Imperial Petroleum Inc (IMPP) 2025 Q1 法說會逐字稿

Good morning everybody and thank you all for joining us at our Q125 conference call for Imperial Petroleum. I'm Harry Vafias, the CEO of the company.

大家早安，感謝大家參加帝國石油公司 Q125 電話會議。我是 Harry Vafias，公司執行長。

Joining me on the call is Mrs. Fenia Sakellari who will be discussing our financial performance. Before we commence our discussion, please read the Safe Harbor disclaimer on slide 2. In essence, it's clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act.

與我一起參加電話會議的還有 Fenia Sakellari 女士，她將討論我們的財務表現。在我們開始討論之前，請先閱讀投影片 2 上的安全港免責聲明。本質上，很明顯本簡報可能包含《私人證券訴訟改革法案》所定義的一些前瞻性陳述。

We raised the attention of our Investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum and are subject to risk and incentives, which would cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify that during this call, we will quote monetary amounts. These unless explicitly stated otherwise, are all denominated in US dollars.

我們提請投資者註意，此類前瞻性陳述基於帝國石油當前的信念和期望，並受風險和激勵的影響，這會導致未來結果與這些前瞻性陳述有重大差異。此外，我們想澄清一下，在本次電話會議中，我們將報出金額。除非另有明確說明，否則均以美元計價。

On slide 3 we're summarizing our key operational and financial highlights for Q1 '25. The first quarter of this year was quite eventful with policies such as US tariffs, sanctions on tankers involved in Russian oil, and USD port fees on Chinese built vessels.

在投影片 3 中，我們總結了 2025 年第一季的主要營運和財務亮點。今年第一季度，美國加徵關稅、對載有俄羅斯石油的油輪實施制裁、對中國建造的船舶徵收美元港口費等政策相當多變。

These turbinal events along with ongoing geopolitical factors such as the Russian-Ukraine war brought volatility to the rates, particularly for tankers. The quarter commenced with a broader softness in day rates, with the market picking up by March.

這些動盪事件以及俄羅斯-烏克蘭戰爭等持續的地緣政治因素導致運價波動，尤其是油輪運價。本季開始時，日費率普遍疲軟，但到 3 月市場開始回升。

Imperial Petroleum's performance followed the market conditions. We had quite a soft performance during the first couple of months of the year, but we took advantage of the market upside during March, hence managed to produce yet one more profitable quarter. It's worth to know that our quarterly profitability is ongoing since the fourth quarter of 2021.

帝國石油公司的表現隨市場行情而變動。今年頭幾個月我們的業績表現相當疲軟，但我們抓住了三月份市場的好轉機會，成功實現了另一個季度的盈利。值得了解的是，自2021年第四季以來，我們的季度獲利持續保持。

In spite of market rates being evidently softer than the same period of last year, with average rates for Swiss markets and product tankers being lowered by about 25%, in Q1, we generated revenues of $32.1 million and a net income of $11.3 million.

儘管市場運價明顯低於去年同期，瑞士市場和成品油輪的平均運價下降了約 25%，但在第一季度，我們仍創造了 3,210 萬美元的收入和 1,130 萬美元的淨收入。

What is satisfactory is that compared to the previous quarter, that is Q4 '24, our performance marked a notable improvement as revenue generation increased by $5.9 million or 22.5%, while net income increased by $7.4 million, a rise equivalent to almost 190%.

令人滿意的是，與上一季即 24 年第四季相比，我們的業績有了顯著改善，收入增加了 590 萬美元，增幅為 22.5%，而淨收入增加了 740 萬美元，增幅接近 190%。

We remain profitable and debt free. Our recurring profitability fuels are cash generation. We end at Q1 '25 with an envious cash base of close to $227 million. The cash base of Imperial Petroleum and insulation is about 3 times higher than our current market cap.

我們仍然盈利並且沒有債務。我們的經常性獲利動力是現金創造。截至 2025 年第一季度，我們的現金基礎已接近 2.27 億美元。帝國石油和絕緣材料的現金基礎約為我們目前市值的 3 倍。

On slide 4, we are providing a summary of our fleet employment. As mentioned, we have increased our time charter coverage. 7 out of out of our 13 ships are currently under Time Charter employment. In more detail, our three handy sized drive bulk carriers are employed on shortages, while four of our product tankers are under time charter employment, with the expiration dates between May 25 and August 27.

