Imperial Petroleum Inc (IMPP) 2025 Q2 法說會逐字稿

Good morning, everyone, and thank you for joining us on our second-quarter and six months 2025 conference call. I'm Harry Vafias, the CEO of Imperial Petroleum. And joining me on today is Fenia Sakellari, who will be discussing our financial performance.

大家早安，感謝您參加我們的 2025 年第二季和六個月電話會議。我是帝國石油公司執行長哈里·瓦菲亞斯。今天和我一起討論我們的財務表現的還有 Fenia Sakellari。

Before we commence our discussion, please read the Safe Harbor disclaimer on slide 2. In essence, it's made clear this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act.

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》定義的一些前瞻性陳述。

We raise 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 risks and uncertainties which could cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify we will quote monetary amounts, unless explicitly stated otherwise, in US dollars.

我們提請投資人注意，此類前瞻性陳述是基於帝國石油當前的信念和預期，並受風險和不確定性的影響，可能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，除非另有明確說明，否則我們將以美元報價。

On slide 3, we're summarizing our key operational and financial highlights for Q2 '25. What governed Q2 '25 was our impressive fleet expansion, as within a single quarter, we took delivery of seven drybulk ships expanding our fleet by about 56% and reaching 19 non-Chinese built vessels. Imperial Petroleum is now a company of a material size that operates a combined fleet of tanker and drybulk ships. The majority of these drybulk ship deliveries took place towards the end of the second quarter of 2025, hence these drybulk ships did not have sufficient operating time to fully contribute to our bottom line.

在投影片 3 上，我們總結了 2025 年第二季的主要營運和財務亮點。2025 年第二季度，我們的船隊實現了令人印象深刻的擴張，在一個季度內，我們接收了 7 艘幹散貨船，使我們的船隊規模擴大了約 56%，非中國製造的船舶數量達到 19 艘。帝國石油公司目前規模龐大，經營一支由油輪和乾散貨船組成的聯合船隊。這些乾散貨船大部分交付於 2025 年第二季末，因此這些乾散貨船沒有足夠的運作時間來為我們的利潤做出充分貢獻。

Nevertheless, our company continued the multi-year momentum of recurring profitable quarters. In Q2 '25, we generated a profit of $12.8 million corresponding to an earnings per share of $0.36. In spite of the second quarter being a weak seasonal period, especially for tankers, we managed to improve our profitability against the first quarter of '25 mainly at the back of increased tanker time charter coverage that led to improved performance of our product tankers.

儘管如此，我們公司仍保持了連續數個季度獲利的動能。2025年第二季度，我們獲利1,280萬美元，每股收益0.36美元。儘管第二季是淡季，尤其是油輪市場，但我們的獲利能力較2025年第一季有所提升，這主要得益於油輪期租合約覆蓋率的提升，從而帶動了成品油輪的業績提升。

During the second quarter of '25, we did witness a turbulent market in terms of geopolitical events mainly in June with the brief Israel-Iran war. This conflict caused a spike in tanker rates and affected market sentiment due to the high risk of straight over moves closing. Our noticeable fleet expansion increased our fleet book value by about 55% against the previous quarter, and we now enjoy a fleet of about $350 million of book value.

在 2025 年第二季度，我們確實目睹了地緣政治事件導致的市場動盪，主要是 6 月短暫的以色列與伊朗戰爭。此次衝突導致油輪運價飆升，並因直航結束的風險很高而影響了市場情緒。我們的船隊顯著擴張，使我們的船隊帳面價值較上一季增加了約 55%，目前我們的船隊帳面價值約為 3.5 億美元。

Imperial Petroleum continues to enjoy high liquidity as we entered the first half of 2025 with $212.2 million in cash and cash equivalents. We maintain a positive working capital and have sufficient quarterly cash flow generation, so we are able to preserve adequate liquidity throughout the periods.

帝國石油公司繼續享有高流動性，到 2025 年上半年，我們擁有 2.122 億美元的現金和現金等價物。我們保持正營運資本，並擁有足夠的季度現金流，因此我們能夠在整個期間保持充足的流動性。

In spite of our expansion and our solid performance across the quarters, our company remains heavily undervalued. Based on June 30 financials and fleet market values as per our management estimates, our net asset value per share is about $13.5 which is almost four times higher than our current market price. It's evident that our company's strong financial and operating performance, along with the positive prospects set forth through our fleet expansion, are not yet embedded in our share price.

