Imperial Petroleum Inc (IMPP) 2025 Q4 法說會逐字稿

Good morning, everybody, and thank you all for joining us at our Q4 and 12 months 2025 call of Imperial Petroleum. I'm Harry Vafias, the CEO of the company. And joining me today is Ms. Sakellari, who will be discussing our financial performance. Before we commence our discussion, please read the Safe Harbor disclaimer on slide 2.

各位早安，感謝各位參加 Imperial Petroleum 2025 年第四季及全年（12 個月）電話會議。我是公司執行長 Harry Vafias。今天與我一同出席的是 Sakellari 女士，她將說明我們的財務表現。在開始討論之前，請先閱讀第 2 頁投影片上的「安全港」免責聲明。

In essence, it's made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. 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 risks and uncertainties, which could cause future results to differ materially from these forward-looking statements.

簡而言之，該聲明指出本簡報可能包含《私人證券訴訟改革法》所定義的某些前瞻性陳述。我們提醒投資人注意，此類前瞻性陳述係基於 Imperial Petroleum 目前的信念與預期，並受風險與不確定性影響，可能導致未來結果與這些前瞻性陳述存在重大差異。

In addition, we'd like to clarify that during this conference call, we will quote monetary amounts. These unless explicitly stated otherwise, are all denominated in US dollars.

此外，我們也要澄清，本次電話會議中將引用金額數字。除非另有明確說明，所有金額均以美元計價。

In slide 3, we are summarizing our key operational and financial highlights for Q4 '25. The last quarter of last year revealed our fleet dynamics. Market was favorable for both tanker and dry bulk ships, allowing us to enjoy solely profitability and reap the benefits of our fleet expansion.

在第 3 頁投影片中，我們彙總了 2025 年第四季的主要營運與財務亮點。去年最後一季呈現了我們船隊的動態變化。油輪與乾散貨船市場皆有利，使我們得以維持獲利並享受船隊擴張帶來的效益。

Indeed, compared to Q3 of '25, when we operated same number of ships, net revenues from tankers decreased by almost 18%, while the rise of net revenues from our dry bulk segment was most impressive in the order of 26%. It was a dynamic quarter, and this was also reflected in our fleet operational utilization which for Q4 '25 was in the order of 91.8% margin, our best quarterly performance of 2025.

確實，與 2025 年第三季（當時我們營運的船舶數量相同）相比，油輪淨營收下降近 18%，而乾散貨部門淨營收的成長最為亮眼，約為 26%。這是一個充滿動能的季度，也反映在我們的船隊營運使用率上：2025 年第四季約為 91.8%，為 2025 年最佳單季表現。

Looking at our fleet subsegments, operational utilization for Q4 was 93.4% for our tankers and 90.4% for our dry bulk fleet. Our commercial strategy this quarter was most efficient as we managed to reduce commercial off-hire days by 24.3% compared to Q3.

就船隊各子分項而言，第四季油輪的營運使用率為 93.4%，乾散貨船隊為 90.4%。本季我們的商業策略最為有效，成功將商業性停租天數較第三季降低 24.3%。

During Q4, we continued our fleet expansion. In mid-December, we agreed to purchase three carriers and one tanker vessel. Following the delivery of the dry bulk carrier post-Marvel on January 12, we have a fleet on the water of 20 ships. Based on our capital commitments within 2026, we will take delivery of another six ships. In a short period of time, we utilized our funds and kept our promise to grow Imperial Petroleum fleet to reach close to 30 ships.

在第四季期間，我們持續擴張船隊。12 月中旬，我們同意購買三艘散貨船與一艘油輪。在 1 月 12 日交付乾散貨船 Marvel 之後，我們目前在營船隊達到 20 艘。依據我們在 2026 年內的資本承諾，我們還將再接收另外六艘船舶。在短時間內，我們運用資金並履行承諾，將 Imperial Petroleum 的船隊規模擴大至接近 30 艘。

Touching briefly on our financial performance. The full integration of our dry bulk vessels in conjunction with strong rates, both in the tanker and dry bulk markets elevated Q4, both our profitability and operating income generation.

