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Q2’ 2026 Financial & Operating Results September 10, 2026
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2 Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events may differ significantly from the results discussed or implied in the forward-looking statements. Among the factors that might cause or contribute to such a discrepancy include, but are not limited to the risk factors described in the Company’s Registration Statement filed with the Securities and Exchange Commission, particularly those describing variations on charter rates and their effect on the Company’s revenues, net income and profitability as well as the value of the Company’s fleet.
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❑ All-time high quarterly revenues of $87.1 million in Q2 26’ compared to $61.7 million in Q1 26’ and $36.3 million in Q2 25’, representing a 41.2% increase and a 139.9% increase, respectively. ❑ Near all-time high operating income of $33.4 million in Q2 26’ marking a $6.9 million or 26% increase compared to Q1 26’ and a $25.2 million or 307.3% increase compared to Q2 25’ ❑ Net income generation of $34.8 million in Q2 26’- the second best in our history- compared to $28.0 million in Q1 26’, and $12.8 million in Q2 25’, representing a 24.3% and 171.9% increase, respectively. ❑ Basic EPS of $0.75 in Q2 26’ and $1.35 for 6M 2026; Our EPS for the 6M is about 1/4 of our current share price. ❑ EBITDA of $41.2 million for Q2 26’. ❑ Continued enhancement of our liquidity through efficient vessel operations; cash and cash equivalents including deposits of $245.2 million as of June 30, 2026 compared to $179.1 million as of December 31, 2025- corresponding to an increase of 37%. Our current cash base is about $260 million. ❑ For the 6M’ 2026 our Net Income came in at $62.8 million, already exceeding our 12M’ 2025 Net Income performance of $ 50.0 million. 3 Key Highlights ❑ Fleet operational utilization of 73.5% in Q2 26’. ❑ Approximately 50% of total fleet calendar days in Q2 26’ were dedicated to time charter activity while about 39% to spot activity. ❑ Delivery of the dry bulk carrier, Eco Crossfire (2012 built), on April 3, 2026 and delivery of the drybulk carrier, Outrider (2016 built), on August 21, 2026. ❑ Sale of our tanker Suez Enchanted (2007 built) to third parties, on August 7, 2026, creating a net gain on sale of c. $32 million. Financial Operations & Growth In Q2 26’ Imperial Petroleum marked ALL TIME HIGH REVENUE GENERATION Selected Company Financials ($ million) 36.3 61.7 87.1 17.1 34.4 41.2 12.8 28 34.8 0.0 20.0 40.0 60.0 80.0 100.0 Q2' 25 Q1' 26 Q2' 26 Revenues EBITDA Net Income
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Fleet Employment Status Fixed Term Contract Period 4 ❑ About 57% of our fleet is currently under time charter employment; as customarily the majority of our drybulk vessels are on short TCs. ❑ We employ five product tankers and our suezmax tanker in the spot market, while two of our product tankers are under TC employment ranging from short to medium- term duration. End Date Vessel Name Vessel Type Charter Type Fixed Period Sep Oct Nov Sep Spot 13 14 15 16 17 18 19 20 21 12 Clean Sanctuary MR Tanker TC Sep 2026 11 Glorieuse Dry Handysize TC Sep 2026 10 Supra Baron Dry Supramax TC Sep 2026 9 Supra Pasha Dry Supramax TC Sep 2026 8 Eco Crossfire Dry Handysize TC Sep 2026 7 Eco Sikoussis Dry Kamsarmax TC Sep 2026 6 Post Marvel Dry Post Panamax TC Oct 2026 5 Neptulus Dry Handysize TC Oct 2026 4 Eco Wildfire Dry Handysize TC Oct 2026 3 Eco Czar Dry Kamsarmax TC Nov 2026 2 Supra Sovereign Dry Supramax TC Nov 2026 Sep 20271 Clean Justice MR Tanker TC Clean Nirvana MR Tanker Spot Aquadisiac MR Tanker Spot Magic Wand MR Tanker Supra Duke Dry Supramax Spot Supra Monarch Dry Supramax Outrider Dry Handysize Spot Suez Protopia Suezmax Tanker Spot Clean Thrasher MR Tanker Spot Clean Imperial MR Tanker Spot Spot Q3 2026 Q4 2026 Jan 2027-Sep 2027
