# EDGAR Filing Document

**Accession Number:** 0001876581
**File Stem:** 0001193125-25-317647
**Filing Date:** 2025-12
**Character Count:** 43839
**Document Hash:** 824fb881dd76358554c71c4724bbcae4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-317647.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001193125-25-317647

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251212

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41095
- **FILM NUMBER:** 251568577

**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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of December 2025** 

**Commission File Number 001-41095** 

## IMPERIAL PETROLEUM INC.
**(Translation of registrant's name into English)** 

**331 Kifissias Avenue, Erithrea 14561 Athens, Greece** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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**INFORMATION CONTAINED IN THIS FORM 6-K REPORT** 

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of Imperial Petroleum Inc. dated December 11, 2025, announcing its unaudited financial and operating results for the three and nine months ended September 30, 2025.

**EXHIBIT INDEX** 

99.1 [Imperial Petroleum Inc. Press Release dated December 11, 2025](d322456dex991.htm)

\*\*\*\*\*

This report on Form 6-K, including exhibit 99.1 hereto (other than the section entitled "CEO Harry Vafias Commented:"), is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (Reg. No. 333-268663), Post Effective Amendment No. 1 to Form F-1 on Form F-3 Registration Statement (Reg. No. 333-266031) and Registration Statements on Form S-8 (Reg. Nos. 333-275745 and 333-278813), including the prospectuses contained therein.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 12, 2025

---

| | |
|:---|:---|
| IMPERIAL PETROLEUM INC. | IMPERIAL PETROLEUM INC. |
| By: | /s/ Ifigenia Sakellari |
|  Name: | Ifigenia Sakellari |
|  Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g322456g1212184113444.jpg)

**<u>IMPERIAL PETROLEUM INC.</u>**

**IMPERIAL PETROLEUM INC. REPORTS THIRD QUARTER AND NINE MONTHS 2025 FINANCIAL AND OPERATING RESULTS** 

ATHENS, GREECE, December 11, 2025 - IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the "Company"), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2025.

**OPERATIONAL AND FINANCIAL HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full integration of our seven drybulk vessels within Q3 25' leading to a 36.1% increase of fleet calendar
days compared to Q2 25'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fleet operational utilization of 88.7% for Q3 25' versus 65.6% in in Q3 24'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational utilization for Q3 25' was 92.5% for our drybulk fleet and 84.4% for our tanker fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• About 75% of total fleet calendar days in Q3 25' were dedicated to time charter activity while 25% to spot
activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues of $41.4 million in Q3 25' compared to $33.0 million in Q3 24', representing a
25.5% increase. This is mainly attributed to the increase in average number of vessels in our fleet following the expansion of our drybulk fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impressive increase of our operating income to $10.3 million in Q3 25', marking a $4.3 million or
71.7% increase compared to Q3 24' and a $2.1 million or 25.6% rise compared to Q2 25'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $11.0 million in Q3 25' versus $10.1 million in Q3 24' and $12.8 million
in Q2 25'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA<sup>(1)</sup> of $17.9 million for Q3 25' versus
$12.2 million in Q3 24' – an increase of 46.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $35.0 million for 9M 25', EBITDA of $49.7 million and operating cash flow
generation of $57.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents including time deposits of $99.3 million as of September 30, 2025. Our
current cash position as of the date of this release is in the order of $172 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital raise of $60 million through a registered direct equity offering to institutional investors at a
purchase price of $6.30 on December 1, 2025; these proceeds are expected to be utilized for further fleet expansion.