簡要談及我們的財務表現。乾散貨船舶的全面整合，加上油輪與乾散貨市場的強勁運價，使 2025 年第四季的獲利能力與營業利益創造能力同步提升。

In Q4, our revenues came in at $51.1 million, making -- marking an impressive 95% increase against the same period of last year. Our operating income for the quarter was in the order of $13.7 million, marking a 174% increase to Q4 '24 and a 33% increase compared to Q3.

第四季營收為 5,110 萬美元，較去年同期大幅成長 95%。本季營業利益約為 1,370 萬美元，較 2024 年第四季成長 174%，並較第三季成長 33%。

We ended the quarter with net income of $15 million, improved compared to the same period of last year by about $11.1 million. For the full year '25, our net income came in at $50 million, our EBITDA close to $71 million, while our operating cash flow was as high as $81 million. Our organic operations fueled our operating liquidity. In terms of cash, including our time deposits, we ended the year of '25 with $179 million, while our cash today is close to $198 million.

本季淨利為 1,500 萬美元，較去年同期增加約 1,110 萬美元。2025 年全年淨利為 5,000 萬美元，EBITDA 接近 7,100 萬美元，而營運現金流高達 8,100 萬美元。我們的本業營運帶動了營運流動性。就現金而言（含定期存款），我們在 2025 年底的現金為 1.79 億美元，而目前現金接近 1.98 億美元。

It's worth to know that Imperial Petroleum sustains its long-standing momentum of profit generation. Within the period of '23 to '25, our company has generated a total of $171 million of net profits and $240 million of total operating cash flow. On February 9, we commenced a $10 million stock repurchase program. Under this scheme, the company has repurchased to date a total of 251,000 shares for an aggregate amount of $900,000.

值得一提的是，Imperial Petroleum 持續維持長期的獲利動能。在 2023 年至 2025 年期間，本公司合計創造 1.71 億美元淨利，以及 2.40 億美元的總營運現金流。2 月 9 日，我們啟動了 1,000 萬美元的庫藏股回購計畫。在此計畫下，截至目前公司已回購合計 251,000 股，總金額為 90 萬美元。

We strive to preserve our strong performance. However, we acknowledge that the recent US-Iran conflict has spread the global shock and has already positively affected seaborne trade, particularly for the tanker segment. It remains to be seen how the duration of this conflict and any further escalation will hinder trade patterns and cost turmoil in oil supply and pricing.

我們致力於維持強勁表現。然而，我們也注意到近期美伊衝突引發全球震盪，且已對海運貿易產生正面影響，特別是油輪市場。至於衝突持續時間及任何進一步升級，將如何干擾貿易型態並造成石油供應與價格的成本動盪，仍有待觀察。

On slide 4, we provide a summary of our current fleet deployment. About 65% of our fleet is currently under time charter. We employ five product tankers and two Suezmaxes in the spot market. The remaining two product tankers are under period employment.

在第 4 頁投影片中，我們提供目前船隊部署的摘要。目前約 65% 的船隊採定期租船（time charter）。我們在現貨市場營運五艘成品油輪與兩艘蘇伊士極限型（Suezmax）油輪。其餘兩艘成品油輪則採期間租約（period employment）。

And as customarily all our dry bulk ships are on short-time charters. The commercial strategy we currently follow for our dry bulk ships provides healthy cash flow while minimizing idle time and voyage costs. On slide 5, we will discuss the evolution of market rates for both tankers and bulkers. Within Q4 '25, market rates strengthened further in both the tanker and dry segments.

而依慣例，我們所有乾散貨船皆採短期租船。我們目前對乾散貨船採行的商業策略，在降低閒置時間與航次成本的同時，提供健康的現金流。在第 5 頁投影片中，我們將討論油輪與散貨船兩個市場的運價走勢。在 2025 年第四季，油輪與乾散貨市場的運價均進一步走強。

Rates for Suezmax surged mainly at the back of OPEC exports rising US crude output and high global refining margins. In addition, the increased enforcement of sanctions against tankers trading in Russia, Iran, Venezuela, has tightened the dark fleet boosting rates for mainstream ships.

