Imperial Petroleum Announces the Full Repayment Of Its $30.0 Million Outstanding Loan with NBG Bank
April 11 2023 - 8:10AM
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a
ship-owning company providing petroleum products, crude oil, and
drybulk seaborne transportation services, announced today that the
Company recently repaid early and in full the $30.0 million
outstanding loan with NBG Bank. This loan was secured with first
priority mortgages against the Suezmax tankers, the Suez Enchanted
and the Suez Protopia. Following this loan repayment, Imperial
Petroleum’s total debt is in the region of $15 million. The Company
currently owns and operates a fleet of twelve vessels, ten of which
are unencumbered. The Company elected to voluntarily repay the
majority of its outstanding loans so as to utilize its excess cash
amidst a positive market environment and shield its cash flow
generation going forward against the increasing finance costs.
ABOUT IMPERIAL PETROLEUM
INC.
Imperial Petroleum Inc. is a ship-owning company
providing petroleum products, crude oil and drybulk seaborne
transportation services. The Company owns a total of twelve
vessels; five M.R. product tankers, one Aframax oil tanker, two
Suezmax tankers and four Handysize dry bulk carriers with a total
capacity of 808,000 deadweight tons (dwt). Imperial Petroleum
Inc.’s shares of common stock and 8.75% Series A Cumulative
Redeemable Perpetual Preferred Stock are listed on the Nasdaq
Capital Market and trade under the symbols “IMPP” and “IMPPP”,
respectively.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, or
impact or duration of the COVID-19 pandemic and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although IMPERIAL PETROLEUM INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that
it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include risks discussed in our filings
with the SEC and the following: the impact of
the COVID-19 pandemic and efforts throughout the world to
contain its spread, the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled drydockings, shipyard performance, changes in
IMPERIAL PETROLEUM INC’s operating expenses, including bunker
prices, drydocking and insurance costs, ability to obtain financing
and comply with covenants in our financing arrangements, or actions
taken by regulatory authorities, potential liability from pending
or future litigation, domestic and international political
conditions, the conflict in Ukraine and related sanctions,
potential disruption of shipping routes due to accidents and
political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities
and Exchange Commission.
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
00-30-210-6250-001
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