儘管我們實現了擴張並在各季度表現穩健，但我們公司的價值仍然被嚴重低估。根據我們管理層估計的 6 月 30 日財務狀況和車隊市場價值，我們的每股淨資產價值約為 13.5 美元，幾乎是我們當前市場價格的四倍。顯然，我們公司強勁的財務和營運業績以及透過機隊擴張所展現的正面前景尚未體現在我們的股價中。

On slide 4, we provide a summary of our current fleet employment. About 80% of the fleet is currently under time charter as customarily all our drybulk ships are under short-term charter contracts. The commercial strategy we currently follow for our drybulk ship allows us to secure cash flow while minimizing commercial idle days and voyage costs.

在第 4 張投影片上，我們提供了目前車隊使用情況的摘要。目前，約有 80% 的船隊採用定期租船方式，因為通常我們所有的乾散貨船都採用短期租船合約。我們目前對乾散貨船採取的商業策略使我們能夠確保現金流，同時最大限度地減少商業閒置天數和航行成本。

For the tankers, we currently have four vessels, two product tankers and two Suezmaxes in the spot market. The remaining five product tankers are under time charter employment ranging from short-term to medium-term contracts. The increase in time charter coverage, which compared to the first quarter of '25 was in the range of 10%, improved our net revenue margin and assisted our bottom line.

就油輪而言，我們目前在現貨市場上擁有四艘船，兩艘成品油輪和兩艘蘇伊士型油輪。其餘五艘成品油輪均已簽訂短期至中期租船合約。與 25 年第一季相比，定期租船覆蓋率增加了 10%，提高了我們的淨收入利潤率，並有助於提高我們的獲利能力。

On slide 5, we're discussing the evolution of market rates for both tankers and bulkers. What is positive is that compared to the first half of '25, daily rates have continued to strengthen for both tankers and bulk carriers. Looking at tanker rates, these are lower than the peak levels reached in the period '22 to '24, but still, earnings remain robust compared to the 10-year average. Indicatively, it's reported that earnings for Suezmax vessels are about 30% higher than the 10-year average.

在第 5 張幻燈片上，我們正​​在討論油輪和散裝貨船市場價格的演變。積極的一面是，與 25 年上半年相比，油輪和散裝貨船的日運價持續走高。從油輪運價來看，目前的價格低於 2022 年至 2024 年期間的峰值水平，但與 10 年平均水平相比，收益仍然強勁。有跡象表明，蘇伊士型油輪的收益比 10 年平均值高出約 30%。

Rates for product tankers are almost 15% higher than the 10-year average, and within the second quarter of '25, we witnessed a spike in rates around the Middle East region due to the brief Israeli-Iran conflict. Since then, the rates have further strengthened mainly as a result of OPEC unwinding production cuts and the newly imposed sanctions by both the US and EU/UK.

成品油油輪的運價比 10 年平均高出近 15%，並且在 25 年第二季度，由於以色列和伊朗的短暫衝突，我們目睹了中東地區運價的飆升。自那時起，油價進一步走強，主要原因是石油輸出國組織取消減產以及美國和歐盟/英國實施新的製裁。

Following June '25, rates for drybulk vessels strengthened at the back of trade fundamentals, such as improved steel margins in China and a boost of grain trade in Brazil. Currently, rates for Supramaxes have risen to highest levels since May '24 ahead of US grain season kickoff, and we currently enjoy solid rate in both segments we operate in which fills us with cautious optimism as to what we anticipate for Q3 in '25.

2025 年 6 月之後，受中國鋼鐵利潤率提高和巴西糧食貿易成長等貿易基本面因素推動，乾散貨船運價走強。目前，在美國穀物季節開始之前，超靈便型船的運價已升至 2024 年 5 月以來的最高水平，目前，我們運營的兩個領域的運價都很穩定，這讓我們對 2025 年第三季度的預期充滿謹慎樂觀。

On slide 6, we are reviewing the tanker market. The global oil tanker market has entered the second half of '25 with a positive stance, but the market is still dominated by geopolitical and trade policy risks. The recent Israeli-Iran tensions had a direct impact on energy infrastructure, leading to a sharp drop in Iranian exports. Ongoing negotiations on trade tariffs such as the recent China-US discussions caused trade frictions that have a material impact on market sentiment. Moreover, the expanded sanctions on Russia and Iran could alter trade partners, further creating trade disruptions and rate volatility.