蘇伊士極限型（Suezmax）運價大幅上升，主要受 OPEC 出口增加、美國原油產量上升以及全球煉油利差偏高所帶動。此外，對在俄羅斯、伊朗、委內瑞拉交易之油輪的制裁執法加強，使「暗黑船隊」供給收緊，進而推升主流船舶的運價。

Product tankers rates improved when compared to Q3. MR rates were particularly affected mid-quarter onwards by activity levels in Asia picking up momentum. For the dry bulk segment, the positive trend witnessed in Q3 continued throughout Q4 as well.

成品油輪運價較第三季有所改善。自本季中段起，隨著亞洲地區活動水準回升並加速，MR 船型運價受到的影響尤為明顯。就乾散貨板塊而言，第三季所見的正向趨勢在第四季亦持續延伸。

The key drivers for this were the decline in Chinese mine production, which led to an increase in iron ore imports and the rise in long-haul bauxite exports from West Africa, the rise in tension in the Middle East, which escalated since the end of February '26 has caused a spike in tanker market rates. Risk premia have been priced into tanker freights, as tensions as well as trade from the Strait of Hormuz has been to a great extent disrupted.

其主要驅動因素包括：中國礦山產量下滑，帶動鐵礦石進口增加；西非長航程鋁土礦出口上升；以及中東緊張局勢升溫，自 26 年 2 月底以來進一步惡化，導致油輪市場運價飆升。由於緊張局勢以及經由荷姆茲海峽的貿易在很大程度上受到干擾，油輪運費已反映風險溢價。

It's worth to note that on March 1, vessel arrivals in the Strait of Hormuz were down 80% from normal levels. Indeed, compared to the end of Q4, the latest rates for Suezmax vessels are up 95% to about $180,000 a day, while rates for MR tankers are up 75% to about $50,000 daily.

值得注意的是，3 月 1 日荷姆茲海峽的船舶到港量較正常水準下降了 80%。確實，與第四季末相比，最新 Suezmax 船型日租金上漲 95% 至約 18 萬美元/日，而 MR 成品油輪日租金上漲 75% 至約 5 萬美元/日。

On slide 6, we're reviewing the tanker market. In Q4, the tanker market was very strong for crude tankers and quite healthy for product tankers. The surge in crude tanker market can be explained by OPEC and unwinding some output cuts, having added 1.6 million barrels per day in the market since Q4, along with two -- along with steady growth in global oil consumption, which in Q4 totaled 104.5 million barrels per day.

在第 6 頁投影片，我們回顧油輪市場。第四季，原油油輪市場非常強勁，成品油輪市場也相當健康。原油油輪市場的飆升可由以下因素解釋：OPEC 解除部分減產，自第四季以來已向市場增加 160 萬桶/日的供給；同時全球石油消費穩健成長，第四季合計達 1.045 億桶/日。

In addition, the vacuum cleaning of VLCC tonnage by Sinokor, which started end of last year, has given a major boost to the VLCC market, which is now experiencing record levels. And this has also trickled down to the Suezmaxes and Aframaxes.

此外，Sinokor 自去年底開始對 VLCC 船隊進行「吸收式」清理（vacuum cleaning），大幅提振 VLCC 市場，目前正處於創紀錄水準。而這股效應也向下傳導至 Suezmax 與 Aframax 船型。

The product tanker market was affected in Q4 by the falling long-haul Russian CPP exports, which marked a decline to 1.1 million barrels per day from 1.6 million barrels in the first half '25. However, the market picked up mid-quarter onwards due to the greater activity in the Atlantic Basin, from January following the US-Venezuela conflict through which you have to control of Venezuela's energy industry, market strength of crude tankers commenced flowing into product tankers as well.

第四季成品油輪市場受到俄羅斯長航程 CPP（清潔石油產品）出口下滑影響，其出口量由 25 年上半年 160 萬桶/日降至 110 萬桶/日。然而，自本季中段起，因大西洋盆地活動更為活躍，市場開始回升；自 1 月起，隨著美國—委內瑞拉衝突（你必須掌控委內瑞拉能源產業）之後，原油油輪的市場強勢也開始外溢至成品油輪。

In '26, geopolitical tensions will mainly shape the market a potential end on the Russian-Ukraine conflict, could reopen European markets to Russian crudes, thus lessening long-haul voyages. Other factors that would affect the tanker market going forward are trade sanctions and OPEC's strategy on any additional unwinding of production cuts.

