a price equal to $25.25 per Series A Preferred Stock and (v) on or after June 30, 2026, at a price equal to $25.00 per Series A Preferred Stock, plus, in each case, an amount equal to all accumulated and unpaid dividends thereon to (but not including) the date of redemption, whether or not declared*.* Any such optional redemption may be effected only out of funds legally available for such purpose.

***Redemption Upon a Change of Control***

In connection with a Change of Control (as defined below), we may, at our option, redeem the Series A Preferred Stock, in whole but not in part, no later than 90 days after the first date on which such Change of Control occurs, at a redemption price of (1) if the "Change of Control" occurs prior to December 31, 2023, $26.50 per share and (2) if the "Change of Control" occurs on or after December 31, 2023 at the same redemption prices as apply to an optional redemption as set forth above under "Optional Redemption", plus, in the case of either (1) or (2), an amount equal to all accumulated and unpaid dividends thereon to (but not including) the date of redemption, whether or not declared. Any such redemption may be effected only out of funds legally available for such purpose.

A "Change of Control" means the following events have occurred and are continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition by any "person" or "group" (within the meaning of Section 13(d)(3)
of the Exchange Act) of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of our shares entitling that person or group to
exercise more than 50% of the total voting power of all of our shares entitled to vote generally in elections of directors (except that such person or group will be deemed to have beneficial ownership of all securities that such person or group has
the right to acquire, whether such right is currently exercisable or is exercisable only upon the passage of time or occurrence of a subsequent condition); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the closing of any transaction referred to in the above bullet point, neither we nor the acquiring or
surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange ("NYSE"), the NYSE American or the Nasdaq Global Select Market, the Nasdaq Global
Market or the Nasdaq Capital Market (collectively, "Nasdaq") or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or the Nasdaq.

***Redemption Procedure***

We will give notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60 days before the scheduled date of redemption, to the holders of any shares to be redeemed as such holders' names appear on our share transfer books maintained by the Registrar and Transfer Agent at the address of such holders shown therein*.* Such notice shall state: (1) the redemption date, (2) the number of shares of Series A Preferred Stock

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to be redeemed and, if less than all issued and outstanding Series A Preferred Stock are to be redeemed, the number (and the identification) of shares to be redeemed from such holder, (3) the redemption price, (4) the place where the Series A Preferred Stock are to be redeemed and shall be presented and surrendered for payment of the redemption price therefor, and (5) that dividends on the shares to be redeemed will cease to accumulate from and after such redemption date.

If fewer than all of the issued and outstanding Series A Preferred Stock are to be redeemed, the number of shares to be redeemed will be determined by us, and such shares will be redeemed pro rata or by lot as the Securities Depository shall determine, with adjustments to avoid redemption of fractional shares*.* So long as all Series A Preferred Stock are held of record by the Securities Depository or its nominee, we will give notice, or cause notice to be given, to the Securities Depository of the number of shares of Series A Preferred Stock to be redeemed and the Securities Depository will determine the number of shares of Series A Preferred Stock to be redeemed from the account of each of its participants holding such shares in its participant account*.*

So long as the Series A Preferred Stock are held of record by the Securities Depository or its nominee, the redemption price will be paid by the Paying Agent to the Securities Depository on the redemption date*.* The Securities Depository's normal procedures provide for it to distribute the amount of the redemption price in same-day funds to its participants who, in turn, are expected to distribute such funds to the persons for whom they are acting as agent.

If we give or cause to be given a notice of redemption, then we will deposit with the Paying Agent funds sufficient to redeem the Series A Preferred Stock as to which notice has been given by the close of business, New York City time, no later than the Business Day immediately preceding the date fixed for redemption, and will give the Paying Agent irrevocable instructions and authority to pay the redemption price to the holder or holders thereof upon surrender or deemed surrender (which will occur automatically if the certificate representing such shares is issued in the name of the Securities Depository or its nominee) of the certificates therefor*.* If notice of redemption shall have been given, then from and after the date fixed for redemption, unless we default in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the notice, all dividends on such shares will cease to accumulate and all rights of holders of such shares as our stockholders will cease, except the right to receive the redemption price, including an amount equal to accumulated and unpaid dividends to (but not including) the date fixed for redemption, whether or not declared*.* We will be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the Paying Agent (to the extent that such interest income is not required to pay the redemption price of the shares to be redeemed), and the holders of any shares so redeemed will have no claim to any such interest income*.* Any funds deposited with the Paying Agent hereunder by us for any reason, including, but not limited to, redemption of Series A Preferred Stock, that remain unclaimed or unpaid after two years after the applicable redemption date or other payment date, shall be, to the extent permitted by law, repaid to us upon our written request after which repayment the holders of the Series A Preferred Stock entitled to such redemption or other payment shall have recourse only to us.

If only a portion of the Series A Preferred Stock represented by a certificate has been called for redemption, upon surrender of the certificate to the Paying Agent (which will occur automatically if the certificate representing such shares is registered in the name of the Securities Depository or its nominee), the Paying Agent will issue to the holder of such shares a new certificate (or adjust the applicable book-entry account) representing the number of shares of Series A Preferred Stock represented by the surrendered certificate that have not been called for redemption.

Notwithstanding any notice of redemption, there will be no redemption of any Series A Preferred Stock called for redemption until funds sufficient to pay the full redemption price of such shares, including all accumulated and unpaid dividends to the date of redemption, whether or not declared, have been deposited by us with the Paying Agent.

We and our affiliates may from time to time purchase the Series A Preferred Stock, subject to compliance with all applicable securities and other laws*.* Neither we nor any of our affiliates has any obligation or any present plan or intention, to purchase any Series A Preferred Stock*.* Any shares repurchased and cancelled by us will revert to the status of authorized but unissued preferred stock, undesignated as to series.

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Notwithstanding the foregoing, in the event that full cumulative dividends on the Series A Preferred Stock and any Parity Securities have not been paid or declared and set apart for payment, we may not repurchase, redeem or otherwise acquire, in whole or in part, any Series A Preferred Stock or Parity Securities except pursuant to a purchase or exchange offer made on the same terms to all holders of Series A Preferred Stock and any Parity Securities*.* Common stock and any other Junior Securities may not be redeemed, repurchased or otherwise acquired unless full cumulative dividends on the Series A Preferred Stock and any Parity Securities for all prior and the then-ending dividend periods have been paid or declared and set apart for payment.

***No Sinking Fund***

The Series A Preferred Stock do not have the benefit of any sinking fund.

**Description of Series B Preferred Stock** 

*The following description of the Series B Preferred Stock is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation filed as an exhibit to the Annual Report to which this is filed as an exhibit.* 

On October 21, 2022, we issued 16,000 shares of our newly-designated Series B Preferred Stock, par value $0.01 per share. As of December 31, 2025 and April 15, 2026, there were 16,000 shares of Series B Preferred Stock authorized, and 16,000 shares of Series B Preferred Stock issued and outstanding.

***Voting***

To the fullest extent permitted by law, each share of Series B preferred stock entitles the holder hereof to 25,000 votes per share on all matters submitted to a vote of the shareholders of the Company, *provided however,* that no holder of Series B preferred stock may exercise voting rights pursuant to Series B preferred stock that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series B preferred stock, common stock or otherwise) to exceed 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Company. To the fullest extent permitted by law, the holder of Series B preferred stock shall have no special voting or consent rights and shall vote together as one class with the holders of the common stock on all matters put before the shareholders.

***Conversion***

The Series B preferred stock is not convertible into shares of common stock or any other security.

***Redemption***

The Series B preferred stock is not redeemable.

***Dividends***

The Series B preferred stock has no dividend rights.

***Transferability***

All issued and outstanding Series B preferred stock must be held of record by one holder, and the Series B preferred stock shall not be transferred or sold without the prior approval of our board of directors.

***Liquidation Preference***

Upon any liquidation, dissolution or winding up of the Company, the Series B preferred stock will rank pari-passu with the common stockholders and shall be entitled to receive a payment equal to the par value of $0.01 per share. The Series B preferred stockholder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company.

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**Articles of Incorporation and Bylaws** 

*Purpose.* 

Our purpose is to engage in any lawful act or activity relating to the business of chartering, rechartering or operating tankers, drybulk carriers or other vessels or any other lawful act or activity customarily conducted in conjunction with shipping, and any other lawful act or activity approved by the Board of Directors of the Corporation. Our articles of incorporation and bylaws do not impose any limitations on the ownership rights of our stockholders.

Under our bylaws, annual stockholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall Islands. Special meetings may be called by the Board of Directors. Our Board of Directors may set a record date between 15 and 60 days before the date of any meeting to determine the stockholders that will be eligible to receive notice and vote at the meeting.

*Directors.* 

Our directors are elected by a plurality of the votes cast at a meeting of the stockholders by the holders of shares entitled to vote in the election. There is no provision for cumulative voting.

The Board of Directors may change the number of directors by a vote of a majority of the entire board. Each director shall be elected to serve until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of office. The Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors for attendance at any meeting or for services rendered to us.

*Dissenters' Rights of Appraisal and Payment.* 

Under the BCA, our stockholders have the right to dissent from various corporate actions, including any merger or sale of all or substantially all of our assets not made in the usual course of our business, and receive payment of the fair value of their shares. However, the right of a dissenting stockholder under the BCA to receive payment of the fair value of his shares is not available for the shares of any class or series of stock, which shares or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of and to vote at the meeting of the stockholders to act upon the agreement of merger or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting stockholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation. In the event of any further amendment of our articles of incorporation, a stockholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting stockholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting stockholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the circuit court in the judicial circuit in the Marshall Islands in which our Marshall Islands office is situated. The value of the shares of the dissenting stockholder is fixed by the court after reference, if the court so elects, to the recommendations of a court-appointed appraiser.

*Stockholders' Derivative Actions.* 

Under the BCA, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of common stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates.

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*Anti-takeover Provisions of our Charter Documents.* 

Several provisions of our articles of incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a stockholder may consider in its best interest and (2) the removal of incumbent officers and directors.

*Blank Check Preferred Stock.* 

Under the terms of our articles of incorporation, our Board of Directors has authority, without any further vote or action by our stockholders, to issue up to 200,000,000 shares of blank check preferred stock, of which 800,000 have been designated Series A Preferred Stock and of which 795,878 are issued and outstanding as of April 15, 2026 and 16,000 have been designated Series B Preferred Stock and of which 16,000 are issued and outstanding as of April 15, 2026. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.

*Classified Board of Directors.* 

Our articles of incorporation provide for a Board of Directors serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our company. It could also delay stockholders who do not agree with the policies of the Board of Directors from removing a majority of the Board of Directors for two years.

*Election and Removal of Directors.* 

Our articles of incorporation and bylaws prohibit cumulative voting in the election of directors. Our bylaws require parties other than the Board of Directors to give advance written notice of nominations for the election of directors. Our bylaws also provide that our directors may be removed only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.

*Calling of Special Meetings of Stockholders.* 

Our bylaws provide that special meetings of our stockholders may be called only by resolution of our Board of Directors.

*Advance Notice Requirements for Stockholder Proposals and Director Nominations.* 

Our bylaws provide that stockholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of stockholders must provide timely notice of their proposal in writing to the corporate secretary.

Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the previous year's annual meeting. If, however, the date of our annual meeting is more than 30 days before or 60 days after the first anniversary date of the previous year's annual meeting, a stockholder's notice must be received at our principal executive offices by the later of (i) the close of business on the 90th day prior to the annual meeting date or (ii) the close of business on the tenth day following the date on which such annual meeting date is first publicly announced or disclosed by us. Our bylaws also specify requirements as to the form and content of a stockholder's notice. These provisions may impede stockholders' ability to bring matters before an annual meeting of stockholders or make nominations for directors at an annual meeting of stockholders.

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*Business Combinations.* 

Our articles of incorporation prohibit us from engaging in a "business combination" with certain persons for three years following the date the person becomes an interested stockholder. Interested stockholders generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who are the beneficial owners of 15% or more of the outstanding voting stock of the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who are affiliates or associates of the corporation and who hold 15% or more of the corporation's
outstanding voting stock at any time within three years before the date on which the person's status as an interested stockholder is determined.

Subject to certain exceptions, a business combination includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain mergers or consolidations of the corporation or any direct or indirect majority-owned subsidiary of the
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets having an aggregate market
value equal to 10% or more of either the aggregate market value of all assets of the corporation, determined on a consolidated basis, or the aggregate value of all the outstanding stock of the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain transactions that result in the issuance or transfer by the corporation of any stock of the corporation
to the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction involving the corporation that has the effect of increasing the proportionate share of the stock
of any class or series, or securities convertible into the stock of any class or series, of the corporation that is owned directly or indirectly by the interested stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any receipt by the interested stockholder of the benefit (except as a stockholder) of any loans, advances,
guarantees, pledges or other financial benefits provided by or through the corporation.

These provisions of our articles of incorporation do not apply to a business combination if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• before a person becomes an interested stockholder, the board of directors of the corporation approves the
business combination or transaction in which the stockholder became an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the interested stockholder becoming an interested
stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than certain excluded shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following a transaction in which the person became an interested stockholder, the business combination is
(a) approved by the board of directors of the corporation and (b) authorized at a regular or special meeting of stockholders, and not by written consent, by the vote of the holders of at least two-thirds of the voting stock of the corporation not owned by the stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is with a stockholder that was or became an interested stockholder prior to or at the time the Spin-Off was consummated.

**Certain Marshall Islands Company Considerations** 

Our corporate affairs are governed by our amended and restated articles of incorporation and amended and restated bylaws, and by the BCA. You should be aware that the BCA differs in certain material respects from the laws generally applicable to U.S. companies incorporated in the State of Delaware. While the BCA also provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Republic of the Marshall Islands and we cannot predict whether Republic of the Marshall Islands courts would reach the same conclusions as U.S. courts. Thus, you may have more difficulty in protecting your interests in the face of actions by the management, directors or controlling stockholders than would stockholders of a corporation incorporated in a U.S. jurisdiction which has developed a substantial body of case law. The following table provides a comparison between the statutory provisions of the BCA and the Delaware General Corporation Law relating to stockholders' rights.

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| | |
|:---|:---|
| **Marshall Islands** | **Delaware** |
| **Stockholder Meetings and Voting Rights** | **Stockholder Meetings and Voting Rights** |
| Held at a time and place as designated or in the manner provided in the bylaws. | Held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. |
| Special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws. | Special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. |
| May be held within or outside the Republic of the Marshall Islands. | May be held within or outside Delaware. |
| Notice: | Notice: |
| Whenever stockholders are required or permitted to take action at a meeting, written notice shall state the place, date and hour of the meeting and, unless it is the annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting. | Whenever stockholders are required or permitted to take any action at a meeting, written notice shall state the place, if any, date and hour of the meeting and the means of remote communication, if any, by which stockholders may be deemed to be present and vote at the meeting. |
| A copy of the notice of any meeting shall be given not less than 15 nor more than 60 days before the meeting. | Written notice of any meeting shall be given not less than 10 nor more than 60 days before the date of the meeting. |
| Any action required or permitted to be taken by meeting of stockholders may be taken without meeting if consent is in writing and is signed by all the stockholders entitled to vote. | Unless otherwise provided in the certificate of incorporation, any action required or permitted to be taken at a meeting of stockholders may be taken without a meeting, without prior notice and without a vote if consent is in writing and signed by the holders of outstanding stock having the number of votes necessary to authorize or take action at a meeting. |
| Each stockholder entitled to vote may authorize another person to act for him by proxy. | Each stockholder entitled to vote may authorize another person or persons to act for each stockholder by proxy. |

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| | |
|:---|:---|
| **Marshall Islands** | **Delaware** |
| Unless otherwise provided in the articles of incorporation or bylaws, a majority of shares entitled to vote shall constitute a quorum but in no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting. | The certificate of incorporation or bylaws may specify the number necessary to constitute a quorum but in no event shall a quorum consist of less than one-third of the shares entitled to vote at the meeting. In the absence of such specifications, a majority of shares entitled to vote at the meeting shall constitute a quorum. |

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| | |
|:---|:---|
| When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.<br>Except as otherwise required by the BCA or the articles of incorporation, directors shall be elected by a plurality of the votes cast by holders of shares entitled to vote, and, except as required or permitted by the BCA or the articles of incorporation, any other corporate action shall be authorized by a majority of votes cast by holders of shares entitled to vote thereon | When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.<br>Unless otherwise specified in the certificate of incorporation or bylaws, directors shall be elected by a plurality of the votes of the stocks entitled to vote on the election of directors, and, in all other matters, the affirmative vote of the majority of the stocks entitled to vote on the subject matter shall be the act of the stockholders. |
| The articles of incorporation may provide for cumulative voting. | The certificate of incorporation may provide for cumulative voting. |
| **Dissenters' Rights of Appraisal** | **Dissenters' Rights of Appraisal** |
| Stockholders have a right to dissent from a merger or consolidation or sale or exchange of all or substantially all assets not made in the usual and regular course of business, and receive payment of the fair value of their shares, subject to exceptions. | Appraisal rights shall be available for the shares of a corporation in a merger or consolidation, subject to exceptions. |
| A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment: | The certificate of incorporation may provide that appraisal rights are available for shares as a result of an amendment to the certificate of incorporation, any merger or consolidation or the sale of all or substantially all of the assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alters or abolishes any preferential right of any outstanding shares having preferences; or<br>Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or<br>Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class. |  |
| **Marshall Islands** | **Delaware** |
| **Stockholders' Derivative Actions** | **Stockholders' Derivative Actions** |
| An action may be brought in the right of a corporation to procure a judgment in its favor by a holder of shares or of a beneficial interest in such shares. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law. | In any derivative suit instituted by a stockholder or a corporation, it shall be averred in the complaint that the plaintiff was a stockholder of the corporation at the time of the transaction of which he complains or that such stockholder's stock thereafter devolved upon such stockholder by operation of law. |

