Imperial Petroleum: Ships Deliver, Shares Don't

Summary

• Imperial Petroleum boasts a debt-free balance sheet, strong cash flow, and significant fleet expansion, yet trades at a deep discount to NAV.
• IMPP's recurring equity raises at steep discounts have eroded per-share value, undermining market confidence despite robust operational performance.
• Management alignment exists, but repeated dilution and related-party transactions have created persistent trust and governance concerns.
• Holding and monitoring is prudent; upside depends on management discipline to halt dilution and prioritize per-share value growth.