Imperial Petroleum Q1 Revenues Jump 92% to $61.7M, Fleet to Expand to 26 Ships
Imperial Petroleum posted Q1 2026 revenues of $61.7 million, up 92.2% year-over-year, and operating income surged 93.4% to $26.5 million. Net income was $28.0 million, or $0.60 per share, fleet reached 21 vessels with five more due by Q3, and cash rose to $212.6 million.
1. Q1 Financial Performance
Imperial Petroleum reported revenues of $61.7 million for the first quarter of 2026, a 92.2% increase from Q1 2025, driven by a larger average fleet and higher tanker rates. Operating income rose 93.4% to $26.5 million, net income reached $28.0 million (basic EPS $0.60), and EBITDA totaled $34.4 million.
2. Fleet Expansion and Utilization
Fleet utilization in Q1 was 88.7%, with 59% of calendar days on time charters and 39% on spot contracts. The dry bulk carrier Eco Crossfire joined the fleet on April 3, bringing active vessels to 21, and four dry bulk carriers plus one tanker are scheduled for delivery by the end of Q3 2026.
3. Liquidity and Share Repurchases
Cash and cash equivalents rose to $212.6 million as of March 31, 2026, up from $179.1 million at year-end, reflecting efficient vessel operations. Under a $10 million share repurchase programme, 855,769 common shares were bought for $3.8 million through May 21, 2026.