IMPP Imperial Petroleum

Product tankers · MR / Suezmax / Handysize / Supramax / Kamsarmax / Post-Panamax

Share price $5.08 at the close on 29 October 2026, on its IMPP.US listing, the same share

Imperial Petroleum · 2026Q3 dividend

No dividend expected — “We currently intend to retain our future earnings, if any, to fund the development and growth of our business.” (20-F, 2026-04-29)

Based on the company's own announcement (STATED).

Adjust the rates yourself ↓ Set your own rate per vessel class to see the modelled revenue (the tool says why it shows no cash line); the 2026Q3 dividend does not move with the rate.

The working ↓ · Sources ↓ · How every number is built →

How does it compare, and what comes after?

Peers
Product tankers median trailing yield 10.0% on regular dividends (5 companies); Imperial Petroleum has no trailing yield on file. Sector dashboard →
2026Q4
No dividend expected, on the same company statement.

What the fleet earns, with no dividend to pay

ClassShipsBookedAt, $/dayOpen days at, $/dayBlended, $/day
MR7 — — 34,223 34,223
Suezmax1 — — 185,993 185,993
Handysize5 — — 17,000 17,000
Supramax5 — — 19,950 19,950
Kamsarmax2 — — 21,375 21,375
Post-Panamax1 — — 21,375 21,375
Fleet, day-weighted2132,115

Booked: the share of days Imperial Petroleum has fixed and the rate on them, from its own disclosures; where it prints several charters or booked spot legs for a class, the rate is our day-weighted combination of them. Open days: MR, Suezmax at the full index; Handysize, Supramax, Kamsarmax, Post-Panamax at the full forward curve. Each class's sources are in the depth below.

How it adds up: daily earnings × ship-days = revenue; less the company's costs = profit; the share it pays out ÷ its shares = the dividend. $m is millions of dollars; a ship-day is one ship for one day.

Vessel-days1,931
Fleet TCE, $/day32,115
Revenue (TCE basis), $m62.0
Dividend per share$0.00

The dividend follows the company's stated decision to pay none; the walk stops before cash: no cash break-even is shown, because no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure.

Before the Q3 2026 results

The quarter ended 2026-09-30; no results date is announced. Figures as of 2026-11-03, each from its own source.

MeasureFigureSource and date
Company booked not disclosedno booked share for 2026Q3 is on file
Saved forecast fleet TCE $32,115/day; dividend $0.00 a share recorded 3 November 2026, before the results
Market rate now MR $68,391/day; Suezmax $471,533/day October 2026 median of the broker route rates this page charts, in $/day: a derived blend, not a vendor index, taken after the quarter ended on 30 September 2026, and not the rate we price open days at
Last quarter reported not disclosedno fleet TCE or recent declaration in the 2026Q2 results

Adjust the rates yourself · set the open-day rate per class; the P&L re-prices
Quarter:

What does the fleet earn at your rates? rates in, cash out, 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
MR · 7 — — none printed $68,391 2026-10 median · 2 routes +113%
Suezmax · 1 — — none printed $471,533 2026-10 median · 4 routes +260%
Handysize · 5 — — none printed — model prices it off the forward (FFA) curve
Supramax · 5 — — none printed — model prices it off the forward (FFA) curve
Kamsarmax · 2 — — none printed — model prices it off a neighbouring class's forward curve
Post-Panamax · 1 — — none printed — model prices it off a neighbouring class's forward curve

Company earned: the rate the fleet earned in its latest reported quarter (linked). A rate that covers only part of the fleet sits only on the rows it covers.

Labels in the small print: “class” or “fleet avg” is the issuer’s own print; “derived” is our revenue ÷ vessel-days; “segment avg” is one segment’s print; “fleet blend” is the issuer’s blend of its segments; “class spot” is its printed spot rate for the class, spot days only.

Booked: cover the issuer printed for 2026Q3.

Market now: the median of the broker route prints we hold for each class, our blend rather than a published index. The trend line starts at 100 eight weeks ago.

Your rates · every day is at your rate

Our model prices the open days of Handysize, Supramax, Kamsarmax, Post-Panamax off the forward (FFA) curve (the market's price for 2026Q3), not off today's spot.

MR 643 open days · model $34,223 (index $34,223) · spot $68,391
Suezmax 92 open days · model $185,993 (index $185,993) · spot $471,533
Handysize 460 open days · model $17,000
Supramax 460 open days · model $19,950
Kamsarmax 184 open days · model $21,375
Post-Panamax 92 open days · model $21,375

2026Q3 P&L and cash

LineModelYour scenarioΔ
Vessel-days, days pattern

Net of off-hire and drydock: its own median utilization.

