{"id":1002525,"date":"2026-09-10T10:21:49","date_gmt":"2026-09-10T14:21:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/imperial-petroleum-inc-reports-second-quarter-and-six-months-2026-financial-and-operating-results\/"},"modified":"2026-09-10T10:21:49","modified_gmt":"2026-09-10T14:21:49","slug":"imperial-petroleum-inc-reports-second-quarter-and-six-months-2026-financial-and-operating-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/imperial-petroleum-inc-reports-second-quarter-and-six-months-2026-financial-and-operating-results\/","title":{"rendered":"Imperial Petroleum Inc. Reports Second Quarter and Six Months 2026 Financial and Operating Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">ATHENS, Greece, Sept.  10, 2026  (GLOBE NEWSWIRE) &#8212; IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the \u201cCompany\u201d), 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 second quarter and six months ended June 30, 2026.<\/p>\n<p>\n        <strong>OPERATIONAL AND FINANCIAL HIGHLIGHTS<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>Fleet operational utilization of 73.5% in Q2 26\u2019.<\/li>\n<li>Approximately 50% of total fleet calendar days in Q2 26\u2019 were dedicated to time charter activity while approximately 39% were dedicated to spot activity.<\/li>\n<li>Delivery of the dry bulk carrier, Eco Crossfire (2012 built), on April 3, 2026 and delivery of the drybulk carrier, Outrider (2016 built), on August 21, 2026.<\/li>\n<li>Sale of our tanker Suez Enchanted (2007 built) to third parties, on August 7, 2026, creating a net gain on sale of approximately $32 million.<\/li>\n<li>\n          <u>All-time high quarterly revenues<\/u> of $87.1 million in Q2 26\u2019 compared to $61.7 million in Q1 26\u2019 and $36.3 million in Q2 25\u2019, representing a 41.2% increase and a 139.9% increase, respectively.<\/li>\n<li>\n          <u>Near all-time high operating income<\/u> of $33.4 million in Q2 26\u2019 marking a $6.9 million or 26.0% increase compared to Q1 26\u2019 and a $25.2 million or 307.3% increase compared to Q2 25\u2019.<\/li>\n<li>Net income of $34.8 million in Q2 26\u2019- the second best in our history- compared to $28.0 million in Q1 26\u2019, and $12.8 million in Q2 25\u2019, representing a 24.3% and 171.9% increase, respectively.<\/li>\n<li>Basic EPS of $0.75 in Q2 26\u2019 and $1.34 for 6M 2026.<\/li>\n<li>EBITDA<sup>1<\/sup> of $41.2 million for Q2 26\u2019.<\/li>\n<li>Continued enhancement of our liquidity through efficient vessel operations; cash and cash equivalents including time deposits of $245.2 million as of June 30, 2026 compared to $179.1 million as of December 31, 2025 &#8211; corresponding to an increase of 36.9%. Our current cash base is about $260 million.<\/li>\n<li>For the 6M\u2019 2026 our Net Income came in at $62.8 million, already exceeding our 12M\u2019 2025 net income \u00a0performance of $50.0 million.<\/li>\n<\/ul>\n<p>\n        <strong>Second Quarter 2026 Results:\u00a0<\/strong>\n      <\/p>\n<ul type=\"square\">\n<li>\n          <u>Revenues<\/u> for the three months ended June 30, 2026, amounted to $87.1 million, an increase of $50.8 million or 139.9%, compared to revenues of $36.3 million for the three months ended June 30, 2025, primarily due to a 6.9 vessel increase in the average number of vessels in our fleet, along with an increase in both tanker and drybulk rates driven by geopolitical tensions, mostly affecting the tanker vessels, and favorable market dynamics in the drybulk market.<\/li>\n<li>\n          <u>Voyage expenses and vessels\u2019 operating expenses<\/u> for the three months ended June 30, 2026, were $22.1 million and $14.4 million, respectively, compared to $10.7 million and $8.4 million, respectively, for the three months ended June 30, 2025. The $11.4 million increase in voyage expenses is mainly attributed to increased bunker costs by mainly due to an increase in spot days by 58.4% and increased bunkers\u2019 prices. The $6.0 million increase in vessels\u2019 operating expenses is primarily due to the increase of our fleet by an average of 6.9 vessels.<\/li>\n<li>\n          <u>Drydocking costs<\/u> for the three months ended June 30, 2026 and 2025 were $7.5 million and $1.7 million, respectively. During the three months ended June 30, 2026, six vessels underwent drydocking whereas during the three months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking.<\/li>\n<li>\n          <u>General and administrative costs<\/u> for the three months ended June 30, 2026 and 2025, were $1.1 million in each period.<\/li>\n<li>\n          <u>Depreciation<\/u> for the three months ended June 30, 2026 and 2025, was $8.2 million and $5.7 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.<\/li>\n<li>\n          <u>Management fees<\/u> for the three months ended June 30, 2026 and 2025, were $0.8 million and $0.6 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.<\/li>\n<li>\n          <u>Interest and finance costs<\/u> for the three months ended June 30, 2026 and 2025, were $0.4 million and $0.8 million, respectively. The $0.4 million of costs for the three months ended June 30, 2026 related mainly to accrued interest expense \u2013 related party in connection with the $19.2 million and $12.3 million portions of the acquisition price of our bulk carriers, Post Marvel and Eco Crossfire, respectively, which were completely settled in the third quarter of 2026. The $0.8 million of costs for the three months ended June 30, 2025 related mainly to accrued interest expense \u2013 related party in connection with our last nine vessel acquisitions, for which the purchase agreements allowed vessel repayment to take place within up to one year from the agreement date. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices.<\/li>\n<li>\n          <u>Interest income<\/u> for the three months ended June 30, 2026, was $2.1 million as compared to $2.3 million for the three months ended June 30, 2025. The $0.2 million decrease is mainly attributed to a period on period decline in time deposit rates and amounts placed in time deposits.<\/li>\n<li>\n          <u>Foreign exchange (loss)\/gain<\/u> for the three months ended June 30, 2026, was a loss of $0.6 million as compared to a gain of $3.0 million for the three months ended June 30, 2025. The $0.6 million foreign exchange loss for the three months ended June 30, 2026 is mainly attributed to the weakening of the Euro currency against the Dollar at the end of the three months ended June 30, 2026 when compared to the respective currency values prevailing at the end of March 2026.<\/li>\n<li>\u00a0As a result of the above, for the three months ended June 30, 2026, the Company reported <u>net income<\/u> of $34.8 million, compared to net income of $12.8 million for the three months ended June 30, 2025. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2026. The <u>weighted average number of shares of common stock outstanding, basic<\/u>, for the three months ended June 30, 2026 was 45.4 million. <u>Earnings per share, basic and diluted,<\/u> for the three months ended June 30, 2026 amounted to $0.75 and $0.70, respectively, compared to earnings per share, basic and diluted, of $0.36 and $0.35, respectively, for the three months ended June 30, 2025.<\/li>\n<li>\u00a0<u>Adjusted net income<\/u><sup>1<\/sup> was $35.3 million corresponding to an Adjusted EPS<sup>1<\/sup>, basic of $0.76 for the three months ended June 30, 2026 compared to an Adjusted net income of $13.4 million, or an Adjusted EPS, basic, of $0.38 for the same period of last year.<\/li>\n<li>\u00a0<u>EBITDA<\/u><sup>1<\/sup> for the three months ended June 30, 2026 amounted to $41.2 million, while <u>Adjusted EBITDA<\/u><sup>1<\/sup> for the three months ended June 30, 2026 amounted to $41.7 million.<\/li>\n<li>An average of 21.0 vessels were owned by the Company during the three months ended June 30, 2026 compared to 14.1 vessels for the same period of 2025.