**Third Quarter 2025 Results:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Revenues</u> for the three months ended September 30, 2025 amounted to
$41.4 million, an increase of $8.4 million, or 25.5%, compared to revenues of $33.0 million for the three months ended September 30, 2024, primarily due to the increase in the average number of vessels following the expansion of
our drybulk fleet along with an improvement in market rates for both tankers and drybulk vessels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Voyage expenses and vessels' operating expenses</u> for the three months ended September 30, 2025
were $11.6 million and $10.9 million, respectively, compared to $13.0 million and $7.2 million, respectively, for the three months ended September 30, 2024. The $1.4 million decrease in voyage expenses is mainly
attributed to increased time charter activity as five out of our nine tankers and nearly all of our ten dry bulk vessels were under time charter employment during the whole period, leading to a decline in spot employment. The $3.7 million
increase in vessels' operating expenses is primarily due to the increased size of our fleet by an average of 8.6 vessels.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Drydocking costs</u> for the three months ended September 30, 2025 and 2024 were $0.05 million and
$0.9 million, respectively. During the three months ended September 30, 2025, no vessel underwent drydocking whereas during the three months ended September 30, 2024 one of our product tankers underwent drydocking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>General and administrative costs</u> for the three months ended September 30, 2025 and 2024 were
$1.2 million for each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Depreciation</u> for the three months ended September 30, 2025 and 2024 was $7.5 million and
$4.3 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Management fees</u> for the three months ended September 30, 2025 and 2024 were $0.8 million and
$0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other operating income</u> for the three months ended September 30, 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 that is expected to be collected within 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Interest and finance costs</u> for the three months ended September 30, 2025 and 2024 were
$0.9 million and $0.1 million, respectively. The $0.9 million of costs for the three months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last seven dry bulk
vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these seven vessels had to be
allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were paid in full within the third quarter of 2025, remained the same as the
originally agreed purchase prices. The $0.1 million of costs for the three months ended September 30, 2024 relate mainly to the 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 the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Interest income</u> for the three months ended September 30, 2025 was $1.5 million as compared to
$2.1 million for the three months ended September 30, 2024. The $0.6 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Interest income – related party</u> for the three months ended September 30, 2025 was nil as
compared to $0.1 million for the three months ended September 30, 2024. The decrease is mainly attributed to the $0.1 million of accrued interest income – related party for the three months ended September 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Foreign exchange (loss)/gain</u> for the three months ended September 30, 2025 was a loss of
$0.1 million as compared to a gain of $1.7 million for the three months ended September 30, 2024. The $1.8 million decrease is mainly attributed to the decreased fluctuation of euro dollar foreign exchange rate when compared to
the second quarter of 2025 along with the decrease in the amount of funds held in Euro currency.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of the above, for the three months ended September 30, 2025, the Company reported <u>net income</u> of $11.0 million, compared to net income of $10.1 million for the three months ended September 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.44 million for the three months ended September 30,
2025. The <u>weighted average number of shares of common stock outstanding, basic</u>, for the three months ended September 30, 2025 was 33.7 million. <u>Earnings per share, basic and diluted,</u> for the three months ended
September 30, 2025 amounted to $0.30 and $0.29, respectively, compared to earnings per share, basic and diluted, of $0.29 and $0.27, respectively, for the three months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Adjusted net income</u> <sup>1</sup> was $11.8 million
corresponding to an Adjusted EPS<sup>1</sup>, basic, of $0.32 for the three months ended September 30, 2025 compared to an Adjusted net income of $10.9 million corresponding to an Adjusted EPS,
basic, of $0.32 for the same period of last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>EBITDA</u> for the three months ended September 30, 2025 amounted to $17.9 million, while <u>Adjusted EBITDA</u> <sup>1</sup> for the three months ended September 30, 2025 amounted to $18.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An average of 19.0 vessels were owned by the Company during the three months ended September 30, 2025
compared to an average of 10.4 vessels for the same period of 2024.