 1,931 1,931
By class
ClassDaysModel $/dayYours $/day
MR64334,22334,223
Suezmax92185,993185,993
Handysize46017,00017,000
Supramax46019,95019,950
Kamsarmax18421,37521,375
Post-Panamax9221,37521,375
Fleet TCE, $/day assumed 32,115 32,115
Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

 62.0 62.0
Vessel opex, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 (14.4)
G&A, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 (1.4)
EBITDA, $m

Not calculated in this model: the costs above are the latest reported quarter's, shown for context, and its payout base does not deduct them.

 — —
Hire for chartered-in ships, $m

No charter-in hire is on file for any quarter, so none is deducted.

 —
Interest expense, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 (0.4)
Scheduled debt amortisation, $m stated

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 0.0
Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

 — —
Cash break-even, $/day

No cash break-even is shown, because no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure.

 — —
Cushion vs fleet TCE, $/day — —
Free cash flow to equity, $m

No cash break-even is shown, because no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure.

 — —
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 —

Dividend policy stated

No payout policy on file; the company's latest statement on dividends is quoted above.

The company’s own word sets this dividend; it does not move with the rate.

OutputModelYour scenarioΔ
Estimated DPS, $/share stated $0.00
Run-rate yield (this DPS × 4 a year, not a forecast) % 0.0%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $5.08 close on 2026-10-29.

This dividend follows the company's stated decision to pay none. The rate does not set it: your rates leave it unchanged.

Showing the model’s own figures. Setting your own rates needs JavaScript.

What does the fleet earn at your rates? rates in, cash out, 2026Q4

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q4Market now8 weeks
MR · 7 — — none printed $68,391 2026-10 median · 2 routes +113%
Suezmax · 1 — — none printed $471,533 2026-10 median · 4 routes +260%
Handysize · 5 — — none printed — model prices it off the forward (FFA) curve
Supramax · 5 — — none printed — model prices it off the forward (FFA) curve
Kamsarmax · 2 — — none printed — model prices it off a neighbouring class's forward curve
Post-Panamax · 1 — — none printed — model prices it off a neighbouring class's forward curve

Company earned: the rate the fleet earned in its latest reported quarter (linked). A rate that covers only part of the fleet sits only on the rows it covers.

Labels in the small print: “class” or “fleet avg” is the issuer’s own print; “derived” is our revenue ÷ vessel-days; “segment avg” is one segment’s print; “fleet blend” is the issuer’s blend of its segments; “class spot” is its printed spot rate for the class, spot days only.

Booked: cover the issuer printed for 2026Q4.

Market now: the median of the broker route prints we hold for each class, our blend rather than a published index. The trend line starts at 100 eight weeks ago.

Your rates · every day is at your rate

Our model prices the open days of MR, Suezmax, Handysize, Supramax, Kamsarmax, Post-Panamax off the forward (FFA) curve (the market's price for 2026Q4), not off today's spot.

MR 643 open days · model $56,375 (FFA forward $56,375) · spot $68,391
Suezmax 92 open days · model $392,500 (FFA forward $392,500) · spot $471,533
Handysize 460 open days · model $17,983
Supramax 460 open days · model $20,117
Kamsarmax 184 open days · model $18,658
Post-Panamax 92 open days · model $18,658

2026Q4 P&L and cash

LineModelYour scenarioΔ
Vessel-days, days pattern

Net of off-hire and drydock: its own median utilization.

 1,931 1,931
By class
ClassDaysModel $/dayYours $/day
MR64356,37556,375
Suezmax92392,500392,500
Handysize46017,98317,983
Supramax46020,11720,117
Kamsarmax18418,65818,658
Post-Panamax9218,65818,658
Fleet TCE, $/day assumed 49,215 49,215
Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

 95.0 95.0
Vessel opex, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 (14.4)
G&A, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 (1.4)
EBITDA, $m

Not calculated in this model: the costs above are the latest reported quarter's, shown for context, and its payout base does not deduct them.

 — —
Hire for chartered-in ships, $m

No charter-in hire is on file for any quarter, so none is deducted.

 —
Interest expense, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 (0.4)
Scheduled debt amortisation, $m stated

As reported for 2026Q2. Disclosed, but no break-even derives from them: no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure. Source (2026Q2)

 0.0
Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

 — —
Cash break-even, $/day

No cash break-even is shown, because no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure.

