Imperial Petroleum Announces Management Estimate of Net Asset Value Per Share and Fleet Update

The estimated net asset value does not represent the amount shareholders would receive for their common shares.

Rhea-AI Summary

Imperial Petroleum (IMPP) announced management’s estimated net asset value of $691.1 million and the delivery of three additional vessels.

Net asset value, an estimate of assets less specified obligations, equals $14.93 per outstanding common share or $11.72 per share fully diluted, assuming outstanding warrants and options are exercised for cash. Eco Cathar, a drybulk carrier, and Clean Raider, a product tanker, arrived in late September 2026. Eco Nemesis, another drybulk carrier, arrived in early October 2026, bringing the fleet to 24 vessels on the water. The company has also contracted to acquire an additional handysize drybulk carrier of about 34,000 deadweight tons, which would bring the fleet to 25 vessels after delivery.

3 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointManagement estimates net asset value at $691.1 million, or $14.93 per outstanding common share.
• Moderate pointThree vessel deliveries in late September and early October 2026 expanded the fleet to 24 vessels.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Contracted handysize carrier acquisition adds about 34,000 deadweight tons upon delivery, bringing the fleet to 25 vessels.

Negative

• Minor point$11.72 fully diluted NAV per share assumes outstanding warrants and options are exercised for cash.
• Minor pointEstimated NAV is a snapshot subject to uncertain assumptions, not an amount shareholders would receive.

News Explained

The company says its $691.1 million NAV is a snapshot that may change, based on estimated vessel and investment values, cash and deposits, less vessel-payment obligations and preferred-share liquidation value; it is not what a common shareholder would receive for their shares.

Key Figures

Estimated NAV: $691.1 million NAV per outstanding common share: $14.93 NAV per fully diluted common share: $11.72 +3 more

Estimated NAV

$691.1 million

Management estimate

NAV per outstanding common share

$14.93

Based on currently outstanding shares

NAV per fully diluted common share

$11.72

Assumes cash exercise of outstanding warrants and options

Vessels delivered

3 vessels

Recently delivered

Vessels on the water

24 vessels

After the recent deliveries

Fleet after contracted delivery

25 vessels

Following delivery of the additional contracted vessel

Historical Context

1 past event · Latest: Sep 11

1 event

1. Sep 11

   fleet acquisition update

   24h Move

   +2.8%

   Disclosed four contracted vessel acquisitions and projected a 25-vessel fleet after deliveries.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net asset value, fully diluted basis, liquidation value, deadweight tons (dwt)

4 terms

net asset value financial

"Net Asset Value ("NAV") to be $691.1 million."

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

fully diluted basis financial

"on a fully diluted basis (assuming exercise of outstanding warrants and options for cash)"

A fully diluted basis counts every share that could exist if all outstanding options, warrants, convertible securities and other rights were exercised or converted into common stock, showing the maximum number of shares outstanding. For investors this matters because it spreads ownership and earnings across that larger share count, like slicing a pie into every possible piece before deciding how big each investor’s slice will be, which affects per-share value and ownership percentage.

liquidation value financial

"less vessel payment obligations and the liquidation value of our outstanding preferred shares."

Liquidation value is the amount of cash that could be realized if a company’s assets were sold off quickly and its debts and sale costs were paid, usually yielding less than normal selling value. For investors it matters because it provides a practical “floor” or worst‑case estimate of what shareholders or creditors might recover in a bankruptcy or forced sale, helping gauge downside risk much like the cash you’d get from a hastily held garage sale versus a planned auction.

deadweight tons (dwt) technical

"with a total capacity of approximately 1,320,000 deadweight tons (dwt)"

Deadweight tons (dwt) is a ship measurement that shows how much weight a vessel can safely carry, expressed in metric tonnes. It equals the total weight of cargo, fuel, fresh water, ballast, provisions, passengers and crew that can be loaded when the ship is at its maximum safe draft; it does not include the ship’s own hull, machinery or equipment (those are part of the vessel’s lightweight or displacement). DWT is a capacity figure used to compare carrying ability and is distinct from gross tonnage (a measure of internal volume) and displacement (the total weight of the vessel including its hull).

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ATHENS, Greece, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that the Company’s management estimates Imperial Petroleum Inc’s Net Asset Value (“NAV”) to be $691.1 million. This translates to a NAV of $14.93 per common share currently outstanding and $11.72 per common share on a fully diluted basis (assuming exercise of outstanding warrants and options for cash),

The Company also announced that it has recently taken delivery of three additional vessels, for which it had previously announced acquisition agreements. The drybulk carrier Eco Cathar (2012 built) and the product tanker Clean Raider (2010 built) were delivered to the Company in late September 2026. The drybulk carrier Eco Nemesis (2015 built) was delivered to the Company in early October 2026. With these deliveries, Imperial Petroleum has a total of 24 vessels on the water.

NET ASSET VALUE (“NAV”)

The estimated NAV is based on estimates of the market value of the vessels in the fleet and investment in C3is Inc., plus current cash and time deposit balances, less vessel payment obligations and the liquidation value of our outstanding preferred shares.

The estimated NAV represents a snapshot in time, will likely change, and does not represent the amount a stockholder would receive now or in the future for such holder’s shares of the Company’s common stock. This NAV is based on a number of assumptions, estimates and data that are inherently imprecise and susceptible to uncertainty and changes in circumstances.   Net Asset Value Calculation methodologies may vary across industries and companies.

ABOUT IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. is a DEBT FREE ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twenty-four vessels on the water - eight M.R. product tankers, one suezmax tanker, seven handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,320,000 deadweight tons (dwt) and has contracted to acquire an additional handysize drybulk carrier of about 34,000 dwt capacity. Following this delivery, the Company’s fleet will count a total of 25 vessels with an aggregate capacity of about 1.3 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements relating to the net asset value of the Company. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by the United States, China or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any such financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden and the effective closure of the Persian Gulf, including the Strait of Hormuz, due to the conflict between Iran and the U.S. and Israel, or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Company Contact:

Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Imperial Petroleum’s estimated net asset value per share?

Management estimates NAV at $14.93 per outstanding common share and $11.72 per common share on a fully diluted basis. The fully diluted estimate assumes exercise of outstanding warrants and options for cash. Total estimated NAV is $691.1 million.

How is Imperial Petroleum’s estimated net asset value calculated?

The estimated NAV combines estimated market values of the fleet and the investment in C3is with current cash and time deposits, then subtracts vessel payment obligations and the liquidation value of outstanding preferred shares.