Imperial Petroleum Inc. provides international seaborne transportation services to oil producers, refineries, and commodities traders and producers, as well as industrial users of drybulk cargoes.
As of April 1, 2024, the company owned and operated a fleet of six MR refined petroleum product tankers that carry refined petroleum products, such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, one aframax tanker and two suezmax tankers that carry crude oil and two...
Imperial Petroleum Inc. provides international seaborne transportation services to oil producers, refineries, and commodities traders and producers, as well as industrial users of drybulk cargoes.
As of April 1, 2024, the company owned and operated a fleet of six MR refined petroleum product tankers that carry refined petroleum products, such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, one aframax tanker and two suezmax tankers that carry crude oil and two handysize drybulk carriers that transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. The total cargo carrying capacity of our eleven-vessel fleet is 791,000 dwt. The company will actively manage the deployment of our fleet on a mix of period charters, including time and bareboat charters which can last up to twelve years, and spot market charters. As of April 1, 2024, the company had both of its handysize drybulk vessels operating under time charter contracts, the Glorieuse and the Eco Wildfire both scheduled to expire in April 2024, while its nine tanker vessels operated in the spot market.
The company's manager's safety management system is ISM certified in compliance with IMO's regulations by Lloyd's Register.
In addition, Stealth Maritime provides services for the chartering of the company's vessels and monitoring thereof, freight collection, and sale and purchase. For the company's drybulk vessels, Stealth Maritime subcontracts these services to its affiliate Brave Maritime.
Chartering of the Fleet
The company, through Stealth Maritime, manage the employment of its fleet. The company deploys its tankers and drybulk carriers on period charters, including time and bareboat charters that can last up to several years, and spot market charters along with short-term time charters, which generally last from one to twelve months, subject to market conditions.
As of April 1, 2024, the company had its handysize drybulk carriers under time charter employment both expiring in April 2024, respectively, and all of its tanker vessels operating in the spot market.
The company’s vessels trade globally. Some of the areas where the company usually operates are the Middle East-Far East range, the Mediterranean, North West Europe range, Africa, the U.S.A. and Latin America. As freight rates usually vary between these areas, as well as voyage and operating expenses, the company evaluates such parameters when positioning its vessels for new employment.
Customers
Principal charterers for the company’s tankers include national, major and other independent energy companies and energy traders, and industrial users of those products. Principal charterers for the company’s drybulk carriers include drybulk charterers, including major national and private industrial users, commodity producers and traders. For the year ended December 31, 2023, the company had 1 customers account for 21% of its total revenues. In addition, any vessels under bareboat charter may be sub-chartered to third parties.
Regulation
The operation of the company's vessels is affected by the requirements set forth in the ISM Code of the IMO. Each of the vessels in the company's fleet is ISM code-certified.
The operations of the company's product tankers are subject to compliance with the IMO's International Code for the Construction and Equipment of Ships carrying Dangerous Chemicals in Bulk (IBC Code) for chemical tankers built after July 1, 1986.
The company has complied with the United States Coast Guard regulations by providing a financial guaranty evidencing sufficient self-insurance.
Under the U.S. Environmental Protection Agency (EPA) regulations, the company is required to obtain the U.S. Clean Water Act (CWA) permit to discharge ballast water and other wastewaters incidental to the normal operation of its vessels if it operates within the three mile territorial waters or inland waters of the United States.
The company's vessels are certified as being 'in class' by a classification society member of the International Association of Classification Societies, such as Lloyds Register of Shipping and Bureau Veritas.
History
Imperial Petroleum Inc. was founded in 2021. The company was incorporated under the laws of the Republic of the Marshall Islands in 2021.