 — —
Cushion vs fleet TCE, $/day — —
Free cash flow to equity, $m

No cash break-even is shown, because no reported rate is on file to check our $8,459/day cost figure against, and one of its cost lines means different things for different filers, so we publish no figure.

 — —
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 —

Dividend policy stated

No payout policy on file; the company's latest statement on dividends is quoted above.

The company’s own word sets this dividend; it does not move with the rate.

OutputModelYour scenarioΔ
Estimated DPS, $/share stated $0.00
Run-rate yield (this DPS × 4 a year, not a forecast) % 0.0%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $5.08 close on 2026-10-29.

This dividend follows the company's stated decision to pay none. The rate does not set it: your rates leave it unchanged.

Showing the model’s own figures. Setting your own rates needs JavaScript.

How good have our forecasts been? track record, model vs anchor

Not yet scored: no forecast for Imperial Petroleum was frozen before a reported outcome.

Each quarter scores the last weekly forecast frozen before the results or the dividend were published, beside the anchor: a simple estimate from the company's own booked rate and payout ratio (how it is built). Every company, by dividend path.

What did peers book? same ship class, same quarter

Other owners' own statements of the days they have already fixed, beside the rate our model gives Imperial Petroleum's open days. Context only: no peer's figure enters this page's estimate.

2026Q3 · MR

CompanyBookedAtvs our open-day rateSaid on
STNG Scorpio Tankers 80% of days $29,332/day -14% 2026-09-03
PXS Pyxis Tankers 100% of days $22,000/day -36% 2026-08-31
HAFNI.OL Hafnia 77% of days $29,614/day -13% 2026-08-28
TRMD-A.CO TORM 71% of days $35,247/day +3% 2026-08-18
ASC Ardmore Shipping 45% of spot days $29,600/day -14% 2026-07-29
Imperial Petroleum, our model every day priced as open $34,223/day open days from market spot prints

2026Q3 · Suezmax

CompanyBookedAtvs our open-day rateSaid on
CAPT.OL Capital Tankers 71% of days $130,239/day -30% 2026-09-01
FRO.OL Frontline 79% of spot days $117,400/day -37% 2026-08-28
CMBTO.OL CMB.TECH 73% of spot days $117,579/day -37% 2026-08-27
OET.OL Okeanis Eco Tankers 42% of spot days $133,000/day -28% 2026-08-04
TNK Teekay Tankers 44% of spot days $104,800/day -44% 2026-07-29
Imperial Petroleum, our model every day priced as open $185,993/day open days from market spot prints

2026Q3 · Handysize

CompanyBookedAtvs our open-day rateSaid on
HAFNI.OL Hafnia 89% of days $25,596/day +51% 2026-08-28
Imperial Petroleum, our model every day priced as open $17,000/day open days from the forward (FFA) curve

2026Q3 · Supramax

CompanyBookedAtvs our open-day rateSaid on
GNK Genco Shipping & Trading 63% of days $20,394/day +2% 2026-08-05
Imperial Petroleum, our model every day priced as open $19,950/day open days from the forward (FFA) curve

2026Q3 · Kamsarmax

CompanyBookedAtvs our open-day rateSaid on
PXS Pyxis Tankers 75% of days $22,600/day +6% 2026-08-31
CMBTO.OL CMB.TECH 84% of spot days $19,137/day -10% 2026-08-27
Imperial Petroleum, our model every day priced as open $21,375/day open days from a neighbouring class's forward curve

2026Q4 · MR

CompanyBookedAtvs our open-day rateSaid on
ASC Ardmore Shipping 45% of spot days $57,600/day +2% 2026-11-03
STNG Scorpio Tankers 47% of spot days $56,000/day -1% 2026-10-28
Imperial Petroleum, our model every day priced as open $56,375/day open days from the forward (FFA) curve

A peer's spot rate is compared where it prints one, since open days are spot days; otherwise its rate across all booked days, which includes time charters. Booked shares are of the peer's own days. Every row links to the statement it quotes.

How have rates, the dividend and the price moved? market context

Rates and dividend — realized rate and declared

Realized fleet TCEDeclared DPS
$0k
$25k
$50k
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.00
$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate.

