Summary by Moomoo AI
Imperial Petroleum Inc. (NASDAQ: IMPP), a provider of seaborne transportation services for petroleum products, crude oil, and dry bulk, announced its financial and operating results for the first quarter of 2024 on May 16, 2024. The company reported a net income of $16.7 million for Q1 2024, a significant increase from $6.5 million in Q4 2023, but a decrease from $35.7 million in Q1 2023. The rise in net income compared to the previous quarter is attributed to improved fleet operational utilization and a decrease in commercial idle days. Revenues for Q1 2024 were $41.2 million, down 37% from the same period last year, primarily due to a decline in tanker market spot rates. Operational and financial highlights include a fleet operational utilization of 80.6%, revenues rising by 37.8% from Q4 2023, and cash and cash equivalents totaling $67.0 million as...Show More