Imperial Petroleum posts record $87.1 million quarterly revenue as fleet expands

Imperial Petroleum reported record quarterly revenue of $87.1 million for the three months ended June 30, 2026, as its average owned fleet expanded sharply from a year earlier. Net income reached $34.8 million, and the company's $62.8 million first-half profit already exceeded the $50.0 million earned across all of 2025. The Nasdaq-listed shipowner announced the unaudited results on September 10 and furnished the release with a September 11 Form 6-K.

The results combine higher revenue with a larger operating fleet and a stronger period-end cash balance. They also precede a significant vessel disposal: Imperial sold the tanker Suez Enchanted on August 7, creating a net gain on sale of approximately $32 million. That transaction occurred after the June quarter and is separate from the second-quarter earnings reported in the release.

Quarterly earnings climb with revenue

Second-quarter revenue increased 139.9% from $36.3 million a year earlier and 41.2% from $61.7 million in the first quarter of 2026. Operating income was $33.4 million, up $25.2 million, or 307.3%, from the prior-year quarter and $6.9 million, or 26.0%, from the preceding quarter. The release described operating income as near an all-time high.

Net income increased 171.9% from $12.8 million in the second quarter of 2025 and 24.3% from $28.0 million in the first quarter of 2026. The company described the latest result as its second-best quarterly net income. Basic earnings per share were $0.75 and diluted earnings per share were $0.70, compared with $0.36 and $0.35, respectively, a year earlier. Weighted average basic common shares outstanding totaled 45.4 million.

Imperial also reported EBITDA of $41.2 million, adjusted EBITDA of $41.7 million, adjusted net income of $35.3 million and adjusted basic earnings per share of $0.76 for the quarter. These are company-defined non-GAAP measures from the release and are distinct from the reported net income and earnings-per-share figures. The adjusted figures should therefore be read with their company-defined labels intact.

A larger fleet brings higher operating costs

Average vessels owned increased to 21.0 in the second quarter from 14.1 a year earlier. Fleet operational utilization was 73.5%. Approximately 50% of total fleet calendar days were dedicated to time charter activity and approximately 39% to spot activity. Those calendar-day allocations describe the quarter's employment mix; they are separate measures from the reported operational utilization rate.

Costs increased alongside the larger fleet. Quarterly voyage expenses were $22.1 million, compared with $10.7 million in the second quarter of 2025, while vessel operating expenses rose to $14.4 million from $8.4 million. Drydocking costs totaled $7.5 million for six vessels, against $1.7 million a year earlier. These expenses provide operating context for the higher revenue and income figures.

Fleet changes spanned both the reporting period and the following months. The dry bulk carrier Eco Crossfire, built in 2012, was delivered on April 3. The dry bulk carrier Outrider, built in 2016, was delivered on August 21. Between those deliveries, Imperial sold the 2007-built Suez Enchanted to third parties. Only Eco Crossfire's delivery fell within the second quarter; the other two transactions were subsequent events.

First-half revenue and cash build

For the six months ended June 30, revenue totaled $148.8 million, up $80.4 million, or 117.5%, from $68.4 million in the first half of 2025. First-half net income was $62.8 million and basic earnings per share were $1.34. Those six-month totals cover both the first and second quarters and are distinct from the $87.1 million revenue and $34.8 million net income recorded in the second quarter alone.

Cash and cash equivalents including time deposits reached $245.2 million at June 30, up 36.9% from $179.1 million at December 31, 2025. Imperial paid $400,000 in Series A preferred dividends for the second quarter. The cash comparison uses the reporting-period balance rather than a later cash estimate, keeping the liquidity measure aligned with the financial statements' June 30 date.

Imperial, based in Athens, provides seaborne transportation of petroleum products, crude oil and dry bulk cargoes and reports as a foreign private issuer. Its release supplies historical financial and operating results but gives no full-year 2026 guidance. The larger fleet, quarterly employment mix and subsequent tanker sale establish what changed; they do not establish a forward charter-rate path or a forecast for full-year earnings.

Filing reference

Form 6-K AccNo 0001193125-26-389346 with Exhibit 99.1 (accepted September 11, 2026) furnishes the September 10, 2026 results release. Cash and cash equivalents including time deposits were $245.2 million as of June 30, 2026, versus $179.1 million at year-end 2025.