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StealthGas spins off tanker division

StealthGas is to spin off its product and crude tankers as a new listing on the Nasdaq in New York.

The Harry Vafias-led company, best known for its extensive LPG carrier fleet, will use newly formed subsidiary, Imperial Petroleum, as the new listing vehicle with a fleet made up of three product tankers and an aframax. The transaction is expected to be completed next month.

“The StealthGas board of directors believes that the creation of two businesses in distinct sectors of the shipping industry – LPG carriers and tankers – will provide significant benefits to both companies and their shareholders. The transaction is expected to enable both StealthGas and Imperial Petroleum to increase its business focus, alleviate market confusion and attract new investors, and, with this separation of sectors, give shareholders the flexibility to adjust their holdings according to the sectors in which they want to invest,” StealthGas stated in a release.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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