<\/li>\n<\/ul>\n<p>\n        <strong>Six Months 2026 Results:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <u>Revenues<\/u> for the six months ended June 30, 2026 amounted to $148.8 million, an increase of $80.4 million or 117.5%, compared to revenues of $68.4 million for the six months ended June 30, 2025, primarily due to a 7.4 vessel increase in the average number of vessels in our fleet, along with an increase in tanker rates noticeable from the beginning of 2026 and drybulk rates which mostly improved in the second quarter of 2026.<\/li>\n<li>\n          <u>Voyage expenses and vessels\u2019 operating expenses<\/u> for the six months ended June 30, 2026, were $34.9 million and $25.6 million, respectively, compared to $21.2 million and $15.5 million, respectively, for the six months ended June 30, 2025. The $13.7 million increase in voyage expenses is mainly attributed to an increase in spot days by 40.3%. The $10.1 million increase in vessels\u2019 operating expenses is primarily due to the increase in the average number of vessels in our fleet by 7.4 vessels.<\/li>\n<li>\n          <u>Drydocking costs<\/u> for the six months ended June 30, 2026 and 2025, were $9.0 million and $1.7 million, respectively. During the six months ended June 30, 2026, seven vessels underwent drydocking whereas during the six months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking.<\/li>\n<li>\n          <u>General and administrative costs<\/u> for the six months ended June 30, 2026 and 2025, were $2.2 million and $2.3 million, respectively. This decrease is mainly attributed to the decrease in stock-based compensation costs.<\/li>\n<li>\n          <u>Depreciation<\/u> for the six months ended June 30, 2026 was $16.1 million, a $5.4 million increase from $10.7 million for the same period of last year, due to the increase in the average number of our vessels.<\/li>\n<li>\n          <u>Management fees<\/u> for the six months ended June 30, 2026 and 2025, were $1.6 million and $1.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.<\/li>\n<li>\n          <u>Interest and finance costs<\/u> for the six months ended June 30, 2026 and 2025, were $0.6 million and $1.4 million, respectively. The $0.6 million of costs for the six months ended June 30, 2026 related mainly to accrued interest expense \u2013 related party in connection with the $19.2 million and $12.3 million portions of the acquisition prices of our bulk carriers, Post Marvel and Eco Crossfire, respectively, which were completely settled in the third quarter of 2026. The $1.4 million of costs for the six months ended June 30, 2025 related mainly to accrued interest expense \u2013 related party in connection with our last nine vessel acquisitions, for which the purchase agreements allowed vessel repayment to take place within up to one year from the agreement date. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices.<\/li>\n<li>\n          <u>Interest income<\/u> for the six months ended June 30, 2026 and 2025, was $3.9 million and $4.5 million, respectively. The $0.6 million decrease is mainly attributed to a decline in time deposit rates and amounts placed in time deposits.<\/li>\n<li>\n          <u>Foreign exchange (loss)\/gain<\/u> for the six months ended June 30, 2026 was a loss of $0.8 million as compared to a gain of $4.7 million for the six months ended June 30, 2025. The $0.8 million foreign exchange loss for the six months ended June 30, 2026 is mainly attributed to the weakening of the Euro currency against the US Dollar at the end of the six months ended June 30, 2026 when compared to the respective currency values prevailing at the end of the year 2025.<\/li>\n<li>As a result of the above, the Company reported <u>net income<\/u> for the six months ended June 30, 2026 of $62.8 million, compared to a net income of $24.1 million for the six months ended June 30, 2025. <u>The weighted average number of shares outstanding<\/u>, basic, for the six months ended June 30, 2026 was 45.3 million. <u>Earnings per share<\/u>, basic and diluted, for the six months ended June 30, 2026 amounted to $1.34 and $1.27, respectively compared to earnings per share, basic and diluted, of $0.67 and $0.65 for the six months ended June 30, 2025.<\/li>\n<li>\n          <u>Adjusted Net Income<\/u> was $63.9 million corresponding to an <u>Adjusted EPS<\/u>, basic, of $1.37 for the six months ended June 30, 2026 compared to an Adjusted Net Income of $25.6 million, or an Adjusted EPS, basic, of $0.72, basic, for the same period of last year.<\/li>\n<li>\n          <u>EBITDA<\/u> for the six months ended June 30, 2026 amounted to $75.6 million while <u>Adjusted EBITDA<\/u> for the six months ended June 30, 2026 amounted to $76.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.<\/li>\n<li>An average of 20.4 vessels were owned by the Company during the six months ended June 30, 2026 compared to 13.0 vessels for the same period of 2025.<\/li>\n<li>As of June 30, 2026, cash and cash equivalents including time deposits amounted to $245.2 million and total debt amounted to nil.<\/li>\n<\/ul>\n<p>\n        <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.<\/p>\n<p align=\"justify\">\n        <strong>Fleet Employment Table<\/strong>\n      <\/p>\n<p>As of September 10, 2026, the profile and deployment of our fleet is the following:<\/p>\n<table style=\"border-collapse: collapse;margin-left:0px;margin-right:auto;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Name<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Year<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Country<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Vessel\u00a0Size<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Vessel<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Employment<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Expiration\u00a0of<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Built<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Built<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(dwt)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Type<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Status<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Charter (1)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\n            <strong><br \/>\n              <em><br \/>\n                <u>Tankers<\/u><br \/>\n              <\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Magic Wand<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2008<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">47,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR\u00a0product\u00a0tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Clean Thrasher<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2008<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">47,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR product tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Clean Sanctuary<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2009<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">46,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR product tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Clean Nirvana<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2008<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">50,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR product tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Clean Justice<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2011<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">46,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR product tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 