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| | |
|:---|:---|
| Complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort.<br>Such action shall not be discontinued, compromised or settled without the approval of the High Court of the Republic of the Marshall Islands.<br>Attorney's fees may be awarded if the action is successful.<br>Corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the shares have a value of $50,000 or less. | Delaware Court of Chancery Rule 23.1 governs the procedures for derivative actions by stockholders. |
| **Directors** | **Directors** |
| Board must consist of at least one member. | Board must consist of at least one member. |
| &nbsp;&nbsp;&nbsp;&nbsp; Removal:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any or all of the directors may be removed for cause by vote of the stockholders.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the stockholders.<br>Number of board members may be fixed by the bylaws, by the stockholders, or by action of the board under the specific provisions of a bylaw. | &nbsp;&nbsp;&nbsp;&nbsp; Removal:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote except: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, stockholders may effect such removal only for cause, or (2) if the corporation has cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director's removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes of directors, at an election of the class of directors of which such director is a part.<br>|
| **Marshall Islands** | **Delaware** |
| Number of board members may be changed by amendment of the bylaws, by the stockholders or by action of the board under specific provision of a bylaw; however if the board is authorized to change the number of directors, it can only do so by a majority of the entire board. | Number of board members shall be fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment of the certificate. |
| **Duties of Directors** | **Duties of Directors** |
| Members of a board of directors owe a fiduciary duty to the company to act honestly and in good faith with a view to the best interests of the company and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. | The business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its stockholders. |

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## Exhibit 4.11

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Exhibit 4.11 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) \*This Agreement shall be govemee by ans constrnee in accoreance with Title g of the 379 Unites States Cose ans the S1,J8Stanfr1e law (not incll,jeing the choice of law mies) of the State 380 of New York ans any 6lisp1,Ate arising 0l,Jt of or in connection with this Agreement shall 0e 381 referree to three (J) persons at Mew York, one to 0e appointee 0y each of the parties hereto, 382 ans the thire 0y the two so chosen; their eecision or that of any two of them shall 0e final, ans 383 for the p1,Arposes of enforcing any aware, j1,J6lgment may 0e enteree on an aware 0y any C01,Jrt of 384 competent j1,Jris6liction. The proceeeings shall 0e con611,Jcte61 in accoreance with the r1,Jles of the 385 Society of Maritime Ar0itrators, Inc. 386 In cases where neither the claim nor any co1,Jnterclaim eiject to the proceel,jres applica0le there. 392 \*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices 395 All notices to be provided under this Agreement shall be in writing via broking channels. 396 Contact details for recipients of notices are as follows: 397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement comprise the entire agreement between the Buyers and 401 the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statue or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 IF THE VESSEL GETS DRYDOCKED PRIOR TO DELIVERY TO THE BUYERS THEN ALL COSTS INVOLVED WILL BE SPLIT 50-50 BETWEEN SELLERS AND BUYERS. For and on behalf of the Sellers Name: 15an, /.tJ orb,•,-.:, Name: Title: 5ole '"ftr-t!c,,-i.r Title: 4.11 Norwegian Shipbrokers' Association's Memorandum of Agreement for sale and purchase MEMORANDUM OF AGREEMENT of ships. Adopted by BIMCO in 1956. Code-name SALEFORM 2012 Revised 1966, 1983 and 1986/87, 1993 and 2012 Dated: 8th August 2025 1 GRAIN RESOURCES OVERSEAS INC. hereinafter called the "Sellers", have agreed to sell, and 2 company to be nominated by Imperial Petroleum Inc hereinafter called the "Buyers", have agreed to buy: 3 Name of vessel: ECO CATHAR 4 IMO Number: 9526162 5 Classification Society: Lloyd's Register 6 Class Notation: 7 Year of Build: 2012 Builder/Yard: NAIKAI ZOSEN CORPORATION SETODA SHIPYARD. 8 Flag: LIBERIA Place of Registration: MONROVIA GT/NT: 23855/11814 9 hereinafter called the "Vessel", on the following terms and conditions: 10 Definitions 11 "Banking Days" are days on which banks are open both in the country of the currency stipulated for 12 the Purchase Price in Clause 1(Purchase Price) and in the place of closing stipulated in Clause 8 13 (Documentation) [and (add additional jurisdictions as appropriate)]. 14 "Buyers' Nominated Flag State" means (state flag state). 15 "Class" means the class notation referred to above. 16 "Classification Society" means the Society referred to above. 17 "Deposit" shall have the meaning given in Clause 2(Deposit) 18 "Deposit Holder" means (state name and location of Deposit Holder) or, if left blank, the 19 Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a 21 registered letter, e-mail or telefax. 22 "Parties" means the Sellers and the Buyers. 23 "Purchase Price" means the price for the Vessel as stated in Clause 1(Purchase Price). 24 "Sellers' Account" means (state details of bank account) at the Sellers' Bank. 25 "Sellers' Bank" means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 1. Purchase Price 28 The Purchase Price is United States Dollars Fifteen Million Eight Hundred Thousand USD 15,800,000 29 cash. I 2.—Deposit 30 As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of 31 % (per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the 32 "Deposit") in an interest bearing in sellers nominated bank account within three (3) 33 three (3) five (5) Banking Days after the date that: 34

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(i) this Agreement has been signed by the Parties and exchanged in original or by e-mail or 35 telefax; and 36 (ii) the Deposit Holder has confirmed in writing to the Parties that the account has been 37 opened. 38 The Deposit shall be released in accordance with joint written instructions of the Parties. 39 Interest, if any, shall be credited to the Buyers Sellers. Any fee charged for holding and releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder 41 all necessary documentation to open and maintain the account without delay. 42 3. Payment 43 On delivery of the Vessel, but not later than three (3) one (1) Banking Days after the date that Notice of 44 Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46 (i) the Deposit shall be released to the Sellers; and 47 (ii) the balance of the full Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers' Account. 50 BUYERS OPTION TO PAY FOR THE VESSEL UP TO 1 YEAR LATEST AFTER THE MOA DATE. 10PCT OF THE PRICE SHALL BE PAID IN IMPP COMMON SHARES AND THE REST IN CASH. 4. Inspection 51 The Buyers have the option to inspect the vessel. (a)\* The Buyers have inspected and accepted the Vessel's classification records. The Buyers 52 have also inspected the Vessel at/in (state place) on (state date) and have 53 accepted the Vessel following this inspection and the sale is outright and definite, subject only 54 to the terms and conditions of this Agreement. 55 The Buyers shall have the option to carry out superficial inspection of the Vessel, without opening up and without interference to Vessel schedule and to normal operation, prior to delivery of the Vessel. Should the Buyers choose to exercise such option then the Buyers shall arrange, at their own risk and expense. an inspection in the presence of a Class surveyor (the Class surveyor is only to act as a arbitrator in the event of a dispute between Buyers and Sellers). If any damage is found to the Vessel which affects her class but does not require immediate repair and the Classification Society approves the Vessel to continue trading with these recommendations, the Sellers shall compensate to the Buyers all expenses to repair such damage to get class approval by deducting from the total amount to be paid by the Buyers to the Sellers in lieu of the Sellers repairing such damage base on an amount quoted by a first class repairer mutually agreed between the Sellers and the Buyers (such costs to exclude gassing up and gas freeing) and the Buyers are to take delivery of the Vessel as she is with such recommendations. If the Classification surveyor requires such damage to be repaired, then the Sellers shall repair such damage at their expense to the satisfaction of the Classification surveyor prior to delivery. In such event the Sellers are to pay also for the cost of the Inspector and Classification Society's attendance. (b)\* The Buyers shall have the right to inspect the Vessel's classification records and declare 56 whether same are accepted or not within (state date/period). 57 The Sellers shall make the Vessel available for inspection at/in (state place/range) within 58 (state date/period). 59 The Buyers shall undertake the inspection without undue delay to the Vessel. Should the 60 Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 61 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62 During the inspection, the Vessel's deck and engine log books shall be made available for 63 examination by the Buyers. 64 The sale shall become outright and definite, subject only to the terms and conditions of this 65 Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from 66 the Buyers within seventy-two (72) hours after completion of such inspection or after the 67 date/last day of the period stated in [Line 59], whichever is earlier. 68

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Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel's classification records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers, whereafter this Agreement shall be null and void. 72 \*4 (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative 4 (a) to apply. 74 5. Time and place of delivery and notices 75 (a)The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in WW in the Sellers' option. 77 Notice of Readiness shall not be tendered before: 1st September 2025 in Sellers' option 78 Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii)and 14): 31st August 2026 in Buyers' option 79 (b)The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 80 provide the Buyers with twenty (20), fifteen (15), ten (10), seven (7), five (5) and three (3) days' 81 approximate notice and two (2), one (1) days notice of the expected time date the Sellers intend to tender Notice of Readiness and of the intended place of delivery. 82 When the Vessel is at the place of delivery and physically ready for delivery in accordance with 83 this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) 89 Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. 90 If the Buyers have not declared their option within—one (1) === three (3)- Banking ~Days of receipt of the 91 Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force and effect. 97 (d)Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may have under Clause 14(Sellers' 99 Default) for the Vessel not being ready by the original Cancelling Date. 100 (e)Should the Vessel become an actual, constructive or compromised total loss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and void. 103 6. Drydocking/Divers Inspection 104 (a)\* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's 113 inspection as observer only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121

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(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel's class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel's underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society's rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation\*\* and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society's 130 attendance. 131 Notwithstanding anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost (always excluding gas free and gassing up cost) of the 138 repairs shall be the average of quotes 139 for the repair work obtained from two reputable independent shipyards at or in the 140 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 141 Banking Days from the imposition of the condition/recommendation, unless the Parties 142 agree otherwise. Should either of the Parties fail to obtain such a quote within the 143 stipulated time then the quote duly obtained by the other Party shall be the sole basis 144 for the estimate of the direct repair costs. The Sellers may not tender Notice of 145 Readiness prior to such estimate having been established. (iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of twenty five (25) fourteen (14) days. 153 (b) \*The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the 154 Classification Society of the Vessel's underwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society's rules. If the rudder, 156 propeller, bottom or other underwater parts below the deepest load line are found broken, 157 damaged or defective so as to affect the Vessel's class, such defects shall be made good at the 158 Sellers' cost and expense to the satisfaction of the Classification Society without 159 condition/recommendation\*. In such event the Sellers are also to pay for the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161 drydock dues and the Classification Society's fees. The Sellers shall also pay for these costs 162 and expenses if parts of the tailshaft system are condemned or found defectiveor broken so as 163 to affect the Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs 164 and expenses, dues and fees 165 (c) If the Vessel is drydocked pursuant to Clause 6 (a) (ii) or 6 (b) above 166 (i) the Classification Society may require survey of the tailshaft system, the extent of the 167 survey being to the satisfaction of the Classification surveyor. If such survey is 168 not required by the Classification Society, the Buyers shall have the right to require the tailshaft 169 to be drawn and surveyed by the Classification Society, the extent of the survey being in 170 accordance with the Classification Society's rules for tailshaft survey and 171 consistent with the current stage of the Vessel's survey cycle. The Buyers shall declare 172 whether they require the tailshaft to be drawn and surveyed not later than by the 173 completion of the inspection by the Classification Society. The drawing and refitting of 174 the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be 175 condemned or found defective so as to affect the Vessel's class, those parts shall be 176 renewed or made good at the Sellers' expense to the satisfaction of the 177 Classification Society without condition/recommendation\*\*. 178

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(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by the 179 Buyers unless the Classification Society requires such survey to be carried out or if parts of the 180 system are condemned or found defective or broken so as to effect the Vessel's class, in which 181 case the Sellers shall pay these costs and expenses. 182 (iii) The Buyers' representative(s) shall have the right to be present in the drydock, as 183 observers only without interfering with the work or decisions of the Classification Society 184 surveyor. 185 (iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned 186 and painted at their risk, cost and expense without interfering with the Sellers' or the 187 Classification Society surveyor's work, if any, and without affecting the Vessel's timely 188 delivery. If, however, the Buyers' work in drydock is still in progress when the 189 Sellers have completed the work which the Sellers are required to do, the additional 190 docking time needed to complete the Buyers' work shall be for the Buyers' risk, cost and 191 expense. In the event that the Buyers' workrequires such additional time, the Sellers 192 may upon completion of the Sellers' work tender Notice of Readiness for delivery whilst 193 the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be 194 obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in 195 drydock or not. 196 \*6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 a) to apply. 198 \*\*Notes or memoranda, if any, in the surveyor's report which are accepted by the Classification 199 Society without condition/recommendation are not to be taken into account 200 7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board, 202 and on shore and on order. All spare parts as per class requirement and spare equipment including spare 203 tail-end shaft(s) and/or pare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of 204 inspection used or unused, whether on board or not shall become the Buyers' property, but spares on 205 order are excluded. Forwarding charges, if any, shall be for the Buyers' account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210 Library and forms exclusively for use in the Sellers' vessel(s) and captain's, officers' and crew's 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include list) 213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums and pay for either: 219 (a) \*the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) \*the current net market price (excluding barging expenses) at the port and date of delivery 221 of the Vessel or, if unavailable, at the nearest bunkering port, 222 for the quantities taken over. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225 "inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228 \*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230 5

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8. Documentation 231 The place of closing: to be mutually agreed 232 In exchange of payment and delivery of the Vessel, the Buyers and the Sellers are to provide each other with their respective delivery documentation. Buyers and Sellers shall mutually advise their requirements and the same to be incorporated as an Addendum to this Agreement. Signing of such Addendum shall by no means delay signature of this Agreement by both parties. (a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the 233 following delivery documents: 234 (i) Legal Bill(s) of Sale in a form recordable in the Buyers' Nominated Flag State, 235 transferring title of the Vessel and stating that the Vessel is free from all mortgages, 236 encumbrances and maritime liens or any other debts whatsoever, duly notarially attested 237 and legalised or apostilled, as required by the Buyers' Nominated Flag State; 238 (ii) Evidence that all necessary corporate, shareholder and other action has been taken by 239 the Sellers to authorise the execution, delivery and performance of this Agreement; 240 (iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf 241 of the Sellers in the performance of this Agreement, duly notarially attested and legalised 242 or apostilled (as appropriate); 243 (iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state 244 on the date of delivery evidencing the Sellers' ownership of the Vessel and that the 245 Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by 246 such authority to the closing meeting with the original to be sent to the Buyers as soon as 247 possible after delivery of the Vessel. 248 (v) Declaration of Class or (depending on the Classification Society) a Class Maintenance 249 Certificate issued within three (3) Banking Days prior to delivery confirming that the 250 Vessel is in Class free of condition/recommendation. 251 (vi) Certificate of Deletion of the Vessel from the Vessel's registry or other official evidence of 252 deletion appropriate to the Vessel's registry at the time of delivery, or, in the event that 253 the registry does not as a matter of practice issue such documentation immediately, a 254 written undertaking by the Sellers to effect deletion from the Vessel's registry forthwith 255 and provide a certificate or other official evidence of deletion to the Buyers promptly and 256 latest within four (4) weeks after the Purchase Price has been paid and the Vessel has 257 been delivered. 258 (vii) A copy of the Vessel's Continuous Synopsis Record certifying the date on which the 259 Vessel ceased to be registered with the Vessel's registry, or, in the event that the registry 260 does not as a matter of practice issue such certificate immediately, a written undertaking 261 from the Sellers to provide the copy of this certificate promptly upon it being issued 262 together with evidence of submission by the Sellers of a duly executed Form 2 stating 263 the date on which the Vessel shall cease to be registered with the Vessel's registry. 264 (viii Commercial Invoice for the Vessel; 265 (ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; 266 (x) A copy of the Sellers' letter to their satellite communication provider cancelling the 267 Vessel's communications contract which is to be sent immediately after delivery of the 268 Vessel; 269 (xi) Any such additional documents as may reasonably be required by the competent 270 authorities of the Buyers' Nominated Flag State for the purpose of registering the Vessel, 271 provided the Buyers notify the Sellers of any such documents as soon as possible after the date of 272

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this Agreement; and 273 (xii) The Sellers' letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (b) At the time of delivery the Buyers shall provide the Sellers with: 276 (i) Evidence that all necessary corporate, shareholder and other action has been taken by 277 the Buyers to authorise the execution, delivery and performance of this Agreement; and 278 (ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf 279 of the Buyers in the performance of this Agreement, duly notarially attested and legalised 280 or apostilled (as appropriate). 281 (c) If any of the documents listed in Sub-clauses (a) and (b) the Addendum as above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284 (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub-clause (a) and Sub-clause (b) the Addendum as above for review and comment by 286 the other party not later than (state number of days),or if left blank, nine (9) days prior to 287 the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) Concurrent with the exchange of documents in Sub-clauses (a) and (b) the Addendum as above, 290 the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, 291 drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless the 293 Sellers are required to retain same, in which case the Buyers to have the right to take copies. 294 (f) Other technical documentation which may be in the Sellers' possession shall promptly after 295 delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep 296 the Vessel's log books but the Buyers to have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance 298 confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from,encumbrances, mortgages and 301 maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred 302 prior to the time of delivery. 303 304 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' 307 Nominated Flag State shall be for the Buyers' account, whereas similar charges in connection 308 with the closing of the Sellers' register shall be for the Sellers' account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is 311 delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be 312 delivered and taken over , otherwise in the same condition as she was at the time of inspection, fair wear 313 and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without condition/recommendation\*, free of average damage affecting the Vessel's 315 class, and with her classification certificates and national certificates, as well as all other 316 certificates the Vessel had at the time of inspection, valid without 317 condition/recommendation\* by the Classification Society or the relevant authorities at the time 318 of delivery. 319 "Inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322

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\*Notes and memoranda, if any, in the surveyor's report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326 markings. 327 13. Buyers' default 328 329 330 331 Should the Purchase Price not be paid in accordance with Clause 3(Payment), the Sellers 332 have the right to cancel this Agreement, in which case the Deposit together with interest 333 earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers' default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to 346 validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their proven loss and for all proven expenses together with interest if their failure is due to proven 348 negligence -and whether or not—the Buyers cancel this Agreement. 349 15. Buyers' representatives 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 Expense for a maximum of ten (10) 14 days and will pay USD 25 each for every day onboard.. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration 358 (a) \*This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375

