Imperial Petroleum reported record quarterly revenue of $87.1 million for the second quarter of 2026, an increase of 139.9% from $36.3 million in the prior-year period and 41.2% from $61.7 million in the first quarter of 2026.
Operating income increased 307.3% year over year to $33.4 million, while net income increased 171.9% to $34.8 million from $12.8 million. Basic earnings per share were $0.75 and EBITDA totaled $41.2 million.
Revenue growth was driven primarily by an increase of 6.9 vessels in the average fleet compared with the prior-year quarter, along with higher tanker and dry bulk charter rates. Imperial said geopolitical tensions benefited tanker rates, while favorable market conditions supported dry bulk rates.
For the first six months of 2026, revenue increased to $148.8 million from $68.4 million, while operating income rose to $59.9 million from $16 million. Net income increased to $62.8 million from $24.1 million. Basic EPS for the six-month period was $1.34.
Imperial noted that its first-half net income had already exceeded its $50 million net income for all of 2025.
Cash and cash equivalents including time deposits reached $245.2 million as of June 30, up 36.9% from $179.1 million at the end of 2025. Imperial said its current cash position is approximately $260 million.
The company’s average fleet increased to 21 vessels during the quarter from 14.1 a year earlier. Fleet utilization was 89.3%, while operational utilization was 73.5%, reflecting, among other factors, a heavier drydocking schedule.
Imperial took delivery of the dry bulk carrier Eco Crossfire in April and the Outrider in August. The company also sold its 2007-built tanker Suez Enchanted in August, generating an estimated net gain of approximately $32 million.
Imperial has agreements to acquire another three Handysize dry bulk carriers with aggregate capacity of 107,400 deadweight tons and a 50,000-deadweight-ton product tanker, with deliveries scheduled during 2026. The company is working toward a fleet of 25 vessels while maintaining a debt-free balance sheet.
KEY QUOTE:
“Our exceptional second quarter and first half of 2026 demonstrate the power of our commercial strategy and disciplined execution. By securing record revenues of $87.1 million for Q2 26′, expanding our fleet toward a 25-vessel target while remaining debt free, we have driven net income for the first six months to a remarkable $62.8 million, already surpassing our profitability for the entirety of 2025. Backed by a solid balance sheet and with cash to date in the order of approximately $260 million and a fleet value anticipated to increase with our upcoming vessel additions, we are well equipped to navigate shifting geopolitical landscapes. Imperial Petroleum is in a prime position to produce strong results, while holding a flawless balance sheet and a track record of creating value through the Company’s growth and strategic asset management.”
Harry Vafias, Chief Executive Officer of Imperial Petroleum