在第 4 張投影片上，我們提供了我們車隊使用情況的摘要。如上所述，我們增加了定期租船的覆蓋範圍。我們 13 艘船中有 7 艘目前處於定期租船狀態。更詳細地說，我們的三艘靈便型散裝貨船因短缺而處於使用狀態，而我們的四艘成品油輪處於定期租船狀態，到期日為5月25日至8月27日之間。

Let us briefly comment on tanker spot rates. Market conditions in Q1 were softer than the beginning of '24. Steel rates were stronger than the second half of '24. From Q2 '24 onwards, crude oil demand was affected by the closing of East and West Arbitrage, while for products, reduced refinery runs contributed to normalizing earnings.

讓我們簡單評論一下油輪現貨運價。第一季的市場狀況比 24 年初更為疲軟。鋼鐵價格比24年下半年更高。從2024年第二季開始，原油需求受到東西方套利結束的影響，而對於產品而言，煉油廠開工率的降低有助於獲利正常化。

During the first half of Q1 '25, softering continued due to the quieter activity in the Asian and Atlantic market. The effect of sanctions on tankers involved in Russian trade imposed in March 25 tightened the capacity and strengthened the day rates.

2025 年第一季上半年，由於亞洲和大西洋市場活動較為平靜，市場持續疲軟。3月25日，俄羅斯對參與貿易的油輪實施制裁，導致運能收緊，日費率上漲。

On slide 5, as we mentioned earlier, geopolitics governed the tanker market in the first quarter of '25. Hence, throughout the quarter, the tanker market was simply navigating and reacting towards the prevailing uncertainty. Q1 began with US announcement of sanctions on 150 tankers involved in Russian and Iranian oil trade. Raising sanction fleet capacity to 9.5% of the global VCC fleet, 8.5% of the Suezmax fleet, 12.5% of the Aramex fleet.

在第 5 張投影片中，正如我們之前提到的，地緣政治主導了 25 年第一季的油輪市場。因此，整個季度，油輪市場只是在應對普遍存在的不確定性。第一季開始，美國宣布對參與俄羅斯和伊朗石油貿易的 150 艘油輪實施制裁。將制裁船隊的運力提高至全球 VCC 船隊的 9.5%、蘇伊士型船隊的 8.5% 和 Aramex 船隊的 12.5%。

These sanctions came into full effect in the beginning of March 25 and had a positive effect on rates. However, the trade tariffs announced within February with the US imposing a 25% tariff on Canadian and Mexican imports and 10% tariffs on Chinese imports.

這些制裁於3月25日開始全面生效，並對利率產生了積極影響。然而，美國在2月宣布的貿易關稅對加拿大和墨西哥進口產品徵收25%的關稅，對中國進口產品徵收10%的關稅。

And the respective trading partners announcing retaliations filled the market with uncertainty. The reason for this is that over the long term, any trade disruption is a negative development as it affects demand for goods, hence has a direct impact on the shipping market. Currently, the market is not seriously affected, as within May, US and China agreed to roll back tariffs for an initial 90 day period.

而各貿易夥伴紛紛宣布採取報復措施，令市場充滿不確定性。原因在於，從長遠來看，任何貿易中斷都是負面發展，因為它會影響商品需求，進而對航運市場產生直接影響。目前，市場並未受到嚴重影響，因為5月美國和中國同意在最初的90天內降低關稅。

The announced US port fees for Chinese built ships, if implemented, would be excellent news for us, as none of our 19 vessels is Chinese built. The latest development that has positively affected the tanker market is the OPEC announcement to increase output. The group announced to return 500,000 barrels per day between April and May. This added production gave a positive boost to tanker rates.

美國宣布的對中國建造的船舶徵收港口費，如果得以實施，對我們來說將是一個好消息，因為我們的 19 艘船舶中沒有一艘是中國建造的。對油輪市場產生正面影響的最新進展是歐佩克宣布增加產量。該集團宣布將在4月至5月期間每天恢復50萬桶石油產量。產量的增加對油輪運價產生了正面的推動作用。

Given the above, the trade of dirty tankers was positively affected by the OPEC sanctions on Russian business. Overall, expectation for the dirty tankers, short to medium term are positive, mostly due to the OPEC unwinding production cuts, the sanctions on Russian and prohibition of the import of Russian crude and dirty products to Europe staying in place.