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In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) \*This Agreement shall be governed by and construed in accordance with Title 9 of the 379 United States Code and the substantive law (not including the choice of law rules) of the State 380 of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the parties hereto, 382 and the third by the two so chosen; their decision or that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 387 arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the 388 Society of Maritime Arbitrators, Inc. 389 (c)\* This Agreement shall be governed by and construed in accordance with the laws of 390 (state place) and any dispute arising out of or in connection with this Agreement shall be 391 referred to arbitration at (state place),subject to the procedures applicable there. 392 \*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices 395 All notices to be provided under this Agreement shall be in writing via broking channels. 396 Contact details for recipients of notices are as follows: 397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement comprise the entire agreement between the Buyers and 401 the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statue or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 IF THE VESSEL GETS DRYDOCKED PRIOR TO DELIVERY TO THE BUYERS THEN ALL COSTS INVOLVED WILL BE SPLIT 50-50 BETWEEN SELLERS AND BUYERS. For and on behalf of the Sellers For and on behalf of the Buyers ________________________ Name: Konstantinos Katranis Name: Harry Vafias Title: Sole Director Title: CEO

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Norwegian Shipbrokers' Association s Memorandum of Agreement for sale and purchase of ships. Adopted by SIMCO in 1956. MEMORANDUM OF AGREEMENT Code-name SALEFORM 2012 Revised 1966. 1983 and 1986/87. 1993 and 2012 Dated: 15th december 2025 Odyssey Worldwide Inc. of the Marshall Islands hereinafter called the "Sellers", have agreed to sell, and 2 Out and about grain and wheat Inc. of Liberia hereinafter called the "Buyers", have agreed to buy: 3 Name of vessel : OUTRIDER 4 IMO Number: 9701061 5 Classification Society: ABS 6 Class Notation: A1, AMS, CPS Additional: BWT, CRC(I), GRAB [30 tonnes], RRDA 7 Year of Build: 2016 Builder/Yard: KANDA SHIPBUILDING CO. LTD 8 Flag: Liberia Place of Registration: Monrovia GT/NT: 21265/11278 9 hereinafter called the "Vessel", on the following terms and conditions: 10 Definitions 11 "Banking Days" are days on which banks are open both in the country of the currency stipulated for 12 the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 13 (Documentation) [and (add additional jurisdictions as appropriate)]. 14 "Buyers' Nominated Flag State" means Marshall Islands (state flag state). 15 "Class" means the class notation referred to above. 16 "Classification Society" means the Society referred to above. 17 "Deposit" shall have the meaning given in Clause 2(Deposit) 18 "Deposit Holder" means (state name and location of Deposit Holder) or, if left blank, the 19 Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 "1n writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa , a 21 registered letter, e-mail or telefax . 22 "Parties" means the Sellers and the Buyers. 23 "Purchase Price" means the price for the Vessel as stated in Clause 1(Purchase Price). 24 "Sellers' Account" means (state details of bank account) at the Sellers' Bank. 25 "Sellers' Bank" means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 1. Purchase Price 28 The Purchase Price is USD 18,235,000 cash 29 2. Oepasit 30 As ses1:Jrity for the correct fulfilment of !:his ,A,greement the 81:Jyers shall lodge a deposit of 31 % (per sent) or, if left blank, 1O<sup>3</sup>⁄<sub>4</sub> (ten per sent), of the Pl:lrshase Prise (the 32 "Deposit") in an interest bearing ;R selleF6 RamiRated baRk aGG01:Jnt within three (3) 33 throe (3-) fiv:e @ Banking Days after the date that: 34

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(i) this Agreement has been signed by the Parties and eiject only 54 to the terms and conditions of this Agreement. 55 lrhe Suye,s shall hav-e the 9Ptien te Garry eut supertiGial inspeGtien ef the V4}ssel, witheut 9Pening up and witheut interlerenGe te Vessel sGhedu4e and te ne,mal eperatien, prier te delivery ef the V4}ssel. Sheuld the Suyers Gheese te f»EerGise suGh eptien then the Suye,=s shall arrange-, at their evm f'isk and f»Epense. an inspeGtien in the presenGe ef a Class surveyer (-the Crass surveyer is enly te a Gt as a arbitrater in the ev-ent ef a dispute between Suye,=s and Sell'!!§). If any damage is feund te the V4}ssel whiGh a#eGts her Glass but dees net require immediate repair and the C4assifiGatien SeGiety approv-es the "4}ssel to Gontinue trading with these reGemmendatiens, the Seller-& shall Gempensate to the Suyers all upenses to r"epair suGh damage te get Glass apprev-al by deduGting tram the total amount te be paid by the Suyer-s te the Seller-s in 8ieu ef the Selle,s repairing suGh damage base en an ameunt quoted by a first Glass repairer mutually agreed betv,een the Selle,s and the Suyer-s (&uGh Gests to NGlude gassing up and gas freeing) and the Suye,s are to take delivery of the V4}ssel as she is with suGh reGemmendatiens. If the ClassifiGation surveyor f'&quires suGh damage to be repaired, then the Selle,s shall repair suGh damage at their upense to the satisf.aGtion of the ClassifiGation surveyor prier to deliv-ery. In suGh ev-ent the Sellers are te pay alse fer the Gest ef the lnspeGtor and ClassifiGatien SeGiety's attondanGe. (b)\* The Buyers shall hatJe the right to inspect the Vessel's classification recorss ans declare 56 whether same are accepted or not within (state fiato/peliofi) . 57 The Sellers shall make the Vessel atJailable fer inspection at/in (state place/range) within 58 (state dato/peliofi). 59 The Buyers shall undertake the inspection without undue delay to the Vessel. Shaula the 60 Buyers cause undue delay they shall compensate the Sellers fer the losses thereby incurred. 61 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62 During the inspection, the Vessel's deck and engine log books shall be made a•,ailable fer 63 eiJer is earlier. 68

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Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel's classification records and/or of the Vessel not be recei,;ed by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers, whereafter this Agreement shall be null and void. 72 \*11.fil and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative 11.fil to apply. 74 5. Time and place of delivery and notices 75 (a)The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in WW in the Sellers' option. 77 Notice of Readiness shall not be tendered before: 1 APRIL 2026 in Sellers' option 78 Cancelling Date (see Clauses 5(c), 2...@l.ill, 6 (a) (iii)and H): 20 SEPT 2026 in Buyers' option 79 (b}The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 80 provide the Buyers with twenty (2Q), f-illeeR (16)_, ten (10), seven (7), five (5) and three (3) days' 81 approximate notice and tvJo f2), one (1) days notice of the expected time date the Sellers intend to tender Notice of Readiness and of the intended place of delivery. 82 When the Vessel is at the place of delivery and physically ready for delivery in accordance with 83 this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) 89 Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. 90 If the Buyers have not declared their option within 01 ·i:> • 1) three (J) Banking Days of receipt of the 91 Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force and effect. 97 {d)Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may ha~•e under Clause 14 (£oilers' 99 Default) for the Vessel not being ready by the original Cancelling Date. 100 (e}Should the Vessel become an actual, constructive or compromised total loss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and void. 103 6. Drydocking/Divers Inspection 104 (a}\* 105 (i} The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's 113 inspection as observer only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121

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(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel's class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel's underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society's rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation\*\* and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society's 130 attendance. 131 Notwithstanding anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost (alw dy•, e,, , i ·19 gas !rt=>,t· ,· : J 1· .. • • 1 • ·ost) of the 138 repairs shall be the average of quotes 139 for the repair work obtained from two reputable independent shipyards at or in the 140 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 141 Banking Days from the imposition of the condition/recommendation, unless the Parties 142 agree otherwise. Should either of the Parties fail to obtain such a quote within the 143 stipulated time then the quote duly obtained by the other Party shall be the sole basis 144 for the estimate of the direct repair costs. The Sellers may not tender Notice of 145 Readiness prior to such estimate having been established. (iii) If the Vessel is to be drydocked pursuant to Clause §.@}_{ill and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of t1✓ent • v~ .,5J fourteen (14) days. 153 (bl \*The Sellers shall place the Vessel in drydock at the port of delivery fer inspection by the 154 Classification Society of the Vessel's underwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society's rules. If the rudder, 156 propeller, bottom or other underwater parts below the deepest load line are feund broken, 157 damaged or defective so as to affect the Vessel's class, such defects shall be made good at the 158 Sellers' cost and expense to the satisfaction of the Classification Society without 159 condition/recommendation\*. In such eYent the Sellers are also to pay fer the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161 drydock dues and the Classification Society's fees. The Sellers shall also pay fer these costs 162 and expenses if parts of the tailshaft system are condemned or fe1.rnd defecti1Jeor broken so as 163 to affect the Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs 164 and expenses, dues and fees 165 (c) If the Vessel is drydocked pursuant to Clause 6 (a) (ii) or~above 166 (-ij the Classification Society may refluire survey of the tailshaft system, the extent of the 167 survey being to the satisfaction of the Classification surveyor. If such survey is 168 not refluired by the Classification Society, the Buyers shall have the right to require the tailshaft 169 to be drawn and surveyed by the Classification Society, the extent of the survey being in 170 accordance with the Classification Society's rules fer tailshaft survey and 171 consistent with the current stage of the Vessel's survey cycle. The Buyers shall declare 172 whether they require the tailshaft to be drawn and surveyed not later than by the 173 completion of the inspection by the Classification Society. The drawing and refitting of 174 the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be 175 condemned or feund defecti•,e so as to affect the Vessel's class, those parts shall be 176 renewed or made good at the Sellers' expense to the satisfaction of the 177 Classification Society without condition/recommendation\*\*. 178

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fiij The costs ana eJEpenses relating to the survey of the tailshaft system shall ee eorne ey the 179 Buyers unless the Classification Society requires such survey to ee carries out or if parts of the 180 system are conaemnea or founa Elefoctive or eroken so as to effect the Vessel's class, in which 181 case the Sellers shall pay these costs ana eJEpenses. 182 {ill} The Buyers' representati\•e(s) shall have the right to ee present in the Elryaock, as 183 oeservers only without interfering with the work or Elecisions of the Classification Society 184 surveyor. 185 fw} The Buyers shall have the right to have the unaerwater parts of the Vessel cleanea 186 ana paintea at their risk, cost ana eJEpense without interfering with the Sellers' or the 187 Classification Society surveyor's work, if any, ana without affecting the Vessel's timely 188 Eleli\•ery. If, ho>.Ye'.'er, the Buyers' work in Elryaock is still in progress when the 189 Sellers have completes the work which the Sellers are requires to Elo, the aEIElitional 190 socking time needed to complete the Buyers' work shall ee for the Buyers' risk, cost and 191 eJEpense. In the event that the Buyers' workrequires such aaditional time, the Sellers 192 may upon completion of the Sellers' work tender Notice of Readiness for delivery whilst 193 the Vessel is still in aryaock ana, notwithstanaing Clause §@)_, the Buyers shall ee 194 oeligea to take Elelivery in accordance with Clause 3 (Payment), whether the Vessel is in 195 Elrydock or not. 196 \*6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 a) to apply. 198 \*\*Notes or memoranda, if any, in the surveyor's report which are accepted by the Classification 199 Society without condition/recommendation are not to be taken into account 200 7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board, 202 aRG on shore and on order. All spare parts as per Glass requiremeRt and spare equipment including spare 203 tail-end shaft(s) and/or pare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of 204 inspection used or unused, whether on board or not shall become the Buyers' property, eut spares on 205 order are eJEcludeEI. Forwarding charges, if any, shall be for the Buyers' account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210 Library and forms exclusively for use in the Sellers' vessel(s) and captain's, officers' and crew's 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include list) 213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums and pay for either: 219 (a) \*the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) \*the current net market price (eJEcluaing earging eJEpenses) at the port and Elate of Eleli,.•ery 221 of the Vessel or, if una,;ailaele, at the nearest eunkering port, 222 for the quantities taken over. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225 "inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228 \*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230

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8. Documentation 231 The place of closing: to be mutually agreed 232 In exchange ofpayment and delivery of the Vessel, the Buyers and the Sellers are to provide each other with their respective delivery documentation. Buyers and Sellers shall mutually advise their requirements and the same to be incorporated as an Addendum to this Agreement. Signing ofsuch Addendum shall by no means delay signature of this Agreement by both parties. (a) In e>EGAange for payment of tAe PursAase Prise tAe Sellers sAall provide tAe Buyers witA tAe following delivery c:Josuments: fij Legal Bill(s) of Sale in a form resorc:Jable in tAe Buyers' Nominated Flag State,™ transferring title of tAe Vessel anc:J stating tAat tAe Vessel is ffee ffom all mortgages, ~ ensumbranses anc:J maritime liens or any otAer c:Jebts wAatsoe>;er, c:July notarially attested 2J.7 anc:J legalised or apostillec:J, as required by tAe Buyers' ~lominatec:J Flag State; ~ {ii} Evic:Jense tAat all nesessary sorporate, sAareAolc:Jer anc:J otAer astion Aas been taken by ~ tAe Sellers to autAorise tAe e>Eesution, delivery anc:J performanse of tAis Agreement; 24G fii-ij Power of Attorney of tAe Sellers appointing one or more representatii.ies to ast on beAalf 244 of tAe Sellers in tAe performanse of tAis Agreement, c:July notarially attested anc:J legalised 242 or apostillec:J (as appropriate); 24a fi'4 Certiflsate or Transsript of Registry issuec:J by tAe sompetont autAoritios of tAe flag state :M-4 on tAo c:Jato of delivery ovic:Jonsing tAe Sollors' ownorsAip of tAo Vessel anc:J tAat tAe ;Ma Vessel is free from registered ensumbranses anc:J mortgages, to be fa>Eec:J or e mailed by ~ susA autAority to tAe slosing meeting witA tAe original to be sent to tAo Buyers as soon as :M-7 possible after c:Jolivory of tAo Vessel. ~ M Doslaration of Class or (c:Jepenc:Jing on tAo Classiflsation Sosioty) a Class Maintonanse 249 Certifisate issuoc:J witAin tAreo (3) Banking Days prior to c:Jeli'J0F)' sonflrming tAat tAe 2W Vessel is in Class free of sonc:Jitiontresommonc:Jation. 25-1- {vij Certiflsate of Deletion of tAo Vessel from tAo Vessel's registry or otAer offisial evic:Jenso of 2G2 deletion appropriate to tAe Vessel's registry at tAe time of delivery, or, in tAo event tAat ~ tAo registry c:Joes not as a matter of prastise issue susA c:Josumontation immediately, a aa-4 written undertaking by tAe Sellers to effest deletion from tAo Vessel's registry fortAwitA ~ anc:J provic:Jo a sortiflsato or otAer offisial ovic:Jonse of deletion to tAo Buyers promptly anc:J 2W latest witAin four (4) weeks after the PursAase Prise has been paic:J anc:J tAe Vessel has ~ been c:Jeli>;erec:J. 2-a8 f\4ij A sopy oftAe Vessel's Continuous Synopsis Resorc:J sortifying tAe c:Jate on wAiGA tAo 2aQ Vessel seasec:J to be registered witA tAe Vessel's registry, or, in tAe O'Jent tAat tAo registry 2W c:Joes not as a matter of prastiso issue SUGA sertiflsato immediately, a written undertaking 264-from tho Sollors to pro,;ic:Jo tAo sopy of tAis sortiflsate promptly upon it being issuoc:J 2e2 togetAer witA evic:Jense of submission by tAe Sollors of a c:July e>Eesutec:J Form 2 stating 263 the c:Jate on wAiGA tAe Vessel sAall seaso to be registered witA tAe Vessel's registry. 264 {¥ill Commorsial lnvoise for tAo Vessel; 2ea ~ Commersial lnvoise(s) for bunkers, lubrisating anc:J Ayc:Jraulis oils anc:J greases; 200 W A sopy of the Sollers' letter to tAeir satellite sommunisation provider sanselling tAo 2e+ Vessel's sommunisations sontrast wAish is to be sent immediately after delivery of the 268 Vessel; 269 fxij Any sush ac:Jc:Jitional c:Josuments as may reasonably be required by tho sompetent 2-7Q authorities of tho Buyers' Nominated Flag State for the purpose of registering tho Vessel, 2-74 provic:Jec:J the Buyers notify the Sellers of any sush c:Josuments as soon as possible after the c:Jate of 2-72

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this Agreement; and {Mij The Sellers' letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (b) Al the time of deli,,ery the Buyers shall provide the Sellers with: 276 fij Evidence that all necessary corporate, shareholder and other action has been taken by 277 the Buyers lo authorise tho eicecution, delivery and performance of this Agreement; and 278 Power of Attorney of tho Buyers appointing one or more representatives lo act on behalf 279 of the Buyers in the performance of this Agreement, duly nolarially attested and legalised 280 or apostilled (as appropriate). 281 (c) If any of the documents listed in Sub clauses (a) and (b) the Addendum as above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284 (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub clause (a) and Sub clause (b) the Addendum as above for review and comment by 286 the other party not later than (state number of days),or if left blank, nine (9) days prior to 287 the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) Concurrent with the exchange of documents in Sub clauses (a) ana (b) the Addendum as above, 290 the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, 291 drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless the 293 Sellers are required to retain same, in which case the Buyers to have the right to take copies. 294 (f) Other technical documentation which may be in the Sellers' possession shall promptly after 295 delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep 296 the Vessel's log books but the Buyers to have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance 298 confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from,encumbrances, mortgages and 301 maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred 302 prior to the time of delivery. 303 304 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' 307 Nominated Flag State shall be for the Buyers' account, whereas similar charges in connection 308 with the closing of the Sellers' register shall be for the Sellers' account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is 311 delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be 312 delivered and taken over, otherwise in the same condition as she was at the time of inspection, fair wear 313 and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without condition/recommendation\*, free of a,,erage aamage affecting the Vessel's 315 class, and with her classification certificates ana national certificates, as well as all other 316 certificates the Vessel haa at the time of inspection, valia without 317 conaitiontrecommenaalion\* by the Classification Society or the relevant authorities at the time 318 of aelivery. 319 "Inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322

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\*Notes and memoranda, if any, in the surveyor's report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326 markings. 327 13. Buyers' default 328 329 330 331 Should the Purchase Price not be paid in accordance with Clause 3(Payment), the Sellers 332 have the right to cancel this Agreement, in which case the Deposit together with interest 333 earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers' default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to 346 validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their i ,o-_,.., loss and for all pPven expenses together with interest if their failure is due to proven 348 negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers' representatives 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 Expense for a maximum of ten 11 O) -14--days and will pay USD 25 each for every day onboard.. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration 358 (a) \*This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMM) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375

