Summary by Moomoo AI
Imperial Petroleum Inc. (Imperial Petroleum) reported a robust financial performance for the year ended December 31, 2023, with voyage revenues soaring to $183.7 million, up from $97.0 million in the previous year. This significant increase of $86.7 million was primarily attributed to the expansion of the fleet by approximately three vessels and favorable market conditions. The company's net income also saw a substantial rise, reaching $71.1 million compared to $29.5 million in 2022. Vessel operating expenses grew to $25.6 million, up from $16.4 million, due to the larger fleet size and increased daily supply and maintenance costs. Dry docking costs were $6.6 million, reflecting the maintenance of six vessels. Management fees rose to $1.6 million, in line with the fleet expansion. General and administrative expenses increased to $4.9 million, mainly due to...Show More
