Latest news with #tanker
Yahoo
24-05-2025
- Business
- Yahoo
Imperial Petroleum Inc (IMPP) Q1 2025 Earnings Call Highlights: Strong Profitability Amid ...
Release Date: May 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Imperial Petroleum Inc (NASDAQ:IMPP) reported a profitable Q1 2025 with a net income of $11.3 million, continuing its streak of profitability since Q4 2021. The company achieved a significant improvement in financial performance compared to Q4 2024, with revenue increasing by 22.5% and net income rising by 190%. Imperial Petroleum Inc (NASDAQ:IMPP) remains debt-free, with a strong cash base of approximately $227 million, which is about three times higher than its current market cap. The company is expanding its fleet significantly, with plans to add seven new ships by Q3 2025, increasing its fleet size by 60%. The company has strategically increased its time charter coverage, with 7 out of 13 ships under time charter employment, providing stable revenue streams. Q1 2025 revenues of $32.1 million marked a 22% decline compared to the same period in 2024, primarily due to lower market rates. The tanker market faced volatility due to geopolitical factors and trade disruptions, impacting day rates and market conditions. The clean product tanker market remained weak, with only short-lasting spikes in spot rates, and potential negative impacts from geopolitical developments. Voyage costs decreased due to increased time charter activity, but running costs increased by $1.1 million due to fleet expansion. The market for dry bulk vessels is currently soft, although still above break-even levels, indicating potential challenges in maintaining profitability. Warning! GuruFocus has detected 3 Warning Sign with IMPP. Q: Can you elaborate on the impact of geopolitical events on Imperial Petroleum's performance in Q1 2025? A: Harry Vafias, CEO, explained that geopolitical factors such as US tariffs, sanctions on tankers involved in Russian oil, and USD port fees on Chinese-built vessels created volatility in tanker rates. Despite a soft start to the year, the market picked up by March, allowing Imperial Petroleum to achieve profitability. The company has maintained ongoing quarterly profitability since Q4 2021. Q: How did Imperial Petroleum's financial performance in Q1 2025 compare to the previous quarter? A: Fenia Sakellari, Interim CFO, noted that Q1 2025 saw a significant improvement over Q4 2024, with revenue increasing by 22.5% to $32.1 million and net income rising by 190% to $11.3 million. This was attributed to improved performance from product tankers and strategic fleet additions. Q: What is the current status of Imperial Petroleum's fleet and its future plans? A: Harry Vafias highlighted that the company is expanding its fleet, with plans to add seven ships by early Q3 2025, increasing the fleet size by 60%. The fleet will consist of 19 ships, including 10 bulk carriers and 9 tankers, enhancing diversification and reducing market volatility exposure. Q: How does Imperial Petroleum plan to utilize its strong cash position? A: Fenia Sakellari stated that the company enjoys a robust cash base of approximately $227 million and remains debt-free. The cash will be used to support fleet expansion and strategic investments, ensuring continued profitability and liquidity. Q: What are the expectations for the tanker market in the short to medium term? A: Harry Vafias expressed optimism for the tanker market, driven by OPEC's increased output and sanctions on Russian oil. The company expects positive developments for dirty tankers, while the clean product market may face challenges if geopolitical tensions ease. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Reuters
23-05-2025
- Business
- Reuters
Turkey-based Palmali lawsuit against Lukoil's Litasco dismissed by UK court
LONDON, May 23 (Reuters) - Turkey-based tanker operator Palmali on Friday lost its London lawsuit against the trading arm of Russian oil producer Lukoil over a purported deal to provide oil products. Palmali, controlled by Azerbaijan-born businessman Mubariz Mansimov, first sued Lukoil's Swiss subsidiary Litasco at the High Court in 2017 and was initially seeking nearly $2 billion. The value of Palmali's case was substantially reduced, however, after Litasco succeeded in having much of the lawsuit thrown out in 2020. Palmali was, by the time of the trial earlier this year, seeking just over $120 million for Litasco's alleged breach of its obligations to supply up to 700,000 metric tons of cargoes a month. But Judge Mark Pelling dismissed Palmali's lawsuit in a written ruling on Friday, saying its contract with Litasco was void because Litasco's then chief executive Valery Golovushkin had "a plain conflict of interest" when the contract was agreed. The judge also upheld Litasco's counterclaim for the repayment of a loan and payments made to Palmali which were due to be paid on to third parties. Litasco's lawyer Craig Morrison said the parties had agreed the value of the counterclaim at around $14.8 million, including interest. Palmali and Litasco did not immediately respond to requests for comment.
Reuters
23-05-2025
- Business
- Reuters
Russia's Sovcomflot posted a net loss of $393 million
MOSCOW, May 23 (Reuters) - Russia's leading tanker group Sovcomflot ( opens new tab said on Friday that its net loss in the first quarter of 2025 was $393 million. Revenue in the first quarter was $278 million, EBITDA was $105 million. "The intensification of Western sanctions has made it more difficult to operate the fleet and led to lower revenues and downtime for some sanctioned vessels," Sovcomflot said in a statement.
Associated Press
22-05-2025
- Business
- Associated Press
HAFNIA LIMITED: Ex Dividend USD 0.1015 on the Oslo Stock Exchange Today
SINGAPORE--(BUSINESS WIRE)--May 22, 2025-- Reference is made to the stock exchange announcements made by Hafnia Limited ('Hafnia' or the 'Company', OSE ticker code: 'HAFNI', NYSE ticker code: 'HAFN') on May 15, 2025 regarding key information relating to the dividend for the first quarter 2025. The shares of the Company will be traded ex-dividend on the Oslo Stock Exchange from today, May 22, 2025, and on the New York Stock Exchange from May 23, 2025. About Hafnia Limited: Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies. As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea. Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years. This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. View source version on CONTACT: For further information, please contact: Mikael Skov CEO Hafnia Limited +65 8533 8900 KEYWORD: ASIA PACIFIC EUROPE NORWAY SINGAPORE SOUTHEAST ASIA INDUSTRY KEYWORD: UTILITIES OIL/GAS ENERGY CHEMICALS/PLASTICS MARITIME LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT MANUFACTURING SOURCE: Hafnia Limited Copyright Business Wire 2025. PUB: 05/22/2025 01:10 AM/DISC: 05/22/2025 01:09 AM
Washington Post
20-05-2025
- Business
- Washington Post
Knot Offshore: Q1 Earnings Snapshot
ABERDEEN, Britain — ABERDEEN, Britain — Knot Offshore Partners LP (KNOP) on Tuesday reported earnings of $7.6 million in its first quarter. On a per-share basis, the Aberdeen, Britain-based company said it had profit of 22 cents. The tanker company that serves the energy industry posted revenue of $84 million in the period.