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In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b} \*This Agreement shall be governea by ana constrnea in accoraance with Title Q of the 379 Unitea States Coae ana the substantive law (not incluaing the choice of law rules) of the State 380 of New York ana any aispute arising out of or in connection with this Agreement shall be 381 referred to three (J} 13ersons at New York, one to be a1313ointea by each of the 13arties hereto, 382 ana the third by the two so chosen; their aecision or that of any two of them shall be final, ana 383 for the 13ur13oses of enforcing any aware, judgment may be enterea on an aware by any court of 384 com13etent jurisaiction. The woceedings shall be conducted in accordance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim exceeas the sum of US$100,000 the 387 arbitration shall be conducted in accordance with the Shortenea Arbitration Proceaure of the 388 Society of Maritime Arbitrators, Inc. 389 (s}\* This Agreement shall be governea by and construes in accordance with the laws of 390 (state 13lace) ana any ais13ute arising out of or in connection with this Agreement shall be 391 referrea to arbitration at (state 13lace),subject to the woceaures a1313licable there. 392 \*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices 395 All notices to be provided under this Agreement shall be in writing via broking channels. 396 Contact details for recipients of notices are as follows: 397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement comprise the entire agreement between the Buyers and 401 the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statue or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 IF THE VESSEL GETS DRYDOCKED PRIOR TO DELIVERY TO THE BUYERS THEN ALL COSTS INVOLVED WILL BE SPLIT 50-50 BETWEEN SELLERS AND BUYERS. For and on behalf of the Sellers ~ Name: ":f N /,0 ('fMcA.. M.Ort.tro- Sou.)1're Title: Title: ll-or

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Norwegian Sh1pbr0kers' Associat,on's Memorandum of Agreement for sale and purchase of ships Adopted by BIMCO in 1956 MEMORANDUM OF AGREEMENT Code-flame SALEFORM 2012 Revised 1966, 1983 and 1986/87 1993 and 2012 Dated: 15th december 2025 Viking Liquid Investments Inc. of Marshall Islands hereinafter called the "Sellers", have agreed to sell, and 2 RIDER Petroleum Products Inc. of Liberia hereinafter called the "Buyers", have agreed to buy: 3 Name of vessel: CLEAN RAIDER 4 IMO Number: 9425318 5 Classification Society: Lloyd's Register 6 Class Notation: ~100A1 Double Hull Oil and Chemical Tanker, Ship Type 2 and 3, CSR, ESP, LI 7 ~LMC, BWTS\*, IGS, UMS Year of Build: 2010 Builder/Yard: SLS Shipbuilding Co Ltd 8 Flag: Liberia Place of Registration: Monrovia GT/NT: 29563/13732 9 hereinafter called the "Vessel", on the following terms and conditions: 10 Definitions 11 "Banking Days" are days on which banks are open both in the country of the currency stipulated for 12 the Purchase Price in Clause 1(Purchase Price) and in the place of closing stipulated in Clause 8 13 (Documentation) [and (add additional jurisdictions as appropriate)). 14 "Buyers' Nominated Flag State" means Marshall Islands (state flag state). 15 "Class" means the class notation referred to above. 16 "Classification Society" means the Society referred to above. 17 "Deposit" shall have the meaning given in Clause 2(Deposit) 18 "Deposit Holder" means (state name and location of Deposit Holder) or, if left blank, the 19 Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a 21 registered letter, e-mail or telefax. 22 "Parties" means the Sellers and the Buyers. 23 "Purchase Price" means the price for the Vessel as stated in Clause 1(Purchase Price). 24 "Sellers' Account" means (state details of bank account) at the Sellers' Bank. 25 "Sellers' Bank" means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 1. Purchase Price 28 The Purchase Price is USO 20,650,000 M cash 29 2. Deposit 30 As secwFity foF the coFFect fwlfilment of this AgFeement the Bwyern shall lodge a deposit of 31 % (peF cent) or, if left lalank, 10% (ten per cent), of the Pmchase Price (the 32 "Deposit") in an interest laearing iR sellen> RomiRated baRk accownt within three (3) 33 three (3J f-iv.e (-5) Banking Days after the date that 34

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(i) this AgreeR'!ent has been signeEI by the Parties anEI e\*changeEI in original or by e R'lail or 35 telefa\*; anEI 36 (ii) the Deposit Holaer has confirR'leEI in writing to the Parties that the account has been 37 openeEI. 38 The Deposit shall be releaseEI in accoraance with joint written instructions of the Parties. 39 Interest, if any, shall be creEliteEI to the Buyers Sellers. Any fee chargeEI for holaing anEI releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall proviae to the Deposit Holaer 41 all necessary ElocuR'!entation to open anEI R'laintain the account v,•ithout Elelay. 42 3. Payment 43 On delivery of the Vessel, but not later than three (3) one (1) Banking Days after the date that Notice of 44 Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46 (i) the Deposit shall be releaseEI to the Sellers; anEI 47 {ii) the balance of the full Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers' Account. 50 BUYERS OPTION TO PAY FOR THE VESSEL UP TO 1 YEAR LATEST AFTER THE MOA DATE 4. Inspection 51 The Buyers have the option to inspect the vessel. (a)\* The Buyers ha•;e inspecteEI anEI accepted the Vessel's classification records. The B1,1yers 52 have also inspecteEI the Vessel atJin (state placo) on (state date) and have 53 accepted the Vessel following this inspection and the sale is 01,1lright and Elefinite, subject only 54 to the terR'ls and conditions of this AgreeR'lent. 55 The Suyers shall haY-e the option te Garry out superfiGial inspeGtion of the 'l~ssel, without opening up and without inteFfeRJnGe to ~ssel sGhedule and to normal operation, prior to delivery of the ~ssel. Should the Suyers Ghoose to eK-eFGise suGh option then the Suyers shall arrange, at their ovm risk and eK-pense. an inspeGtion in the presenGe of a Class surveyor (the C4ass surveyor is onJy te aGt as a arbitrator !n the event of a dispute between Suyen; and Sellers). Jf any damage !s f6und to the ~sel 11m!Gh a#eGts her Glass but does not require immediate repair and the ClassifiGation SoGiety appreves the ~ssel to Gontinue trading with these RJGommendat!ons, the Sellers shall Gompensate te the Suyen; all eK-penses te repair suGh damage te get Glass appreva4 by deduGting from the total amount to be paid by the Suyors te the Sellers in lieu of the Sellers repairing suGh damage base on an amount quoted by a first Glass repairer mutuall-y agreed between the Sellers and the Suyers (suGh Gests to eK-Glude gassing up and gas froeing) and the Suyers aRJ te take delivery of the ~set as she is with suGh reGommendations. If the ClassifiGation surveyor requires suGh damage to be repaired, then the Sellers shall repair suGh damage at their eK-pense to the satisfaGuon ef tho ClassifiGation surveyor prior to delivery. In suGh event the Sellers aRJ to pay also fer the Gest of the lnspeGter and ClassifiGation SoGiety's attendanGe, (e)\* The B1,1yers shall have the right lo inspect the Vessel's classification recorEls and declare 56 whether saR'le are accepted or not within (state datelporiod). 57 The Sellers shall R'lake the Vessel available for inspection at/in (state p.'aco/r:ango) within 58 (stato datelporiod). 59 The B1,1yers shall 1,1ndertake the inspection witho1,1t 1,1na1,1e Elelay to the Vessel. Sho1,1ld the 60 B1,1yers ca1,1se 1,1nd1,1e Elelay they shall coR'!pensate the Sellers for the losses thereby inc1,1rred. 61 The B1,1yers shall inspect the Vessel witho1,1t opening 1,1p and witho1,1t cost to the Sellers. 62 During the inspection, the Vessel's deck and engine log books shall be R'lade a•;ailable for 63 e\*aR'lination by the B1,1yers. 64 The sale shall becoR'le 01,1tright anEI Elefinite, s1,1bject only to the terR'!s and conditions of this 65 AgreeR'!ent, pro•;ided that the Sellers receive written notice of acceptance of the Vessel froR'l 66 the B1,1yers within seventy two (72) ho1,1rs after coR'lpletion of s1,1ch inspection or after the 67 date/last day of the period stated in fline 59l. whichever is earlier. 68

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Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel's classification records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers, whereafter this Agreement shall be null and •;oid. 72 \*lim_ and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative lifil to apply. 74 5. Time and place of delivery and notices 75 (a)The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in WW in the Sellers' option. 77 Notice of Readiness shall not be tendered before: 1 APRIL 2026 in Sellers' option 78 Cancelling Date (see Clauses 5(c). §...@l.ill, 6 (a) {iii}and .H): 20 SEPT 2026 in Buyers' option 79 (b)The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 80 provide the Buyers with twenty (2Q), fifteen (16), ten (10), seven (7), five (5) and three (3) days' 81 approximate notice and two (2), one (1) days notice of the expected time date the Sellers intend to tender ~lotice of Readiness and of the intended place of delivery. 82 When the Vessel is at the place of delivery and physically ready for delivery in accordance with 83 this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) 89 Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. 90 If the Buyers have not declared their option within or:r· • three (3) Banking Days of receipt of the 91 Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force and effect. 97 (d)Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may ha•,e under Clause 14(Sellers_; 99 Default) for the Vessel not being ready by the original Cancelling Date. 100 (e)Should the Vessel become an actual, constructive or compromised total loss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and void. 103 6. Drydocking/Divers Inspection 104 (a)\* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's 113 inspection as observer only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121

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(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel's class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel's underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society's rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation\*\* and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society's 130 attendance. 131 Notwithstanding anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost ~1:-:,ar e.,:c 1,: ,,, g,,,, fret.,,. · ,. : ,, ost) of the 138 repairs shall be the average of quotes 139 for the repair work obtained from two reputable independent shipyards at or in the 140 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 141 Banking Days from the imposition of the condition/recommendation, unless the Parties 142 agree otherwise. Should either of the Parties fail to obtain such a quote within the 143 stipulated time then the quote duly obtained by the other Party shall be the sole basis 144 for the estimate of the direct repair costs. The Sellers may not tender Notice of 145 Readiness prior to such estimate having been established. (iii) If the Vessel is to be drydocked pursuant to Clause §@l@ and no suitable <FONT STYLE="white-space:nowrap"dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of t.',c: ;; • . , • :25J fe1:1rteen (14) days. 153 (b) \*The Sellers shall place tho Vessel in drydock at tho port of doli¥ery fer inspection by tho 154 Classification Society of tho Vessel's 1:1ndorwater parts below the deepest load lino, tho oidont 155 of tho inspection being in accordance with tho Classification Society's wlos. If tho r1:1dder, 156 propeller, bottom or other 1:1nde1water parts below the deepest load line are fe1:1nd broken, 157 damaged or defecti¥o so as to affect the Vessel's class, s1:1ch defects shall be made good at the 158 Sollers' cost and eiEpenso to tho satisfaction of tho Classification Society witho1:1t 159 condition/recommendation\*. In s1:1ch e1 ,ont tho Sellers are also to pay for tho costs and 160 oiEponsos in connection with p1:1tting tho Vessel in and taking her 01:1t of drydock, incl1:1ding tho 161 drydock d1:1es and tho Classification Society's fees. The Sollors shall also pay for these costs 162 and eiEpenses if parts of the tailshaft system are condemned or fo1,1nd defecti¥eor broken so as 163 to affect the Vessel's class. In all other cases, the B1:1yers shall pay tho aforesaid costs 164 and eiEpensos, d1:1es and fees 165 (c) If the Vessel is drydocked p1:1rs1,1ant to Cla1:1se e fa) fii) or~abo¥e 166 fij the Classification Society may reci1:1ire smvey of the tailshaft system, the eiEtent of the 167 s1:1rvey being to the satisfaction of the Classification s1:1rveyor. If s1:1ch s1:1rvey is 168 not reci1,1ired by the Classification Society, the B1,1yers shall have the right to reci1:1ire the tailshaft 169 to be drawn and s1,1rveyod by the Classification Society, the eiEtont of the s1:1rvey being in 170 accordance with the Classification Society's rnles for tailshaft s1,1rvey and 171 consistent with the cmrent stage of the Vessel's s1:1rvey cycle. The B1:1yers shall declare 172 whether they reci1,1ire the tailshaft to be drawn and swveyed not later than by the 173 completion of the inspection by the Classification Society. Tho srawing ans refitting of 174 tho tailshaft shall be arranged by tho Sollors. Sho1,1ld any parts of the tailshaft system be 175 consomned or fo1:1ns sofectivo so as to affect the Vessel's class, those parts shall be 176 ronewes or maso goos at tho Sollors' oiEpense to the satisfaction of the 177 Classification Society witho1:1t consition/recommensation\*\*. 178

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fiB The costs and mlotice of Readiness for delivery whilst 193 the Vessel is still in drydock and, notwithstanding Clause Q(fil, the Buyers shall be 194 obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in 195 drydock or not. 196 \*6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence ofdeletions, 197 alternative 6 a) to apply. 198 \*\*Notes or memoranda, if any, in the surveyor's report which are accepted by the Classification 199 Society without condition/recommendation are not to be taken into account 200 7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board, 202 aM on shore and on order. All spare parts as per GJass n,quiremeRt 3nd spare equipment including spare 203 tail-end shaft(s) and/or pare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of 204 inspection used or unused, whether on board or not shall become the Buyers' property, but spares on 205 order are elCcluded. Forwarding charges, if any, shall be for the Buyers' account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 21 O Library and forms exclusively for use in the Sellers' vessel(s) and captain's, officers' and crew's 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include list) 213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums and pay for either: 219 (a) \*the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) \*the current net market price (el

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8. Documentation 231 The place of closing: to be mutually agreed 232 In exchange of payment and delivery of the Vessel, the Buyers and the Sellers are to provide each other with their respective delivery documentation. Buyers and Sellers shall mutually advise their requirements and the same to be incorporated as an Addendum to this Agreement. Signing of such Addendum shall by no means delay signature of this Agreement by both parties. (a) In exchange for payment of tho Purchase Price tho Sollors shall provide tho Buyers with tho following delivery documents: {ij Legal Bill(s) of Salo in a form recordable in tho Buyers' Nominated Flag Stale, transferring lillo of tho Vessel and staling lhal tho Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by tho Buyers' Nominated Flag Stale; W E>lidence that all necessary corporate, shareholder and other action has been taken by 2W the Sellers to authorise the Ol2-70 authorities of the Buyers' Nominated Flag Slate for the purpose of registering the Vessel, 2-74 pro¥ided the Buyers notify the Sellers of any such documents as soon as possible after the date of 2=+J

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this .t\gFeement; and {xH} The SelleFS' letteF of sonfiFmation that to the best of theiF knowledge, the Vessel is not 274 blask listed by any nation OF inlemalional OFganisation. 275 (b) .<\I the lime of delivery tho BuyeFs shall pmvide the SolleFS with: 276 {ij Evidense that all nesessar:y soFporate, shmeholdeF and otheF astion has been taken by 277 the BuyeFs to authOFise the e\*esution, doliver:y and peFfOFmanse of this .t\gFeement; and 278 {ii} PoweF of Attomoy of tho BuyoFs appointing one OF moFe Fepmsentati~'es to ast on behalf 279 of the BuyoFs in the perfoFmanse of lhis ,A,gFOement, duly notaFially attested and legalised 280 OF aposlilled (as appFOpFiate). 281 (c) If any of the documents listed in Sub slauses (a) and (b) the Addendum as above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284 (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub slause (a) and Sub slause (b) the Addendum as above for review and comment by 286 the other party not later than (state number of days),or if left blank, nine (9) days prior to 287 the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) Concurrent with the exchange of documents in Sub slauses (a) and (b) the Addendum as above, 290 the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, 291 drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless the 293 Sellers are required to retain same, in which case the Buyers to have the right to take copies. 294 (f) Other technical documentation which may be in the Sellers' possession shall promptly after 295 delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep 296 the Vessel's log books but the Buyers to have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance 298 confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from,encumbrances, mortgages and 301 maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred 302 prior to the time of delivery. 303 304 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' 307 Nominated Flag State shall be for the Buyers' account, whereas similar charges in connection 308 with the closing of the Sellers' register shall be for the Sellers' account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is 311 delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be 312 delivered and taken over, otherwise in the same condition as she was at the time of inspection, fair wear 313 and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without condition/recommendation\*, free of average damage af:festing the Vessel's 315 slass, and with hoF slassifisation sertifisates and national sertifisates, as well as all otheF 316 sertifisates the Vessel had at the lime of inspestien, valid without 317 sondition.'Fesommendalion\* by the Classifisation Sosiety or the relevant authorities at the time 318 of deli•,er:y. 319 "Inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322

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\*Notes and memoranda, if any, in the surveyor's report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326 markings. 327 13. Buyers' default 328 329 330 331 Should the Purchase Price not be paid in accordance with Clause 3(Payment), the Sellers 332 have the right to cancel this Agreement, in which case the Deposit together with interest 333 earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers' default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to 346 validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their p· 'Jve•t loss and for all pr .•'1 expenses together with interest if their failure is due to proven 348 negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers' representatives 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 Expense for a maximum of ten (10 Udays and will pay USD 25 each for every day onboard.. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration 358 (a) \*This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375

