Summary by Moomoo AI
Imperial Petroleum Inc. (NASDAQ: IMPP), a provider of seaborne transportation services for petroleum products, crude oil, and dry bulk, has filed a Prospectus Supplement on May 16, 2024, to update its previously issued prospectus dated May 1, 2024. The supplement includes the company's Report on Form 6-K, which details its financial and operating results for the first quarter ended March 31, 2024. The report reveals 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. Revenues for Q1 2024 were reported at $41.2 million, down from $65.4 million in the same period the previous year, primarily due to a decline in tanker market spot rates. The company also announced the sale of its aframax tanker Gstaad Grace II for $42 million, which was delivered to the new owners on April 26, 2024. Imperial Petroleum highlighted its strong financial position with $67.0 million in cash and cash equivalents and no bank debt as of March 31, 2024. The company's management is set to discuss these results and provide an operational outlook in a conference call on May 16, 2024.