在第 6 張投影片上，我們正​​在回顧油輪市場。全球油輪市場以積極的姿態進入2025年下半年，但市場仍受到地緣政治和貿易政策風險的主導。近期以色列與伊朗的緊張關係直接影響能源基礎設施，導致伊朗出口急劇下降。近期中美等貿易關稅談判持續引發貿易摩擦，對市場情緒產生重大影響。此外，擴大對俄羅斯和伊朗的製裁可能會改變貿易夥伴，進一步造成貿易中斷和利率波動。

Setting aside the market uncertainty, both oil demand and supply are set to rise in the remainder of '25 and '26, with supply expected to outpace demand. In terms of supply, OPEC+ has begun unwinding voluntary production cuts adding 1.8 million barrels per day in '25, an action that would positively affect the tanker rates.

撇開市場不確定性不談，2025 年剩餘時間和 2026 年石油需求和供應都將上升，預計供應將超過需求。在供應方面，OPEC+已開始解除自願減產，2025年日產量增加180萬桶，此舉將對油輪運價產生正面影響。

Looking at the tanker supply, this market is governed by a strained fleet growth, an aging fleet, and moderate demolition activity. The order book for the product tankers, MR2s, stands at 3.2% for the remainder of '25 and 5.1% for '26 and Suezmax's fleet growth is 3.5% up to 5.1% for '26 -- 9%, sorry, for '26. We also anticipate the regulatory and environmental pressures to intensify demolition activity for older tonnage, a fact which will shrink vessel supply.

從油輪供應來看，該市場受到船隊成長緊張、船隊老化和拆船活動的適度影響。成品油輪 MR2 的訂單量在 25 年剩餘時間內將增長 3.2%，在 26 年將增長 5.1%，而蘇伊士型油輪的船隊增長率為 3.5%，在 26 年將增長 5.1%——抱歉，是 26 年的 9%。我們也預期監管和環境壓力將加劇老舊船舶的拆解活動，這將導致船舶供應減少。

On slide 7, we are discussing the drybulk market. Following a softer first half, drybulk trade has recently shown signs of rebounding. Since July '25, drybulk trade volumes have increased by 2% year on year. Tonne mile growth for bulkers is expected to be moderate as Red Sea transit remains low and any vessel rerouting back from the Red Sea in the near term looks unlikely. Any additional tonne mile growth will be supported by the increase in local exports to China for Guinea bauxite and Brazil iron ore and grains.

在第 7 張投影片上，我們正​​在討論乾散貨市場。繼上半年較為疲軟之後，乾散貨貿易近期已出現反彈跡象。自2025年7月以來，乾散貨貿易量較去年同期成長了2%。由於紅海運輸量仍然較低，且短期內任何船隻從紅海改道返回的可能性不大，預計散裝船噸英里增長將保持溫和。任何額外的噸英里增長都將受到幾內亞鋁土礦和巴西鐵礦石及穀物對中國出口增加的支持。

Indeed, Guinea-China bauxite trade remains a key driver of drybulk trade, particularly for large vessels, as departures were up 41% in the first half compared to the same period last year. Mid-sized bulkers were supported by Brazil-China grain trade, US corn trade, and Chinese steel exports. Overall, drybulk trade is expected to remain relatively stable in the years ahead.

事實上，幾內亞與中國的鋁土礦貿易仍然是乾散貨貿易的主要推動力，特別是對於大型船舶而言，因為上半年的出港量與去年同期相比增長了 41%。中型散裝貨船受到巴西與中國穀物貿易、美國玉米貿易以及中國鋼鐵出口的支撐。總體而言，預計未來幾年乾散貨貿易將保持相對穩定。

In terms of fleet growth, we saw 302 bulkers being delivered since the start of '25. Current order book is 9% for Panamax/Kamsarmax vessels; quite low for handy sizes, 6%; and reasonably big for Supramax/Ultramax at 11%.

就船隊成長而言，自 2025 年初以來，已有 302 艘散裝貨船交付。目前，巴拿馬型/卡姆薩爾型船舶的訂單量為 9%；靈便型船舶的訂單量相當低，為 6%；超靈便型/超大靈便型船舶的訂單量則相當大，為 11%。

I'll now pass you the floor to Ms. Sakellari for the financial performance.

現在我將請薩凱拉里女士發言，介紹財務表現。

Thank you, Harry, and good morning to all.

謝謝你，哈利，大家早安。

The second quarter of '25 was a turning point for Imperial Petroleum. Our fleet increased materially. Our recent acquisitions in Q2 '25 did not contribute significantly to our operations and profitability, as most of the vessels were delivered towards the end of the quarter. Nevertheless, within the second quarter of '25, we managed to increase our profitability by 13% against the first quarter of '25, generating a net income of $12.8 million.

