Imperial Petroleum Inc., a Marshall Islands shipping company based in Greece, files its annual Form 20-F outlining operations in tanker and drybulk markets and extensive risk disclosures. The company had 44,648,737 common shares and multiple preferred share series outstanding as of December 31, 2025.
The report highlights exposure to highly cyclical freight rates, especially in volatile tanker and drybulk sectors, and details how wars in the Middle East and Ukraine, Houthi attacks, and sanctions are disrupting trade routes, voyage distances and charter rates. It also describes risks from expanding global trade protectionism, new tariffs and possible port fees affecting shipping economics.
Imperial emphasizes tightening environmental and climate rules, including low-sulfur fuel requirements, IMO’s EEXI and CII metrics, and the EU Emission Trading Scheme, noting its vessels lack scrubbers and could face higher fuel and compliance costs. An aging fleet with an average age of about 16 years, customer concentration, dependence on manager Stealth Maritime and potential future debt covenants are also presented as key business and financial risks.
Imperial Petroleum Inc. Schedule 13G/A amendment reports that Empery Asset Management, LP and Ryan M. Lane each beneficially own 2,298,892 shares, representing 4.99% of Common Stock on a fully exercised-warrants basis subject to a 4.99% exercise blocker. The filing states 1,421,247 shares are issuable upon exercise of Warrants; the 44,648,737 shares outstanding figure is dated November 28, 2025.
Imperial Petroleum Inc. CEO and President Harry Vafias filed an initial Form 3 reporting his ownership in the company. He directly holds 3,177,879 common shares, options over 234,375 shares at $3.20, 299,003 shares at $3.01, and 50,000 shares at $3.60, plus direct and indirect stakes in Series A and Series B preferred stock, including interests held through Arethusa Properties LTD and Flawless Management Inc. Some option grants vest over time through 2027, conditioned on his continued service.
Imperial Petroleum Interim CFO Sakellari Ifigeneia has filed an initial ownership report showing existing positions in the company. She directly holds 24,166 shares of common stock and 66 shares of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock.
She also holds stock options over 1,000 common shares at an exercise price of $3.6000 per share expiring on April 12, 2034, with 50% currently vested and the remaining 50% vesting on April 12, 2026 subject to continuous service. Additional fully vested options cover 12,500 common shares at $1.6000 per share expiring on October 30, 2033.
Imperial Petroleum Inc. director Kostogiannis Ioannis has reported his initial ownership position. The filing shows 16,469 shares of Common Stock and 235 shares of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock held directly. He also holds stock options over 3,000 Common shares at an exercise price of 3.6000, with 50% already vested and the remainder vesting on April 12, 2026, and fully vested options over 12,500 Common shares at an exercise price of 1.6000. The entry reflects holdings only and does not report new buy or sell transactions.
Imperial Petroleum Inc. director Georgios Xiradakis filed an initial ownership report showing his existing stake in the company. He directly holds 19,375 shares of Common Stock as of the filing date.
He also holds stock options over 7,000 shares of Common Stock at an exercise price of $3.6000 per share, expiring on April 12, 2034, with 50% already vested and the remaining 50% vesting on April 12, 2026 subject to continued service. In addition, he holds stock options over 9,375 shares at an exercise price of $1.6000 per share, expiring on October 30, 2033, which are fully vested. The filing reflects holdings rather than new share purchases or sales.
Imperial Inc. reported another profitable year for 2025, with revenues of $161,004,306 and net income of $49,978,247, essentially matching 2024 while operating a much larger fleet.
The average number of vessels rose from 10.39 to 16.03, with period-end owned vessels increasing from 11 to 19 and fleet utilization near 99%. Adjusted EBITDA reached $74,162,053, up from $64,229,259, highlighting stronger operating cash generation.
The company emphasized having no bank debt, cash of about $198 million, and plans to take delivery of six additional vessels in 2026, which would lift the fleet to 26 ships of about 1.5 million dwt. Management also noted geopolitical risks in the Middle East and scheduled a March 6, 2026 conference call to discuss results and outlook.
Imperial Petroleum Inc. received a large shareholder disclosure from Anson-managed funds and related entities. They report beneficial ownership of 4,359,759 shares of common stock, representing 6.8% of the outstanding shares as of the event date. These shares are held by one or more private funds for which Anson Funds Management LP and Anson Advisors Inc. act as co‑investment advisers, with voting and investment power shared among Anson Funds Management LP, Anson Management GP LLC, Tony Moore, Anson Advisors Inc., Amin Nathoo, and Moez Kassam. The filers certify the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of Imperial Petroleum.
Imperial Petroleum Inc. announced that its Board of Directors has approved a share repurchase program authorizing the Company to buy back up to $10,000,000 of its common stock. Repurchases may occur in open-market or privately negotiated transactions at times and prices the Company considers appropriate, and the program can be suspended or discontinued at any time.
Imperial operates a fleet of nineteen tankers and drybulk vessels totaling 1,195,000 dwt and has contracted additional ships that will raise its fleet to 26 vessels with about 1.5 million dwt of capacity.
Empery Asset Management LP and Ryan M. Lane report beneficial ownership of 3,182,951 shares of Imperial Petroleum Inc. common stock, representing 7.13% of the outstanding shares. This stake is held through investment funds managed by Empery, with both voting and disposition powers shared.
The ownership percentage is based on 44,648,737 shares of common stock outstanding as of November 28, 2025, as cited from a company prospectus supplement. The filers state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Imperial Petroleum.