在 26 年，地緣政治緊張將主要形塑市場；俄烏衝突若可能結束，或將使歐洲市場重新對俄羅斯原油開放，從而減少長航程航次。未來影響油輪市場的其他因素包括貿易制裁，以及 OPEC 對是否進一步解除減產的策略。

Adding to this, the massive dark fleet of tankers has the potential to shape the tanker market going forward to a significant extent. The most important event currently shaping the market and affecting the global geopolitical environment is the Iran-US conflict.

此外，規模龐大的油輪「暗黑船隊」亦可能在相當程度上影響未來油輪市場走向。目前最重要、正在形塑市場並影響全球地緣政治環境的事件，是伊朗—美國衝突。

About 20% of the world's oil supply moves through the Strait of Hormuz, a number which includes most Asian crude imports. Therefore, any prolonged disruption will be a major global shock. Global tanker trade has already been disrupted as ships become stranded in the Gulf. Insurance risk premia have sharply increased and oil prices have spiked.

全球約 20% 的石油供應經由荷姆茲海峽運輸，其中包含亞洲大部分原油進口。因此，任何長期中斷都將造成重大的全球性衝擊。隨著船舶在波斯灣受困，全球油輪貿易已遭到干擾。保險風險溢價大幅上升，油價亦飆升。

In addition, transit delays in operational disruptions are expected to drive further volatility in an already firm market. If there is a sustained disruption to oil prices, the hike in oil prices could lead to potential demand disruption and to a weakening of global economy.

此外，營運中斷所造成的通行延誤，預期將在本已偏緊的市場中推升進一步波動。若油價出現持續性中斷，油價上漲可能導致需求受抑，並使全球經濟走弱。

Looking at the tanker fundamentals, total order book for Suezmaxes stands at 21%, with 14% of the fleet above 20 years of age. For MR Tanker's total order book is 14.8% while 16% of the fleet is above 20 years of age.

就油輪基本面而言，Suezmax 的總訂單簿占比為 21%，其中船隊有 14% 船齡超過 20 年。MR 成品油輪的總訂單簿占比為 14.8%，而船隊中有 16% 船齡超過 20 年。

In side 7, we are discussing with dry bulk market. Q4 continued the positive momentum witnessed in Q3 overall has picked up -- overall, the market has picked up in the second half of '25, creating a bullish sentiment for this year. Iron ore volumes in China were exceptionally strong, supported by a drop in domestic iron output. And in addition to this, Guinean bauxite exports to China rebounded sharply in Q4. Seaborne coal shipments to China picked up as well due to seasonal restocking.

在第 7 頁投影片，我們討論乾散貨市場。第四季延續第三季所見的正向動能，整體而言——整體市場在 25 年下半年回升，為今年帶來偏多情緒。中國鐵礦石運量異常強勁，受國內鐵礦產出下滑所支撐。此外，幾內亞對中國的鋁土礦出口在第四季大幅反彈。由於季節性補庫，中國的海運煤炭運輸量亦有所回升。

Kamsarmax segment was supported by strong Atlantic grain volumes as China continued to buy from Brazil and Argentina, while US corn exports increased in second half 25 by 38% year on year. Dry cargo trade is expected to increase by 1.5%, with the biggest percentage rise expected from bauxite trade.

Kamsarmax 船型受惠於大西洋穀物運量強勁；中國持續自巴西與阿根廷採購，同時美國玉米出口在 25 年下半年年增 38%。乾貨貿易預期將成長 1.5%，其中增幅占比最大者預期來自鋁土礦貿易。

Looking forward, global turmoil demand growth currently supported by China might gradually tilt towards India, which is fast growing. Total order book for Handysize ships is 7.3%, with 7.4% of the fleet being above 20 years of age. Total order book for Supramax vessels stands at 9.5%, with 9.8% of the fleet being above 20 years of age.