1925 年第二季是帝國石油公司的轉捩點。我們的船隊規模大幅增加。我們最近在 2025 年第二季度進行的收購併沒有對我們的營運和盈利能力做出重大貢獻，因為大多數船舶都是在本季度末交付的。儘管如此，2025 年第二季度，我們的獲利能力較 2025 年第一季提高了 13%，淨收入達到 1,280 萬美元。

Focusing on the second quarter of '24 though, this was exceptional as market rates were at their peak, much higher than in Q2 '25. Indicatively, it's mentioned that in Q2 '24, our daily fleet time charter equivalent was in the order of 35,200, while for Q2 '25, daily fleet time charter equivalent was about 20,700.

然而，如果關注 24 年第二季度，這是一個例外，因為市場利率處於峰值，遠高於 25 年第二季。值得注意的是，在 2024 年第二季度，我們的每日船隊定期租船當量約為 35,200 艘，而在 2025 年第二季度，我們的每日船隊定期租船當量約為 20,700 艘。

Looking at our income statement for Q2 '25 on slide 8, revenues came in at $36.3 million, marking a $22.8 million decline compared to revenues generated the same period of '24. This decline stems from lower market rates. During Q2 '25, our average daily spot rates for product tankers were $9,500 lower when compared to the same period of last year. In addition, average daily one-year time charter rates for product tankers were about $12,000 lower compared to prevailing rates in Q2 '24.

檢視投影片 8 上的 2025 年第二季損益表，營收為 3,630 萬美元，與 2024 年同期的營收相比下降了 2,280 萬美元。這種下降源於較低的市場利率。2025 年第二季度，我們的成品油油輪平均每日現貨運費與去年同期相比下降了 9,500 美元。此外，成品油油輪一年期平均每日租船費率與 2024 年第二季的現行費率相比低了約 12,000 美元。

Voyage costs amounted to $10.7 million, $6.4 million lower than when compared to Q2 '24. This decrease in voyage expenses is attributed to increased time charter activity by about 36%, leading to a decline in voyage costs, particularly bunker costs. In Q2 '25, embarking costs were $5.2 million lower compared to the same period of last year.

航行成本為 1070 萬美元，比 24 年第二季低 640 萬美元。航次費用的下降歸因於定期租船活動增加了約 36%，導致航次成本下降，特別是燃油成本下降。2025 年第二季度，登船成本與去年同期相比降低了 520 萬美元。

Running costs amounted to $8.4 million, increased by $1.9 million due to the increase of our fleet by an average of 3.8 vessels between the two periods. Overall, during the past year, we have witnessed a stabilization of daily operating costs across the quarters. Our average fleet operating costs oscillates between $6,400 to $6,700 per day, depending on maintenance and supply needs within each quarter.

營運成本為 840 萬美元，由於兩個時期內我們的船隊平均增加了 3.8 艘船，因此增加了 190 萬美元。整體而言，在過去的一年裡，我們見證了各季度日常營運成本的穩定性。我們的平均車隊營運成本在每天 6,400 美元到 6,700 美元之間，具體取決於每季的維護和供應需求。

Drydocking costs amounted to $1.7 million, as this quarter, one of our Suezmax tankers and one of our Supermax drybulk carriers underwent drydocking.

幹船塢成本達 170 萬美元，因為本季我們的一艘蘇伊士型油輪和一艘超靈便型乾散貨船進行了乾船塢。

EBITDA for the second quarter of '25 came in at $17.1 million, while net income at $12.8 million, corresponding to a basic earnings per share of $0.36. For six months EBITDA '25, our EBITDA came in at $31.8 million, our operating cash flow was $42 million, while our net income was $24.1 million, corresponding to an EPS of $0.67. Our current share price is about three times higher than our earnings per share for the last trailing 12 months, a sign that our profitability capacity is not adequately reflected in our company's valuation.

2025年第二季的息稅折舊攤提前利潤（EBITDA）為1,710萬美元，淨利為1,280萬美元，對應每股基本收益0.36美元。 2025年上半年的息稅折舊攤提前利潤（EBITDA）為3,180萬美元，營運現金流量為4,200萬美元，淨利為2,410萬美元，對應每股收益0.67美元。我們目前的股價約為過去12個月每股收益的三倍，這表明我們的獲利能力尚未充分反映在公司估值中。

Moving on to slide 9, let us take a look at our balance sheet for the six months of '25. We enjoy a hefty cash base of close to $212 million. Within April '25, we repaid about $40 million for the vessels Clean Imperial and Neptulus. Nevertheless, we faced a marginal decline in our end-of-period cash balance, as robust cash flow generation allows to preserve liquidity at high levels.

