StealthGas spin-off Imperial Petroleum adds product tanker pair

Imperial Petroleum, the Nasdaq Capital Market-listed tanker spin-off from Harry Vafias-led StealthGas, has announced the acquisition of two product tankers from the Vafias family’s Brave Maritime.

The two MR product tankers, one built at South Korea’s SLS Shipbuilding in 2008 and the other at Japan’s Shin Kurushima Dockyard in 2011, were sold for a total of around $31m. VesselsValue data shows the ships to be the Clean Nirvana and Clean Justice, with the pair valued at just over $27m by the online pricing portal.

Delivery is scheduled, on a charter free basis, by the end of May 2022.

Imperial will finance the purchase with a mix of cash on hand and new senior secured bank debt for which the company is in discussions to secure.

The company currently owns three MR product tankers and an aframax.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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