展望未來，目前由中國支撐的全球動盪下之需求成長，可能逐步轉向快速成長的印度。Handysize 船型的總訂單簿占比為 7.3%，其中船隊有 7.4% 船齡超過 20 年。Supramax 船型的總訂單簿占比為 9.5%，其中船隊有 9.8% 船齡超過 20 年。

I'll now pass the floor to Ms. Sakellari to summarize our financial performance.

我現在把時間交給 Sakellari 女士，請她總結我們的財務表現。

Thank you, Harry, and good morning to all. The fourth quarter of '25 was quite dynamic as both tanker and dry bulk markets were favorable allowing us to leverage upon the size of our mixed fleet. As said, tanker rates were firm, while rates for dry ships marked a noticeable improvement compared to the third quarter of '25.

謝謝你，Harry，各位早安。25 年第四季相當活躍，因油輪與乾散貨市場皆有利，使我們得以運用我們混合船隊的規模優勢。如前所述，油輪運價維持堅挺，而乾散貨船舶運價相較 25 年第三季有明顯改善。

Looking at our income statement for Q4 '25 on slide 8, revenues came in at $51.1 million in Q4, marking a 95% increase compared to revenue generated in the same period of '24. This increase is mainly due to our recent dry bulk vessel adds along with an improvement on market rates, particularly for the Suezmax tankers, as rates for these vessels increased within Q4 '25 to 92,000 per day from $55,000 per day in Q3 and are now even higher, close to $180,000 per day.

查看投影片8中我們2025年第四季的損益表，第四季營收為5,110萬美元，較2024年同期所創造的營收增加95%。此增幅主要來自我們近期新增的乾散貨船舶，以及市場運價改善，特別是Suezmax油輪；這些船型的日租金在2025年第四季由第三季的每日55,000美元上升至每日92,000美元，而目前甚至更高，接近每日180,000美元。

Voyage costs amounted to $16.6 million, $8 million higher than in Q4 '24. In spite of the decreased productivity, the increase of our fleet size led to a higher number of voyages that intensified ballasting activity, especially for our Suezmax vessels.

航次成本為1,660萬美元，較2024年第四季高出800萬美元。儘管生產力下降，我們船隊規模的擴大帶來更高的航次數量，進而加劇壓艙航行活動，尤其是在我們的Suezmax船舶上。

Our net revenues for the quarter came in at about $34.5 million compared to $17.8 million in Q4 '24. This is equivalent to a 94% increase. Running costs amounted to $11.3 million, increased by $4.6 million due to the increase of our fleet by an average of eight vessels between the two periods.

本季淨營收約為3,450萬美元，相較於2024年第四季的1,780萬美元。相當於增加94%。營運成本為1,130萬美元，因兩期間我們船隊平均增加8艘船舶而增加460萬美元。

EBITDA for the fourth quarter of '25 came in at $21.3 million while net income of $15 million corresponding to basic earnings per share of $0.37. For 12 months '25, our EBITDA came in at $71 million. Our operating cash flow was $81 million, while our net income was $50 million corresponding to an EPS of $1.35.

2025年第四季EBITDA為2,130萬美元，淨利為1,500萬美元，對應基本每股盈餘0.37美元。2025年12個月期間，我們的EBITDA為7,100萬美元。營運現金流為8,100萬美元，淨利為5,000萬美元，對應每股盈餘（EPS）1.35美元。

Moving on to slide 9, let us take a look at our balance sheet for the 12 months of '25. As of December 31, 2025, our free cash, including type deposits, was $179 million. We do have capital commitments for seven vessels, one recently delivered, with the remaining six to be delivered up to Q3 '26, which totaled about $130 million, of which about $52 million will get paid up until the end of Q3 '26, and the remaining $78 million up until the end of 2026.

接著看投影片9，讓我們檢視2025年12個月的資產負債表。截至2025年12月31日，我們的自由現金（含定期存款）為1.79億美元。我們對7艘船舶有資本承諾，其中1艘近期已交付，其餘6艘將於2026年第三季前交付，合計約1.30億美元；其中約5,200萬美元將於2026年第三季末前支付，剩餘7,800萬美元將於2026年底前支付。

So it's plenty of time to further enhance our cash base with cash flow generation from our core operation. As already mentioned, within the period of '23, '25, we generated $240 million of operating cash flow.

