Imperial Petroleum Inc. (IMPP) reported record second-quarter 2026 revenue of $87.1 million, a 41.2% sequential increase from the first quarter and a 140% jump year-over-year, driven by surging charter rates across its tanker and dry-bulk fleets.
Basic earnings per share came in at $0.75, topping Wall Street’s consensus estimate of $0.73 and more than doubling the $0.36 recorded in Q2 2025. Net income reached $34.8 million, up 172% from $12.8 million a year earlier, while EBITDA totaled $41.2 million and net revenues rose roughly 154% year-over-year to about $65 million.
CEO Harry Vafias called the quarter “another milestone” marked by record financial results and continued fleet optimization. He noted that first-half net income of $62.8 million already exceeded the company’s full-year 2025 net profitability of $50 million, calling the opening six months “exceptional.”
The results were bolstered by elevated market rates. Suezmax daily rates topped $145,000 by quarter-end and briefly exceeded $200,000 per day, while product tanker rates averaged about $31,000 daily compared with nearly $29,000 in Q2 2025. The Baltic Dry Index averaged close to 2,750 during the period. Average Brent crude oil price sat at about $97 per barrel in Q2 2026, up from $67 in the prior-year quarter.
On the expense side, voyage costs rose to $22.1 million from $14.4 million in Q2 2025, reflecting a 58% increase in spot days and higher bunker prices. Running costs climbed by $6 million to $14.4 million as the fleet expanded by an average of 6.9 vessels. The company also spent approximately $7.5 million covering six dry dockings during the quarter, with seven more planned through year-end.
Imperial Petroleum entered the quarter with a debt-free balance sheet and reported cash and cash deposits of $245.2 million as of June 30. Operating cash flow for the first six months reached $78 million, and the company cited a current cash base of around $260 million.
The shipowner took delivery of dry bulk carrier Eco Crossfire on April 3 and Handysize bulker Outrider on August 21. In early August, it completed the sale of the 2007-built tanker Suez Enchanted for a profit exceeding $30 million. Its fleet of 21 vessels as of mid-August is slated to grow to 25 by year-end following four upcoming deliveries—three Handysize bulkers and one product tanker.
Fleet utilization stood at 73.5% for Q2, with technical off-hire accounting for 10.7% due to scheduled dry dockings. Daily fleet revenue exceeded $50,000 in the quarter, up from $29,000 in Q2 2025. Tanker time charter equivalent rates hovered near $71,500 per day against a cash flow break-even of $8,500, while the dry-bulk fleet’s TCE rate averaged about $15,100 per day versus a $6,500 break-even threshold.
Shares traded around $5.41 in recent session activity, later closing at $5.605 after gaining 4.57%. The stock has surged 48% year-to-date and is trading within a 52-week range of $3.15 to $6.57. Analysts project full-year 2026 EPS of $3.04, up from $1.68 over the trailing twelve months, with expected revenue growth of 67%.
