Imperial Petroleum Inc./Marshall Islands (NASDAQ: IMPPP)

Imperial Petroleum Inc. is a provider of international seaborne transportation services for oil producers, refineries, commodities traders, and industrial users of drybulk cargoes. The company owns and operates a fleet of tankers and drybulk vessels that transport refined petroleum products, crude oil, edible oils, chemicals, iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of April 15, 2026, the fleet consisted of seven medium range refined petroleum product tankers, two suezmax tankers, four handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels, and one post panamax drybulk carrier.

Imperial Petroleum Inc. generates revenue primarily through voyage charters and time charters for its vessels, with earnings derived from the transportation of cargo under contractual agreements. The company's voyage revenues were $183.7 million in 2023, $147.5 million in 2024, and $161.0 million in 2025. Revenue is collected from charterers including national and independent energy companies, commodity traders, and industrial users who pay for the use of vessels to move goods across global trade routes.

The company operates through the following segments:

• Tankers: This segment includes seven medium range refined petroleum product tankers that carry refined petroleum products such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals, and two suezmax tankers that transport crude oil. These vessels are employed in spot and time charters to serve energy companies and traders. The tanker segment supports the movement of both clean and dirty petroleum products along major global trade lanes.

• Drybulk Carriers: This segment comprises four handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels, and one post panamax drybulk carrier. These vessels transport major bulks such as iron ore, coal, and grains, and minor bulks including bauxite, phosphate, and fertilizers. The drybulk segment serves commodity producers, traders, and industrial users requiring transport of raw materials across international markets.

Imperial Petroleum Inc. operates in a highly competitive global shipping market where it competes with other independent owners of tankers and drybulk vessels. The company's competitive position is supported by its managed fleet through Stealth Maritime, which provides technical, commercial, and administrative services. Its ability to deploy vessels on a mix of period and spot charters allows flexibility in responding to market cycles, while its focus on safe and reliable operations helps maintain charterer relationships amid increasing regulatory and environmental scrutiny.

Imperial Petroleum Inc. serves a global customer base that includes national and major energy companies, independent oil traders, commodity producers, and industrial users of drybulk goods. Principal charterers for its tankers are energy companies trading in refined petroleum products and crude oil, while its drybulk vessels are chartered by entities involved in the movement of iron ore, coal, grains, and other bulk commodities. The company does not disclose specific customer names in the filing, but notes that a small number of customers accounted for 21%, 21%, and 31% of total revenues in 2023, 2024, and 2025, respectively.