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Imperial Petroleum Inc. (IMPP) Q1 2024 Earnings Call Transcript

Imperial Petroleum Inc. (NASDAQ:IMPP) Q1 2024 Earnings Conference Call May 16, 2024 9:00 AM ET

Company Participants

Harry Vafias – Chairman, President and Chief Executive Officer
Ifigeneia Sakellari – Interim Chief Financial Officer

Conference Call Participants

Harry Vafias

Good morning, everyone, and thank you all for joining us for our First Quarter 2024 Conference Call. I am Harry Vafias, CEO of Imperial Petroleum, and with me today is Mrs. Ifigeneia Sakellari, who will be discussing our financial performance.

Before we commence our discussion, we’d like you to read the safe harbor language on Slide number 2. In essence, it’s made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. We raise the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum and are subject to risks and uncertainties which could cause future results to differ materially from these forward-looking statements.

We’d like to know that the slides of the webcast presentation will be available in archived in our Company’s website. In addition, before we commence our discussion, we’d like to clarify that during the call, we will quote monetary amounts unless explicitly stated all in U.S. dollars.

On Slide 3, we are summarizing our operational and financial performance. Q1 2024 was a much better quarter than Q4 2023. Our performance was lower when compared to the same period of last year, which was a record quarter as both market and utilization rates were at their peak. The tanker market in the first quarter of 2024 driven mainly by the geopolitical tensions and the reduction in the Suez Canal transits remained firm both in terms of demand and rates.

The Western market remains stronger than the Eastern, particularly for MRs. Hence, our

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