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Charter Rates 5 ❑ In Q2 26’ market rates remained firm for both tankers and drybulk vessels. Source: Fearnleys, Arrow, Bancosta ❑ Rates for MR tankers peaked in April and eased by end of May as the Atlantic arbitrage window narrowed. Currently MR rates are reasonably firm fueled also by the ongoing geopolitical tensions in the Middle East. ❑ Rates for suezmax tankers remained strong throughout the quarter both globally and in the Middle East. We did witness a retreat of rates in May due to peace negotiation attempts. Following the end of the ceasefire period in July and the Houthi embargo in Saudi Arabia which disrupted trade in the Red Sea, Suezmax rates began to climb and have been at times in excess of $200K per day. ❑ In Q2 26’ rates for the drybulk vessels were higher than Q2 25’ and Q1 26’ levels. Longer haul voyages partially due to the Strait of Hormuz disruption along with the improvement of fundamental data from China (profitability increase of steel mills, increased bauxite imports from Guinea, rebound of coal trade) boosted both rates and asset values. Daily Tanker Spot Rates Daily Drybulk Spot Rates $25,400 $28,900 $24,700 $27,990 $57,382 $30,566 $35,770 $47,000 $38,100 $54,900 $92,500 $260,500 $145,014 $151,500 $10,000 $110,000 $210,000 $310,000 Q1 25’ Q2 25’ Q3 25’ Q4 25' Q1 26' Q2 26' Latest MR Tankers Suezmax Tankers $10,100 $16,000 $14,687 $15,190 $21,084 $21,200 $12,350 $11,950 $14,000 $12,000 $15,692 $19,150 $22,035 $10,000 $15,000 $20,000 $25,000 Q1 25' Q2 25' Q3 25' Q4 25' Q1 26' Q2 26' Latest Supramax Drybulk Kamsarmax Drybulk
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6 Tanker Market Source: Hartland, Allied, Optima, Fearnley’s, SSY • Q2 26’ was firm for both suezmax and product tankers. Both vessel types were affected throughout the second quarter of 2026 by the geopolitical tensions in the MEG. • For suezmax tankers the partial reopening of the Strait of Hormuz in the beginning of the quarter brought more ships to the MEG instead of the Atlantic. Following the end of the cease fire period in July we did witness a significant rise in US crude exports due to very high SPR drawdowns. This was translated to an increased number of Atlantic to Asia voyages which assisted to sustain tonne miles and routes. • For product tankers, lost output from the Middle East increased the USG- Far East CPP cargoes. As an effect Atlantic rates improved. We did witness a weaker activity East of Suez- as the region’s refineries where in shortage of MEG crude hence had less CPP to export. • Long term prospects for both suezmax and product tankers mostly depend on the Strait of • Hormuz status. • Should the Strait of Hormuz remain closed for a prolonged period, the markets will be short of cargoes and rates might suffer. In addition, the recent Houthi attacks in the Red Sea have caused further structural changes in trade patterns. • A potential reopening of the Strait of Hormuz will affect restocking volumes which and thus, is anticipated to sustain a strong tanker market for a period in excess of 12 months. • In terms of tanker market fundamentals, total orderbook for suezmax vessels stands at 30.8% with 31.8% of the fleet is above 20 years of age. For the MR tankers total orderbook stands at 16% while 26% of the fleet is above 20 years of age. As evident we do have an ageing fleet for both suezmax and product tankers but rate hikes in recent years have facilitated the operation of older tonnage instead of recycling. Global Oil Demand (E) Crude Tankers Hormuz Transit
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7 Drybulk Market Source: Allied, Hartland, Optima • Q2 26’ was a strong quarter for the drybulk sector. Indeed the BDI average for Q2 26’ was close to 2,750 which is the best quarter since the fourth quarter of 2021. • Overall, the drybulk sector, unlike the tanker market has remained rather insulated from the Middle East conflict but has greatly benefited from longer routings. • Commodity fundamentals- although mixed – also support longer routings. • Iron ore departures to China increased in Q2 26’ by 3% (YoY) driven mostly by a rise portside inventories and weak domestic mining output. • Guinean bauxite exports to China rose 12% (YoY) in Q2 26’ as the government imposed an export cap which is close to 150 million tonnes. This will mostly affect long haul trade for capesize vessels and any replacement volume required will be now imported form shorter routes which is a benefit for smaller drybulk vessels. • Coal trade- especially thermal coal- marked a strong rebound in Q2 26’. Thermal coal demand increased so as to compensate for lost MEG LNG supplies and was sustained against firmer demand stemming from India. Since April Chinese coal demand rebounded ahead of the summer as news around El Nino added pressure on power demand. • Smaller and mid size drybulk vessels were supported by grains and minor bulk demand as Brazilian soybean exports were up by 10% compared to 2025 levels. • Looking ahead the Middle East conflict assists drybulk vessels on longer haul voyages and increased thermal coal trading, however high oil prices and freights add pressure on commodity trades thus create trade risks. • The current orderbook for the handysize drybulk vessels is low around 6.5% with 18% of the fleet being above 20 years of age. Relatively low, at 12.8%, is also the orderbook for panamax/kamsarmax vessels with 20.5% of the fleet being above 20 years of age. Iron Ore Trade Long – haul tonne miles, change vs 2024 Thermal Coal Flows by Region (YoY %change) 4.0% 10.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2024 2025 2026E % tonne mile growth (iron ore trade) 9.0% -10.0% -13.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% India Imports China Imports Indonesia Exports