繼續看投影片 9，讓我們來看看 25 年六個月的資產負債表。我們擁有近 2.12 億美元的巨額現金基礎。2025 年 4 月，我們償還了「Clean Imperial」號和「Neptulus」號兩艘船舶的約 4000 萬美元。儘管如此，我們的期末現金餘額仍略有下降，因為強勁的現金流產生使我們能夠將流動性保持在高水準。

Our fleet book value is a shade above $350 million, about 68% higher than end of year '24, due to our vessel additions. Payable to related party balance mainly reflects the amount owed for recent vessel delivery, which was paid within July and August '25.

由於增加了船舶，我們的船隊帳面價值略高於 3.5 億美元，比 24 年底高出約 68%。應付關聯方餘額主要反映了最近船舶交付所欠的金額，該金額已於 25 年 7 月和 8 月支付。

Proceeding to slide 10, we provide a summary of our liquidity, profitability, and market considerations going forward. We continue to enjoy a debt-free balance sheet and a solid cash flow generation. Within the first half of '25, our operating cash flow was $42 million. Our profitability margin remains wide, as market rates are favorable and significantly higher than our breakeven levels. In Q2 2025, our time charter equivalent per fleet voyage day was close to $21,000, while our daily average cash flow breakeven is currently about $8,700 for tankers and close to $6,500 for our drybulk carriers.

延續第 10 張投影片，我們總結了我們的流動性、獲利能力和未來的市場考量。我們繼續享有無債務的資產負債表和穩健的現金流。2025 年上半年，我們的營運現金流為 4,200 萬美元。由於市場利率有利且遠高於我們的損益兩平水平，我們的獲利率仍然很高。2025 年第二季度，我們船隊每航次的定期租船費用接近 21,000 美元，而我們油輪的每日平均現金流盈虧平衡點目前約為 8,700 美元，幹散貨船的每日平均現金流盈虧平衡點接近 6,500 美元。

In terms of market consideration, a focal point is the duration and next steps pertaining to trade war, as well as OPEC further output increases, if any. For the dry carriers, it is important to see how demand will play out and whether the current level of rates can be sustained.

市場關注的焦點是貿易戰的持續時間和後續走勢，以及OPEC是否會進一步增產。對於乾散貨運輸船來說，重要的是觀察需求將如何變化以及當前的運價水準是否能夠維持。

Concluding our presentation with slide 11, we summarize yet once more our company's strong points, placing emphasis that we operate a quality-built fleet of tankers and drybulk vessels that we strive to grow even further and have managed to demonstrate recurring profitability since the fourth quarter of 2021.

在第 11 張幻燈片結束我們的演示時，我們再次總結了我們公司的優勢，強調我們運營著一支優質的油輪和乾散貨船隊，我們努力進一步發展，並自 2021 年第四季度以來成功實現了經常性盈利。

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時期的總結性演講。

We are proud for completing our recent fleet expansion. This is an important milestone for us. Imperial Petroleum now operates a combined diversified fleet of nine tankers and 10 bulk carriers, all non-Chinese-built vessels.

我們為最近完成的船隊擴張感到自豪。這對我們來說是一個重要的里程碑。帝國石油公司目前營運著一支由 9 艘油輪和 10 艘散裝貨船組成的多元化船隊，這些船隻均非中國製造。

In terms of our financials, we remain profitable, debt-free, and as of the end of Q2 '25, we held about $212 million in cash. In the first half '25, we generated $24.1 million of net profit and $42 million of operating cash flow. Market rates for both tankers and bulkers are currently favorable. Therefore, we hope that we will be able to take advantage of the second half of '25, utilize our fleet at full speed, and produce even better results.

就我們的財務狀況而言，我們仍然獲利，沒有債務，截至 2025 年第二季末，我們持有約 2.12 億美元現金。2025 年上半年，我們創造了 2,410 萬美元的淨利和 4,200 萬美元的營運現金流。目前油輪和散裝貨船的市場運價都很有利。因此，我們希望能夠利用25年下半年的機會，全速利用我們的船隊，取得更好的成績。

We'd like to thank you all for joining us at our conference call and for your interest and trust in our company. And we look forward to having you again with us at our next call for our Q3 results. Thank you.

我們感謝大家參加我們的電話會議，並感謝大家對我們公司的關注與信任。我們期待在下次電話會議上再次見到您，討論我們的第三季業績。謝謝。