27<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Aquadisiac<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2008<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">51,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR product tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Clean Imperial<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2009<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">40,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">MR product tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Suez Protopia<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2008<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Korea<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">160,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Suezmax tanker<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\n            <strong><br \/>\n              <em><br \/>\n                <u>Drybulk Carriers<\/u><br \/>\n              <\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Eco Wildfire<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2013<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">33,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Handysize drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">October 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Glorieuse<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2012<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">38,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Handysize drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Neptulus<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2012<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">33,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Handysize drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">October 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Supra Pasha<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2012<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">56,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Supramax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Supra Monarch<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2011<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">56,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Supramax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Supra Baron<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2009<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">56,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Supramax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Supra Sovereign<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2012<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">56,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Supramax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">November 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Supra Duke<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2011<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">56,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Supramax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Eco Sikousis<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2008<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">82,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Kamsarmax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Eco Czar<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2009<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">82,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Kamsarmax drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">October 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Post Marvel<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2013<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">96,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Post Panamax<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">October 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Eco Crossfire<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2012<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">33,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Handysize drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Time Charter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">September 26<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Outrider<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">2016<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Japan<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">33,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Handysize drybulk<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Spot<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\n            <strong>Fleet Total\u00a0<\/strong><br \/>\n            <strong>(2)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,197,000 <\/strong><br \/>\n            <strong>dwt<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:5%;width:5%;min-width:5%;vertical-align: top\">(1)<br \/>(2)<\/td>\n<td style=\"max-width:95%;width:95%;min-width:95%;vertical-align: top\">Earliest date charters could expire.<br \/>We have agreements to acquire an additional three handysize drybulk carriers of 107,400 dwt aggregate capacity and a product tanker\u00a0of 50,000 dwt capacity, with deliveries scheduled in 2026.<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>CEO<\/strong><br \/>\n        <strong>Harry Vafias Commented<\/strong>\n      <\/p>\n<p align=\"justify\">Our exceptional second quarter and first half of 2026 demonstrate the power of our commercial strategy and disciplined execution. By securing record revenues of $87.1 million for Q2 26\u2019, expanding our fleet toward a 25-vessel target while remaining debt free, we have driven net income for the first six months to a remarkable $62.8 million, already surpassing our profitability for the entirety of 2025. Backed by a solid balance sheet and with cash to date in the order of approximately $260 million and a fleet value anticipated to increase with our upcoming vessel additions, we are well equipped to navigate shifting geopolitical landscapes. Imperial Petroleum is in a prime position to produce strong results, while holding a flawless balance sheet and a track record of creating value through the Company\u2019s growth and strategic asset management.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call details: <\/strong>\n      <\/p>\n<p align=\"justify\">On September 10, 2026 at 10:00 am ET, the company\u2019s management will host a conference call to discuss the results and the company\u2019s operations and outlook.<\/p>\n<p align=\"justify\">\n        <strong>Online Registration: <\/strong>\n      <\/p>\n<p align=\"justify\">Conference call participants should pre-register using the link below to receive the dial-in numbers and a personal PIN, which are required to access the conference call.<\/p>\n<p>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=peEcTWrUQ-Py6er0qjFXB1ZfoiQfZVG7NIMQqClBLki6RynRgoZ5sYPaLXHDi38DKOFsoD1YitSy8SVgbnDS5bLcrK3CjjDLyW35FML0xnkUa4w9tyNc18f7-HWL0PQH16NLXlQ6DT3XTAa4zEUIMdOur1vAJi_TyZsVOquWkuRqIumu8mfQx2FkQ9SHbnhLGOJtwPrUfRm8OyLnA8BfTG8CaqedVOB5ivK2r0BulWT-GznSXl8WCW-auvTbCAGV5o8aF24qzBhP9jeVoiamD9rDYk8tQ3Z1drD9Ge4uwnnM1GklyScynnN3jEzXJheqGGZLRZGNAt4rDTTJ9gpXum3Ku49rihrFOFSMaMVoloyQ3l7wyHFlWR4mkgPF83ZChAMz8dzTHycmoVdrob3vcqKlyyJqwARahNfht9XTqH83lI3_HsKZUMsoolNKIxo3V-9eBMitovYmIdhzrNsBRQ==\" rel=\"nofollow\" target=\"_blank\">https:\/\/register-conf.media-server.com\/register\/BIe85f8402e2104ed2803a92fc451f9847<\/a>\n      <\/p>\n<p align=\"justify\">\n        <strong>Slides and audio webcast: <\/strong><br \/>\n        <br \/>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.<\/p>\n<p align=\"justify\">\n        <strong>About IMPERIAL PETROLEUM INC.