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In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) \*This Agreement shall be go•1ernee by ane construes in accoreance with Title Q of the 379 Unites States Coee ane the substanti•1e law (not inclueing the choice of law rules) of the State 380 of New York ane any eisf)ute arising out of or in connection with this Agreement shall be 381 referree to three (J) flersons at New York, one to be aflfl0intee by each of the f)arties hereto, 382 ane the thire by the t\\lo so chosen; their eecision or that of any two of them shall be final, ane 383 for the f1Urf1oses of enforcing any aware, juegment may be enteree on an aware by any court of 384 comf)etent juriseiction. The woceeeings shall be coneuctee in accoreance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim eimeees the sum of US$100,000 the 387 arbitration shall be coneuctee in accoreance with the Shortenee Arbitration Proceeuro of the 388 Society of Maritime Arbitrators, Inc. 389 (c)\* This Agreement shall be go¥ernee by ane construes in accoreance with the laws of 390 (stale fllace) ane any eisf)ute arising out of or in connection with this Agreement shall be 391 referree to arbitration at (state fllace),subject to the flFOCeeures af)fllicable there. 392 \*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices 395 All notices to be provided under this Agreement shall be in writing via broking channels. 396 Contact details for recipients of notices are as follows: 397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement comprise the entire agreement between the Buyers and 401 the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statue or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 IF THE VESSEL GETS DRYDOCKED PRIOR TO DELIVERY TO THE BUYERS THEN ALL COSTS INVOLVED WILL BE SPLIT 50-50 'EEN SELLERS AND BUYERS. Nam Name: Title: Title:

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Norwegian Shipbrokers Assoclat,oo's Memorandum of Agreement for sale and purchase of ships. Adopted by BIMCO in 1956. MEMORANDUM OF AGREEM ENT Code-name SALEFORM 2012 Revised 1966, 1983 and 1986187 1993 and 2012 Dated: 15th december 2025 Grain Monarch Overseas Inc. of the Marshall Islands hereinafter called the "Sellers", have agreed to sell, and 2 Panacea Potions Inc. of Liberia hereinafter called the "Buyers", have agreed to buy: 3 Name of vessel: ECO ELIXIR 4 IMO Number: 9750000 5 Classification Society: ABS 6 Class Notation: ~A1 , ESDC,©,~ AMS, CPS 7 Year of Build: 2016 Builder/Yard: Namura Shipbuilding Co., Ltd. 8 Flag: Liberia Place of Registration: Monrovia GT/NT: 21521/11282 9 hereinafter called the "Vessel", on the following terms and conditions: 10 Definitions 11 "Banking Days" are days on which banks are open both in the country of the currency stipulated for 12 the Purchase Price in Clause 1(Purchase Price) and in the place of closing stipulated in Clause 8 13 (Documentation) [and (add additional jurisdictions as appropriate)). 14 "Buyers' Nominated Flag State" means Marshall Islands (state flag state). 15 "Class" means the class notation referred to above. 16 "Classification Society" means the Society referred to above. 17 "Deposit" shall have the meaning given in Clause 2(Deposit) 18 "Deposit Holder" means (state name and location of Deposit Holder) or, if left blank, the 19 Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a 21 registered letter, e-mail or telefax. 22 "Parties" means the Sellers and the Buyers. 23 "Purchase Price" means the price for the Vessel as stated in Clause 1(Purchase Price). 24 "Sellers' Account" means (state details of bank account) at the Sellers' Bank. 25 "Sellers' Bank" means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 1. Purchase Price 28 The Purchase Price is USD 19, 120,000 cash 29 2. Deposit 30 As sesurity for the oorrest fulfilment of this Agreement the Buyers shall lodge a deposit of 31 % (per sent) or, if left elank, 10% (ten per sent), of the Purshase Prise (the 32 "Deposif') in an interest searing iR sellers RomiRaied baRk assount within three (J) 33 t~3)fiv-e (§) Banking Days after the date that: 34

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(i) this Agreement has been signea by the Parties ana exchanges in original or by o mail or 35 telefax; ana 36 (ii) the Deposit Holaor has confirmea in writing lo the Parties that tho account has been 37 openea. 38 The Deposit shall be releases in accoraanco with joint written instructions of the Parties. 39 Interest, if any, shall be croailoa lo tho Buyers SelleFS. Any fee charges fer holaing ana releasing the 40 Deposit shall be borne equally by the Parties. Tho Parties shall pro•,iae to the Deposit Holaer 41 all necessary aocumenlation to open ana maintain the account without aolay. 42 3. Payment 43 On delivery of the Vessel, but not later than throe (3) one (1) Banking Days after the date that Notice of 44 Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46 (i) tho Deposit shall be roloasoa to tho Sollors; ana 47 {ii) the balance of tho full Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers' Account. 50 BUYERS OPTION TO PAY FOR THE VESSEL UP TO 1 YEAR LATEST AFTER THE MOA DATE 4. Inspection 51 The Buyers have the option to inspect the vessel. (a)\* Tho Buyers ha¥o inspecloa ana aGGoploa the Vessel's classification rocoras. Tho Buyers 52 ha¥o also inspoctea tho Vessel atlin (state plase) on (state date) ana ha¥o 53 accoptoa tho Vessel fellowing this inspostion ana tho sale is outright ana aofinilo, subjost only 54 lo tho terms and sonaitions of this Agreement. 55 The Suye,g &hall hall'e the 9Pti8n te Gaff)' 9ut &uperliGial in&peGti9n 9f the \4l6⪙, with9ut 9Pening up and with9ut interferenGe t9 <sup>1</sup>⁄<sub>4</sub>J&⪙ &Ghedule and t9 n9m,a/ 9PeFati9n1 pri9r t9 delill'ery of the Ve&&el. Sh9uld the Suyers Gh996e t9 f»fOrGi&e &uGh 9pti9n then the Suyer& &hall arrange, at their 9VJR ri&k and eKpen&e. an in&peGti9n in the pre&enGe 9f a Cla66 &urvey9r (the Cla&& &urveyor i& only to a Gt a& a arb4tFator in the ell'ent of a E#&pute bew1een Suyer& and Seller6). If any damage i6 found te the l/o6⪙ vmish affeGts her Gia&& but doe& not require immediate !'Opair and the Cla&&ifiGation SoGiety approll'e& the Ve&⪙ to Gontinue trading with the&e reG9mmendatt9n6, the Seller& shall Gompensate te the Suyen; all OKpen&06 to repair suGh damage to get Glass approV'al by deduGting from the tetal amount to be paid by the Suyer& to the Seller& in lieu 9f tho Seller6 repairing suGh damage base on an amount quoted by a fir&t Glass repairer mutually agreod between the Sellers and the Suyer& {suGh G9Sts to f»fslude gassing up and gas freeing) and the Suyers are te take delill'ery of the Vessel as she is with &uGh resommendations. If the ClaS6ifiGation &urvey9r requires suGh damage to be repaired, then the Sellel'6 &hall repair suGh damage at their OKpense te the &ati6f.aGti9n 9f the ClaS6ifiGation surveyor pri9r to deli¥ery. In suGh ell'ent the Sellers are te pay a/69 far the G96t 9f the ln&peGter and Clas&ifiGation SoGtety'& attendanGe, (b)\* The Buyers shall ha·,e the right to inspest the Vessel's slassifisation resoras ana deslare 56 whether same are ascopted or not within (st.ate datelpefiod). 57 The Sellers shall make tho Vessel a¥ailablo fer inspestion atlin (state plase/.r:cmge) within 58 (state E#atelpefiod). 59 The Buyers shall unaertako tho inspection without unaue Elolay to the Vessel. Shoula tho 60 Buyers cause unaue Elelay they shall somponsato tho Sollors for tho losses thereby incurrea. 61 Tho Buyers shall inspest the Vessel without opening up ana without sost to tho Sollors. 62 During the inspection, tho Vessel's aeck ana engine log books shall be maao a¥ailable for 63 examination by tho Buyers. 64 The sale shall become outright ana aefinile, subj est only to the terms ana sonaitions of this 65 Agreement, pro¥iaea that the Sellers rosei¥o written notice of acceptance of tho Vessel from 66 the Buyers within se¥enty two (72) hours after somplotion of sush inspestion or after the 67 Elate/last aay of the perioa slalea in fline aQj, whicho'Jor is earlier. 68

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Should the Buyers fail to undertake the inspection as scheduled andlor notice of acceptance of 69 the Vessel's classif.ication records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers, whereafter this Agreement shall be null and void. 72 •~and 4(b) are altematives; delete whichever is not applicable. In the absence of deletions, 73 altemative ~to apply. 74 5. Time and place of delivery and notices 75 (a)The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in WW in the Sellers' option. 77 Notice of Readiness shall not be tendered before: 1 APRIL 2026 in Sellers' option 78 Cancelling Date (see Clauses 5(c). §_(filffi, 6 (a) (iii)and H): 20 SEPT 2026 in Buyers' option 79 (b)The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 80 provide the Buyers with twenty (2Q), fitteeR (15), ten (10), seven (7), five (5) and three (3) days' 81 approximate notice and twe (2), one (1) days notice of the expected time date the Sellers intend to tender Notice of Readiness and of the intended place of delivery. 82 When the Vessel is at the place of delivery and physically ready for delivery in accordance with 83 this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) 89 Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. 90 If the Buyers have not declared their option within on,· (I three (3) Banking Days of receipt of the 91 Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 fo~a~e~ci. ITT {d)Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may ha•.ie under Clause 14 (Sellers' 99 Default) for the Vessel not being ready by the original Cancelling Date. 100 (e)Should the Vessel become an actual, constructive or compromised total loss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and void. 103 6. Drydocking/Divers Inspection 104 (a)\* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's 113 inspection as observer only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121

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(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel's class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel's underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society's rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation\*\* and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society's 130 attendance. 131 Notwithstanding anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost 11lw 1y r. , g gd', fr•ic i· . _J ,·,; J ,i Mst) of the 138 repairs shall be the average of quotes 139 for the repair work obtained from two reputable independent shipyards at or in the 140 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 141 Banking Days from the imposition of the condition/recommendation, unless the Parties 142 agree otherwise. Should either of the Parties fail to obtain such a quote within the 143 stipulated time then the quote duly obtained by the other Party shall be the sole basis 144 for the estimate of the direct repair costs. The Sellers may not tender Notice of 145 Readiness prior to such estimate having been established. (iii) If the Vessel is to be drydocked pursuant to Clause 6(a){ii) and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of t,·.•· 'y ' ct· (25) foyrteen (14) days. 153 (b) \*The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the 154 Classification Society of the \tassel's Ynderwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society's mies. If the rYdder, 156 propeller, bottom or other Yndorwator parts below the deepest load line are foynd broken, 157 damaged or dofecti~•e so as to affect the Vessel's class, sYch defects shall be made good at the 158 Sellers' cost and expense to the satisfaction of tho Classification Society withoyt 159 conditiontrecommendation\*. In sYch event the Sollers are also to pay for the costs and 160 expenses in c.onnection with pYtting the Vessel in and taking her oYt of drydock, inclYding the 161 drydock dyes and the Classification Society's fees. The Sellers shall also pay for these costs 162 and expenses if parts of tho tailshaft system are condemned or foynd dofectivoor broken so as 163 to affect the Vessel's class. In all other cases, tho BYyors shall pay tho aforesaid costs 164 and expenses, dYes and fees 165 (6) If tho Vessel is drydockod pYrsYant to ClaYso 6 (a) (ii) or~above 166 ti} tho Classification Society may roqYiro smvoy of the tailshaft system, tho extent of the 167 smvoy being to the satisfaction of the Classification sYrvoyor. If sYch syrvoy is 168 not roqYirod by the Classification Society, the BYyors shall ha•.•o the right to roqYire tho tailshaft 169 to be drawn and syrvoyod by the Classification Society, the extent of tho sYrvey being in 170 accordance with tho Classification Society's FYies for tailshaft syrvey and 171 consistent with tho cYrront stage of tho Vessel's SYF\•ey cycle. Tho BYyers shall declare 172 whether they roqYiro tho tailshaft to be drawn and syrvoyod not later than by the 173 completion of tho inspection by tho Classification Society. Tho drawing and refitting of 174 tho tailshaft shall be arranged by tho Sollers. Shoyld any parts of tho tailshaft system be 175 condemned or foynd defective so as to affect the Vessel's class, those parts shall be 176 renewed or made good at tho Sollers' expense to tho satisfaction of tho 177 Classification Society withoyt condition/recommendation\*\*. 178

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W The costs ans expenses relating to the survey of the tailshaft system shall be borne by the 179 Buyers unless the Classification Society requires such survey to be carries out or if parts of the 180 system are conaemnea or founa aefoctive or broken so as to effect the Vessel's class, in which 181 case the Sellers shall pay these costs ans expenses. 182 (ill} The Buyers' representative(s) shall have the right to be present in the aryaock, as 183 observers only without interforing with the work or aecisions of the Classification Society 184 surveyor. 185 fiv-} The Buyers shall have the right to hai.•e the unaerwater parts of the Vessel cleanea 186 ans paintea at their risk, cost ans expense without interforing with the Sellers' or the 187 Classification Society surveyor's work, if any, ans without affecting the Vessel's timely 188 aelivery. If, howe•,er, the Buyers' work in drydock is still in progress when the 189 Sellers have completes the work which the Sellers are requires to so, the aaaitional 190 socking time neeaea to complete the Buyers' work shall be for the Buyers' risk, cost and 191 expense. In the event that the Buyers' workrequires such aaaitional time, the Sellers 192 may upon completion of the Sellers' work tenser Notice of Reaainess for deli•,ery whilst 193 the Vessel is still in aryaock ans, notwithstanaing Clause Qffil, the Buyers shall be 194 obliges to take aelivery in accoraance with Clause a (Payment), whether the Vessel is in 195 aryaock or not. 196 \*6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 a) to apply. 198 \*\*Notes or memoranda, if any, in the surveyor's report which are accepted by the Classification 199 Society without condition/recommendation are not to be taken into account 200 7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board, 202 afltl on shore and on order. All spare parts as per Glass requiremeRt and spare equipment including spare 203 tail-end shaft(s) and/or pare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of 204 inspection used or unused, whether on board or not shall become the Buyers' property, but spares on 205 oraer are excluaea. Forwarding charges, if any, shall be for the Buyers' account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210 Library and forms exclusively for use in the Sellers' vessel(s) and captain's, officers' and crew's 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include list) 213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums and pay for either: 219 (a) \*the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) \*the current net market price (excluaing barging expenses) at the port ans sate of aelivery 221 of the Vessel or, if unavailable, at the nearest bunkering port, 222 for the quantities taken over. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225 "inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228 \*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230

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8. Documentation 231 The place of closing: to be mutually agreed 232 In exchange of payment and delivery of the Vessel, the Buyers and the Sellers are to provide each other with their respective delivery documentation. Buyers and Sellers shall mutually advise their requirements and the same to be incorporated as an Addendum to this Agreement. Signing ofsuch Addendum shall by no means delay signature of this Agreement by both parties. {a) In exchange for f)ayment of the Purchase Price the Sellers shall f)re'lide the Buyers with the following eeli•,ery eocuments: fij Legal Bill(s) of Sale in a form recordable in the Buyers' Nominated flag State,™ transferring title of the Vessel and stating that the Vessel is free from all mortgages, ~ encumbrances and maritime liens er any other debts whatsoe•,er, duly notarially attested ~ and legalised or af)oslilled, as required by the Buyers' Nominated flag State; 2J8 {ii} Evieence that all necessary corf)orate, shareholder and other action has been taken by ~ the Sellers to authorise the execution, delivery and f)erformance of this Agreement; 240 fiiij Power of Attorney of the Sellers af)f)Ointing one or more ref)resentati'les to act on behalf ~ of the Sellers in the f)erformance of this Agreement, duly notarially attested and legalised ~ or af)ostilled (as af)f)Fef)riate); ;MJ fi¥} Certificate or Transcrif)t of Registry issued by the comf)etent authorities of the flag state 244 on the date of delivery e•,•idencing the Sellers' ownershif) of the Vessel and that the ~ Vessel is free frem registered encumbrances and mortgages, to be faxed ore mailed by 249 such authority to the closing meeting with the original to be sent to the Buyers as soon as 247 f)Ossible after delivery of the Vessel. ~ M Declaration of Class or (def)ending on the Classification Society) a Class Maintenance ~ Certificate issued within three (3) Banking Days f)rior to deli'lery confirming that the ~ Vessel is in Class free of condition/recommendation. ~ {vij Certificate of Deletion of the Vessel from the Vessel's registry or other official e'lidence of ~ eeletion af)propriate to the Vessel's registry at the time of delivery, or, in the event that ~ the registry does not as a matter of practice issue such eocumentation immeeiately, a ~ written undertaking by the Sellers to effect deletion from the Vessel's registry forthwith ~ and provide a certificate or other official evidence of deletion to the Buyers promptly and ~ latest within four (4) weeks after the Purchase Price has been paid and the Vessel has 2&7 been delivered. 2a8 {"4ij A copy of the Vessel's Continuous Synopsis Record certifying the date on which the 2a9 Vessel ceased to be registered with the Vessel's registry, or, in the event that the registry ~ does not as a matter of practice issue such certificate immediately, a written undertaking ~ from the Sellers to provide the copy of this certificate promptly upon it being issued ~ together with e'lidence of submission by the Sellers of a duly executed form 2 stating 26J the date on which the Vessel shall cease to be registered with the Vessel's registry.™ (¥ill Commercial ln•,oice for the Vessel; 28a ~ Commercial ln'loice(s) for bunkers, lubricating and hydraulic oils and greases; ~ ~ A copy of the Sellers' letter to their satellite communication f)ro•,ider cancelling the 28+ Vessel's communications contract which is to be sent immediately after deli'lel)' of the 298 Vessel; 2W ~ Any such additional documents as may reasonably be required by the competent 2-70 authorities of the Buyers' Nominated flag State for the purpose of registering the Vessel, ~ pro'lided the Buyers notify the Sellers of any such documents as soon as possible after the date of 272

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this Agreement; and ~ The Sellers' letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (b) ,A.t the lime of deli•,ery the B1:1yeFS shall provide the SelleFS with: 276 fij E•,idence that all necessary corporate, shareholder and other action has been taken by 277 the B1:1yers to a1:1thorise the el

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\*Notes and memoranda, if any, in the surveyor's report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326 markings. 327 13. Buyers' default 328 329 330 331 Should the Purchase Price not be paid in accordance with Clause 3(Payment), the Sellers 332 have the right to cancel this Agreement, in which case the Deposit together with interest 333 earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers' default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to 346 validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their , "., loss and for all v : ,en expenses together with interest if their failure is due to proven 348 negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers' representatives 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 Expense for a maximum of ten 11 O) 44-days and will pay USD 25 each for every day onboard.. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration 358 (a) \*This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375

