Imperial Petroleum announces the full repayment of its $30.0 million outstanding loan with NBG Bank

Athens, Greece - April 11, 2023

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 recently repaid early and in full the $30.0 million outstanding loan with NBG Bank.

This loan was secured with first priority mortgages against the Suezmax tankers the Suez Enchanted and the Suez Protopia.

Following this loan repayment Imperial Petroleum's total debt is in the region of $15.0 million. The Company currently owns and operates a fleet of twelve vessels, ten of which are unencumbered.

The Company elected to voluntarily repay the majority of its outstanding loans so as to utilize its excess cash amidst a positive market environment and shield its cash flow generation going forward against the increasing finance costs.

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

The Company owns a total of twelve vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and four Handysize dry bulk carriers with a total capacity of 808,000 deadweight tons (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