<\/strong>\n      <\/p>\n<p align=\"justify\">IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twenty-one vessels on the water &#8211; seven M.R. product tankers, one suezmax tanker, five handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier &#8211; with a total capacity of approximately 1,197,000 deadweight tons (dwt) and has contracted to acquire an additional three handysize drybulk carriers and a product tanker of 157,400 dwt aggregate capacity. Following these deliveries, the Company\u2019s fleet will count a total of 25 vessels with an aggregate capacity of about 1.3 million dwt. IMPERIAL PETROLEUM INC.\u2019s 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 \u201cIMPP\u201d and \u201cIMPPP,\u201d respectively.<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">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, including our intentions relating to fleet growth and financing, and outlook for our shipping sectors and vessel earnings, 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\u2019s 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\u00a0 other countries,\u00a0 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\u2019s operating expenses, including bunker prices, drydocking and insurance costs, ability to complete the acquisitions of our four contracted vessels and to fund the purchase price for these and other recently acquired vessels, ability to obtain financing and comply with covenants in our 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 Adenand the effective closure of the Persian Gulf, including the Strait of Hormuz, due to the conflict between Iran and the U.S. and Israel, or accidents and political events or acts by terrorists.<\/p>\n<p align=\"justify\">Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.<\/p>\n<p align=\"justify\">\n        <strong>Fleet List and Fleet Deployment<br \/><\/strong>For information on our fleet and further information:<br \/>Visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=G_yJiICWZFj4bavQ-gq6xRK_OVNNx0B78oufjWY9G4bfJ91x_oyIpU2U_fiNtZwaZ2luZEawZWgyVYY7NMDJHg13g33gc81rI6E6HmIyCw0=\" rel=\"nofollow\" target=\"_blank\">www.ImperialPetro.com<\/a><\/p>\n<p align=\"justify\">\n        <strong>Company Contact:<\/strong><br \/>\n        <br \/>Fenia Sakellaris <br \/>IMPERIAL PETROLEUM INC.<br \/>E-mail: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=S0Ey_MuDNOy_pjUcxs_qCzJ501rB70-aiJAKvwulZ6Rwg7zdVVBalnteh7kYBsAyBJQU71eUkoSqPkZArnJteRp3TaWVtdM5EoQP--tdfj-S89aYTQu1aF_d669PYyKS\" rel=\"nofollow\" target=\"_blank\">info@ImperialPetro.com<\/a><\/p>\n<p align=\"justify\">\n        <strong>Fleet D<\/strong><br \/>\n        <strong>ata: <\/strong><br \/>\n        <br \/>The following key indicators highlight the Company\u2019s operating performance during the periods ended June 30, 2025 and June 30, 2026.<\/p>\n<table style=\"border-collapse: collapse;margin-left:0px;margin-right:auto;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<strong>FLEET DATA<\/strong><\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q2 2025<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q2 2026<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>6M 2025<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>6M 2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Average number of vessels (1)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">21.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">20.4<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Period end number of owned vessels in fleet<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">21<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">21<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total calendar days for fleet (2)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,284<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,909<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,355<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,698<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total voyage days for fleet (3)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,237<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,704<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,304<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,468<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Fleet utilization (4)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">96.3%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">89.3%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97.8%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">93.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total charter days for fleet (5)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">764<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">955<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,268<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,014<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total spot market days for fleet (6)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">473<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">749<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,036<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,454<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Fleet operational utilization (7)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">83.1%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">73.5%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">83.4%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">80.9%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <br \/>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.<br \/>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.<br \/>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.<br \/>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.<br \/>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.<br \/>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.<br \/>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.<\/p>\n<p align=\"justify\">\n        <strong>Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS<\/strong><br \/>\n        <strong>:<\/strong>\n      <\/p>\n<p align=\"justify\">Adjusted net income represents net income before 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 and share based compensation.<\/p>\n<p align=\"justify\">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.<\/p>\n<p align=\"justify\">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. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>(Expressed in United States Dollars,<br \/>except number of shares)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Second Quarter Ended<br \/>June 30th,<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Period Ended<br \/>June 30th,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Net Income &#8211; Adjusted Net Income<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12,759,434<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>34,758,699<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>24,050,420<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>62,779,787<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Plus share based compensation<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">671,643<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">519,451<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,560,719<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,101,156<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted Net Income<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>13,431,077<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>35,278,150<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>25,611,139<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>63,880,943<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Net income &#8211; EBITDA<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12,759,434<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>34,758,699<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>24,050,420<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>62,779,787<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Plus interest and finance costs<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">838,089<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">383,595<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,444,472<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">592,147<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less interest income<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,274,170)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,111,496)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,458,564)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3,921,937)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Plus depreciation<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,746,291<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,194,580<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,749,128<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,125,505<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>EBITDA<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>17,069,644<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>41,225,378<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>31,785,456<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>75,575,502<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Net income &#8211; Adjusted EBITDA<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12,759,434<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>34,758,699<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>24,050,420<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>62,779,787<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Plus share based compensation<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">671,643<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">519,451<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,560,719<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,101,156<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Plus interest and finance costs<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">838,089<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">383,595<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,444,472<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">592,147<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less interest income<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,274,170)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,111,496)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,458,564)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3,921,937)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Plus depreciation<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,746,291<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,194,580<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,749,128<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,125,505<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted EBITDA<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>17,741,287<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>41,744,829<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>33,346,175<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>76,676,658<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>EPS<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Numerator<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,759,434<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">34,758,699<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24,050,420<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62,779,787<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less: Cumulative dividends on preferred shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(435,246)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(435,246)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(870,492)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(870,492)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less: Undistributed earnings allocated to non-vested shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(410,718)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(517,685)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(869,583)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,041,668)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income attributable to common shareholders, basic<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,913,470<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33,805,768<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22,310,345<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">60,867,627<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Denominator<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Weighted average number of shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33,267,487<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">45,350,830<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33,107,097<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">45,338,067<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>EPS &#8211; Basic<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.36<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.75<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.67<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.34<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Adjusted EPS<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Numerator<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted net income<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,431,077<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">35,278,150<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25,611,139<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">63,880,943<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less: Cumulative dividends on preferred shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(435,246)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(435,246)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(870,492)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(870,492)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less: Undistributed earnings allocated to non-vested shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(433,101)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(525,519)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(928,132)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,060,195)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted net income attributable to common shareholders, basic<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,562,730<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">34,317,385<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23,812,515<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">61,950,256<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Denominator<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Weighted average number of shares<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33,267,487<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">45,350,830<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33,107,097<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">45,338,067<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted EPS<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.38<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.76<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.72<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.37<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Imperial Petroleum Inc.