鑑於上述情況，石油輸出國組織對俄羅斯企業的製裁對重油油輪貿易產生了積極影響。總體而言，短期至中期對重油油輪的預期是正面的，主要是因為歐佩克解除減產、對俄羅斯的製裁以及禁止俄羅斯原油和重油產品進口到歐洲的禁令仍然有效。

On the clean products side, the weak Q4 '24 continued in Q1 '25. We saw a couple of small spikes in the spot market through Q1 '25, but they were short lasting generally ample supply of ships both East and West of Suez. The situation in the Red Sea Gulf of Aden with the Holy targeting commercial ships was one of the main reasons that the first half '24 was so strong and for the clean product market. Now we are in a situation where Red Sea Gulf of Aden looks like it could open again.

在清潔產品方面，2024 年第四季的疲軟態勢延續到了 2025 年第一季。到 2025 年第一季度，我們看到現貨市場出現了幾次小幅飆升，但持續時間很短，蘇伊士運河以東和以西的船舶供應總體充足。紅海亞丁灣發生的聖戰士襲擊商船的事件是 2024 年上半年清潔產品市場表現如此強勁的主要原因之一。現在我們面臨的情況是，紅海和亞丁灣似乎可能再次開放。

Following an announced ceasefire agreement between US and Houthis, should this reopening occur, it should be a negative for the clean product bankers. Slide 6, we touch upon the tanker fleet fundamentals which look promising both for the share markets and product tankers.

在美國和胡塞武裝宣布達成停火協議後，如果重新開放，這對清潔產品銀行家來說應該是一個負面消息。幻燈片 6，我們談到了油輪船隊的基本面，對於股票市場和成品油輪來說，油輪船隊的基本面看起來都很有前景。

In both categories, aging feet outweighs the impact of current order book. In terms of age distribution, about 20% of the product anchors, between 44,000 and 50,000 dead with capacity is above 20 years of age, while the order book for these ships for the remainder of '25 and year 26 is in the order of 8.3%. On Swiss Market Index between 155,000 and 162,000 dead with capacity above 15%, about 50% of ships are above 20 years of age, while the current order book up to the end of '26 is in the region of 12%.

在這兩個類別中，腳部老化的影響都超過了目前訂單的影響。從船齡分佈來看，約有 20% 的產品錨泊船（介於 44,000 至 50,000 艘運力之間）的船齡超過 20 年，而 25 年剩餘時間和 26 年這些船舶的訂單量約為 8.3%。瑞士市場指數顯示，船舶死亡人數在 155,000 至 162,000 人之間，運力利用率超過 15%，其中約 50% 的船舶年齡超過 20 年，而截至 26 年底的當前訂單量約為 12%。

On slide 7, we are introducing Imperial Petroleum recent and upcoming drive back fleet editions. Imperial Petroleum will add up until the beginning of Q3, a total of seven ships, five Aframax and 2 Suezmax. With these additions, your fleet size will increase by 60% both in terms of number of ships and dead with capacity.

在第 7 張投影片上，我們介紹了帝國石油公司最近和即將推出的回程車隊版本。截至第三季初，帝國石油公司共擁有 7 艘船舶，包括 5 艘阿芙拉型油輪和 2 艘蘇伊士型油輪。有了這些補充，您的艦隊規模將在船隻數量和載重量方面增加 60%。

Following these deliveries, the fleet of Imperial Petroleum will count 19 ships, 10 bulk carriers and 9 tankers with a total capacity of $1.2 million dead weight.

交付這些船舶後，帝國石油公司的船隊將擁有 19 艘船舶，其中包括 10 艘散裝貨船和 9 艘油輪，總運力為 120 萬美元載重量。

Overall, drive bulk carriers have a less volatile market cycle than tankers, and we believe these strategic additions will add the conservative element of diversification to our broader fleet. In terms of employment, these vessels are typically employed on short time charters, thus avoiding banker costs and minimizing idle time. We also have a lower daily operational cost than tankers.

總體而言，驅動散貨船的市場週期波動性小於油輪，我們相信這些策略性補充將為我們更廣泛的船隊增添多樣化的保守元素。在僱用方面，這些船舶通常以短期租船的方式僱傭，從而避免銀行成本並最大限度地減少閒置時間。我們的每日營運成本也比油輪低。

Currently, the market for [Canamax] and Panamax drybulk vessels is soft but well above break-even levels. The one-year time chart rates for March 25 for a Canamax vessel was about 14,000. Due to the sizable element of these acquisitions, we expect every $2000 increase in daily PC rates for these newly added ships to contribute an additional $5 million to our annual operating cash flow.