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In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMM Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) \*This Agreement shall be govorned by and construed in accordance with Title Q of the 379 United States Code and the substantive law (not including the choice of law rules) of the State 380 of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the parties hereto, 382 and the third by the two so chosen; their decision or that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim el50-50 B TWEEN SELLERS AND BUYERS. Na Title:

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Norwegian Sh1pbrokers' Assoc,abon's Memorandum of Agreement for sale and purchase of ships Adopted by SIMCO 1n 1956 MEMORANDUM OF AGREEMENT Code-name SALEFORM 2012 Revised 1966, 1983 and 1986/87, 1993 and 2012 Dated: 15th december 2025 Cape Ventures Offshore Inc. of the Marshall Islands hereinafter called the "Sellers", have agreed to sell, and 2 Ancient Mythology Trading Inc. of Liberia hereinafter called the "Buyers", have agreed to buy: 3 Name of vessel: ECO NEMESIS 4 IMO Number: 9711913 5 Classification Society: BV 6 Class Notation: I ~ HULL~ MACH General Cargo Ship CPS (WBT) GRAB [20] 7 Unrestricted navigation MON-SHAFT, GREEN PASSPORT, CLEANSHIP, INWATERSURVEY ~MACH Year of Build: 2015 Builder/Yard: Shin Kochi 8 Flag: Liberia Place of Registration: Monrovia GT/NT: 21185/11398 9 hereinafter called the "Vessel", on the following terms and conditions: 10 Definitions 11 "Banking Days" are days on which banks are open both in the country of the currency stipulated for 12 the Purchase Price in Clause 1(Purchase Price) and in the place of closing stipulated in Clause 8 13 (Documentation) [and (add additional jurisdictions as appropriate)]. 14 "Buyers' Nominated Flag State" means Marshall Islands (state flag state). 15 "Class" means the class notation referred to above. 16 "Classification Society" means the Society referred to above. 17 "Deposit" shall have the meaning given in Clause 2(Deposit) 18 "Deposit Holder" means (state name and location of Deposit Holder) or, if left blank, the 19 Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a 21 registered letter, e-mail or telefax. 22 "Parties" means the Sellers and the Buyers. 23 "Purchase Price" means the price for the Vessel as stated in Clause 1(Purchase Price). 24 "Sellers' Account" means (state details of bank account) at the Sellers' Bank. 25 "Sellers' Bank" means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 1. Purchase Price 28 The Purchase Price is USO 19,905,000 cash 29 2. Deposit 30 As sesuFity for the oorrest fulfilment of this Agreement the Buyers shall lodge a deposit of 31 % (f)er sent) or, if left blank, 10% (ten f)er sent), of the Purnhase Prise (the 32 "Def)osit") in an interest bearing tn sellers nominated bank acsount within three (3) 33 'three-f3) liv-e (5} Banking Days after the date that: 34

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(i) this Agreement has been signed by the Parties and eiwhanged in original or bye mail or 35 telefmc; and 36 (ii) the Deposit Holder has confirmed in writing to the Parties that the account has been 37 opened. 38 The Deposit shall be released in accordance with joint written instructions of the Parties. 39 Interest, if any, shall be credited to the Buyers Sellers. Any foe charged for holding and releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall pro>Jide to the Deposit Holder 41 all necessary documentation to open and maintain the account without delay. 42 3. Payment 43 On delivery of the Vessel, but not later than three (3) one (1) Banking Days after the date that Notice of 44 Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46 (i) the Deposit shall be released to the Sellers; and 47 fii) the balance of the full Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers' Account. 50 BUYERS OPTION TO PAY FOR THE VESSEL UP TO 1 YEAR LATEST AFTER THE MOA DATE 4. Inspection 51 The Buyers have the option to inspect the vessel. (a)\* The Buyers ha>Je inspected and accepted the Vessel's classification records. The Buyers 52 ha>Je also inspected the Vessel atlin (state p/-aoe) on (state date) and ha>Je 53 accepted the Vessel following this inspection and the sale is outright and definite, subject only 54 to the terms and conditions of this Agreement. 55 The SuyeF6 shall ha,,,e the optioR to Garry out superliGial iRspeGtioR of the 1/essel, without opeRiRg up aRd without iRtemJFGRGe to 1/essel sGhedule aRd to RORRal ope,atioR, prior te delivery of the V-essel. Should the SuyeF6 Ghoose te gerGise suGh optioR theR the Suyer-s shall ar,aRge, at their 9WR risk aRd ~eRse. aR iR&peGti9R iR the preseRGe of a Class surveyor (the Class surveyor is ORiy to a Gt as a arbitFator iR the eveRt of a dispute betweeR Suyers aRd Sellers). Jf aRy damage is fouRd to the V-essel whiGh afhJGt6 her Glass but does Rot FGquira immediate ropair aRd the ClassifiGatioR SoGiety approves the V-essel to G9RtiRue tFadiRg with these FGGommeRdat.ioRs, the Sellers shall GompORsate te the Suyers all ~eRses te ropair suGh damage to get Glass approval by deduGtiRg from the total amouRt to be pa.id by the Suyers to the Sellers iR lieu of the Sellers rapairiRg suGh damage base OR aR amouRt quoted by a fi'6t Glass ropairar mutually agrGed betvJeeR the Sellers aRd the Suyers (suGh Gost6 te gGlude gassiRg up aRd gas froeiRg} aRd the Suyers are te take delivery of the V-essel as she is with suGh FGGommeRdatioRs. If the ClassifiGatioR sunJe the right to inspect the Vessel's classification records and declare 56 whether same are accepted or not within (state fiatelpefiod) . 57 The Sellers shall make the Vessel a>Jailable for inspection at/in (state p/-aoe!FaRge) within 58 (state fiatelpefiod). 59 The Buyers shall undertake the inspection without undue delay to the Vessel. Should the 60 Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 61 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62 During the inspection, the Vessel's seek ans engine log beaks shall be mase a>.iailable for 63 eicamination by the Buyers. 64 The sale shall become outright and definite, subject only te the terms ans consitions of this 65 Agreement, pro>.iised that the Sellers recei>.ie written notice of acceptance of the Vessel from 66 the Buyers within se>.ienty two (72) hours after completion of such inspection or after the 67 satellast day of the period stated in fbine aQl, whiche•;er is earlier. 68

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Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel's classification records and/or of the Vessel not be recei•,ed by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers, whereafter !his Agreement shall be null and void. 72 \*ilfil and 4(b) are alternatives; delete whichever is not applicable. In the absence ofdeletions, 73 alternative i1fil to apply. 74 5. Time and place of delivery and notices 75 (a)The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in WW in the Sellers' option. 77 Notice of Readiness shall not be tendered before: 1 APRIL 2026 in Sellers' option 78 Cancelling Date (see Clauses 5(c), §_{filfil, 6 (a) (iii)and M): 20 SEPT 2026 in Buyers' option 79 (b)The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 80 provide the Buyers with lwenly (20), fifteen (16}, ten (10), seven (7), five (5) and three (3) days' 81 approximate notice and w10 (2), one (1) days notice of the expected time dale ll=le Sellers intend lo tender Notice of Readiness and of !he intended place of delivery. 82 When the Vessel is at the place of delivery and physically ready for delivery in accordance with 83 this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) 89 Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. 90 If the Buyers have not declared their option within 0111 • ·> three (3) Banking Days of receipt of the 91 Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force and effect. 97 (d)Cancellalion, failure lo cancel or aooeplance of the new Cancelling Dale shall be entirely 98 without prejudice lo any claim for damages !he Buyers may have under Clause 14 (Sellers' 99 Default) for ll=le Vessel nol being ready by ll=le original Cancelling Dale. 100 (e)Should the Vessel become an actual, constructive or compromised total loss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and void. 103 6. DrydockinglDivers Inspection 104 (a)\* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's 113 inspection as observer only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121

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(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel's class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel's underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society's rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation•• and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society's 130 attendance. 131 Notwithstanding anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost •1lw ,, "X' , . trig gf'!s fr,·•· ,,. • .; , .J ''- os•) of the 138 repairs shall be the average of quotes 139 for the repair work obtained from two reputable independent shipyards at or in the 140 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 141 Banking Days from the imposition of the condition/recommendation, unless the Parties 142 agree otherwise. Should either of the Parties fail to obtain such a quote within the 143 stipulated time then the quote duly obtained by the other Party shall be the sole basis 144 for the estimate of the direct repair costs. The Sellers may not tender Notice of 145 Readiness prior to such estimate having been established. (iii) If the Vessel is to be drydocked pursuant to Clause §@liill and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of t·. •• , ·y ',. ,e ~5) fourteen (14) days. 153 (bl \*The Sellers shall place the Vessel in drydock at the port of deli'lery for inspection by the 154 Classification Society of the Vessel's umierwaler parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society's rules. If the rudder, 156 propeller, bottom or other underwater parts below the deepest load line are found broken, 157 damaged or defecti•1e so as to affect the Vessel's class, such defects shall be made good at the 158 Sellers' cost and expense to the satisfaction of the Classification Society without 159 conditiontrecommendation•. In such e'lent the Sellers are also to pay for the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161 drydock dues and the Classification Society's fees. The Sellers shall also pay for these costs 162 and expenses if parts of the tailshaft system are condemned or found defecli'leor broken so as 163 lo affect Iha Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs 164 and expenses, dues and fees 165 (G) If the Vessel is dry docked pursuant lo Clause 6 (a) (ii) or ~above 166 fij the Classification Society may require survey of the tailshaft system, the extent of the 167 survey being to the satisfaction of the Classification surveyor. If such survey is 168 not required by the Classification Society, the Buyers shall have the right to require the lailshaft 169 to be drawn and surveyed by the Classification Society, the extent of the survey being in 170 accordance with the Classification Society's rules for tailshaft survey and 171 consistent with the current stage of the Vessel's survey cycle. The Buyers shall declare 172 whether they require the tailshaft lo be drawn and surveyed not later than by the 173 completion of the inspection by the Classification Society. The drawing and refilling of 174 the tailshaft shall be arranged by the Sellers. Should any parts of the lailshaft system be 175 condemned or found defective so as to affect Iha Vessel's class, those parts shall be 176 renewed or made good at the Sellers' expense to the satisfaction of the 177 Classification Society without condition/recommendation••. 178

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W The costs and e\*penses relating to Iha survey of Iha tailshaft system shall be borne by Iha 179 Buyers unless Iha Classification Society requires such survey lo be carried out or if parts of Iha 180 system are condemned or found defective or broken so as to effect the Vessel's class, in which 181 case Iha Sellers shall pay these costs and e\*penses. 182 {Hi-) The Buyers' representative(s) shall ha•10 Iha right lo be present in the drydock, as 183 observers only without interfering with Iha work or decisions of Iha Classification Society 184 surveyor. 185 ~ The Buyers shall ha•,e the right lo have Iha underwater parts of the Vessel cleaned 186 and painted at their risk, cost and e\*pense without interfering with Iha Sellers' or the 187 Classification Society surveyor's work, if any, and without affecting the Vessel's timely 188 delivery. If, however, the Buyers' work in drydock is still in progress when the 189 Sellers have completed Iha work which the Sellers are required lo do, the additional 190 docking lime needed to complete the Buyers' work shall be for the Buyers' risk, cost and 191 e\*pense. In the event that the Buyers' workrequiros such additional time, the Sellers 192 may upon completion of tho Sellers' work lender Notice of Readiness for delivery whilst 193 the Vessel is still in drydock and, nol\¥ilhslanding Clause filfil, the Buyers shall be 194 obliged lo lake cJelivery in accordance with Clause 3 (Payment), whether the Vessel is in 195 cJrycJock or not. 196 \*6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence ofdeletions, 197 alternative 6 a) to apply. 198 \*\*Notes or memoranda, if any, in the surveyor's report which are accepted by the Classification 199 Society without condition/recommendation are not to be taken into account 200 7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board, 202 aREi on shore and on order. All spare part~ as per Glass !'efllliremeRt and spare equipment including spare 203 tail-end shaft(s) and/or pare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of 204 inspection used or unused, whether on board or not shall become the Buyers' property, bul spares on 205 orcJor are o\*clucJocJ. Forwarding charges, if any, shall be for the Buyers' account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 21 O Library and forms exclusively for use in the Sellers' vessel(s) and captain's, officers' and crew's 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include lisf) 213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include lisf) 215 Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums and pay for either: 219 (a) \*the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) \*tho current net market price (o\*clucJing barging o\*ponses) at tho port ancJ cJato of cJolivory 221 of tho Vessel or, if unavailable, at tho nearest bunkering port, 222 for tho quantities taken o•,er. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225 "inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228 \*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230

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8. Documentation 231 The place of closing: to be mutually agreed 232 In exchange ofpayment and delivery of the Vessel, the Buyers and the Sellers are to provide each other with their respective delivery documentation. Buyers and Sellers shall mutually advise their requirements and the same to be incorporated as an Addendum to this Agreement. Signing ofsuch Addendum shall by no means delay signature of this Agreement by both parties. {a) In exchange for J)ayment of the Purchase Price the Sellers shall J)rovide the Buyers with the ~ following delivery documents: 2M fij Legal Bill(s) of Sale in a form recordaele in the Buyers' Nominated Flag State,™ transferring title of the Vessel and stating that the Vessel is free from all mortgages, 2Je encumerances and maritime liens or any other deets whatsoever, duly notarially attested ~ and legalised or af)ostilled, as required ey the Buyers' ~Jominated Flag State;™ {ii} Evidence that all necessary corf)orate, shareholder and other action has eeen taken ey ~ the Sellers to authorise the execution, delivery and J)erformance of this Agreement; 240 {iii-) Power of Attorney of the Sellers af)J)ointing one or more ref)resentatives to act on eehalf 244 of the Sellers in the J)erformance of this Agreement, duly notarially attested and legalised ~ or af)ostilled (as af)J)rowiate); 243 {iv} Certificate or Transcrif)t of Registry issued ey the comf)etent authorities of the flag state 244 on the date of delivery e•;idencing the Sellers' ownershif) of the Vessel and that the 24a Vessel is free from registered encumerances and mortgages, to be faxed or e mailed ey ~ such authority to the closing meeting with the original to ee sent to the Buyers as soon as 24-7 J)Ossiele after delivery of the Vessel. 248 M Declaration of Class or (deJ)ending on the Classification Society) a Class Maintenance 249 Certificate issued within three (J) Banking Days J)rior to delivery confirming that the 2W Vessel is in Class free of condition/recommendation. ~ {-v-ij Certificate of Deletion of the Vessel from the Vessel's registry or other official evidence of ~ deletion af)J)FOJ)Fiate lo the Vessel's registry at the time of deli~•ery, or, in the event that ~ the registry does not as a matter of J)ractice issue such documentation immediately, a ~ written undertaking ey the Sellers to effect deletion from the Vessel's registry forthwith 2aa and J)FO'lide a certificate or other official e•;idence of deletion to the Buyers J)FOmJ)tly and ~ latest within four (4) weeks after the Purchase Price has eeen J)aid and the Vessel has ~ eeen deli'lered. 258 fYfij A cof)y of the Vessel's Continuous Synopsis Record certifying the date on which the 2W Vessel ceased to ee registered with the Vessel's registry, or, in the event that the registry ~ does not as a matter of wactice issue such certificate immediately, a written undertaking ~ from the Sellers to J)FO'lide the cof)y of this certificate J)romf)tly UJ)on it eeing issued ~ together with evidence of suemission ey the Sellers of a duly executed Form 2 stating 2eJ the date on which the Vessel shall cease to ee registered with the Vessel's registry. ~ {¥iH Commercial Invoice for the Vessel; 2ea ~ Commercial ln'loice(s) for eunkers, luericating and hydraulic oils and greases; 2ee W A cof)y of the Sellers' letter to their satellite communication wovider cancelling the ~ Vessel's communications contract which is to ee sent immediately after delivery of the ~ Vessel; 2e8 ~ Any such additional documents as may reasonaely ee required ey the comf)etent 2+G authorities of the Buyers' ~Jominated Flag State for the J)Urf)ose of registering the Vessel, 2-4 J)rovided the Buyers notify the Sellers of any such documents as soon as J)ossiele after the date of 2+2

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![LOGO](g60380g00a59.jpg)

this Agreement; and ~ The Sellers' letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (b) Al the lime of deli•,ery the B1,1yers shall provide the Sellers with: 276 {ij Evidence that all necessary corporate, shareholder and other action has been taken by 277 the B1,1yers to a1,1thorise the eiEec1,1tion, delivery and performance of this Agreement; and 278 Power of Attorney of the B1,1yers appointing one or more representatives lo act on behalf 279 of the B1,1yers in the performance of this Agreement, d1,1ly nolarially attested and legalised 280 or aposlilled (as appropriate). 281 (c) If any of the documents listed in S1,1b cla1,1ses (a) and (b) the Addendum as above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284 (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in S1,1b cla1,1se (a) and S1,1b cla1,1se (b) the Addendum as above for review and comment by 286 the other party not later than (state number of days),or if left blank, nine (9) days prior to 287 the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) Concurrent with the exchange of documents in S1,1b cla1,1ses (a) and (b) the Addendum as above, 290 the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, 291 drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless the 293 Sellers are required to retain same, in which case the Buyers to have the right to take copies. 294 (f) Other technical documentation which may be in the Sellers' possession shall promptly after 295 delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep 296 the Vessel's log books but the Buyers to have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance 298 confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from,encumbrances, mortgages and 301 maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred 302 prior to the time of delivery. 303 304 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' 307 Nominated Flag State shall be for the Buyers' account, whereas similar charges in connection 308 with the closing of the Sellers' register shall be for the Sellers' account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is 311 delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be 312 delivered and taken over, otherwise in the same condition as she was at the time of inspection, fair wear 313 and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without condition/recommendation\*, free of a•,erage damage affecting the Vessel's 315 class, and with her classification certificates and national certificates, as well as all other 316 certificates the Vessel had at the time of inspection, valid witho1,1t 317 conditiontrecommendation\* by the Classification Society or the relevant a1,1thorities at the time 318 of delivery. 319 "Inspection" in this Clause 11 , shall mean the Buyers' inspection according to Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322

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![LOGO](g60380g00a60.jpg)