<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Consolidated Statements of Income<\/strong><br \/>\n        <br \/>\n        <strong>(Expressed in United States Dollars, except for number of shares)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Quarters Ended June 30,<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Month Periods Ended June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:5%;width:5%;min-width:5%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:29%;width:29%;min-width:29%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <strong>Revenues<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Revenues<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">36,348,819<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">87,073,466<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68,440,445<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">148,786,861<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <strong>Expenses\/(Income)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Voyage expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,271,965<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">21,058,763<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">20,326,079<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33,065,678<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Voyage expenses &#8211; related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">432,863<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,036,218<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">834,616<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,785,657<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Vessels&#8217; operating expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,297,520<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,192,655<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">15,319,448<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25,267,523<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: bottom\">Vessels&#8217; operating expenses &#8211; related party<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">109,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">160,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">207,500<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">335,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Drydocking costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,692,033<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,525,438<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,692,033<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,959,177<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Management fees \u2013 related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">564,960<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">839,960<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,036,200<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,627,120<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,064,964<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,097,701<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,282,941<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,152,123<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Depreciation<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,746,291<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,194,580<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,749,128<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,125,505<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Other operating income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(430,324)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(430,324)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total expenses, net<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>28,179,596<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>53,674,991<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>52,447,945<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>88,887,459<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Income from operations<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8,169,223<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>33,398,475<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>15,992,500<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>59,899,402<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>Other (expenses)\/income<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Interest and finance costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3,115)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,471)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(6,722)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8,618)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Interest expense \u2013 related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(834,974)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(379,124)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,437,750)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(583,529)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Interest income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,274,170<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,111,496<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,458,564<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,921,937<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Dividend income from related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">189,583<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">189,583<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">377,083<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">377,083<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Foreign exchange gain\/(loss)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,964,547<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(557,260)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,666,745<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(826,488)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Other income, net<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>4,590,211<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,360,224<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8,057,920<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,880,385<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Net Income<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12,759,434<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>34,758,699<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>24,050,420<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>62,779,787<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>Earnings per share<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">&#8211; Basic<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.36<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.75<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.67<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.34<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">&#8211; Diluted<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.35<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.70<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.65<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.27<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\n            <strong>Weighted average number of shares<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">&#8211; Basic<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,267,487<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">45,350,830<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,107,097<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">45,338,067<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">&#8211; Diluted<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">35,172,985<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,126,056<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34,407,373<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">47,874,673<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Imperial Petroleum Inc.