Business
Imperial Petroleum Inc. Announces the Sale of Its Aframax Tanker
ATHENS, Greece, July 17, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq:IMPP) (the “Company”) announced today that it has entered into an agreement
About this update from Imperial Petroleum Inc.
[{"type":"text","content":"ATHENS, Greece, July 17, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq:IMPP) (the “Company”) announced today that it has entered into an agreement to sell for $43 million the M/T Stealth Berana an Aframax oil tanker, built at Samsung shipyard, South Korea in 2010, with a cargo carrying capacity of approximately 115,800 dwt, to C3is Inc. Payment of 10% of the purchase price has been received, with the remaining balance due within one year following the vessel’s delivery which took place on the 14th of July, 2023. The vessel is currently trading in the spot market. The transaction with C3is Inc., which is an affiliated company, was approved by the Company’s audit committee comprising of independent directors. 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 nine vessels; five M.R. product tankers, two Suezmax tankers and two Handysize dry bulk carriers with a total capacity of 682,200 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. Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although Imperial Petroleum Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Imperial Petroleum Inc. cannot assure you th...