Here are 1-3 brief analogies to describe Imperial Petroleum (IMPP):

• An airline, but its cargo is crude oil and refined fuels, not people.
• A floating oil pipeline.
• The FedEx of ocean-bound oil and fuels.

• Crude Oil Tanker Services: Imperial Petroleum provides seaborne transportation services for crude oil globally using its fleet of crude oil tankers.
• Petroleum Product Tanker Services: The company offers marine transportation services for refined petroleum products, including gasoline, diesel, and jet fuel, via its product tanker vessels.

Imperial Petroleum Inc. (IMPP) is a seaborne transportation company primarily engaged in chartering its tanker vessels for the transportation of refined petroleum products and crude oil. As such, it sells its services primarily to other companies, not individuals.

According to its public filings, Imperial Petroleum Inc. maintains a diversified customer base. The company explicitly states in its Annual Reports on Form 20-F that no single customer accounted for 10% or more of its total revenues in recent fiscal years. This indicates that the company does not rely on a few "major customers" in the traditional sense, and thus, specific names of major customers are not disclosed.

However, the customer categories that Imperial Petroleum serves within the global energy and shipping markets typically include:

• National, Regional, and International Oil Companies: These are large integrated energy companies, including state-owned entities and publicly traded supermajors, that require seaborne transportation for crude oil they produce or refine, and for the refined products they distribute globally. Examples of such entities in the industry (not necessarily direct customers of IMPP) include ExxonMobil (NYSE: XOM), Shell plc (NYSE: SHEL), BP p.l.c. (NYSE: BP), Chevron Corporation (NYSE: CVX), TotalEnergies SE (NYSE: TTE), Saudi Aramco, and Petrobras (NYSE: PBR).
• Refined Petroleum Product Traders and Commodity Trading Houses: These companies specialize in the global buying, selling, and logistics of crude oil and petroleum products. They often charter vessels to move commodities between different markets. Prominent examples in the industry include Vitol, Trafigura, Glencore plc (OTC: GLCNF), and Gunvor.
• Other Bulk Cargo Shippers and Industrial Consumers: This broad category includes various other entities that require the large-scale transportation of crude oil or petroleum products to support their refining, manufacturing, or distribution operations.

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Harry N. Vafias, Chief Executive Officer, President and Chairman

Harry N. Vafias has served as Director, Chief Executive Officer, and President of Imperial Petroleum Inc. since its inception on May 14, 2021, also serving as its Chairman. He is also the President, Chief Executive Officer, and a board member of StealthGas Inc. since its inception in December 2004, and served as its Chief Financial Officer since January 2014. Mr. Vafias founded Stealth Maritime Corp in 1999 and StealthGas, which was listed on NASDAQ in October 2005. In 2021, he founded Imperial Petroleum, and in 2023, he founded C3is Inc., both listed on NASDAQ. He also founded Estates Corporation Inc., a real estate company, in 2005. In 2008, he became CEO of the Vafias Group, which operates a significant fleet of vessels. Prior to these roles, Mr. Vafias was actively involved in the tanker and gas shipping industry since 1999, working at Seascope and Braemar, leading ship brokering firms, and heading operations, chartering, and sale and purchase departments at Brave Maritime and Stealth Maritime.

Ifigeneia Sakellari, Interim Chief Financial Officer and Secretary

Ifigeneia Sakellari serves as the Interim Chief Financial Officer and Secretary of Imperial Petroleum Inc.

George Xiradakis, Independent Director and Chairman of the Audit Committee

George Xiradakis has been a member of Imperial Petroleum's Board of Directors since November 2021. He is the founder and Managing Director of XRTC Business Consultants Ltd., established in January 1999. XRTC initially acted as the exclusive Shipping Representative of Credit Lyonnais Group in Greece and expanded its services as a Financial and Advisor Consultant for Greek Shipping.

John Kostoyannis, Independent Director

John Kostoyannis has been a member of Imperial Petroleum's Board of Directors since November 2021 and also serves on the Board of Directors of StealthGas since 2010. He is a Managing Director at Allied Shipbroking Inc., a prominent shipbroking house in Greece, offering Sale and Purchase and Chartering services. Before joining Allied Shipbroking, he worked in several shipbroking houses in London and Piraeus from 1991 to September 2001.

The accelerated obsolescence and reduced commercial viability of its older, less fuel-efficient vessels due to increasingly stringent environmental regulations (such as the IMO's Carbon Intensity Indicator (CII), Energy Efficiency Existing Ship Index (EEXI), and the EU Emissions Trading System (ETS)) and the growing market preference for greener, more efficient ships.

Imperial Petroleum Inc. (IMPP) specializes in international seaborne transportation services, primarily operating a fleet of tankers for crude oil, refined petroleum products, and other liquid bulk cargoes, including chemicals. The addressable markets for their main products and services are global.