<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Consolidated Balance Sheets<\/strong><br \/>\n        <br \/>\n        <strong>(Expressed in United States Dollars)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;margin-left:0px;margin-right:auto;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:3%;width:3%;min-width:3%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:63%;width:63%;min-width:63%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <strong>Assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>Current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,771,505<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,518,702<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Time deposits<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">173,282,440<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">237,712,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Trade and other receivables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,403,555<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,666,099<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Other current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,107,956<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,239,819<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Claims receivable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">479,488<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">909,813<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Inventories<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,720,873<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,422,022<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Advances and prepayments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">245,014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">671,496<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total current assets<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>199,010,831<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>277,139,951<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>Non current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Operating lease right-of-use asset<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">263,445<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Vessels, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">335,406,781<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">354,689,276<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Investment in related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,990,167<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,983,917<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total non current assets<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>348,396,948<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>367,936,638<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total assets<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>547,407,779<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>645,076,589<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>Liabilities and Stockholders&#8217; Equity<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>Current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Trade accounts payable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,959,924<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,859,897<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Payable to related parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,038,447<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">35,151,918<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Accrued liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,195,986<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,373,316<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Operating lease liability, current portion<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">100,985<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Deferred income<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,399,325<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,653,956<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total current liabilities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>16,593,682<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>58,140,072<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Non current Liabilities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Operating lease liability, non-current portion<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">162,460<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total non-current liabilities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8212;<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>162,460<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total liabilities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>16,593,682<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>58,302,532<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Commitments and contingencies<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>Stockholders&#8217; equity<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Capital stock<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">489,006<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">504,406<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Preferred Stock, Series A<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,959<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,959<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Preferred Stock, Series B<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">160<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">160<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Treasury stock<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8,390,225)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(19,020,716)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">344,445,271<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">349,111,027<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Retained earnings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">194,261,926<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">256,171,221<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total stockholders&#8217; equity<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>530,814,097<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>586,774,057<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total liabilities and stockholders&#8217; equity<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>547,407,779<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>645,076,589<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Imperial Petroleum Inc.