The line is the declared dividend per share, dashed where it is the model's estimate. Model estimate, not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, the costs its dividend is paid after come off (debt repayment only where the company pays out of cash after it), and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced; a number that cannot be sourced is either withheld or shown as our assumption (marked ASSUMED). The full method, and the rates behind it →

Where IMPP departs from that

  • The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.

Fleet rate evidence, by days: 38% MODELLED · 48% MODELLED (FFA forward) · 14% ASSUMED

What has the company reported? financials and fleet

Latest quarter 2026Q2

Fleet
21
Realized TCE
—
Declared DPS
—
TTM DPS (declared for the period)
—
Coverage
—
Revenue
$87.1M
Opex
$14.4M
Net income
$33.8M

5× Handysize · 2× Kamsarmax · 7× MR · 1× Post Panamax · 1× Suezmax · 5× Supramax fleet now

Fleet, ship by ship

No ship-by-ship fleet list is on file for Imperial Petroleum.

Fleet model — 2026Q3

Fleet model estimate, not issuer guidance.

ClassShipsTCSpotBooked shareBooked $/dayOpen-day rate $/dayFleet TCE $/dayModeled Q rev $M
MR7—— — — 34,223 34,223 22.0
Suezmax1—— — — 185,993 185,993 17.1
Handysize5—— — — — 17,000 7.8
Supramax5—— — — — 19,950 9.2
Kamsarmax2—— — — — 21,375 3.9
Post-Panamax1—— — — — 21,375 2.0
Total21 32,115 62.0

No booked cover is on file for 2026Q3: its booking coverage is unknown, so the model prices every day as if open, at Gibson and route-basket spot medians and the Braemar dry-FFA curve. That is an assumption, not evidence that the fleet has no fixed employment.

Revenue if rates hold
$62.0M
Model gaps & assumptions
  • MR, Suezmax, Handysize, Supramax, Kamsarmax: no fixed-coverage guidance -> 100% spot proxy
  • Handysize, Supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class)
  • index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve
  • Kamsarmax: priced off the Panamax FFA curve; the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class)
  • post-panamax: priced off the Panamax FFA curve; the board quotes no Post-Panamax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class)
  • post-panamax: no fixed-coverage guidance -> 100% spot proxy
  • index realization not applied: fewer than 2 closed quarters with both a reported spot (or fleet) TCE and an index rate for this fleet — the open share is priced at the full index, which this issuer has not been shown to capture
  • MR: 2026Q3 has ended: open days are priced at the mean of its own monthly medians, $34,223/day, not the newest month
  • Suezmax: 2026Q3 has ended: open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month
  • no dividend, in the company's words: “We currently intend to retain our future earnings, if any, to fund the development and growth of our business.” (2026-04-29)

Profit statement highlights

Line2026Q22026Q1Change vs a year earlier
Revenue $87.1M $61.7M +139.5%
Opex $14.4M $11.2M +70.7%
Net income $33.8M $27.1M +183.8%

reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete: treat income-derived figures as provisional

Full P&L grid — 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M87.161.751.141.436.332.1
Voyage expenses $M22.112.816.611.610.710.5
Vessel opex $M14.411.211.310.98.47.1
G&A $M1.91.81.92.01.61.7
Depreciation $M8.27.97.67.55.75.0
Interest expense, gross $M0.40.20.00.90.80.6
Net income $M33.827.114.110.211.910.4
Declared DPS——————

What has the company said? guidance and sources

Issuer guidance — forward-looking

PeriodMetricValueCoverageAs ofSource
2026FYFleet charters expiring (vessels) 11 vessels — 2026-09-10 print
2027FYFleet charters expiring (vessels) 1 vessels — 2026-09-10 print
Sources — press, filings & documents (51)

Press & filings by quarter — the quarter a document reports on (as its title names it; an unnamed results release, the quarter before it was filed); anything else, the quarter it was published

QuarterReportPresentationDividendOther
2026Q3 6-K, 6-K exhibit — — —
2026Q2 6-K, 6-K exhibit, 20-F — — —
2026Q1 6-K, 6-K exhibit — — —
2025Q4 6-K, 6-K exhibit — — —
2025Q3 6-K, 6-K exhibit — — —
2025Q2 6-K, 6-K exhibit, 20-F — — —
2025Q1 6-K, 6-K exhibit — — —
2024Q4 6-K, 6-K exhibit — — —
2024Q3 6-K, 6-K exhibit — — —
2024Q2 6-K, 6-K exhibit, 20-F — — —
2024Q1 6-K, 6-K exhibit — — —

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