**Nine months 2025 Results:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Revenues</u> for the nine months ended September 30, 2025 amounted to $109.9 million, a decrease of
$11.4 million, or 9.4%, compared to revenues of $121.3 million for the nine months ended September 30, 2024, primarily due to stronger tanker rates prevailing in the first half of 2024 compared to the same period of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Voyage expenses and vessels' operating expenses</u> for the nine months ended September 30, 2025
were $32.8 million and $26.4 million, respectively, compared to $43.6 million and $19.7 million, respectively, for the nine months ended September 30, 2024. The $10.8 million decrease in voyage expenses is mainly
attributed to a decrease in spot days by 28.2% as a result of a rise in time charter activity. The $6.7 million increase in vessels' operating expenses was primarily due to the increase in the average number of vessels in our fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Drydocking costs</u> for the nine months ended September 30, 2025 and 2024 were $1.7 million and
$1.5 million, respectively. During the nine months ended September 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year two tanker vessels underwent drydocking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>General and administrative costs</u> for the nine months ended September 30, 2025 and 2024 were
$3.5 million and $3.9 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Depreciation</u> for the nine months ended September 30, 2025 was $18.3 million, a $5.8 million
increase from $12.5 million for the same period of last year, due to the increase in the average number of our vessels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other operating income</u> for the nine months ended September 30, 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 that is expected to be collected within 2025. Other operating income for the nine months ended
September 30, 2024 was $1.9 million and related to the collection of an insurance claim in connection with repairs undertaken in prior years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Interest and finance costs</u> for the nine months ended September 30, 2025 and 2024 were
$2.3 million and $0.1 million, respectively. The $2.3 million of costs for the nine months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel
acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated
between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were repaid in full within the nine months of 2025, remained the same as the originally
agreed purchase prices.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Interest income</u> for the nine months ended September 30, 2025 and 2024 was $6.0 million and
$4.4 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Foreign exchange gain</u> for the nine months ended September 30, 2025 was $4.6 million as compared
to $0.6 million for the nine months ended September 30, 2024. The $4.0 million increase in foreign exchange gain for the nine months ended September 30, 2025 is mainly attributed the strengthening of the euro currency against the
dollar at the end of the nine months ended September 30, 2025 when compared to the respective currency values at the end the same period of last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of the above, the Company reported <u>net income</u> for the nine months ended September 30,
2025 of $35.0 million, compared to net income of $46.2 million for the nine months ended September 30, 2024. <u>The weighted average number of shares outstanding</u>, basic, for the nine months ended September 30, 2025 was
33.3 million. <u>Earnings per share</u>, basic and diluted, for the nine months ended September 30, 2025 amounted to $0.98 and $0.93, respectively, compared to earnings per share, basic and diluted, for the nine months ended
September 30, 2024 of $1.47 and $1.32, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Adjusted Net Income</u> was $37.4 million corresponding to an <u>Adjusted EPS</u>, basic, of $1.04 for
the nine months ended September 30, 2025 compared to adjusted net income of $50.6 million, or $1.61 Adjusted EPS, basic, for the same period of last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>EBITDA</u> for the nine months ended September 30, 2025 amounted to $49.7 million while <u>Adjusted EBITDA</u> for the nine months ended September 30, 2025 amounted to $52.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An average of 15.0 vessels were owned by the Company during the nine months ended September 30, 2025
compared to an average of 10.2 vessels for the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, cash and cash equivalents including time deposits amounted to $99.3 million
and total debt amounted to nil.

<sup>1</sup> EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. 

**Fleet Employment Table** 

As of December 11, 2025, 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)** |
|  ***<u>Tankers</u>*** |  |  |  |  |  |  |
|  Magic Wand | 2008 | Korea | 47000 | MR product tanker | Time Charter | January 26 |
|  Clean Thrasher | 2008 | Korea | 47000 | MR product tanker | Time Charter | January 26 |
|  Clean Sanctuary (ex. Falcon Maryam) | 2009 | Korea | 46000 | MR product tanker | Spot |  |
|  Clean Nirvana | 2008 | Korea | 50000 | MR product tanker | Spot |  |
|  Clean Justice | 2011 | Japan | 46000 | MR product tanker | Time Charter | September 27 |
|  Aquadisiac | 2008 | Korea | 51000 | MR product tanker | Spot |  |
|  Clean Imperial | 2009 | Korea | 40000 | MR product tanker | Time Charter | January 26 |

---

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Suez Enchanted | 2007 | Korea | 160000 | Suezmax tanker | Spot |  |
|  Suez Protopia | 2008.0 | Korea | 160000 | Suezmax tanker | Spot |  |
|  ***<u>Drybulk Carriers(2)</u>*** |  |  |  |  |  |  |
|  Eco Wildfire | 2013.0 | Japan | 33000 | Handysize drybulk | Time Charter | December 25 |
|  Glorieuse | 2012.0 | Japan | 38000 | Handysize drybulk | Time Charter | December 25 |
|  Neptulus | 2012.0 | Japan | 33000 | Handysize drybulk | Time Charter | January 26 |
|  Supra Pasha | 2012.0 | Japan | 56000 | Supramax drybulk | Time Charter | December 25 |
|  Supra Monarch | 2011.0 | Japan | 56000 | Supramax drybulk | Time Charter | December 25 |
|  Supra Baron | 2009.0 | Japan | 56000 | Supramax drybulk | Time Charter | December 25 |
|  Supra Sovereign | 2012.0 | Japan | 56000 | Supramax drybulk | Time Charter | January 26 |
|  Supra Duke | 2011.0 | Japan | 56000 | Supramax drybulk | Time Charter | December 25 |
|  Eco Sikousis | 2008.0 | Japan | 82000 | Kamsarmax drybulk | Time Charter | December 25 |
|  Eco Czar | 2023.0 | Japan | 82000 | Kamsarmax drybulk | Time Charter | February 2026 |
|  **Fleet Total** |  |  | **1,195,000 dwt** |  |  |  |

---

(1) Earliest date charters could expire.

