Imperial Petroleum Inc. Announces the Sale of Its Aframax Tanker
17 Juillet 2023 - 3:15PM
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
that it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include risks discussed in our filings
with the SEC and the following: the impact
of the COVID-19 pandemic and efforts throughout
the world to contain its spread, the strength of world economies
and currencies, general market conditions, including changes in
charter hire rates and vessel values, charter counterparty
performance, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled drydockings, shipyard
performance, changes in Imperial Petroleum Inc.’s operating
expenses, including bunker prices, drydocking and insurance costs,
ability to obtain financing and comply with covenants in our
financing arrangements, or actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, the conflict in Ukraine and
related sanctions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by Imperial Petroleum Inc. with the U.S.
Securities and Exchange Commission.
Company Contact:
Fenia SakellarisIMPERIAL PETROLEUM
INC.00-30-210-6250-001
Imperial Petroleum (NASDAQ:IMPP)
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