目前，加拿型和巴拿馬型乾式散裝貨船市場疲軟，但遠高於損益平衡水準。3 月 25 日 Canamax 型船的一年海圖租金約為 14,000 美元。由於這些收購的規模相當可觀，我們預計這些新增船舶的每日 PC 費率每增加 2,000 美元，就會為我們的年度營運現金流貢獻額外的 500 萬美元。

Total capital commit commitment for these ships is about $129 million and currently our cash stands at about $190 million as within April 25, we repaid about $40 million for the purchase of the vessel's [neprus] and cleaning period.

這些船舶的總資本承諾約為 1.29 億美元，目前我們的現金約為 1.9 億美元，因為在 4 月 25 日之前，我們償還了約 4000 萬美元用於購買該船（neprus）和清潔期。

Even though we'll have sufficient cash surplus following the payment of these drybulk vessels, we do expect that our profitable operations will allow us to quickly accumulate cash. At current levels, I'm now passing the floor to Ms. Sakellari to summarize our financial performance.

儘管我們在支付這些乾散貨船費用後會有足夠的現金盈餘，但我們確實預計我們的獲利業務將使我們能夠快速累積現金。在目前的水平下，我現在將發言權交給薩凱拉里女士來總結我們的財務表現。

Thank you, Harry, and good morning to all year 2025 commenced positively for Imperial Petroleum. Q1 '25 was yet another profitable quarter, significantly improved compared to the fourth quarter of '24, as our revenue generation increased by 22% while an earning income by 190%. Within Q1 '25, we witnessed improved performance from most of our product tankers plus we did add the product anchor cleaning period in January 2025.

謝謝你，哈利，祝大家 2025 年對帝國石油公司來說有一個積極的開始。2025 年第一季又是一個獲利季度，與 2024 年第四季相比有顯著改善，我們的營收成長了 22%，獲利成長了 190%。在 2025 年第一季度，我們見證了大多數成品油油輪性能的提高，並且我們在 2025 年 1 月增加了成品油錨定清潔期。

As discussed, market in the first quarter of '25 was eventful in terms of geopolitics, sanctions, and trade disruptions. The quarter commenced at a low pace but gradually gained a meaningful momentum. Looking at our income statement for Q125 on July date, revenues came in at $32.1 million in Q1 '25, marking a 22% decline compared to revenues generated in the same period of 2024. This decline stems from lower market rates. Indicatively, we mentioned that during Q1 '24, average port rates for products in Swiss tankers were 25% and 24% higher than average rates in Q1 '25.

如上所述，2025 年第一季的市場在地緣政治、制裁和貿易中斷方面動盪不安。本季開始時成長速度較低，但逐漸獲得了有意義的發展動能。查看我們 7 月的 2025 年第一季損益表，2025 年第一季的營收為 3,210 萬美元，與 2024 年同期的營收相比下降了 22%。這種下降源於較低的市場利率。值得注意的是，我們提到，2024 年第一季度，瑞士油輪產品的平均港口費率分別比 2025 年第一季的平均費率高出 25% 和 24%。

Moreover, during Q1 '25, revenue generation was not evenly apportioned across the period, as about 55% of revenues were generated within March when market gained momentum. Voyage costs amounted to $10.5 million, $3.1 million lower when compared to Q1 '24. This decrease in voyage expenses attributed to increased time charter activity, leading to leading to a decline in spot days by 60%, and thus decreased banker consumption and lower port expenses.

此外，在 2025 年第一季度，收入的產生並沒有在整個期間均勻分配，因為大約 55% 的收入是在市場勢頭增強的 3 月份產生的。航行成本為 1050 萬美元，與 24 年第一季相比減少了 310 萬美元。航次費用的減少歸因於定期租船活動的增加，導致現貨天數減少 60%，從而減少了銀行消費並降低了港口費用。

Running costs amounted to $7 million increased by $1.1 million due to the increase of our fleet by an average of two vessels between the two periods. EBITDA for the first quarter of '25 came in at $14.7 million, while net income at $11.3 million corresponding to basic earnings per share of $0.32.

