Fleet operational utilization of 83.1% in Q2 25’ versus 80.9% in Q2 24’.

About 60% of fleet calendar days in Q2 25’ were dedicated to time charter activity while 36.8% to spot activity.

Massive increase in number of vessels within Q2 25’ as in the beginning of Q2 25’ our fleet counted 12 vessels while by the end of the second quarter 2025, Imperial Petroleum’s fleet had reached 19 vessels.

Delivery of the supramax drybulk carrier, Supra Pasha (2012 built) on April 26^th, 2025.

Delivery of the supramax drybulk carrier, Supra Monarch (2011 built) on May 23^rd, 2025.

Delivery of the kamsarmax drybulk carrier, Eco Sikoussis (2008 built) on May 31^st, 2025.

Delivery of the supramax drybulk carrier, Supra Duke (2011 built) on June 13^th, 2025.

Delivery of the kamsarmax drybulk carrier, Eco Czar (2009 built) on June 14^th, 2025.

Delivery of the supramax drybulk carrier, Supra Sovereign (2012 built) on June 19^th, 2025.

Delivery of the supramax drybulk carrier, Supra Baron (2009 built) on June 22^nd, 2025.

Fleet book value as of June 30, 2025 was slightly above $350 million, marking a 54.4% increase within a single quarter.

Revenues of $36.3 million in Q2 25’ compared to $47.0 million in Q2 24’- a 22.8% decline as market rates were stronger during Q2 24’.

Net income of $12.8 million in Q2 25’ versus $19.5 million in Q2 24’ and $11.3 million in Q1 25’.

Net income of $24.1 million, EBITDA¹ of $31.8 million and operating cash flow generation of $42.0 million, each for the first half of 2025.

Cash and cash equivalents including time deposits of $212.2 million as of June 30, 2025, which is about 80% higher than our current market capitalization of about $120 million.

Revenues for the three months ended June 30, 2025 amounted to $36.3 million, a decrease of $10.7 million, or 22.8%, compared to revenues of $47.0 million for the three months ended June 30, 2024, primarily due to a decrease in the level of tanker market rates. During the three months ended June 30, 2025 average daily spot rates for product and suezmax tankers were $9,500 lower and about $1,000 higher, respectively, when compared to the same period of last year. In addition for the three months ended June 30, 2025, average daily one-year time charter rates for product and suezmax tankers were about $12,000 and 18,000 lower compared to the three months ended June 30, 2024.

Voyage expenses and vessels’ operating expenses fo r the three months ended June 30, 2025 were $10.7 million and $8.4 million, respectively, compared to $17.1 million and $6.5 million, respectively, for the three months ended June 30, 2024. The $6.4 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline in spot days by 36.4%. The $1.9 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 3.8 vessels between the two periods.

Drydocking costs for the three months ended June 30, 2025 and 2024 were $1.7 million and nil, respectively. During the three months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking, whereas during the three months ended June 30, 2024 no vessel underwent drydocking.

General and administrative costs for the three months ended June 30, 2025 and 2024 were $1.1 million and $1.5 million, respectively. The $0.4 million decrease is primarily due to a reduction in stock-based compensation costs.

Depreciation for the three months ended June 30, 2025 and 2024 was $5.7 million and $4.2 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

Management fees for the three months ended June 30, 2025 and 2024 were $0.6 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

Interest and finance costs for the three months ended June 30, 2025 and 2024 were $0.8 million and $0.006 million, respectively. The $0.8 million of costs for the three months ended June 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed payment for the vessels to be made within one year from the date of the purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until vessel payment, although no interest was contractually charged by the sellers. The final balances paid remained the same as the originally agreed purchase prices.

Interest income for the three months ended June 30, 2025 was $2.3 million as compared to $1.2 million for the three months ended June 30, 2024. The $1.1 million increase is mainly attributed to a higher amount of funds placed under time deposits.

Interest income – related party for the three months ended June 30, 2025 was nil as compared to $0.8 million for the three months ended June 30, 2024. The decrease is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the three months ended June 30, 2025, was nil.

Foreign exchange (loss)/gain for the three months ended June 30, 2025 was a gain of $3.0 million as compared to a loss of $0.3 million for the three months ended June 30, 2024. The $3.0 million foreign exchange gain for the three months ended June 30, 2025, is mainly attributed to the strengthening of the euro currency against the dollar at the end of the three months ended June 30, 2025 when compared to the respective currency values at the end of the first quarter of 2025. As of June 30, 2025, the Company held a portion of its cash and cash equivalents in Euros.