(2) We have contracted to acquire three Japanese-built drybulk carriers, with a total capacity of approximately
164,400 dwt and an average age of approximately 12.5 years, which are expected to be delivered to us between the first quarter of 2026 and August 2026.

**CEO Harry Vafias Commented** 

The full integration of our recently delivered seven drybulk vessels, increasing our fleet to 19 ships and soon to 22 ships, enhanced within Q3 25 our income and profitability stemming from core operations. Market rates for both tanker and drybulk markets are solid and this seems likely to hold in the upcoming quarters. With our debt free balance sheet, our cash base that is currently about $172 million and our focus on quality built Japanese and Korean ships, we aim for an even better performance in the fourth quarter of 2025.

**Conference Call details:** 

On December 11, 2025 at 10:00 am ET, the company's management will host a conference call to discuss the results and the company's operations and outlook.

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

**Online Registration:** 

<u>https://register-conf.media-server.com/register/BI070a67268c6047158716d8fe3d38aeb7</u>

**Slides and audio webcast:** 

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

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**About IMPERIAL PETROLEUM INC.** 

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of nineteen vessels on the water - seven M.R. product tankers, two suezmax tankers, three handysize drybulk carriers, five supramax drybulk carriers and two kamsarmax drybulk vessels - with a total capacity of 1,195,000 deadweight tons (dwt) and has contracted to acquire an additional two handysize drybulk carriers and a post panamax drybulk carrier of 164,400 dwt aggregate capacity. Following these deliveries, the Company's fleet will count a total of 22 vessels with an aggregate capacity of 1.4 million dwt. IMPERIAL PETROLEUM INC.'s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols "IMPP" and "IMPPP," respectively.

**Forward-Looking Statements** 

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC's operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any such financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

**Fleet List and Fleet Deployment** 

For information on our fleet and further information:

Visit our website at <u>www.ImperialPetro.com</u>

**Company Contact:** 

Fenia Sakellaris

IMPERIAL PETROLEUM INC.

E-mail: <u>info@ImperialPetro.com</u>

------

**Fleet Data:** 

The following key indicators highlight the Company's operating performance during the periods ended September 30, 2024 and September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FLEET DATA** | **Q3 2024** | **Q3 2025** | **9M 2024** | **9M 2025** |
|  Average number of vessels (1) | 10.41 | 19.00 | 10.18 | 15.03 |
|  Period end number of owned vessels in fleet | 11 | 19 | 11 | 19 |
|  Total calendar days for fleet (2) | 958 | 1748 | 2789 | 4103 |
|  Total voyage days for fleet (3) | 890 | 1739 | 2690 | 4043 |
|  Fleet utilization (4) | 92.9% | 99.5% | 96.5% | 98.5% |
|  Total charter days for fleet (5) | 261 | 1308 | 646 | 2576 |
|  Total spot market days for fleet (6) | 629 | 431 | 2044 | 1467 |
|  Fleet operational utilization (7) | 65.6% | 88.7% | 75.5% | 85.7% |

---

1) <u>Average number of vessels</u> 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) <u>Total calendar days</u> for fleet 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. 

3) <u>Total voyage days</u> for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. 

4) <u>Fleet utilization</u> 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. 

5) <u>Total charter days</u> for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 

6) <u>Total spot market charter days</u> for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 

7) <u>Fleet operational utilization</u> is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period. 

**Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:** 

Adjusted net income represents net income before net loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, net loss on sale of vessel and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(Expressed in United States Dollars, <br>except number of shares)** | **Third Quarter Ended<br>September 30th,** | **Third Quarter Ended<br>September 30th,** | **Nine months Period Ended<br>September 30th,** | **Nine months Period Ended<br>September 30th,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  **<u>Net Income - Adjusted Net Income</u>** |  |  |  |  |
|  **Net income** | **10061069** | **10964002** | **46240111** | **35014422** |
|  Plus net loss on sale of vessel |  |  | 1589702 |  |
|  Plus share based compensation | 836648 | 799648 | 2732020 | 2360367 |
|  **Adjusted Net Income** | **10897717** | **11763650** | **50561833** | **37374789** |
|  **<u>Net income - EBITDA</u>** |  |  |  |  |
|  **Net income** | **10061069** | **10964002** | **46240111** | **35014422** |
|  Plus interest and finance costs | 113471 | 875818 | 121698 | 2320290 |
|  Less interest income | (2262938) | (1493807) | (6036542) | (5952371) |
|  Plus depreciation | 4290384 | 7535007 | 12525453 | 18284135 |
|  **EBITDA** | **12201986** | **17881020** | **52850720** | **49666476** |
|  **<u>Net income - Adjusted EBITDA</u>** |  |  |  |  |
|  **Net income** | **10061069** | **10964002** | **46240111** | **35014422** |
|  Plus net loss on sale of vessel |  |  | 1589702 |  |
|  Plus share based compensation | 836648 | 799648 | 2732020 | 2360367 |
|  Plus interest and finance costs | 113471 | 875818 | 121698 | 2320290 |
|  Less interest income | (2262938) | (1493807) | (6036542) | (5952371) |
|  Plus depreciation | 4290384 | 7535007 | 12525453 | 18284135 |
|  **Adjusted EBITDA** | **13038634** | **18680668** | **57172442** | **52026843** |
|  **<u>EPS</u>** |  |  |  |  |
|  **<u>Numerator</u>** |  |  |  |  |
|  Net income | 10061069 | 10964002 | 46240111 | 35014422 |
|  Less: Cumulative dividends on preferred shares | (435245) | (435245) | (1305737) | (1305737) |
|  Less: Undistributed earnings allocated to non-vested shares | (437903) | (371772) | (2353108) | (1239283) |
|  Net income attributable to common shareholders, basic | 9187921 | 10156985 | 42581266 | 32469402 |
|  **<u>Denominator</u>** |  |  |  |  |
|  Weighted average number of shares | 31383953 | 33664833 | 28995256 | 33295052 |
|  **EPS - Basic** | **0.29** | **0.30** | **1.47** | **0.98** |
|  **<u>Adjusted EPS</u>** |  |  |  |  |
|  **<u>Numerator</u>** |  |  |  |  |
|  Adjusted net income | 10897717 | 11763650 | 50561833 | 37374789 |
|  Less: Cumulative dividends on preferred shares | (435245) | (435245) | (1305737) | (1305737) |
|  Less: Undistributed earnings allocated to non-vested shares | (475965) | (400007) | (2579426) | (1326060) |
|  Adjusted net income attributable to common shareholders, basic | 9986507 | 10928398 | 46676670 | 34742992 |
|  **<u>Denominator</u>** |  |  |  |  |
|  Weighted average number of shares | 31383953 | 33664833 | 28995256 | 33295052 |
|  **Adjusted EPS** | **0.32** | **0.32** | **1.61** | **1.04** |

---

------

**Imperial Petroleum Inc.** 

**Unaudited Consolidated Statements of Income** 

**(Expressed in United States Dollars, except for number of shares)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarters Ended**<br> **September 30,** | **Quarters Ended**<br> **September 30,** | **Nine Month Periods Ended**<br> **September 30,** | **Nine Month Periods Ended**<br> **September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues | 33023153 | 41419544 | 121268315 | 109859989 |
|  **Expenses/(Income)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyage expenses | 12558037 | 11104945 | 42046339 | 31431024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyage expenses - related party | 415715 | 511031 | 1518099 | 1345647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessels' operating expenses | 7142040 | 10726721 | 19482856 | 26046169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessels' operating expenses - related party | 79000 | 160000 | 238500 | 367500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drydocking costs | 870486 | 52492 | 1495943 | 1744525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees – related party | 421520 | 769120 | 1227160 | 1805320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 1215921 | 1185523 | 3899293 | 3468464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 4290384 | 7535007 | 12525453 | 18284135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income |  | (885443) | (1900000) | (885443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss on sale of vessel |  |  | 1589702 |  |
|  **Total expenses, net** | **26993103** | **31159396** | **82123345** | **83607341** |
|  **Income from operations** | **6030050** | **10260148** | **39144970** | **26252648** |
|  **Other (expenses)/income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and finance costs | (4534) | (2527) | (12761) | (9249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense – related party | (108937) | (873291) | (108937) | (2311041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2142734 | 1493807 | 4399902 | 5952371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income – related party | 120204 |  | 1636640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from related party | 191666 | 191667 | 570833 | 568750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange gain/(loss) | 1689886 | (105802) | 609464 | 4560943 |
|  **Other income, net** | **4031019** | **703854** | **7095141** | **8761774** |
|  **Net Income** | **10061069** | **10964002** | **46240111** | **35014422** |
|  **Earnings per share** |  |  |  |  |
|  - Basic | 0.29 | 0.30 | 1.47 | 0.98 |
|  - Diluted | 0.27 | 0.29 | 1.32 | 0.93 |
|  **Weighted average number of shares** |  |  |  |  |
|  - Basic | 31383953 | 33664833 | 28995256 | 33295052 |
|  - Diluted | 34263264 | 36405731 | 32435279 | 34838521 |