因此，我們有充裕時間透過核心營運所產生的現金流，進一步強化現金基礎。如先前所述，在2023年至2025年期間，我們產生了2.40億美元的營運現金流。

Proceeding to slide 10, we provide a summary of our liquidity, profitability, and market considerations going forward. For the 12 months of '25, our operating cash flow was $81 million. Our profitability margin remains wide as market rates are favorable and significantly higher than our breakeven levels.

接著看投影片10，我們提供對未來流動性、獲利能力與市場考量的摘要。2025年12個月期間，我們的營運現金流為8,100萬美元。由於市場運價有利且顯著高於我們的損益兩平水準，我們的獲利率仍維持在高檔。

In Q4 '25, our average time charter equivalent per fleet voyage day was close to $27,000 for our tankers and about $15,000 for our dry bulk fleet, both numbers improved compared to the third quarter of '25. In terms of market consideration, the focal point is the US-Iran tension escalation and how this will evolve in the short to medium run, and to what extent will this unfortunately geopolitical event hit the tanker market and affect oil prices.

2025年第四季，我們油輪船隊每航次日的平均等效期租（TCE）接近27,000美元，乾散貨船隊約為15,000美元，兩者皆較2025年第三季改善。就市場考量而言，焦點在於美伊緊張情勢升高及其在短中期的演變，以及這一不幸的地緣政治事件將在何種程度上衝擊油輪市場並影響油價。

In slide 11, we summarize some key remarks around the strategy going forward. We based on strong operating performance and the successful commercial management of our highly quality built ships. Most importantly, we delivered our commitment to growing our fleet and soon, we will enjoy fleet on the water of 26 vessels.

在投影片11中，我們彙整了未來策略的一些重點說明。我們以強勁的營運表現以及對高品質建造船舶的成功商業管理為基礎。最重要的是，我們兌現了擴大船隊的承諾，不久後我們將擁有在營船隊共26艘。

Within a short period of time, Imperial Petroleum managed to become a medium-sized company fleet-wise, but most importantly, maintain profitable and debt free throughout this rigorous expansion phase.

在短時間內，Imperial Petroleum在船隊規模上成功成為一家中型公司，更重要的是，在這段嚴格的擴張階段中始終維持獲利且零負債。

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

接下來，我們的執行長Harry Vafias先生將就本次所檢視期間作結語摘要。

With net income generation of $50 million for 2025, this year was yet another profitable year. Markets for both tankers and bulkers were firm, particularly in the second half of '25, thus assisting our performance, which was also leveraged by a dynamic fleet expansion.

2025年淨利達5,000萬美元，今年再次成為獲利的一年。油輪與散裝船市場皆表現穩健，尤其在2025年下半年，因而支撐了我們的表現；同時，我們也受惠於積極的船隊擴張。

Within this year, we will take delivery of another six ships, hence, we will enjoy a fleet on the water of 26 high-quality ships without resulting to any bank debt. We delivered our commitment for a fast fleet expansion while having today cash of close to $200 million.

在今年內，我們將再接收另外6艘船舶，因此我們將擁有在營船隊共26艘高品質船舶，且不需承擔任何銀行負債。我們兌現了快速擴張船隊的承諾，同時目前現金接近2億美元。

Our key concern is the geopolitical attention in the Middle East, which we deem critical and has caused global concerns. It remains to be seen for how long the shipping market, especially the tanker segment, will be affected and to what extent. And of course, we hope that the duration of this unfortunate geopolitical turn will be as brief as possible.

我們最關切的是中東地區的地緣政治局勢，我們認為這至關重要，並已引發全球憂慮。航運市場，尤其是油輪板塊，將受到影響多久以及影響程度如何，仍有待觀察。當然，我們希望這一不幸的地緣政治轉折能盡可能短暫。

Now, I would like to thank you for joining us for 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 our Q1 '26 results. Thank you very much.

現在，我想感謝各位參與今天的電話會議，以及對本公司的關注與信任；我們期待在下一次電話會議中再次與各位相會，屆時將公布2026年第一季的業績。非常感謝。