Imperial Petroleum announces agreement to acquire two Suezmax tankers

Athens, Greece - May 27, 2022

Imperial Petroleum Inc. (Nasdaq: IMPP) (the "Company") announced today that it has entered into an agreement to acquire two suezmax tankers, built at Hyundai Samho in 2007 and at Samsung Heavy Industries in 2008, with an aggregate capacity of approximately 320,000 dwt, from an unaffiliated third party for an aggregate purchase price of $46.8 million, with delivery expected by mid- June 2022.

The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt.

This transaction is indicative of the Company's substantial financial resources to consummate new vessel acquisitions due to its high level of available cash raised from its recently completed public offerings.

This agreement is consistent with the company's plan to continue its fleet expansion.

About Imperial Petroleum Inc.
Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services.

The Company owns four M.R. product tankers and one Aframax oil tanker with a total capacity of 305,804 deadweight tons (dwt) and has agreed to acquire one additional product tanker and two suezmax tankers with expected delivery by mid-June 2022.

Following these deliveries Imperial Petroleum will own a total of eight tankers with an aggregate capacity of approximately 682,000 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.

Imperial Petroleum Inc. Press Release