由於兩個時期內我們的船隊平均增加了兩艘船，因此營運成本增加了 110 萬美元，達到 700 萬美元。25 年第一季的 EBITDA 為 1,470 萬美元，淨收入為 1,130 萬美元，相當於每股基本收益 0.32 美元。

Moving on to slide 9, let us take a look at our balance sheet for the three months of '25. We enjoy a hefty cash space of close to $227 million and a debt free balance sheet. Within this quarter, we managed to increase our available cash by 10% while we marked a 9% increase in fleet book value as a result of a fleet expansion.

繼續看第 9 張投影片，讓我們來看看 25 年三個月的資產負債表。我們擁有近 2.27 億美元的充裕現金空間和無債務的資產負債表。本季度，我們成功將可用現金增加了 10%，同時由於機隊擴張，機隊帳面價值增加了 9%。

Proceeding to slide 10, we provide a summary of our liquidity, profitability, and markets considerations going forward. Our strong liquidity is undisputed both in terms of cash and on our balance sheet and solid operating cash flow generation. Our available cash have been smartly utilized to assist income from non-core operations. In a single quarter, we generated $2.2 million of income from time deposits.

延續第 10 張投影片，我們總結了未來的流動性、獲利能力和市場考量。無論從現金或資產負債表來看，我們的強勁流動性和穩健的經營現金流產生都是無可爭議的。我們的可用現金已被明智地用於支持非核心業務的收入。光是一個季度，我們就從定期存款中獲得了 220 萬美元的收入。

Our daily TC earnings per fleet voyage day stand in the order of 20,500 per day, while their cash flow break even per vessel is in the order of 9,000. Given that Imperial Petroleum is a debt-free company, it is evident that there is plenty of room for profit generation. In terms of market consideration, the focal point is the duration and next steps pertaining to the trade war, as well as OC plus further output increases, if any.

我們船隊每個航次的每日 TC 收入約為 20,500 美元/天，而每艘船的現金流盈虧平衡點約為 9,000 美元。鑑於帝國石油公司是一家無債務公司，顯然它有足夠的獲利空間。市場考量方面，焦點在於貿易戰的持續時間和後續走勢，以及OC和產量的進一步增加（如果有的話）。

Concluding a presentation with slide 11, we summarize yet once more our company's strong points, placing emphasis that we operate a quality build fleet of tankers and drive back vessels and have managed to demonstrate the current profitability since the fourth quarter of 2021.

在投影片 11 的最後，我們再次總結了公司的優勢，強調我們經營著一支優質的油輪和回航船隊，並且自 2021 年第四季度以來成功展示了當前的盈利能力。

At this stage, our CEO, Mr. Harry Vafias will summarize our concluding remarks for the period examined.

在此階段，我們的執行長 Harry Vafias 先生將總結我們對所審查期間的總結性演講。

Another year has commenced with a positive momentum for Imperial Petroleum. We are happy, as we consider the $11.3 million of net income generated in Q1, a very good result given the eventful but softish market. This is a busy period for a company, but at the same time exciting as we're taking on delivery of another six drybulk ships.

新的一年已經開始，帝國石油公司的發展勢頭良好。我們很高興，因為我們認為第一季產生的 1,130 萬美元淨收入，考慮到動盪但疲軟的市場，這是一個非常好的結果。對於公司來說，這是一個繁忙的時期，但同時也令人興奮，因為我們將接收另外六艘乾散貨船。

Within the short life of Imperial Petroleum, we're expanding our fleet from 4 vessels to 19 by the second quarter of '25, and our goal of growing fast and transforming a small company to a medium sized company was achieved.

在帝國石油公司短暫的存續期間，我們將在 2025 年第二季將船隊規模從 4 艘擴大到 19 艘，並實現了快速發展並將小公司轉變為中型公司的目標。

We feel confident that the diversified quality non-Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt, and liquidity as of March 31st of in excess of $220 million. And as per our view, ticks all the boxes that define a successful operation.

我們相信，我們打造的多元化、優質的非中國船隊將獲得回報。帝國石油公司發展迅速，利潤穩定，銀行債務為零，截至 3 月 31 日的流動資金超過 2.2 億美元。根據我們的觀點，這符合定義成功操作的所有條件。

Thank you for joining us at our call today and for your interest and trust in our company. And we look forward to having you with us again at our next call for Q2 results.

感謝您今天參加我們的電話會議以及對我們公司的關注和信任。我們期待在下次召開第二季業績會議時再次見到您。

Thank you.

謝謝。