Imperial Petroleum Inc. (IMPP) to Acquire Two Product Tankers

Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced today that it has entered into an agreement to acquire two M.R. refined petroleum product tankers, built at SLS Shipbuilding, South Korea in 2008 and at Shin Kurushima Dockyard, Japan in 2011 respectively, with an aggregate capacity of approximately 97,000 dwt, from Brave Maritime for an aggregate purchase price of about $31 million, with delivery on a charter free basis expected by end of May 2022. The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt for which it is in discussions to secure with an international financial institution. The transaction with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the Company’s audit committee comprised of independent directors.

You May Also Be Interested In

• IHT converts $3M debt to equity to meet NYSE American listing rules
• Diraq to deploy silicon spin quantum computer at Equinix Sydney
• Silver Storm closes $21M private placement with second tranche