\*Notes and memoranda, ifany, in the surveyor's report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326 markings. 327 13. Buyers' default 328 329 330 331 Should the Purchase Price not be paid in accordance with Clause 3(Payment), the Sellers 332 have the right to cancel this Agreement, in which case the Deposit together with interest 333 earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers' default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to 346 validly comJ.)lete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their F ov ·• loss and for all ~ • . , expenses together with interest if their failure is due to proven 348 negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers' representatives 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 Expense for a maximum of ten 11 O) -1-4-days and will pay USD 25 each for every day onboard.. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration 358 (a) \*This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375

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![LOGO](g60380g00a61.jpg)

In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) \*This Agreement shall be govemee by ans constrnee in accoreance with Title g of the 379 Unites States Cose ans the S1,J8Stanfr1e law (not incll,jeing the choice of law mies) of the State 380 of New York ans any 6lisp1,Ate arising 0l,Jt of or in connection with this Agreement shall 0e 381 referree to three (J) persons at Mew York, one to 0e appointee 0y each of the parties hereto, 382 ans the thire 0y the two so chosen; their eecision or that of any two of them shall 0e final, ans 383 for the p1,Arposes of enforcing any aware, j1,J6lgment may 0e enteree on an aware 0y any C01,Jrt of 384 competent j1,Jris6liction. The proceeeings shall 0e con611,Jcte61 in accoreance with the r1,Jles of the 385 Society of Maritime Ar0itrators, Inc. 386 In cases where neither the claim nor any co1,Jnterclaim eiject to the proceel,jres applica0le there. 392 \*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices 395 All notices to be provided under this Agreement shall be in writing via broking channels. 396 Contact details for recipients of notices are as follows: 397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement comprise the entire agreement between the Buyers and 401 the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statue or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 IF THE VESSEL GETS DRYDOCKED PRIOR TO DELIVERY TO THE BUYERS THEN ALL COSTS INVOLVED WILL BE SPLIT 50-50 BETWEEN SELLERS AND BUYERS. For and on behalf of the Sellers Name: 15an, /.tJ orb,•,-.:, Name: Title: 5ole '"ftr-t!c,,-i.r Title:

## Ex-8

Exhibit 8

**<u>Subsidiaries</u>**

---

| | |
|:---|:---|
| **Company** | **Country of Incorporation** |
| Volume Jet Trading Inc. | Marshall Islands |
| Nirvana Product Trading Inc. | Marshall Islands |
| King Of Hearts Inc. | Liberia |
| Intercontinental Crude And Product Enterprises Inc. | Marshall Islands |
| Petroleum Trading And Shipping Inc. | Marshall Islands |
| Clean Power Inc. | Liberia |
| Mr. Roi Inc. | Marshall Islands |
| Blue Oddysey International Inc. | Marshall Islands |
| Haven Exotic Trading Inc. | Marshall Islands |
| Aquatic Success International Inc. | Liberia |
| Alpine Hydrocarbons Inc. | Marshall Islands |
| Artemisia Commodities Inc. | Marshall Islands |
| Ancient Mythology Trading Inc. | Liberia |
| Aurelia World Transports Inc. | Marshall Islands |
| Edrys Shipments Inc. | Marshall Islands |
| Guinevere Dry Cargoes Inc. | Marshall Islands |
| Imperial Petroleum Product Solutions Inc. | Marshall Islands |
| Laurentia Bulk Inc. | Marshall Islands |
| Ophelia Grain Inc. | Marshall Islands |
| Poseidonas Corporation Inc. | Marshall Islands |
| Sapphira Wheat Inc. | Marshall Islands |
| Blackhawk Fire Industries Inc. | Liberia |
| Catharge Transports Inc. | Liberia |
| Marvellous Iron Transport Inc. | Liberia |
| Out and About Grain and Wheat Inc. | Liberia |
| Panacea Potions Inc. | Liberia |
| Rider Petroleum Products Inc. | Liberia |

---

## Exhibit 11.2

**Exhibit 11.2** 

**IMPERIAL PETROLEUM INC.** 

**INSIDER TRADING POLICY** 

Imperial Petroleum Inc. (the "<u>Company</u>") has adopted the following policy and procedures for securities trading by Company directors and employees, including employees of any manager of the Company, including Stealth Maritime Corp. S.A. (our "<u>Insider Trading Policy</u>"). Our Insider Trading Policy is intended to prevent the misuse of material nonpublic information, insider trading in securities, and the severe consequences associated with violations of insider trading laws. It is your obligation to review, understand and comply with this Insider Trading Policy and applicable laws. Our Board of Directors has approved this Insider Trading Policy, and we have appointed our Chief Financial Officer as the Compliance Officer (with their designees, the "<u>Compliance Officer</u>") to administer the policy and to be available to answer your questions.

**PART I. OVERVIEW** 

**A. Who Must Comply?** 

This Insider Trading Policy applies to all of our employees, all employees of any manager of the Company, including Stealth Maritime Corp. S.A., and members of our Board of Directors, including anyone employed by or acting as a director of any of the Company's subsidiaries and consultants/contractors designated by the Company or its subsidiaries from time to time.

In addition, all of our directors, executive officers (as defined by Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and any other employees designated by the Compliance Officer because they have access to material nonpublic information about the Company must comply with the Trading Procedures included in Part II of this Insider Trading Policy (the "<u>Trading Procedures</u>"); we will refer to these individuals in this policy as "<u>Insiders</u>." The Trading Procedures provide rules for when Insiders can trade in our securities and explain the process for mandatory pre-clearance of proposed trades. You will be notified if you are considered to be an Insider who is required to comply with the Trading Procedures.

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This Insider Trading Policy and, for Insiders, the Trading Procedures also apply to the following persons ("<u>Affiliated Persons</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your " <u>Family Members</u> " ("Family Members" are (a) your spouse or domestic
partner, children, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws who reside in the same household as you, (b) your children or your spouse's children who do
not reside in the same household as you but are financially dependent on you, (c) any of your other family members who do not reside in your household but whose transactions are directed by you, and (d) any other individual over whose
account you have control and to whose financial support you materially contribute. (Materially contributing to financial support would include, for example, paying an individual's rent but not just a phone bill.));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all trusts, family partnerships and other types of entities formed for your benefit or for the benefit of a
member of your family and over which you have the ability to influence or direct investment decisions concerning securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all persons who execute trades on your behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all investment funds, trusts, retirement plans, partnerships, corporations and other types of entities over which
you have the ability to influence or direct investment decisions concerning securities; <u>provided</u>, <u>however</u>, that the Trading Procedures do not apply to any such entity that engages in the investment of securities in the ordinary course
of its business (e.g., an investment fund or partnership) if the entity has established its own insider trading controls and procedures in compliance with applicable securities laws and it (or an affiliated entity) has represented to the Company
that its affiliated entities: (a) engage in the investment of securities in the ordinary course of their respective businesses; (b) have established insider trading controls and procedures in compliance with securities laws; and
(c) are aware the securities laws prohibit any person or entity who has material nonpublic information concerning the Company from purchasing or selling securities of the Company or from communicating such information to any other person under
circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell securities.

You are responsible for ensuring compliance with this Insider Trading Policy, including the Trading Procedures contained herein, by all of your Affiliated Persons.

**B. What is Prohibited by this Insider Trading Policy?** 

You and your Affiliated Persons are prohibited from engaging in insider trading and from otherwise trading in securities in violation of this Insider Trading Policy. "Insider trading" is (1) trading (buying or selling) the securities of a company whether for your account or for the account of another, while in the possession of material nonpublic information (see definition below) about that company or (2) disclosing material nonpublic information about a company to others who may trade on the basis of that information. Insider trading can result in criminal prosecution, jail time, significant fines and public embarrassment for you and the Company.

**Prohibition on Trading in Company Securities** 

When you are in possession of material nonpublic information about the Company, whether positive or negative, you are prohibited from trading (whether for your account of for the account of another) in the Company's securities, which includes common stock, options to purchase common stock, any other type of securities that the Company may issue (such as preferred stock, convertible debentures, warrants and exchange-traded options), and any derivative securities that provide the economic equivalent of ownership of any the Company's securities or an opportunity, direct or indirect, to profit from any change in the value of the Company's securities, except for trades made pursuant to plans approved by the Compliance Officer in accordance with this policy that are intended to comply with Rule 10b5-1 under the Exchange Act.

The trading prohibitions in this Insider Trading Policy do <u>not</u> apply to: (1) an exercise of an employee stock option when payment of the exercise price is made in cash or (2) the withholding by the Company of shares of stock upon vesting of restricted stock or upon settlement of restricted stock units to satisfy applicable tax withholding requirements if (a) such withholding is required by the applicable plan or award agreement or (b) the election to exercise such tax withholding right was made by the Insider in compliance with the Trading Procedures.

The trading prohibitions in this Insider Trading Policy <u>do</u> apply, however, to the use of outstanding Company securities to pay part or all of the exercise price of a stock option, any sale of stock as part of a broker-assisted cashless exercise of an option and any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

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**Restricted Trading Periods** 

From time to time, in connection with an announcement of material information about the Company or when significant developments or announcements are anticipated, we may impose a temporary prohibition on trading in our securities that applies to specified groups of employees or, in rare instances, all persons covered by this Insider Trading Policy. In such event, you will be notified by e-mail and/or other means of the imposition and expected duration of the trading prohibition. During that period, no person covered by such a notice may trade in our securities (subject to the limited exceptions set forth in this policy).

**Prohibition on Tipping** 

Providing material nonpublic information about the Company to another person who may trade or advise others to trade on the basis of that information is known as "<u>tipping</u>" and is illegal. You are prohibited from providing material nonpublic information about the Company to a friend, relative or anyone else who might buy or sell a security or other financial instrument on the basis of that information, whether or not you intend to or actually do realize a profit (or any other benefit) from such tipping. Additionally, you are prohibited from recommending to any person that such person engage in or refrain from engaging in any transaction involving the Company's securities, or otherwise give trading advice concerning the Company's securities, if you are in possession of material nonpublic information about the Company.

**Prohibition on Trading in Securities of Other Companies** 

Whenever, during the course of your service to or employment by the Company, you become aware of material nonpublic information about another company (1) with which the Company has an existing business relationship, including but not limited to, the Company's distributors, vendors, customers or suppliers or collaboration, marketing, research, development or licensing partners, or (2) with which the Company is in active discussions concerning a potential transaction or business relationship, neither you nor your Affiliated Persons may trade in any securities of that company, give trading advice about that company, tip or disclose that information, pass it on to others or engage in any other action to take advantage of that information. If your work regularly involves handling or discussing confidential information of companies in either of the foregoing categories, you should consult with the Compliance Officer before trading in any of those company's securities.

Additionally, if you believe you may be in possession of nonpublic information about the Company that could potentially have a material effect on the stock price of a company with which the Company does not have an existing business relationship or with which the Company is not discussing a potential transaction or business relationship, you should exercise caution when trading in the securities of that company because the U.S. Securities and Exchange Commission (the "<u>SEC</u>") has successfully brought an insider trading claim against an insider in those circumstances.

**Duration of Trading Prohibitions** 

These trading prohibitions continue whenever and for as long as you know or are in possession of material nonpublic information. Remember, anyone scrutinizing your transactions will be doing so after the fact, with the benefit of hindsight. As a practical matter, before engaging in any transaction, you should carefully consider even the appearance of improper insider trading and how enforcement authorities and others might view the transaction in hindsight.

This Insider Trading Policy applies to you and your Affiliated Persons so long as you are associated with the Company. If you leave the Company for any reason, this Insider Trading Policy, including, if applicable, the Trading Procedures described in Part II, will continue to apply to you and your Affiliated Persons until the later of: (1) the first trading day following the public release of earnings for the fiscal quarter in which you leave the Company or (2) the first trading day after any material nonpublic information known to you has become public or is no longer material.

**C. What is Material Nonpublic Information?** 

This Insider Trading Policy prohibits you from trading in a company's securities if you are in possession of information about the company that is both "*material*" and "*nonpublic*." If you have a question whether certain information you are aware of is material or has been made public, you should consult with the Compliance Officer.

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**"Material" Information** 

Information about our Company or any other company is "material" if it could reasonably be expected to affect the investment decisions of a stockholder or potential investor or if disclosure of the information could reasonably be expected to significantly alter the total mix of information in the marketplace about us or any other company. We speak mostly in this Insider Trading Policy about determining whether information about us is material and nonpublic, but the same analysis applies to information about other companies covered by this policy that would preclude you from trading in their securities.

In simple terms, material information is any type of information that could reasonably be expected to affect the market price of our securities. Both positive and negative information may be material. While it is not possible to identify all information that would be deemed "material," the following items are examples of the types of information that could be material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of future earnings or losses, or other earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly financial results that are known but have not been publicly disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential restatements of the Company's financial statements, changes in auditors or auditor notification
that the Company may no longer rely on an auditor's audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial guidance that is inconsistent with the expectations of the investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending or proposed corporate mergers, acquisitions, tender offers, joint ventures or dispositions of significant
assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or member of our Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant actual or threatened litigation or governmental investigations or major developments in such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity risks and incidents, including the discovery of significant vulnerabilities or breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant developments regarding customers, suppliers, orders, contracts or financing sources (e.g., the
acquisition or loss of a contract);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in dividend policy, declarations of stock splits or proposed securities offerings or other financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential defaults under our credit agreements or indentures or potential material liquidity issues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankruptcies or receiverships.

The above items will not always be material. For example, some new contracts may clearly be material while others may not be. No "bright-line" standard or list of items can adequately address the range of situations that may arise; information and events should be carefully considered in terms of their materiality to the Company.

**"Nonpublic" Information** 

Material information is "nonpublic" if it has not been disseminated in a manner making it available to investors generally.

To demonstrate that information is public, one must be able to point to some fact that establishes that the information has become publicly available, such as the filing of a report with the SEC, the distribution of a press release, publishing the information on our website or posting on social media if those are regular ways we communicate with investors, or by other means that are reasonably designed to provide broad public access. Before a person with material nonpublic information can trade, the market must have adequate time to absorb the information that has been disclosed. For the purposes of this Insider Trading Policy, information will be considered public after the completion of one full day of trading following our public release of the information. For that purpose, a full day of trading means an entire calendar day in which a session of regular trading hours on the Nasdaq Stock Market ("<u>Nasdaq</u>") between 9:30 a.m. and 4:00 p.m. Eastern Time (or such earlier close time as has been set by exchange rules) has occurred.

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For example, if the Company publicly discloses material nonpublic information of which you are aware before trading begins on a Tuesday, the first time you can buy or sell Company securities is the opening of the market on the following Wednesday. However, if the Company publicly discloses material information after trading begins on a Tuesday, the first time that you can buy or sell Company securities is the opening of the market on the following Thursday.

**D. What are the Penalties for Insider Trading and Noncompliance with this Insider Trading Policy?** 

Both the SEC and the national securities exchanges, through the Financial Industry Regulatory Authority ("<u>FINRA</u>"), investigate and are very effective at detecting insider trading. The U.S. government pursues insider trading violations vigorously, successfully prosecuting, for example, trading by employees in foreign accounts, trading by family members and friends of insiders and trading involving only a small number of shares.

The penalties for violating rules against insider trading can be severe and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forfeiting any profit gained or loss avoided by the trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of the loss suffered by the persons who, contemporaneously with the purchase or sale of securities that
are subject of a violation, have purchased or sold securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of criminal penalties of up to $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of civil penalties of up to three times the profit made or loss avoided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imprisonment for up to 20 years.

The Company and/or the supervisors of the person engaged in insider trading may also be required to pay civil penalties or fines of $2.5 million or more, up to three times the profit made or loss avoided, as well as criminal penalties of up to $25,000,000, and could under some circumstances be subject to private lawsuits.

Violation of this Insider Trading Policy or any federal or state insider trading laws may subject you to disciplinary action by the Company, including termination of your employment or other relationship with the Company. The Company reserves the right to determine, in its own discretion and on the basis of the information available to it, whether this Insider Trading Policy has been violated. The Company may determine that specific conduct violates this Insider Trading Policy whether or not it also violates the law. It is not necessary for the Company to await the filing or conclusion of a civil or criminal action against an alleged violator before taking disciplinary action.

***E. How Do You Report a Violation of this Insider Trading Policy?***

If you have a question about this Insider Trading Policy, including whether certain information you are aware of is material or has been made public, you should consult with the Compliance Officer. In addition, if you violate this Insider Trading Policy or any federal or state laws governing insider trading or know of any such violation by any director or employee of the Company, you should report the violation immediately to the Compliance Officer.

**PART II. TRADING PROCEDURES** 

***A. Special Trading Restrictions Applicable to Insiders***

In addition to needing to comply with the restrictions on trading in our securities set forth above, Insiders and their Affiliated Persons are subject to the following special trading restrictions:

**1. No Trading Except During Trading Windows.** 

The announcement of the Company's quarterly financial results almost always has the potential to have a material effect on the market for the Company's securities. Although an Insider may not know the financial results prior to public announcement, if an Insider engages in a trade before the financial results are disclosed to the public, such trades may give an appearance of impropriety that could subject the Insider and the Company to a charge of

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insider trading. Therefore, subject to limited exceptions described herein, Insiders may trade in Company securities only during four quarterly trading windows and then only after obtaining pre-clearance from the Compliance Officer in accordance with the procedures set forth below. Unless otherwise advised, the four trading windows consist of the periods that begin after market close on the first full trading day following the Company's issuance of a press release (or other method of broad public dissemination) announcing its quarterly or annual earnings and end at the close of business on the last day of the then-current quarter. For the purposes of the foregoing, a full trading day means an entire calendar day in which a session of regular trading hours on the NYSE or Nasdaq between 9:30 a.m. and 4:00 p.m. Eastern Time (or such earlier close time as has been set by exchange rules) has occurred. Insiders may be allowed to trade outside of a trading window only (a) pursuant to a pre-approved Rule 10b5-1 Plan as described below or (b) if granted a waiver in accordance with the procedure for granting waivers as described below.

For example, if we release earnings results before the market opens on a Tuesday, the first time an Insider can buy or sell Company securities is after the market opens on the following Wednesday. However, if our earnings release occurs after trading begins on a Tuesday, the first time that an Insider can buy or sell Company securities is the opening of the market on the following Thursday.

