Imperial Petroleum CEO Highlights Rapid Fleet Expansion, Zero Debt, and Strong Financial Growth [Video]

Imperial Petroleum CEO Harry Vafias joined Steve Darling from Proactive to share insights into the company’s remarkable progress over the past three years since its spin-off from Stealthgas. Vafias highlighted Imperial Petroleum’s impressive fleet growth, expanding from an initial four vessels to twelve, with plans to add seven more ships by mid-2025, showcasing its commitment to scaling operations. A standout feature of the company’s financial strategy is its zero bank debt.

Vafias emphasized this as a key differentiator in the highly leveraged U.S.-listed shipping industry, stating, “This is a big differentiation point from most other U.S.-listed shipping companies.” Imperial Petroleum’s Q3 2024 financial results reflect this robust strategy, with a 142% increase in adjusted net income and a 60% rise in cash reserves. The company’s strong cash position allows it to capitalize on growth opportunities while maintaining financial flexibility and avoiding the burdens of debt—a rarity in the oil tanker …