Imperial Petroleum, a spin-off of Harry Vafias-led StealthGas, is making its own spin-off.
The NASDAQ-listed company will create a new pure-play dry bulk company, to be called C3is, taking two handy bulk carriers from Imperial Petroleum.
“The transaction will enable C3is Inc. to initially focus on the drybulk sector, while Imperial Petroleum Inc. gradually focuses on the tanker sector. Each company will independently attract new investors and provide shareholders the flexibility to adjust their holdings according to the sectors in which they want to invest,” a release stated.
Imperial Petroleum, founded in 2021, has a fleet made up of five MR tankers, an aframax, two suezmaxes and four handysize dry bulk carriers.
