Imperial Petroleum Inc. Announces Series A Preferred Dividend

Author: Addison Perry Updated: 09-15-2024 01:15 PM

Imperial Petroleum Inc. Announces Dividend on Series A Preferred Shares

Today, Imperial Petroleum Inc. (NASDAQ: IMPP) proudly shares exciting news regarding its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock. The company has declared a dividend of $0.546875 per share, set to be paid on September 30, 2024. This announcement was made in Athens, Greece, on a recent date, reflecting the company's commitment to delivering value to its shareholders.

Details of the Preferred Shares

As of now, there are a total of 795,878 Series A Preferred Shares outstanding. Investors can find these shares trading on the Nasdaq Capital Market under the ticker symbol “IMPPP.” This development marks a significant moment for the company as it enhances its presence in the market.

About Imperial Petroleum Inc.

Imperial Petroleum Inc. is dedicated to the transportation of petroleum products, crude oil, and drybulk goods across the seas. The company boasts a fleet of twelve vessels, including six M.R. product tankers, two suezmax tankers, and three handysize drybulk carriers, totaling an impressive carrying capacity of 711,000 deadweight tons (dwt). Notably, one additional M.R. product tanker, with a capacity of 40,000 dwt, is expected to join the fleet in the fourth quarter of 2024, further bolstering the company’s operations.

Commitment to Shareholders

This dividend declaration underscores Imperial Petroleum Inc.'s commitment to returning value to its shareholders while maintaining a stable and reliable operational framework. The periodic dividends reflect the financial health and strategic direction of the company.

Current Market Landscape

The shipping and transportation market is constantly evolving, influenced by various global factors. Imperial Petroleum Inc. diligently monitors these changes to optimize its operations. The strength of world economies, fluctuations in charter hire rates, and overall market conditions play a pivotal role in shaping the company’s strategies. By adapting to these market dynamics, Imperial Petroleum Inc. aims to enhance its service offerings and shareholder value.

Risks and Uncertainties

While Imperial Petroleum Inc. maintains a positive outlook, it is essential to acknowledge potential risks that may impact the company's performance. Factors such as international political relations, changes in regulatory environments, and fluctuations in operating expenses, including rising costs of fuel and insurance, could pose challenges. The company remains vigilant in managing these risks and ensuring compliance with its financial obligations.

Forward-Looking Perspective

Looking ahead, Imperial Petroleum Inc. is focused on exploring new avenues for growth. The management team believes in the strength of its business model and is continually assessing opportunities for expansion and fleet enhancement. By keeping an open mind to potential investments and partnerships, the company aims to build a more robust and diverse service portfolio.

Frequently Asked Questions

What dividend has Imperial Petroleum Inc. declared?

Imperial Petroleum Inc. has declared a dividend of $0.546875 per share on its Series A Preferred Shares.

When will the dividend be paid?

The dividend is payable on September 30, 2024, to shareholders recorded as of September 25, 2024.

What types of vessels does Imperial Petroleum Inc. own?

The company owns twelve vessels, including various types of tankers and drybulk carriers.

Where can I find information about Imperial Petroleum's shares?

Imperial Petroleum's common stock and Series A Preferred Shares are listed on the Nasdaq Capital Market under the tickers “IMPP” and “IMPPP,” respectively.

What challenges does Imperial Petroleum Inc. face?

The company faces various challenges, including fluctuations in market conditions, operational expenses, and potential regulatory changes.

For further information, please contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@imperialpetro.com

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