Imperial Petroleum announced Delivery of Vessel

On September 21, 2022 it took delivery of a 2011 Japanese built dry bulk carrier the Eco Bushfire for a consideration of $20.5 million.

Closing of Debt Financing

The Company also announces the closing and drawdown by two of its product tanker ship owning subsidiaries of a new $17.0 million term loan facility. This facility will be repayable in sixteen consecutive quarterly installments of $0.55 million each and a balloon installment of $8.2 million payable concurrent with the 16th repayment installment on the final maturity date. The facility will be guaranteed by the Company and secured with first priority ship mortgages over its vessels Clean Justice and Clean Nirvana.

In addition to the aforementioned facility, the Company has also entered into a commitment letter for a senior secured credit facility in an amount of up to $30.8 million related to the financing of the two crude tanker vessels, the Suez Protopia and the Suez Enchanted, which will collateralize the facility. This facility remains subject to the conclusion and execution of final documentation.

Fleet Employment Update

In terms of period employment, the Company recently concluded:

• A minimum three months duration time charter for its 2008 built product tanker the Clean Nirvana at a daily rate of about $40,000.
• A minimum two months duration time charter for its 2008 built suezmax tanker the Suez Protopia at a daily rate of about $50,000.

We currently have six out of our nine operating vessels trading in the spot market.

Current Spot Market Charter Rates Update

Daily market rates for short term time charters or voyage charters (spot)are as follows; For Suezmax, Aframax and MR tankers daily market spot rates are currently estimated to be in the region of $35,000 and for Handysize drybulk carrier daily market spot rates are estimated at about $16,000.