Dry CargoEurope

Vafias sells two bulk carriers to spin-off

Photo of Sam Chambers Sam ChambersFebruary 20, 2023
690 Less than a minute

Imperial Petroleum is buying two Japanese-built handysize bulk carriers from its CEO, Harry Vafias. The ships, built in 2012 and 2013, will join the fleet by the end of next month.

Imperial Petroleum is paying $25.5m for the pair as well as handing Vafias 13,875 series C convertible preferred stock.

Imperial Petroleum was created as a StealthGas spin-off in late 2021. Today the NASDAQ-listed entity owns 12 vessels made up of five MRs, an aframax, two suezmaxes and four bulk carriers.

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Photo of Sam Chambers Sam ChambersFebruary 20, 2023
690 Less than a minute
Photo of Sam Chambers

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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