As a result of the above, for the three months ended June 30, 2025, the Company reported net income of $12.8 million, compared to net income of $19.5 million for the three months ended June 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the three months ended June 30, 2025 amounted to $0.36 and $0.35, respectively, compared to earnings per share, basic and diluted, of $0.64 and $0.56, respectively, for the three months ended June 30, 2024.

Adjusted net income¹ was $13.4 million corresponding to an Adjusted EPS¹, basic of $0.38 for the three months ended June 30, 2025 compared to an Adjusted net income of $22.2 million corresponding to an Adjusted EPS, basic, of $0.73 for the same period of last year.

EBITDA¹ for the three months ended June 30, 2025 amounted to $17.1 million, while Adjusted EBITDA¹ for the three months ended June 30, 2025 amounted to $17.7 million.

An average of 14.1 vessels were owned by the Company during the three months ended June 30, 2025 compared to 10.3 vessels for the same period of 2024.

Revenues for the six months ended June 30, 2025 amounted to $68.4 million, a decrease of $19.8 million, or 22.4%, compared to revenues of $88.2 million for the six months ended June 30, 2024, primarily due to a year to date decline of daily tanker spot and time charter rates.

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025 were $21.2 million and $15.5 million, respectively, compared to $30.6 million and $12.5 million, respectively, for the six months ended June 30, 2024. The $9.4 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 27% as a result of a rise in time charter activity. The $3.0 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet.

Drydocking costs for the six months ended June 30, 2025 and 2024 were $1.7 million and $0.6 million, respectively. During the six months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year one tanker vessel underwent drydocking.

General and administrative costs for the six months ended June 30, 2025 and 2024 were $2.3 million and $2.7 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.

Depreciation for the six months ended June 30, 2025 was $10.7 million, a $2.5 million increase from $8.2 million for the same period of last year, due to the increase in the average number of our vessels.

Interest and finance costs for the six months ended June 30, 2025 and 2024 were $1.4 million and $0.008 million, respectively. The $1.4 million of costs for the six months ended June 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed vessels for repayment to take place within one year from purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until vessel repayment, although no interest was contractually charged by the sellers. The final balances paid remained the same as the originally agreed purchase prices.

Interest income for the six months ended June 30, 2025 and 2024 was $4.5 million and $2.3 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.

Interest income – related party for the six months ended June 30, 2025 was nil as compared to $1.5 million for the six months ended June 30, 2024. The decrease is mainly attributed to the $1.5 million of accrued interest income – related party for the six months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the six months ended June 30, 2025 was nil.

Foreign exchange (loss)/gain for the six months ended June 30, 2025 was a gain of $4.7 million as compared to a loss of $1.1 million for the six months ended June 30, 2024. The $4.7 million foreign exchange gain for the six months ended June 30, 2025 is mainly attributed to the strengthening of the euro currency against the dollar at the end of the six months ended June 30, 2025 when compared to the respective currency values at the end of last year. As of June 30, 2025 the Company held a portion of its cash and cash equivalents in Euros.

As a result of the above, the Company reported net income for the six months ended June 30, 2025 of $24.1 million, compared to a net income of $36.2 million for the six months ended June 30, 2024. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2025 was 33.1 million. Earnings per share, basic and diluted, for the six months ended June 30, 2025 amounted to $0.67 and $0.65, respectively, compared to earnings per share, basic and diluted, of $1.20 and $1.06 for the six months ended June 30, 2024.

Adjusted Net Income¹ was $25.6 million corresponding to an Adjusted EPS¹, basic of $0.72 for the six months ended June 30, 2025 compared to adjusted net income of $39.7 million, or $1.32 Adjusted EPS, basic, for the same period of last year.

EBITDA for the six months ended June 30, 2025 amounted to $31.8 million while Adjusted EBITDA¹ for the six months ended June 30, 2025 amounted to $33.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

An average of 13.0 vessels were owned by the Company during the six months ended June 30, 2025 compared to 10.1 vessels for the same period of 2024.