Of course, if an Insider has material nonpublic information about the Company during one of these trading windows, the Insider may not trade in the Company's securities.

**2. Special Closed Trading Periods** 

The Compliance Officer may designate, from time to time, a "Special Closed Window" during what would otherwise be a permitted trading window. During a Special Closed Window, designated Insiders (which could be all Insiders or a subset of them) may not trade in the Company's securities. The Compliance Officer may also impose a Special Closed Window on Insiders or a subset of them to prohibit trading in the securities of other companies to ensure compliance with this Insider Trading Policy. The imposition of a Special Closed Window will not be announced to the Company generally, should not be communicated to any other person, and may itself be considered under this Insider Trading Policy to be material nonpublic information about the Company.

**3. Gifts and Other Distributions in Kind.**

No Insider may donate or make any other transfer of Company securities without consideration when the Insider is not permitted to trade. In addition to charitable donations or gifts to family members, friends, trusts or others, this prohibition applies to distributions to limited partners by limited partnerships that are subject to this Insider Trading Policy. Making a gift shall be considered trading in securities for purposes of the Pre-Clearance Procedures and Post-Trade Reporting Procedures in Section II.B. below.

***B. Pre-Clearance Procedures***

No Insider may trade in our securities, even during an open trading window, unless the trade has been approved by the Compliance Officer in accordance with the procedures described below. In reviewing trading requests, the Compliance Officer may consult with our other officers and/or outside legal counsel and will seek approval of their own trades from the Chief Executive Officer.

**1. Procedures. No Insider may trade in our securities unless:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Insider has notified the Compliance Officer of the amount and nature of the proposed trade(s) using the Stock
Transaction Request form attached to this Insider Trading Policy or by providing the information requested by such form via an email directed to the Compliance Officer. To provide adequate time for the preparation of any required reports under
Section 16 of the Exchange Act, a Stock Transaction Request form should, if practicable, be received by the Compliance Officer at least two (2) business days before the intended trade date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Insider has certified to the Compliance Officer in writing before the proposed trade(s) that the Insider does
not possess material nonpublic information concerning the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Insider is an executive officer or director, the Insider has informed the Compliance Officer, using the
Stock Transaction Request form (or email request containing such required information), whether, to the Insider's best knowledge, if the transaction involves a sale by an "affiliate" of the Company or of "restricted
securities" (as such terms are defined under Rule 144 under the Securities Act of 1933, as amended ("Rule 144")), whether the transaction meets all of the applicable conditions of Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance Officer has approved the trade(s) and has certified their approval in writing (which may be by
email).

The Compliance Officer does not assume responsibility for, and approval by the Compliance Officer does not protect the Insider from, the consequences of prohibited insider trading.

**2. Additional Information.** 

Insiders shall provide to the Compliance Officer any documentation the Compliance Officer reasonably requires in furtherance of the foregoing procedures. Any failure to provide such information will be grounds for the Compliance Officer to deny approval of the trade request.

**3. Notification of Brokers of Insider Status.** 

Insiders who are required to file reports under Section 16 of the Exchange Act shall inform their broker-dealers that (a) the Insider is subject to Section 16; (b) the broker shall confirm that any trade by the Insider or any of their affiliates has been precleared by the Company; and (c) the broker is expected to provide transaction information to the Insider and/or Compliance Officer on the day of a trade.

**4. No Obligation to Approve Trades.** 

The foregoing approval procedures do not in any way obligate the Compliance Officer to approve any trade. The Compliance Officer has sole discretion to reject any trading request.

From time to time, an event may occur that is material to the Company and is known by only a limited number of directors and employees. The Compliance Officer may decline an Insider's request to preclear a proposed trade based on the existence of a material nonpublic development – even if the Insider is not aware of that material nonpublic development. If any Insider engages in a trade before a material nonpublic development is disclosed to the public or resolved, the Insider and the Company might be exposed to a charge of insider trading that could be costly and difficult to refute even if the Insider was unaware of the development. So long as the event remains material and nonpublic, the Compliance Officer may decide not to approve any transactions in the Company's securities. The Compliance Officer will subsequently notify the Insider once the material nonpublic development is disclosed to the public or resolved. If an Insider requests preclearance of a trade during the pendency of such an event, the Compliance Officer may reject the trading request without disclosing the reason.

**5. Completion of Trades.** 

After receiving written clearance to engage in a trade from the Compliance Officer, whether by a signed Stock Transaction Request form or by email, an Insider must complete the proposed trade within three (3) business days or make a new trading request. Even if an Insider has received clearance, the Insider may not engage in a trade if (i) such clearance has been rescinded by the Compliance Officer, (ii) the Insider has otherwise received notice that the trading window has closed or (iii) the Insider has or acquires material nonpublic information.

**6. Post-Trade Reporting.** 

The details of any transaction in our securities (including transactions effected pursuant to a Rule 10b5-1 Plan) by an Insider (or an Affiliated Person) who is required to file reports under Section 16 of the Exchange Act must be reported to the Compliance Officer by the Insider or their brokerage firm on the same day on which a trade order is

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placed or such a transaction otherwise is entered into. The report shall include the date of the transaction, quantity of shares, the price, the name of the broker-dealer that effected the transaction and whether the trade was made pursuant to a valid Rule 10b5-1 Plan (as defined below). This reporting requirement may be satisfied by providing (or having the Insider's broker provide) a trade order confirmation to the Compliance Officer if the Compliance Officer receives such information by the required date. Compliance by directors and executive officers with this provision is imperative given the requirements of Section 16 of the Exchange Act that these persons generally report changes in ownership of Company securities within two (2) business days. The sanctions for noncompliance with this reporting deadline may include disclosure in the Company's SEC filings, as well as possible civil or criminal sanctions for chronic or egregious violators.

***C. Exemptions***

**1. Pre-Approved Rule 10b5-1 Plan.** 

Transactions made pursuant to an approved Rule 10b5-1 Plan (as defined below) will not be subject to our trading windows or pre-clearance procedures and Insiders are not required to complete a Stock Transaction Request form for such transactions. Rule 10b5-1 of the Exchange Act provides an affirmative defense from insider trading liability under the federal securities laws for trading plans, arrangements or instructions that meet specified requirements. A trading plan, arrangement or instruction that meets the requirements of the SEC's Rule 10b5-1 (a "<u>Rule 10b5-1 Plan</u>") enables Insiders to trade in Company securities outside of our trading windows, even when in possession of material nonpublic information.

If an Insider intends to trade pursuant to a Rule 10b5-1 Plan, such plan, arrangement or instruction must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfy the requirements of Rule 10b5-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be documented in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be established during a trading window when such Insider does not possess material nonpublic information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be pre-approved by the Compliance Officer.

Prior to approving a Rule 10b5-1 Plan, the Compliance Officer may require that the plan exclude or include certain provisions (e.g., cooling off period, minimum number of trades requirement, limited term) that ensure compliance with SEC regulations and practices the Compliance Officer deems to be in the best interests of the Company.

Any proposed deviation from the specifications of an approved Rule 10b5-1 Plan (including, without limitation, the amount, price or timing of a purchase or sale) must be reported immediately to, and be approved by, the Compliance Officer. All transactions pursuant to a Rule 10b5-1 Plan must be timely reported in accordance with the procedures set forth above.

Any modification or termination of a Rule 10b5-1 Plan previously approved by the Compliance Officer requires a new approval by the Compliance Officer. The Compliance Officer may require as a condition to such approval that the modification or termination occur during a trading window, that the Insider not be aware of material nonpublic information and that additional conditions, such as a cooling off period, must be satisfied.

**2. Employee Equity Plans.** 

***Exercise of Stock Options***. The trading prohibitions and restrictions set forth in the Trading Procedures do not apply to the exercise for cash of an option to purchase securities of the Company. However, the exercise is subject to the current reporting requirements of Section 16 of the Exchange Act and, therefore, Insiders must comply with the post-trade reporting requirements described in Section C above for any such transaction. In addition, the securities acquired upon the exercise of an option to purchase Company securities are subject to all of the requirements of this Insider Trading Policy, including the Trading Procedures. Moreover, the Trading Procedures apply to the use of outstanding Company securities to pay part or all of the exercise price of an option, any net option exercise, any exercise of a stock appreciation right, share withholding and any sale of stock as part of a broker-assisted cashless exercise of an option or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

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***Tax Withholding on Restricted Stock/Units***. The trading prohibitions and restrictions set forth in the Trading Procedures do not apply to the withholding by the Company of shares of stock upon vesting of restricted stock or upon settlement of restricted stock units to satisfy tax withholding requirements if (a) withholding is required by the applicable plan or award agreement or (b) the election to exercise the tax withholding right was made by the Insider in compliance with the Trading Procedures.

***D. Waivers***

A waiver of any provision of this Insider Trading Policy or the Trading Procedures may be authorized in writing by the Compliance Officer or his or her designee or by the Audit Committee of the Board of Directors.

**PART III. AMENDMENT** 

This Insider Trading Policy may be amended from time to time with the approval of the Board of Directors or a designated committee thereof.

\* \* \*

Questions regarding this Insider Trading Policy are encouraged and may be directed to the Compliance Officer.

ADOPTED: April 28, 2026

EFFECTIVE: April 28, 2026

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<u>EXHIBIT A</u> 

**STOCK TRANSACTION REQUEST** 

Pursuant to Imperial Petroleum Inc.'s Insider Trading Policy, I hereby notify Imperial Petroleum Inc**.** (the "Company") of my intent to trade the securities of the Company as indicated below:

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| | | |
|:---|:---|:---|
| **<u>REQUESTER INFORMATION</u>**<br>Insider's Name: _________________________________________ | **<u>REQUESTER INFORMATION</u>**<br>Insider's Name: _________________________________________ | **<u>REQUESTER INFORMATION</u>**<br>Insider's Name: _________________________________________ |
| **<u>INTENT TO PURCHASE</u>**<br>Number of shares:<br>Intended trade date: | **<u>INTENT TO PURCHASE</u>**<br>Number of shares:<br>Intended trade date: | <br> __________________________<br>__________________________ |
| Means of acquiring shares: | ☐ | Acquisition through employee benefit plan (please specify):<br> ________________________________________<br>|
|  | ☐ | Purchase through a broker on the open market<br>|
|  | ☐ | Other (please specify): ________________________________________ |
| **<u>INTENT TO SELL</u>**<br>Number of shares:<br>Intended trade date: |  | <br> __________________________<br>__________________________ |
| Means of selling shares: | ☐ | Sale through employee benefit plan (please specify):<br> ________________________________________<br>|
|  | ☐ | Sale through a broker on the open market<br>|
|  | ☐ | Other (please specify): ________________________________________ |

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| | |
|:---|:---|
| **SECTION 16** | **RULE 144 (Not applicable if transaction requested involves a purchase)** |
|  ☐ I am not subject to Section 16. | ☐ I am not an "affiliate" of the Company and the transaction requested above does not involve the sale of "restricted securities" (as those terms are defined in Rule 144 under the Securities Act of 1933, as amended).<br>|
|  ☐ To the best of my knowledge, I have not (and am not deemed to have) engaged in an opposite way transaction within the previous 6 months that was not exempt from Section 16(b) of the Exchange Act.<br>| ☐ To the best of my knowledge, the transaction requested above will meet all of the applicable conditions of Rule 144. |
|  ☐ None of the above. | ☐ The transaction requested will be made pursuant to an effective registration statement covering such transaction.<br>|
|  | ☐ None of the above. |

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| | |
|:---|:---|
|  **<u>CERTIFICATION</u>**<br>I hereby certify that I am not (1) in possession of any material nonpublic information concerning the Company, as defined in the Company's Insider Trading Policy and (2) purchasing any securities of the Company on margin in contravention of the Company's Trading Procedures. I understand that, if I trade while possessing such information or in violation of such trading restrictions, I may be subject to severe civil and/or criminal penalties and may be subject to discipline by the Company including termination of my employment. | **<u>CERTIFICATION</u>**<br>I hereby certify that I am not (1) in possession of any material nonpublic information concerning the Company, as defined in the Company's Insider Trading Policy and (2) purchasing any securities of the Company on margin in contravention of the Company's Trading Procedures. I understand that, if I trade while possessing such information or in violation of such trading restrictions, I may be subject to severe civil and/or criminal penalties and may be subject to discipline by the Company including termination of my employment. |
| _________________________________________ | _________________________________________ |
| Insider's Signature<br>| Date |
| **<u>APPROVAL</u>** | **<u>APPROVAL</u>** |
| _________________________________________ | _________________________________________ |
| Signature of Compliance Officer (or designee) | Date |

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*\*NOTE: Multiple lots must be listed on separate forms or broken out.* 

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| | | |
|:---|:---|:---|
| **<u>REQUESTER INFORMATION</u>**<br>Insider's Name: _________________________________________ | **<u>REQUESTER INFORMATION</u>**<br>Insider's Name: _________________________________________ | **<u>REQUESTER INFORMATION</u>**<br>Insider's Name: _________________________________________ |
| **<u>INTENT TO PURCHASE</u>**<br>Number of shares:<br>Intended trade date: | **<u>INTENT TO PURCHASE</u>**<br>Number of shares:<br>Intended trade date: | <br> __________________________<br>__________________________ |
| Means of acquiring shares: | ☐ | Acquisition through employee benefit plan (please specify):<br> ________________________________________<br>|
|  | ☐ | Purchase through a broker on the open market<br>|
|  | ☐ | Other (please specify): ________________________________________ |
| **<u>INTENT TO SELL</u>**<br>Number of shares:<br>Intended trade date: | **<u>INTENT TO SELL</u>**<br>Number of shares:<br>Intended trade date: | <br> __________________________<br>__________________________ |
| Means of selling shares: | ☐ | Sale through employee benefit plan (please specify):<br> ________________________________________<br>|
|  | ☐ | Sale through a broker on the open market<br>|
|  | ☐ | Other (please specify): ________________________________________<br>|

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| | |
|:---|:---|
| **SECTION 16** | **RULE 144 (Not applicable if transaction requested involves a purchase)** |
|  ☐ I am not subject to Section 16. | ☐ I am not an "affiliate" of the Company and the transaction requested above does not involve the sale of "restricted securities" (as those terms are defined in Rule 144 under the Securities Act of 1933, as amended).<br>|
|  ☐ To the best of my knowledge, I have not (and am not deemed to have) engaged in an opposite way transaction within the previous 6 months that was not exempt from Section 16(b) of the Exchange Act.<br>| ☐ To the best of my knowledge, the transaction requested above will meet all of the applicable conditions of Rule 144. |
|  ☐ None of the above. | ☐ The transaction requested will be made pursuant to an effective registration statement covering such transaction.<br>|
|  | ☐ None of the above. |

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| | |
|:---|:---|
| **<u>CERTIFICATION</u>**<br>I hereby certify that I am not (1) in possession of any material nonpublic information concerning the Company, as defined in the Company's Insider Trading Policy and (2) purchasing any securities of the Company on margin in contravention of the Company's Trading Procedures. I understand that, if I trade while possessing such information or in violation of such trading restrictions, I may be subject to severe civil and/or criminal penalties and may be subject to discipline by the Company including termination of my employment. | **<u>CERTIFICATION</u>**<br>I hereby certify that I am not (1) in possession of any material nonpublic information concerning the Company, as defined in the Company's Insider Trading Policy and (2) purchasing any securities of the Company on margin in contravention of the Company's Trading Procedures. I understand that, if I trade while possessing such information or in violation of such trading restrictions, I may be subject to severe civil and/or criminal penalties and may be subject to discipline by the Company including termination of my employment. |
| _________________________________________ | _________________________________________ |
| Insider's Signature<br>| Date |
| **<u>APPROVAL</u>** | **<u>APPROVAL</u>** |
| _________________________________________ | _________________________________________ |
| Signature of Compliance Officer (or designee) | Date |

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*\*NOTE: Multiple lots must be listed on separate forms or broken out.*

## Exhibit 12.1

**Exhibit 12.1** 

**CERTIFICATIONS** 

I, Harry N. Vafias, certify that:

1. I have reviewed this annual report on Form 20-F of Imperial Petroleum
Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The Company's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have;

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| | |
|:---|:---|
| a.) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  |

---

---

| | |
|:---|:---|
| b.) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  |

---

c.) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.) disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officers and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent function):

a.) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

b.) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: April 29, 2026

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| |
|:---|
| /s/ Harry N. Vafias |
| Harry N. Vafias |
| President and Chief Executive Officer |

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## Exhibit 12.2

**Exhibit 12.2** 

**CERTIFICATIONS** 

I, Ifigeneia Sakellari, certify that:

1. I have reviewed this annual report on Form 20-F of Imperial Petroleum
Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The Company's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have;

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| | |
|:---|:---|
| a.) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  |

---

---

| | |
|:---|:---|
| b.) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  |

---

c.) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.) disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officers and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent function):

a.) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

b.) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: April 29, 2026

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| |
|:---|
| /s/ Ifigeneia Sakellari |
| Ifigeneia Sakellari |
| Chief Financial Officer |

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## Exhibit 13.1

**Exhibit 13.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Annual Report on Form 20-F of Imperial Petroleum Inc. (the "Company") for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company hereby certifies to the undersigned's knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 29, 2026

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| |
|:---|
| /s/ Harry N. Vafias |
| Harry N. Vafias |
| President and Chief Executive Officer |

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## Exhibit 13.2

**Exhibit 13.2** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Annual Report on Form 20-F of Imperial Petroleum Inc. (the "Company") for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company hereby certifies to the undersigned's knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 29, 2026

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| |
|:---|
| /s/ Ifigeneia Sakellari |
| Ifigeneia Sakellari |
| Chief Financial Officer |

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## Exhibit 15.1

**Exhibit 15.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement No. 333-268663 on Form F-3, Registration Statement No. 333-266031 on Post Effective Amendment No. 1 to Form F-1 on Form F-3, Registration Statements No. 333-278813 and No. 333-275745 on Form S-8 of our report dated April 29, 2026, relating to the financial statements of Imperial Petroleum Inc. appearing in this Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ Deloitte Certified Public Accountants S.A.

Athens, Greece

April 29, 2026