<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Consolidated Statements of Cash Flows<\/strong><br \/>\n        <br \/>\n        <strong>(Expressed in United States Dollars)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Month Periods Ended June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:3%;width:3%;min-width:3%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:63%;width:63%;min-width:63%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>Cash flows from operating activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net income for the period<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24,050,420<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62,779,787<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\n            <strong>Adjustments to reconcile net income to net cash<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>provided by operating activities:<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Depreciation<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,749,128<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,125,505<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38,849<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">46,941<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Share-based compensation<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,560,719<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,101,156<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Unrealized foreign exchange loss\/(gain) on time deposits<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,030,640)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">586,884<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\n            <strong>Changes in operating assets and liabilities:<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <strong>(Increase)\/decrease in<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Trade and other receivables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">670,769<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,262,544)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Other current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">485,977<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(131,863)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Claims receivable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(430,325)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Inventories<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,319,526<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,701,149)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Changes in operating lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(38,849)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(46,941)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Advances and prepayments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25,021<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(426,482)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Due from related parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,084<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,250<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <strong>Increase\/(decrease) in<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Trade accounts payable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">955,699<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,899,973<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Due to related parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,990,748<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">291,101<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Accrued liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(132,345)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,177,330<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Deferred income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">765,748<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(745,369)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Net cash provided by operating activities<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>42,412,854<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>78,270,254<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>Cash flows from investing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: bottom\">Payments for improvement and capitalized expenses of vessels<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(417,320)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Increase in bank time deposits<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(101,608,390)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(331,215,788)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Maturity of bank time deposits<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">157,081,011<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">266,199,344<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Net cash provided by\/(used in) investing activities<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>55,055,301<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(65,016,444)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>Cash flows from financing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Stock repurchases<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10,630,491)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Dividends paid on preferred shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(868,075)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(876,122)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">Repayment of seller and capital expenditures financing<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(36,700,000)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8212;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Net cash used in financing activities<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(37,568,075)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(11,506,613)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom\">Net increase in cash and cash equivalents<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59,900,080<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,747,197<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom\">Cash and cash equivalents at beginning of period<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">67,783,531<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,771,505<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Cash and cash equivalents at end of period<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>127,683,611<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7,518,702<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: bottom\">\n            <strong>Cash breakdown<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">127,683,611<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7,518,702<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total cash and cash equivalents shown in the statements of cash flows<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>127,683,611<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7,518,702<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMTI2MjA1OCM0MDI1MDA0NTMjMjIyNTU3OQ==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/ZDU1NzY4M2ItODk0My00MmY2LWJlMzAtNmE0OTQ3ZDNjOTJjLTEyMzcxMzItMjAyNi0wOS0xMC1lbg==\/tiny\/Imperial-Petroleum-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ATHENS, Greece, Sept. 10, 2026 (GLOBE NEWSWIRE) &#8212; IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the \u201cCompany\u201d), 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 second quarter and six months ended June 30, 2026. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 73.5% in Q2 26\u2019. Approximately 50% of total fleet calendar days in Q2 26\u2019 were dedicated to time charter activity while approximately 39% were dedicated to spot activity. Delivery of the dry bulk carrier, Eco Crossfire (2012 built), on April 3, 2026 and delivery of the drybulk carrier, Outrider (2016 built), on August 21, 2026. Sale of our tanker Suez Enchanted (2007 built) to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/imperial-petroleum-inc-reports-second-quarter-and-six-months-2026-financial-and-operating-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Imperial Petroleum Inc. Reports Second Quarter and Six Months 2026 Financial and Operating Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1002525","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Imperial Petroleum Inc. 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