As of June 30, 2025, cash and cash equivalents including time deposits amounted to $212.2 million and total debt amounted to nil.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Name

Tankers

Magic Wand

Clean Thrasher

Clean Sanctuary (ex. Falcon Maryam)

Clean Nirvana

Clean Justice

Aquadisiac

Clean Imperial

Suez Enchanted

Suez Protopia

Drybulk Carriers(2)

Eco Wildfire

Glorieuse

Neptulus

Supra Pasha

Supra Monarch

Supra Baron

Supra Sovereign

Supra Duke

Eco Sikousis

Eco Czar

Fleet Total

Earliest date charters could expire.

We have contracted to acquire three Japanese-built drybulk carriers, with a total capacity of approximately 164,400 dwt and an average age of approximately 12.5 years, which are expected to be delivered to us between September 2025 and August 2026.

FLEET DATA

Average number of vessels (1)

Period end number of owned vessels in fleet

Total calendar days for fleet (2)

Total voyage days for fleet (3)

Fleet utilization (4)

Total charter days for fleet (5)

Total spot market days for fleet (6)

Fleet operational utilization (7)

Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.

(Expressed in United States Dollars,

except number of shares)

Net Income - Adjusted Net Income

Net income

Plus net loss on sale of vessel

Plus share based compensation

Adjusted Net Income

Net income - EBITDA

Net income

Plus interest and finance costs

Less interest income

Plus depreciation

EBITDA

Net income - Adjusted EBITDA

Net income

Plus net loss on sale of vessel

Plus share based compensation

Plus interest and finance costs

Less interest income

Plus depreciation

Adjusted EBITDA

EPS

Numerator

Net income

Less: Cumulative dividends on preferred shares

Less: Undistributed earnings allocated to non-vested shares

Net income attributable to common shareholders, basic

Denominator

Weighted average number of shares

EPS - Basic

Adjusted EPS

Numerator

Adjusted net income

Less: Cumulative dividends on preferred shares

Less: Undistributed earnings allocated to non-vested shares

Adjusted net income attributable to common shareholders, basic

Denominator

Weighted average number of shares

Adjusted EPS

Six Month

Periods

Ended June 30,

Revenues

Revenues

Expenses/(Income)

Voyage expenses

Voyage expenses - related party

Vessels’ operating expenses

Vessels’ operating expenses - related party

Drydocking costs

Management fees – related party

General and administrative expenses

Depreciation

Other operating income

Net loss on sale of vessel

Total expenses, net

Income from operations

Other (expenses)/income

Interest and finance costs

Interest expense – related party

Interest income

Interest income – related party

Dividend income from related party

Foreign exchange (loss)/gain

Other income, net

Net Income

Earnings per share

- Basic

- Diluted

Weighted average number of shares

-Basic

-Diluted

Assets

Current assets

Cash and cash equivalents

Time deposits

Trade and other receivables

Other current assets

Inventories

Advances and prepayments

Total current assets

Non current assets

Operating lease right-of-use asset

Vessels, net

Investment in related party

Total non current assets

Total assets

Liabilities and Stockholders’ Equity

Current liabilities

Trade accounts payable

Payable to related parties

Accrued liabilities

Operating lease liability, current portion

Deferred income

Total current liabilities

Total liabilities

Commitments and contingencies

Stockholders’ equity

Capital stock

Preferred Stock, Series A

Preferred Stock, Series B

Treasury stock

Additional paid-in capital

Retained earnings

Total stockholders’ equity

Total liabilities and stockholders’ equity

Cash flows from operating activities

Net income for the period

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

Non-cash lease expense

Share based compensation

Net loss on sale of vessel

Unrealized foreign exchange loss/(gain) on time deposits

Dividend income from related party

Changes in operating assets and liabilities:

(Increase)/decrease in

Trade and other receivables

Other current assets

Inventories

Changes in operating lease liabilities

Advances and prepayments

Due from related parties

Increase/(decrease) in

Trade accounts payable

Due to related parties

Accrued liabilities

Deferred income

Net cash provided by operating activities

Cash flows from investing activities

Dividends income received

Proceeds from sale of vessel, net

Acquisition and improvement of vessels

Increase in bank time deposits

Maturity of bank time deposits

Net cash (used in)/provided by investing activities

Cash flows from financing activities

Proceeds from warrants exercise

Stock repurchases

Dividends paid on preferred shares

Repayment of seller and capital expenditures financing

Net cash used in financing activities

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Cash breakdown

Cash and cash equivalents

Total cash and cash equivalents shown in the statements of cash flows