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8 Financial Results Q2 25’ & Q2 26’ Q2 25’ Vs Q2 26’ • All time high - Revenues of $87.1 million up by 140% mainly due to our fleet expansion and an improvement in rates for both tankers and drybulk vessels. • Voyage Costs up by c. $14.4 million mainly due a 58.4% increase in spot days, also as a result of our fleet expansion and increased bunker prices. • Net Revenues up by c. 154% between the two periods. • Running Costs up by $6.0 million as our fleet increased by an average of 6.9 vessels between the two periods. • Drydocking costs of $7.5 million reflecting aggregate cost for six drydockings. • Income from time deposits of $2.1 million. • EBITDA of c. $41.2 million in Q2 26’ (142% period on period increase). • Net Income of c. $34.8 million in Q2 26’ corresponding to a basic EPS of $75 cents versus $12.8 million and basic EPS of $36 cents in Q2 25’. • For 6M 26 Net income came in at $62.8 million corresponding to an EPS of $1.34 with EPS for last twelve months being close to $2.0. Income Statement (Amounts in USD'000s) Q2 2025 Q2 2026 6M 2025 6M 2026 Voyage revenues 36,349 87,073 68,440 148,787 Voyage costs (10,705) (22,095) (21,161) (34,851) Net revenues 25,644 64,978 47,280 113,936% annual change Running costs (8,407) (14,353) (15,527) (25,603) Management fees (565) (840) (1,036) (1,627) Drydocking Costs (1,692) (7,525) (1,692) (8,959) G&A (1,065) (1,098) (2,283) (2,152) Depreciation (5,746) (8,195) (10,749) (16,126) Other operating Income 430 430 Total expenses (17,475) (31,580) (31,287) (54,036) Income from operations 8,169 33,398 15,993 59,899 Interest and finance costs (3) (4) (7) (9) Interest expense related party (835) (379) (1,438) (584) Interest Income 2,274 2,111 4,459 3,922 Dividend Income from related party 190 190 377 377 Foreign exchange (loss)/gain 2,965 (557) 4,667 (826) Net income/(Loss) 12,759 34,759 24,050 62,780 Basic EPS 0.36 0.75 0.67 1.34 Adjusted Net Income/(Loss) 13,431 35,278 25,611 63,881 EBITDA 17,070 41,225 31,785 75,576 Adjusted EBITDA 15,605 34,932 57,172 74,162 Average Number of Vessels 14.1 21.0 13.0 20.4
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9 Financial Results 12M 25’ & 6M 26’ • Free cash (incl. time deposits) as of June 30, 2026 of about $245 million- 37% higher than our cash as of year end 2025. • Flexible capital structure governed by high liquidity and zero debt. • Liabilities to Total Assets is as low 9%. • Current cash base is approximately $260 million. • Increasing vessels book value as a result of our fleet expansion Balance Sheet (Amounts in $'000s) 12M 2025 6M 2026 Assets Cash & cash equivalents 5,772 7,519 Time deposits 173,282 237,712 Other assets 19,957 32,173 Vessel, net 335,407 354,689 Investment in Related Party 12,990 12,984 Total Assets 547,408 645,077 Liabilities & Stockholders Equity Payable to related party 3,038 13,860 Trade accounts payable 5,960 35,152 Other liabilties 7,595 9,291 Total stockholders' equity 530,814 586,774 Total Liabilities & Stockholders Equity 547,408 645,077
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10 Financial Snapshot Liquidity and Gearing $260 million of cash to date Profitability, Growth and Values Market Considerations Will Russia- Ukrainian conflict end? 6M 26’ Operating cash flow c. $78.3 million Will rates for drybulk and tankers continue their current momentum? Q2 26’Vs Q2 25’ EPS 108% period on period increase Average daily cash flow breakeven c. $8,500 for tankers c. $6,500 for drybulk What will happen with the Straits of Hormuz? What will happen with the recent Houthi attacks in the Red Sea? & Zero Debt TCE for Q2 26’ per fleet voyage day c. $71,500 for tankers, c. $15,100 for drybulk Rates for tankers are at all time highs, while rates for drybulk vessels are firming Continued new orders on tankers create worries Income from time deposits $4.0 million in 6M 26’ Net Income Margin c. 40% in (Q2 26’) c. 45% (Q1 26’)