The estimated sizes for these global markets are as follows:

• Global Tanker Shipping Market (Overall): The global tanker shipping market was valued at approximately USD 200 billion in 2023 and is projected to reach around USD 320 billion by 2032, with a compound annual growth rate (CAGR) of about 5.2% during the forecast period. Other estimates place the market at USD 237.6 billion in 2024, projected to reach USD 273.9 billion by 2032 (CAGR of 2.9% from 2026 to 2032), or USD 41.3 billion in 2024, expected to reach USD 70.7 billion by 2030 (CAGR of 9.2%).
• Global Crude Oil Tankers Market: This market was valued at USD 263.73 billion in 2024 and is projected to grow to USD 391.72 billion by 2035, at a CAGR of 3.66% from 2025 to 2035. Another estimate for the global crude oil tankers market was approximately USD 179.86 billion in 2025, expected to rise to USD 244.71 billion by 2034, with a CAGR of about 3.48% throughout this period.
• Global Product Tankers Market: While a specific standalone figure for the global product tanker market size is not explicitly provided in the snippets, product tankers are a significant segment within the broader tanker shipping market, transporting refined petroleum products such as gasoline, diesel, and jet fuel. The growth in this segment is driven by the expansion of global refining and petrochemical industries.
• Global Suezmax Tanker Market: The Suezmax oil tanker market is projected to reach an estimated market size of $45 billion by 2025, with a CAGR of approximately 6.5% through 2033. Another estimate places the market size at $15 billion in 2025, projected to grow at a CAGR of 5% through 2033.
• Global Aframax Tanker Market: This market was valued at approximately USD 15.9 billion in 2024 and is projected to reach USD 28.96 billion by 2034, with a CAGR of 6.18% from 2024 to 2034. Other reports indicate a value of USD 14.5 billion in 2023, projected to reach USD 20.7 billion by 2032 (CAGR of 4.1%), or USD 20.5 billion in 2024, projected to reach USD 32.8 billion by 2033 (CAGR of 4.8%).
• Global Chemical Tanker Shipping Market: The global chemical tanker shipping market size was estimated at USD 34.65 billion in 2023 and is projected to reach USD 46.14 billion by 2030, growing at a CAGR of 4.2% from 2024 to 2030.

Imperial Petroleum (IMPP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

1. Fleet Expansion and Diversification: The company is significantly increasing its fleet size, with the imminent addition of seven new ships, boosting the fleet by 60% by early Q3 2025. This expansion includes the delivery of several dry bulk carriers, diversifying Imperial Petroleum's operational scope beyond just tankers and increasing its overall carrying capacity.
2. Favorable Tanker and Dry Bulk Market Conditions: Imperial Petroleum anticipates benefiting from positive market dynamics, including an expected increase in OPEC output, which typically boosts tanker shipping rates. The company specifically noted favorable market rates for both tankers and dry bulk carriers, which it aims to leverage for improved financial performance in the second half of 2025.
3. Increased Time Charter Employment: The company has strategically increased the number of ships under time charter employment. This shift enhances the predictability and stability of revenue streams by reducing exposure to volatile spot market rates and leads to decreased voyage expenses due to lower spot days.
4. Operational Efficiency and Utilization: Improvements in operational utilization, reaching 83.1% by Q2 2025, indicate a more efficient use of the expanded fleet. This efficiency allows the company to capitalize on increased capacity and better serve clients, contributing to improved financial results.
5. Strong Financial Position for Strategic Investments: Imperial Petroleum maintains a strong financial position, being debt-free and holding a substantial cash base of approximately $227 million as of Q1 2025. This robust liquidity provides the company with significant financial flexibility to navigate market fluctuations and make further strategic investments in fleet growth and operational enhancements, indirectly supporting future revenue generation.

Share Repurchases

• In September 2023, Imperial Petroleum authorized a share repurchase program for up to $10 million of its common stock.
• As of December 31, 2023, the company had repurchased approximately $8.4 million worth of common shares under this program.
• The company repurchased 5.8 million outstanding warrants in Q4 2022 and an additional 3.2 million warrants for about $0.85 million in December 2023.

Share Issuance

• In March 2022, Imperial Petroleum closed an upsized underwritten public offering, generating approximately $60 million in gross proceeds.
• In May 2022, the company priced an underwritten public offering of units, expecting gross proceeds of approximately $40 million, with proceeds intended for capital expenditures including vessel acquisitions.
• In August 2023, Imperial Petroleum announced the pricing of an approximately $17.0 million registered direct offering.

Capital Expenditures

• Imperial Petroleum has been actively expanding its fleet, aiming to grow from four vessels to nineteen by the second quarter of 2025, with a focus on building a diversified and high-quality fleet.
• Notable acquisitions include seven Japanese-built bulk carriers for approximately $129 million, with deliveries expected between December 2024 and May 2025.
• The company agreed to acquire two tanker vessels for $71 million, delivered by January 2024, and three drybulk carriers for $51.6 million, with deliveries extending into August 2026.