---

------

**Imperial Petroleum Inc.** 

**Unaudited Consolidated Balance Sheets** 

**(Expressed in United States Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **September 30,<br>2025** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 67783531 | 2858795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 138948481 | 96462936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables | 13456083 | 11592393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 652769 | 1677940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims receivable |  | 885443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 7306356 | 6774367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and prepayments | 250562 | 225008 |
|  **Total current assets** | **228397782** | **120476882** |
|  **Non current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use asset | 78761 | 19263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessels, net | 208230018 | 343053203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in related party | 12798500 | 12798500 |
|  **Total non current assets** | **221107279** | **355870966** |
|  **Total assets** | **449505061** | **476347848** |
|  **Liabilities and Stockholders' Equity** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | 5243872 | 8378540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to related parties | 18725514 | 4567879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 3370020 | 2886763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability, current portion | 78761 | 19263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 1419226 | 1512017 |
|  **Total current liabilities** | **28837393** | **17364462** |
|  **Total liabilities** | **28837393** | **17364462** |
|  **Commitments and contingencies** |  |  |
|  **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock | 382755 | 401798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock, Series A | 7959 | 7959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock, Series B | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock | (8390225) | (8390225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 282642357 | 287230347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 146024662 | 179733347 |
|  **Total stockholders' equity** | **420667668** | **458983386** |
|  **Total liabilities and stockholders' equity** | **449505061** | **476347848** |

---

------

**Imperial Petroleum Inc.** 

**Unaudited Consolidated Statements of Cash Flows** 

**(Expressed in United States Dollars** 

---

| | | |
|:---|:---|:---|
|  | **Nine Month Periods Ended<br>September 30,** | **Nine Month Periods Ended<br>September 30,** |
|  | **2024** | **2025** |
|  **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income for the period | 46240111 | 35014422 |
|  **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 12525453 | 18284135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense | 53681 | 59498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | 2732020 | 2360367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss on sale of vessel | 1589702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized foreign exchange loss/(gain) on time deposits | 580990 | (1041651) |
|  **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(Increase)/decrease in** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables | 1010078 | 1863690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 206747 | (1025171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims receivable |  | (885443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 598099 | 531989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating lease liabilities | (53681) | (59498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and prepayments | (127225) | 25554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from related parties | 2206821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | (1876732) | 3134668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 2253296 | (856260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 621976 | (483257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 54963 | 92791 |
|  **Net cash provided by operating activities** | **68616299** | **57015834** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of vessel, net | 41153578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for acquisition, improvement and capitalized expenses of vessels | (74593568) | (1707320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in bank time deposits | (120331710) | (154383415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity of bank time deposits | 119829230 | 197910611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from seller financing | 35700000 |  |
|  **Net cash provided by investing activities** | **1757530** | **41819876** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options |  | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from warrants exercise | 8600000 | 2066666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock repurchases | (2504498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid on preferred shares | (1248254) | (1302112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of seller financing |  | (164705000) |
|  **Net cash provided by/(used in) financing activities** | **4847248** | **(163760446)** |
|  Net increase/(decrease) in cash and cash equivalents | 75221077 | (64924736) |
|  Cash and cash equivalents at beginning of period | 91927512 | 67783531 |
|  **Cash and cash equivalents at end of period** | **167148589** | **2858795** |
|  **Cash breakdown** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 167148589 | 2858795 |
|  **Total cash and cash equivalents shown in the statements of cash flows** | **167148589** | **2858795** |

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